I will be doing a self analysis suggested by “Think and Grow Rich” in the next few days. Before I can do that, I feel it is important that I review my year to see what I accomplished or did not accomplish. This is a rehash for me and may not be useful for all those reading, but it must be done.
I started the year by adding to my household. I have a new dog Wendell. His addition resulted in the construction of a new gate on property. Something I have never built. I’m pretty happy with the result. I also installed new windows and new plumbing in the house. I moved the washer out of the kitchen and into the utility room. Between that and the furnace, I have put around 10k into this property over the last 18 months. I didn’t have to finance any of that. I like to stay out of as much debt as possible.
This year I saw my personal development expand greatly with the help of others. In Feb last year I attended the annual Beer and Pancakes that is part of the Fastlane to Millions forum. Its a networking event for those looking to increase their entrepreneurial savvy. Its also one hell of a motivational event. I felt like I could tackle the world after that event. I’ll be attending again this year in Feb.
The fastlane event led to creation of mastermind group. We are still making conference calls weekly. 9 like minded folks all looking to benefit from the group while helping others succeed. I believe a mastermind is a must for anyone looking to improve their success in life. Think of it as as 8 other coaching cheerleaders.
I picked up 3 rentals this year, but ended up having to sell one back when I could not get financing. I went through 3 different mortgage brokers, but was not able to seal the deal. The lending requirements had changed so much from my first purchase to the last that you would think it was two different countries. I learned that I need to be very flexible when I acquire properties.
The biggest project of the year by far was learning how to be a property manager and landlord. I learned that I don’t have the time or desire to be a property manager. I also did not do a good enough job, so I fired myself. I hired a property manager to look after the day to day stuff. I went from 20 hours per month of work to 2 hours per month. Very wise move. I am glad for the experience though. I know what to look for in a good manager now.
Unfortunately, I allowed the rental properties to be an excuse for inaction. I simply got very little done for the first 6 months of the year. Learned a lot, but accomplished little of what I wanted to. Lesson to me is no time is ever a good time to get anything done, that is why all the time is great to accomplish whatever I set my mind to.
Towards the end of the year I picked up the business pace and have started into probate. I think this will be life changing. I actually sat down and wrote out my goals in the right manner this year. Clear and precise with definite time lines. I will accomplish them.
My biggest life changing event this year was by far my engagement to my fiance. No longer will I be moving forward as one. Life gets pretty exciting from here on out.
I think 2009 was a very successful year. 7/10 for the business. 10/10 for life. Can’t go wrong with that. The best part, 2010 looks to be even better. In fact, I know it will.
Jason, this was really great! Thanks so much for sharing and congratulations on your engagement! That is definitely exciting. I agree that this is going to be an even better year than the last for many of us.
Thanks again for the info you provided on mastermind groups. I was invited to help create one late last year and we’re starting with our first meeting tonight.
By the way, the folks in your mastermind group…what are their backgrounds? In other words, what business focus do they have? IS everyone in a different industry?
Thanks again for sharing this – sounds like you had a rockin’ year. I can totally understand what you meant about spending 6 months obsessing with property management issues. I spent the first 6 months obsessing about finishing and selling a rehab and preparing a new rental property for a tenant.
Shae,
Were all from different backgrounds. 3 of us have rentals, 1 is a commercial RE agent, 1 flipper, 2 are e-commerce, 2 do futures trading, one works for Robert Kiosaki and does e-commerce and everyone dabbles in just about everything. About 4 in the group are in more then one industry.
Good luck on the mastermind, if you need any tips, please let me know. Every group is different, but there are some important ideas to follow.
Great Post Jason and congrats on all the good things that happened last year. I really like you debt free view on paying for things in cash instead of taking out loans.
You and I both will do great things in 2010
Shae, Scott, a toast to a great 2010!!!