Investing and Money Goals For 2018

2018 Goals

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.

Personal Finance

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.

Investing

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

Matthew

27 thoughts on “Investing and Money Goals For 2018”

  1. Go Matthew! These are some heavy duty goals my friend, but if you keep up the grind I believe you can achieve them all! Can’t wait to follow along your journey for another exciting year.
    Cheers

    Liked by 2 people

  6. You mean business this year! Those are great goals, and I’m sure you’ll hit them. Getting that debt payment off the table will be huge towards hitting the rest of your goals. Good luck 🙂

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  7. Great goals, becoming debt free is a great feeling. Although I do have a mortgage I am very comfortable with it as my liquid assets have surpassed the balance.

    Having no car payments or any other consumer payment is a huge weight off the shoulders though.

    Liked by 3 people

  8. Solid goals mate. What was your APR on car loan? Mine was 1.9% and we are in the last year of payment. We had already payed out most of the interest. It made no sense to prepay our car loan. I transfer a portion of my wage to an investment account (vanguard), where it gets invested. The rest I use for our monthly income. Sometimes I might skip an investment … we had to get our tires replaced. I have no idea what my saving rate is. I know what i save 🙂 Market correction might not be a bad thing. It would allow you buy stocks cheaper. Even stock keeps going up, dividend yield is going down. It might be difficult then to meet your dividend goal 🙂

    Liked by 2 people

    1. I don’t remember off the top of my head what the APR us I do know it’s between 2 and 3%. I like how you transfer a portion of your wage to an investment account very good idea. I agree with you about a stock market correction I don’t mind buying stocks when they are on sale 😀. Meeting my dividend goal will be difficult but I will give it a shot.

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  9. A nice set of goals, Matthew. I think you can do it, especially if the market helps you out. Sounds like you are motivated to extinguish that car loan. If you knock that out, plus invest the $10K you want, and receive that $6K in dividends, you’ll already be at 60% of your net worth goal. With that recent raise and your hard work, it can be done. Good luck to you in 2018.

    Liked by 2 people

  11. I think your goals are stellar! I’m currently working on some of those things as well by listening and following Dave Ramsey. I didn’t know where to start so I am starting with him and so far so good! Keep up the great work for 2018!

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  12. Good goals, but why set them based on last year? I see the point of it, but at a recent seminar the speaker pointed out it’s kind of silly to only aim for slight improvements, ones that you can hit and say “There I did better than last year!” Why not aim for exactly what it is you want! Sure, make intermediary goals to get those mental rewards, but aim high!

    Good luck though and nice concise writing as always. I’ve read some other posts on another account!

    Liked by 1 person

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