Hi everyone, hope you are all doing well. Today I will reveal my goals for the new year. Last year I had seven goals this year I trimmed it to five. Looking back to the goals last year I feel like I was conservative in setting them, I didn’t push myself enough. This year I think I changed that and I am challenging myself a lot more. I have removed the blog and social media goals from last year. In 2018 I wanted to just focus on personal finance and investing related goals. The blog and social media are still important to me but money goals I have a lot more control of and I want to continue to improve my finances.
Let’s get to the goals.
Goal #1 Become Debt Free
Coming into 2018 my total debt was $13,987.16. This debt is what I owe on my car. I would like to pay this off completely this year. If I could pay this off it would free up $300 per month that would allow me to either invest more or save.
Goal #2 Have a Savings Rate of 50%
I am going to admit something to everyone, I have no idea what I have saved in a given year. But I believe I must start keeping track of this number so why not start now. I may already be saving this number and not even know it.
Goal #3 Increase Net Worth By $50k
This is my most ambitious goal by far. It has taken me about 17 years to acquire a net worth of $126k, but like I mentioned at the beginning of the post I am challenging myself more this year. This goal I must say is mostly out of my control as I will need the market to continue to rise. Ways that I can achieve this include paying off my car there’s $13.9k right there, save more and invest more.
Goal #4 Invest At Least $10k
Last year my goal was to invest $4k and I surpassed that by investing a total of $5,606. So this year I wanted to go further and have set my sights on $10k. I believe that this is doable.
Goal #5 Receive $6,000 In Dividends
In 2016 I received about $3,500 so I set my goal for 2017 at $4,000, my dividends increased by $800 in 2017 and I received a total of $4,300. So this year I am doubling that number and I am setting my goal at $6,000. I am challenging myself aggressively here as well, I can achieve this number by investing more, having my investments raise their dividends, last year I received 20 dividend increases that boosted my forward income by $377.
So there are my goals for 2018 do you think I can achieve them?? Please feel free to comment below.
Do you have goals for this year?
Thanks for reading