How detailed is your strategy and planning?

Relating more specifically to property investing in this instance.
The question of strategy comes up quite frequently on this forum, more generally from those starting out.
It seems to be a big selling point for gurus and so called educators, or any other service providers in advisory industries.
It would be assumed that goals, cash flow and all sorts of complicated analysis and planning could be Included in this.

My opinion is that circumstances change all the time and a detailed strategy is not hugely important, apart from a very basic guideline and understanding.
Too much over analysis would probably do more harm than good and simple is often best.
Everybody is different though and different techniques are suited depending on personality and experience, including risk factors which plays a huge part in decisions and action taken.
That's why I don't completely agree with fixed strategies being proposed to others, as only the person themselves can determine what's truly right and best for them, as they are the ones who know thier own circumstances inside out.

Personally, we've never had any specific goals, strategy, or plans with projected numbers calculated or written down in the past 12 or so years doing this.
Everything has been based on rough plans in my head simply being - increase income and buy resi property with value adding potential.
We have done this for everything but our PPOR and it has worked extremely well.
Our actions are generally unplanned and impulsive.
Haven't bought for many years now and bought our last and expect to be final resi IP 5 years ago now.

Action focused on the right direction is what counts most.
Just got to start out on the track you believe is right for you after doing your own research based on your own situation. Then check your compass once in a while if you find yourself drifting off course.

There's no right or wrong, with the exception of not taking action due to over analysis complicating matters so much it confuses you.

How much planning/analysis do you guys do?
Do you have a fixed or flexible strategy?

 

We do hardly any planning. Nothing long term anyway. Whatever goals we set we have way exceeded them anyway so plan to just keep getting involved and kicking goals where possible, enjoy the journey so to speak. Probably "retire" around 50 or so in about 15 years once the kids are mostly independent.

 

It's not.
I have a couple of loose facets - if they need to be broken down, it's CG, cash flow
Largely focussing on the former whilst cash flow is good
Eyes and ears open to anything!
I'm not sure I've achieved anything yet

 

I have goals written down for every 6 months with major milestones at 12, 24 months. I then compare planned with actual to see how i went and where i can improve to do better.

I have a written strategy for different goals and review strategy/risks/financial position every 12 months or sooner if i need to. Personally i believe it's very hard to get somewhere if you don't have some kind of map.


This works for me.

 

Aw man come on!!
Im going to find you in brissy and give you a slap! By the sounds you done a **** load.just keep going!
And Leo can throw some positive mindset material at you too!

 

We Have long term family plan, where we want to be etc and throw in some investing stuff too.it all evolves together and has been pretty accurate to what we want to do and probably exceeded.

Things change lots in life so we prefer to explore all types of options and avenues so we are prepared for anything.then seek out the best opportunities and take advantage as they come.

One thing the mrs has nailed is her kid planning! Within a few months for each i Think it is

 

I didn't mean this in a negative way, just that I'm very very early on in the process. I'm still ramping work up rather than ramping it down.

 

I just crunched the numbers on a fairly abitrary goal for the end of the year.
I can't remember 12 months ago, but I think i was 100k in the red, was aiming for 1m black by NYE this year. 2.5 months to go

 

What works for you, is the key.

I used to write goals in the early days, and I'm sure it contributed very well to results achieved so far. However, just felt too much pressure to achieve from continually reaching for goals, so have just been free wheeling the past 10 or so years, and that has worked well.

Probably would have achieved more if constantly writing and reviewing goals more often in the past, but didn't want to be too obsessed with trying to achieve.

 

Great question. I do work better with longer term goals to give me a finish line (comes down to personal style I'm sure) of I need x properties costing $y and z yield to give me a passive income of about $/year. I have a broad strategy so I understood the broad steps to the finish line and how each property fits with that strategy. I (mentally) evaluate if the properties continue to fit the strategy and are 'performing' and monitor the market to sell if I don't see them in the longer term strategy. I am sure my final IPs will look quite different to the IPs I currently own.

My yearly goals have been to buy x properties each year to keep me on track. At first my longer term goal seemed daunting, but a conversation with my MB showed that I had some lazy money in some IPs, so chugging along again!

Now that I can see the light at the end of that tunnel, I am making my next plan - to pay down, which includes quite a different approach (eg may include shares or other investment vehicles). Outside the comfort zone....

 

My approach is a bit like crossing a river. I can see the other side and I know where I want to get to.

I then take a step onto a stable rock. I can keep taking stable steps ( I've taken two so far) or take much more risky leaps and get to the other side faster.

That's where I'm at now. Keeping my balance over the next one to two years and working out how to without too much risk take a leap into development.

 

I have property goals and reassess/write and review them at least monthly. Whether or not I achieve them is another thing. But at least it's all somewhere in my mind.

I also keep work related goals at work too, and my mentor* suggested to review your goals and personal development plan every fortnight - at the same time as you get your pay.

*CBA has a mentor program - its very simple, just catch up with your mentor every month. I didn't think I'd get much out of it at all - I was wrong on that!

 

Mentors are great to keep you honest and thinking. When you stop thinking and stretching, you stop progressing.

 

Ah ok a hug it is then!

I think you have to be constantly planning and setting goals in life. You have to, whether it's big time investing, down sizing or which beach you'll be sitting on

There's probably a fancy chart or course out there
Plan
Action
Result
Reasses
Go to step 1

 

As I just heard on the TV 'if you can't measure it, you can't treasure it'

 

I agree but this style will not work for all personality types. This style works for those that have developed a disciplined lifestyle over time imo.

I dont think I have ever written down a goal but have plenty in my head that have come to fruition.

 

Great thread Ace
My strategies change all the time as for me it's always been about opportunities that arise and the people I network with that help me
Grow.

12 months ago I had no I idea I was going to be buying 5 development sites in USA but opportunity knocked on my door.

I also never planned to be a developer but it made sense at the time

I never write down my goals but I talk a lot to my partner about it and his a good listener

MTR

 

I do a lot of planning and analysis because I previously worked as a data analyst. The analysis helps me pick a direction. But then I have a flexible strategy. I adapt to market conditions at the time.

 

Were you also a therapist?
Have you seen arrested development? There was a guy who specialised as a therapist and analyst. Probably nsfw to share.
Anyone that's seen the show will get where I'm going

 

lmao