Webster’s defines accountability as “An obligation or willingness to accept responsibility or to account for one’s actions.” Sounds simple, right? Why is it so hard to implement then? Part of it starts with “external” vs “internal” accountability, which inspired our mantra of “Do What You Don’t Want To Do, When You Don’t Want To Do It” (bet you’ve heard that one before, huh?)
External Accountability is much easier to respond to versus Internal Accountability. Examples of external accountability that we all deal with:
- Anything where if you DON’T pay it, or do it, something bad will happen very quickly.
- Buying gas for your car.
- Paying your mobile phone bill on time.
- Health insurance, car insurance.
- Paying your rent or mortgage on time (mostly).
- Paying your gas, electric and water bills. (stuff gets shut off if you’re not accountable)
- Payroll if you have staff.
Generally speaking, you get a bill for these items. You have a couple day grace period, but if you screw up, someone takes something away from you. Thus, you figure it out one way or another each and every month.
This is basic survival in real estate… you hopefully figure out how to cover your required, externally accountable bills.
In the Real Estate Treasure Map, this is covered with ‘My Financial Picture’ section. You must know this number, the ‘nut’ you must crack every month. You DO have the Treasure Map, right? If not, you can get a copy here!
So, what about ‘Internal Accountability’? This would be your goals, your savings, paying stuff off, investing, etc.
Why is it so much more challenging to be accountable to these things which you claim are so important?
It’s because nothing bad happens ‘immediately’ if you are a slacker on this.
- You don’t get a bill for your savings plan.
- You don’t get a reminder to pre-pay for a vacation.
- You don’t have your lights shut off if you miss a retirement plan payment.
- It takes months, if not YEARS for you to feel the pain.
So how do you become more accountable to what actually matters to you?
- If you don’t know how to cover your basic survival needs, follow the Survival Plan on the website.
- Once you have Job One figured out: Paying your basic overhead, you MUST know what your goals are in 5 areas of life (Real Estate Treasure Map): Family, Physical, Financial, Spiritual and Educational. What is THAT number? Usually it’s 3 x what your basic survival number is.
- Know your Magic Number.
- Know how you’re going to get to and maintain your Magic Number.
- This is the hard part… you MUST take your GOAL Income as seriously as you do your SURVIVAL Income! You have to make it absolutely unacceptable to earn anything less monthly.
- Get help. Who is holding you accountable? www.FreeCoachingCallsForAgents.com