This article was written for Southern Nevada CCIM newsletter called the Perspective – SPECIAL EDITION May/June 2022.
By: HAYIM MIZRACHI, CCIM – President | Principal | Broker
Last article, we talked about business plans. This article, I want to talk about a specific part of the business plan. The section titled…
“What Are Your Personal Goals?”
Hear me out. I’m 42. I have three (3) kids ages 10, 8, and 5. There are only 13 summers remaining before our last child is 18 and leaves the house. Only 13 summers before I will be 55 and an empty nester.
About two (2) years ago, my Vistage Chair, Kevin Odor, asked me a question. What kind of memories do you and your wife want to create with your kids, while we have them? We ONLY have 13 summers.
For the last five (5) summers, one of the things we’ve done is rent a house in Newport Beach for an entire week. My business partner, Jarrad Katz, and his family, and my cousin and his family would each rent a house in the same area at the same time. For the last five (5) summers, our kids would play with their kids, digging in the sand, riding bikes or roller blades along the boardwalk, and playing card games at night.
This summer, we’re all heading to a different location (mostly because the prices to rent the same houses in Newport have skyrocketed), but the same three (3) families are all spending a week together. We’re going to try to keep this going as long as our kids are going to let us. When they’re older and out of the house, they will keep the memories of summers with the Katz’s and Cousins.
At some point, my wife and I talked about summer trips with the kids overseas. Europe, Australia, South Africa.
Maximizing the remaining 13 summers we have with our kids before they leave for college is one of our personal goals.
Big Hairy Audacious Goals
In the book Built to Last, authors Jim Collins and Jerry Porras coined a term BHAG (pronounced bee-hag). The acronym stands for Big Hairy Audacious Goal. A BHAG is a long-term goal that excites and energizes people in a way that quarterly and monthly targets fail to.
Here are some BHAG examples:
President Kennedy – May 25, 1961, declared, “This nation should commit itself to achieving the goal, before this decade is out, of landing a man on the moon and returning him safely to earth.” At the time America was losing the space race to Russia. Apollo 11 landed on the moon eight (8) years later.
Amazon – Every book, ever printed, in any language, all available in less than 60 seconds.
Gary Vee – To buy the New York Jets.
Finding your Why
“What are your personal goals?,” is not the type of question brokers typically ponder in their business plan. I’m here to tell you that you should. In fact, they should be the first set goals you write down before your professional goals.
Personal goals are the reason why we work.
Ideally, you should have 2-3 personal goals that are achievable within the calendar year. Things like, take a vacation to Seattle, read 15 books, and play 20 rounds of golf. These goals are replenishing and good rewards to keep you slogging through your pipeline.
In addition to these rewarding achievable goals, it’s terrific to have a BAHG. Things like, complete a marathon, earn more from passive income than commissions annually, or buy a house in Newport Beach on the inside of Balboa Ave. between 28th and 45th Street.
The last one will likely take longer than it took America to get to the moon. 😊
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