Imagine strolling down the cobbled streets of Paris, a café au lait in one hand, a fresh chocolate croissant in the other. After losing yourself for hours in the Monet exhibit at the Louvre, you’re looking forward to tonight’s performance of The Barber of Seville, followed by a decadent five-star dinner — then hopping a train to Madrid in the morning.
But wait, you’re not actually in Paris…
You’re sitting at your desk and giving the stink-eye to your friend’s vacation pictures on Facebook, for not planning your own elaborate getaway this year.
There’s a big difference between dreaming about the “Great European Vacation” and actually preparing to take the “Great European Vacation.” There’s research to do, plane tickets to buy, hotels to book. And you can’t go anywhere without a passport.
So how do you make it all happen? Goals.
Earning the passive, private lending income of your dreams isn’t any different than your magnificent trip. If you never set concrete goals for yourself — you’ll be forever sitting on the sidelines with nothing but a pretty box of notions.
What’s the big difference between a notion and a goal?
A notion is something you would love to do–it sounds good in theory, kind of like starting a private lending venture or learning to speak another language. The benefits are all there. But what happens when you have to put some elbow grease into turning that notion into cold hard cash.
In contrast, a powerful goal is the fire in your belly that drives you to make one more phone call, even when your day’s been littered with “not interested”. You want it so badly, you can taste it. You can picture yourself succeeding so clearly even a stroll through fire wouldn’t distract you.
You set a course and —without any excuses — put your rear in gear. And failure? The doors to all possible exits on your path have been barred shut. Goals—as opposed to notions—are what separate those in love with the idea of private lending, versus those hustling to create a passive income.
So what do successful private lender goals look like?
If you’ve never been to Paris, you wouldn’t just hop on a plane and go, would you? Of course not. You’d talk to friends and relatives who’ve been there. You’d pour through guidebooks and scour travel blogs to scope out all the hidden gems of the Western European countryside. You’d also make darn sure you knew which Parisian neighborhoods to steer clear of.
Why wouldn’t you want to do the same thing when it comes to goal planning for your private lending business? Don’t be afraid to ask for help. Find a mentor. Join one of our online communities. There’s an avalanche of resources to help you set, and crush, your passive income goals.
Be realistic too.
A goal to backpack through Europe for less than $50 in 24 hours isn’t an attainable goal. In the same vein, you should avoid private lending goals that are too vague: “Get more OPM” or “Find more borrowers”.
That’s why you want to get S.M.A.R.T. about your goals
Being S.M.A.R.T means establishing specific, measurable, achievable, realistic, and time sensitive goals. What kinds of tasks will help you get more OPM? How many borrowers can you realistically hope to secure in your first year of private lending? Studies have shown that specific and ambitious goals lead to a higher level of professional performance.
You want a healthy mix of marathon and sprint length goals. A brain surgeon did not become an expert on neurology overnight. Little victories provide encouragement and motivation to press onward. Building your private lending portfolio will require energy and focus. Your list of goals will help you tenaciously keep on track.
But tenacity isn’t one of my strong suits
One of the things we teach at Mpact Wealth, is that you don’t have to be a super salesman to be successful. But you do have to know why you want a passive income badly enough to slog through the muck of your fears and doubts to get it.
Accountability does wonders for making sure you build a future you actually want to live in. Even if tenacity isn’t an issue for you, finding a mentor or community of other private lenders is highly recommended. Together you can applaud each other’s successes and encourage one another when thinking of tossing in the towel.
Learn to love setting and hitting your goals, and success will show up in spades
Unless you are content to spend life in the passenger’s seat, watching all the other private lending rock stars whiz by in their new, snazzy European sportscars, you’ve got to stop dreaming and start planning. And then you have to roll up your sleeves and get to work. No if’s, and’s, or but’s about it.
Simply making a list doesn’t cut it—you have to put in the time and energy to see these goals realized. Don’t be afraid to look to others in your peer network for support and encouragement, and always give yourself grace when you fall. If your goals are meaningful enough, you won’t stay down for long.