What are you most concerned about right now? Is it the same thing you will be most concerned about tomorrow, or next month, or next year?
Many decisions are made in haste because we want what we want right now, and we are not willing to delay gratification until later.
The irony is that “later” will, at some point, become “now.” In Every Day is Game Day, I wrote that “today is yesterday’s tomorrow, and tomorrow, today will be yesterday.”
I realize that may sound a bit confusing. But if you think about it, you just might find a new perspective.
There are people in prison right now because they made a decision to do what they felt like doing at the time, without regard for the consequences of tomorrow.
When I say “prison,” you are probably thinking about convicts in orange jumpsuits sitting behind metal bars. But the truth is, there are many types of prisons to which people are confined because of a series of short-sighted decisions…
I want that second piece of cake.
I don’t feel like going to the gym today.
I really want that new outfit/gadget, so I’ll buy it on credit.
I’m so angry, I’m going to tell that person exactly what I think of them.
I shouldn’t have to be the one to say “I’m sorry.”
Everything we did yesterday brought us to where we are in life today… and everything we do today determines where we will be tomorrow. If you don’t like where you are today, it’s probably because you made some short-sighted decisions yesterday.
Fortunately, there is a way out. You can construct a better tomorrow by making good decisions right now.
Ask Yourself These 4 Questions:
1. What previous short-sighted decisions are causing me trouble today?
2. What can I do today to reverse the effect of those past decisions?
3. Am I clear about what I want in the future?
4. What are the correct decisions I need to make today, based on my Life Plan, that will give me the long term success I really want?
Long-term success will always bring more satisfaction than short-sighted gratification. Break free of your prison today!
How do I stick with the disciplines from my Life Plan for more than a few weeks?”
This was the question asked of me by a leader in the UK this week. I am working with his group this year on how to become Coaching Leaders. Our first session was on self-leadership, which is grounded in Life Planning and Business Vision.
When he voiced this question, I realized that many of you have probably asked yourself the same thing.
First of all, you need to make sure you start with the right plan. Here are a few critical elements of your Life Plan that will make it easier to stick with it:
1. The Right Accounts: Have you identified each area of priority in your life, or “account,” to the exclusion of others that aren’t as important? It’s a common mistake to begin with too many accounts. Narrow your focus, or you’ll set yourself up for failure in the areas that matter most.
2. Vision for Each Account: Imagine a future for each account that really pulls you forward. You have to not only see what it will be like to accomplish it, you need to feel it. If it doesn’t connect to your heart, it will lack the power needed to keep you striving for it.
3. Purpose for Each Account: Make sure the role you play in each account today is crystal clear. Why is it important for you to cultivate that account? What’s lost if you neglect it?
4. Actions: Make sure to choose specific actions for each account that are doable and will lead to the vision you see. Then, adjust them as needed. If you have too many, cut a few. If they are not clear or specific enough, improve them.
Now, with the right plan in place, you need the right mindset.
Don’t look at your progress as pass/fail. If you do, then you’ll quit the first time you slip up. Instead, focus on making a little progress each day. You will soon find that you are gaining ground and making more proactive and intentional decisions.
Finally, review your Life Plan every morning for the first 90 days. Then, review it weekly for the rest of your life. You’ll never stick with something that isn’t on the front of your mind.
Be one of the few who sticks with it! Those around you will be grateful.
This is a principle so simple and yet so profound, it will completely change your life if you consistently practice it.
I have written about this previously under the title of Creating an Annual Time Block. However, I just stumbled across this video by Stephen Covey. He describes a similar exercise in his book, First Things First. It is well worth taking seven minutes to watch it.
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The big idea is that you must schedule time for your most important priorities first. If you don’t, you will never get to them.
A corollary to this principle is this: what gets scheduled gets done. The opposite is also true: what doesn’t get scheduled doesn’t get done.
Here a few “rocks” you might consider scheduling first:
* Pursuit of God. When do you spend time reading the Bible and praying?
* Intellectual Growth. What books do you want to read? What conferences do you want to attend? If you don’t schedule time for this, it won’t happen. Remember: leaders are readers and readers are leaders.
* Physical Exercise. Do you have a defined exercise routine? When do you do it? How much time do you spend? You are choosing today the quality of life you will experience in ten years.
* Your Spouse. Do you have a daily time for debriefing and checking in emotionally? Do you have a weekly date night? Great marriages don’t just happen. They are cultivated. In my opinion, your marriage is your most strategic asset—or liability.
* Important Projects. The tyranny of the urgent will crowd out the important if you aren’t careful. This is the secret of highly productive people. They schedule time for the really important projects so they don’t get side-tracked by trivial pursuits.
The only way to do this practically is by looking ahead on your calendar. Schedule the important stuff first, before someone else grabs the time.
Question: What are your “big rocks”? How are you making time for them.
Many purchasers have been sitting on the sidelines waiting for home prices to hit bottom. They want to guarantee that they are purchasing at the best possible price. Like them, we also believe that prices still have some room to fall in most markets. However, we disagree that waiting is a good financial decision. The buyer should not be concerned about housing prices. They should be concerned about cost.
The cost of a house is made up of the price AND THE INTEREST RATE they will be paying. Two different pieces of news released yesterday highlight this point.
PRICES
The National Association of Realtors (NAR) released their 4th quarter housing research report. In the release, they reported that home sales rose 15.4% in the 4th quarter over the 3rd quarter. They also showed that prices remained stable during the year:
The national median existing single-family price was $170,600 in the fourth quarter, up 0.2 percent from $170,300 in the fourth quarter of 2009.
A buyer who delayed a purchase might find solace in the fact that prices have not increased. However, the other news released yesterday paints a different picture.
INTEREST RATES
The Primary Mortgage Market Survey was released by Freddie Mac which showed that the 30 year fixed rate mortgage was at 5.05%. Frank Nothaft, vice president and chief economist of Freddie Mac said:
“Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week…As a result, interest rates on a 30-year fixed-rate mortgage rose to the highest level since the last week in April 2010.”
So prices have remained stable but interest rates have risen dramatically in the last 90 days. What does that mean to a buyer looking to purchase a home this year?
The price is the same. It just costs more.
Let’s show you what the news means:
By sitting on the sidelines for the last 90 days a purchaser lost:
$89.44 a month
$1,073.28 a year
$32,198.40 over the thirty year life of the mortgage
If you buy a $340,000 home, double all these numbers.
Bottom Line
Even if prices fall another 10% this year, the cost of a homewill increase if interest rates go up more than 1%. Buyers should not worry where prices are going. They should be concerned where costs will be later in the year.
Jay observes from the time he got into real estate at 19 years of age, until 2006 (531 transactions) they had done more transactions each year and every year.
