‍If your social media feed looks anything like mine, you’ll be getting hammered with adverts for property investment seminars. This article isn’t one of those ads, but it is the start of a series of investment tips direct to your inbox.

Back to the avalanche of property investment seminar adverts I’m receiving … there are several reasons for why I’m getting these:

1. I'm closer to 100 than I used to be.

2. I fit the profile of the ad campaign.

3. We are that part of the property cycle.

The fact is, lots of people want to know about property investing and I, too, am increasingly being asked about property investment strategies.

So, here's the start of another series of tips for investing and this month’s tip is on goal setting.

1. Work out what you are trying to do/achieve

This is actually the hardest part.

Are you wanting to build some wealth for the future? If so, how much and when do you want it?

Is it to reduce your work hours at a certain date in the future (for example, cuting down to just three days work a week)? Or is it that you want to buy a motor home when you’re 70?

It varies for all of us. Each of us have different dreams and our dreams also change as we age. The key thing is to actually spend some time thinking and talking with your partner around where you want to be.

The next question to ask is what you are prepared to give up. How much cash on an ongoing basis can you put towards your investment goal? Is it $100k up front or is it $100 per week?

Plenty of people start their conversations with me along the following lines:

“We want to buy a property for investment and we want to make sure the rent covers all the mortgage and the expenses.”

Okay, so they want something for nothing? Unfortunately, it doesn't work like that. Something for nothing is called stealing or being in politics! The reality of property investment is that there are many moving parts—things like interest rate rises, vacancies or missed rental payments, maintenance and compliance costs, your own time, property management and legal fees and so on. And this means you’re often taking a couple of steps back before gaining any forward momentum. But more on these intricacies in future blogs.

In the meantime, the first step is to work out what you want. And then to ask yourself what you can put towards that goal each week.

Next time: What to do with a lump sum?

Graham Goodisson is a Registered Financial Adviser with Velocity Financial. No investment decision should be taken based on the information in this blog alone. A disclosure statement is available free of charge upon request.