Have your goals expanded over time?

Sorry, but I think that's a little bit of an unrealistic goal. 2^5= 32. So assuming that you're below the average wage now at $62.5k, this would equate to $2M per year. It might be possible, but in my opinion to get that amount of money that quickly, there'd need to be more than a little bit of luck involved.

This shouldn't stop you from trying, but I think it's a stretch goal.
I know it's not the same as I'm a PAYG employee, but only looking at that, I'm at just over two times my starting salary from nearly seven years ago.

I would get frustrated if I realised that I wouldn't be able to achieve my goals, but different people work in different ways and maybe you'll get to that $2M/year mark and I'll have to eat my words!

 

Why is it 2m a year..? He said double it every year. So assuming its 60k now,

26 = 120k
27= 240k
28= 480k
29 = 960k
30 = $1,920,000

I don't think its unrealistic if that's what he was meaning. If he did 3 developments in 5 years he could easily make 800-900k alone from that. I don't know if he's going to do that but I'm sure he has other avenues to achieve his goals.

 

My starting point was a little bit higher than yours, hence me ending up at $2M and you ending up at $1.9M. But note that this isn't net worth, it's income, hence me saying that it's a little unrealistic without a fair portion of luck.

 

Hmm well I was thinking to sell and then realise the profit as income. But I also think it can count if lets say you realise the goal after the 5 years, and not each year. I wonder if that is acceptable to him as well...

But what I really like about it is it will force you to give it your all.

 

Most people do @spludgey - i agree, it is definitely a stretch goal.

I think goals should stretch yourself though. I'm less focussed on the YoY numbers/end result, its more about the behaviours and actions that having a moving goal constantly demands. I never did the sums and worked backwards to set it (I believe Steven pointed out how exponentials work when i mentioned it!) - its just i wanted one that demanded personal growth. I don't need millions a year or really desire it - i'd just like to live to my potential and contribute to the world/add value. For now, income is a good way to measure potential/performance. It probably won't be as i get closer to 30 as there's a whole lot more to life than income/wealth that i'd like to pursue.

@Leo2413, I don't look at it the way you've measured it (sounds quite daunting that way - i'd need 2019 to be a serious boom year!). It's more about, 'i did this in 2015. Great, now double whatever that contribution is in 2016'.

Most goals i break down into shorter time periods, and their much more project driven like Jess mentioned.

Having a moving goal forces action. Standing still just isn't an option with a target that keeps growing as you do (which i think is true for most business people looking to run successful businesses!).

In saying that, i'd also get frustrated setting goals that i don't think i can hit - thats demotivating. IMO its not about luck either. IMO most successful people aren't successful because they got lucky, rich people aren't rich because they got lucky, etc.

I also consider my partner as part of a team (so its our goals) - i believe she's an extremely talented individual that can add serious value to the marketplace. She can do the legwork at 28/29/30!

 

If it works for you, that's the main part!

Different strokes for different folks.

 

Yes. My goals have expanded massively over time. My general goal was always to replace my current (and expanding income) with investment income.

Goals that I had in my early 20's was to have 7 properties. 6 would replace my income PA and the 7th for the expenses. This goals started me investing in property.

In parallel I also wanted to have a business and always stretched myself at work contributing >100% of effort..

This is in the 80's where you couldn't just accumulate properties as per the recent past.

Cruising along early 90's having accumulated a number of properties was presented with opportunity to start a business. Could start the business due to the equity in the properties I had accumulated by then.

This business substantially increased my income and thus based on my original criteria of always aiming to replace my direct income with investment income required me to further invest in income generating investments to meet my original criteria.

So in some ways my goal has had an automatic adjuster as long as I increased my income.

We now have cashflow > $1mil pa with very little debt.

Not bad for someone who left schooling at HSC level and started working in IT.

We have taken risks along the way and lost more than some have in total portfolio value mainly due to straying from my formula.

Cheers

 

I have failed to meet the majority of my goals, which I am planning on posting in a few years. And I dont mind that at all. They were very highly stretched targets. In most cases I have met the target in the end... all be it a couple of years 'late'. So failing is still winning.

Redom - Get after it I say!
One of the few goals which I have managed to meet (or exceed) was to double my income every 5years. I have managed to double my income every 2years for the last 10 (noting I didnt start on $60k though). In addition to that I have halved the number of days I spend at work (I now work 6months a year). And Im a lowly wage earner. Income capicity when running your own business is far greater.
Like others have said its about increasing your value in the market place. The number is kind of irrelevant (to and extent) - however, I like using numbers as its very clear cut.

Blacky

 

Question:

Is there anyone on earth, age 30, earning $2mil a year? $5mil? $10mil?

Question:

Do you believe @Redom's plan is to set a goal, kick his feet up, and wait for some "luck"?

 

I anticipate good ol @Redom is gonna get out there and kick some butt, causing a storm and ripping apart any barrier that gets in his way.

Or something like that.

 

Knowing him as I do, I'll back @Redom to run his goal down with time to spare.

 

Yes, there would be, but I'd be surprised if it were more than a few hundred in Australia.

No, luck alone won't get you there, just like hard work alone won't get you there.
It's a combination of factors.

I still think that even with the best planning it's fairly unlikely to be achievable, but if to Redom it won't feel like failure if he doesn't quite make this goal, then I don't see any issue with him setting his sights on this.
Personally, I need to be able to achieve my goals whether the market is going up, down or sideways though.