I want to discuss a few things today; How deadlines can help you achieve your goals, how you can implement those deadlines, and how I'm implementing deadlines to reach my target of 10 passive income streams in 2 years.
How can deadlines help you achieve your goals?
Well, here are 7 benefits of creating deadlines.
1. They hold you accountable
They provide a valuable metric by which your actions or in-actions would be deemed a success or a failure.
2. They keep the momentum going in a positive direction
Achieving success by your own definition often far out ways the thought of failure. People who set deadlines tend to work harder at achieving those deadlines.
3. Deadlines Spur innovation and creativity
Deadlines become an engaging challenge and an opportunity to create value. Motivated individuals will be able to harness their creativity and re-engineer their workflows and resources to finish the job faster and exceed their expectations.
4. They help you prioritize whats most important
Deadlines directly impact your time and therefore force you to organize tasks in order of priority.
5. Deadlines make you reluctant to make promises you cannot keep.
You don't have to say yes to everything. Set reasonable deadlines. Things that you can achieve and are attainable.
6. Embrace Failure and continue pushing forward
As individuals we have a desire for perfection. Deadlines force our want for perfection to the backseat as we work towards meeting our deadline.
7. Increases your confidence
As you continuously meet your deadlines you become more motivated and more and more confident.
How to create and implement Deadlines
First, always, always put pen to paper and write down your goals. Something about actually writing your goals puts it in your mind and also allows you to revisit them on a daily basis.
Use the SMART Frame work.
SMART = Specific, Measurable, Attainable, Relevant, and Time-bound.
Your deadlines and milestones should flow and fit all the requirements with in this framework. Using SMART Framework helps pound it into your head, holds you accountable, and makes it way more likely for you to achieve your goal.
How I am implementing deadlines to achieve my plan of 10 Passive income streams in 2 years
For me creating Action Plan, I made a mind map of allow the income streams i will be pursuing. I set a definitive date in which I want all the income streams to be producing. From there, I broke down which streams I wanted to focus on first, what needed to be done and how I was going to do it. I want to focus on following first. Those income streams will allow me to implement some of the other income streams easier. I also new that some were already up and running. They just needed an end state. Where do I want them to go. Others, such as my rental properties takes more research, but I wrote down exactly the type of properties I want to obtain, the types of loans I plan on using, when I want to purchase and how much I want to invest. I looked at things like return. How much do I want the property to generate. And how I will go about getting tenants and managing my properties.
Breaking each income stream down like that gives me a better picture of what I want to achieve and the time I want to achieve it in.
As always, I hope you gained something from this and I invite you to join any or all of my social media accounts and follow the journey to financial freedom.
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