A Journey To Financial Independence Using The Wealth of Others

The One Thing – BiggerPockets Real Estate Podcast 362

Goal & Strategy Development, Podcasts

So I was listening to Bigger Pockets Podcast Episode 362 with Jay Papasan and his wife, Wendy. They, as a couple, do a lot of real estate investing. In fact, Jay helped build Keller Williams up to what it is today. Jay also helped write the book, The One Thing, with Gary Keller. While it has been sitting on my bookshelf for the past couple years, I have never read it. However, I’ve added it to my “must-read” list of books now that I’ve listened to this podcast.

From this particular podcast, I got three great takeaways that I’m going to focus on moving forward:

The first one was the importance of having goals with your spouse. This is something that my wife Sarah and I have done to a certain extent, but not completely. And the way that Jay broke it down, it’s almost like going through premarital counseling once a year. When you have this meeting, you’re looking at every aspect of your life and figuring out where you line up, what common goals you have, where do you all want to move forward together as a couple and focusing on making sure you can accomplish it together.

As anybody who’s been through premarital counseling knows, making sure that you’re on the same page is a huge part of it. Because being on the same page not only will help you accomplish more, but also makes it so that your marriage itself is in much better shape than it would be if you live in two separate lives.

And to do this, Jay and Wendy recommend at least once a year that you and your spouse get away and have a goal-setting weekend where you on the first night have some fun, set the mood, enjoy it, and then the next day dive into questions, digging into where you want to go, what you want to accomplish, and how you accomplish not only in the coming year.

This is something that they suggest you get away for, at least somewhere out of the house. Don’t try to do it at home because you might have to get distracted by all the things are going on (ie cleaning the house, cleaning the dishes, make sure the dog goes out, etc.) they suggest I can go find a hotel, either in town or getaway for the weekend to somewhere else. It doesn’t have to be anything too fancy but just get out of the in-home routine so you can focus on the goals and focus on where you guys want to go moving forward.

This is something that currently Sarah and I haven’t done besides some very basic level stuff, but we’re looking to do going forward.

The second thing they said is that once you put these goals into place, you need to break them down into smaller, bite-sized steps to accomplish them. You need to break up these large goals into smaller steps because things like buying a rental property on its own is  going to look like a lot. And it has a tendency to potentially overwhelm you and your spouse.

And I’ll tell you from personal experience, setting some of these bigger goals has been overwhelming. But they recommend you set these larger goals and think out what the steps are to accomplish that in these more bite-size units. And then focus kind of on those bite-sized units with the larger goal in mind, but knowing that just these are the smaller steps you can take to do that.

Their example was saving up to buy rental property. And it was a huge expense for them to do that. But they knew if they saved a certain amount of money each month, they could accomplish that. So instead of focusing on the large overhwleming goal, they focused on saving that certain amount of money each month. And it became a lot more easy for them to accomplish.

It’s like the analogy of how do you eat an elephant? Just one bite at a time.

The final thing that they brought up in this podcast was finding ways that you and your spouse’s goals can overlap.  Where can helping my wife with her goals in turn help me accomplish my goals, even though they’re very different? Where can you help each other without adding too much effort to either of you to accomplish the goals?

We’ve kind of done this unconsciously for the past couple of years. For example, we moved to Florida for my wife’s job, where I started working from home for my former company. And from that I started learning, building and getting skills that would eventually allow me to start my own company. From helping my wife in her goals, I’ve been able to accomplish my goal of starting this journey to becoming financially independent.

So for all you out there thinking about goals, don’t wait until the end of the year to set up your goals. Check out this resource for the couple’s retreat. That’s some great stuff, some great walkthrough items you can think about and put together goals you can accomplish them this year and going forward.

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