How To Manage Your Finances Like A Fortune 500 CEO To Buy Your First Property

To Buy Your First Property

I kicked off 2023 with a workshop for my Women Who Build Wealth Community Hub; the workshop is called Fire Up Your Finances. 

In that workshop, I discussed using SMART Planning to reach your income goals. The community LOVED it for a very simple reason--many of them were familiar with SMART Planning and used it in their 9 to 5's but never applied this robust framework to their finances. 

If you're unfamiliar with the acronym SMART stands for:

• Specific
• Measurable
• Achievable
• Relevant 
• and Time-based.  

The concept is simple--you create a goal that follows all of the parameters I mentioned above and map out an action plan that you can track to ensure you reach your desired outcome. 

Let's say your goal is to save for a down payment on your first property. To apply the SMART framework, you would make sure your plan includes: 

The Specifics: 

Buying a property isn't complicated, but there are things you need to know and cover in your plan. Start by getting clear on the following: 

• The type of property you want to buy 
• An estimated budget for your purchase
• A timeline for when you would like to complete the purchase 

The Measurements: 

Once you have a clear goal in mind, create measurable milestones that will help track your progress. Again, with our example of buying a property, you might look at: 

• A timeline for when to have a certain amount saved 
• Monthly savings targets 
• A budget for how much you are willing to spend on property-related costs 

The Attainable Goals: 

You want your goals to be realistic and achievable. Be honest about how much effort you can dedicate to your plan and the timeline you want to achieve it. Then, break down each goal into smaller achievable objectives that will help you build momentum. 

Next, review your plan to ensure that each goal is relevant to the big picture--in this example, buying your first property. As a Real Estate Coach and Strategist, many clients think they can't purchase their first home or rental property because of their credit score or lack of finances. 

Knowing what's true and what's not is where the support of a community and education, like the courses included inside The Women Who Build Community Hub, comes into play. In this community, you gain access to experts as well as courses, challenges, and resources to support you as you: 

• Increase your credit score
• Identify creative financing options
• Set up and track a savings target tailored to your financial goals. 

Last but not least, your goal needs a timeline; without one, you risk your plan becoming a never-ending wish list. 

Fortune 500 companies use SMART planning because it is highly effective in achieving results. You can start now if you aren't applying these principles to your life. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-Bound. 

Ready to learn how to manage your finances like a CEO and get into the Real Estate Investing Game? Consider joining The Women Who Build Wealth Community Hub.