The year 2015 is almost over and as we wrap up and look back at the year that was, a question always emerges on the horizon – What Next? As investors, we all want to achieve financial independence and build our income stream so that we may have the freedom of choice to do what we want. To make steady progress on a regular basis requires determination, patience and of course a target in mind. This is where goals come in. Setting and writing down goals and working towards them are one of the best ways to make progress. Over the last few weeks, I have been thinking about setting financial goals and setting targets. Following are the goals that I am setting for 2016.
Goals for 2016
- Total Passive Income of $9,000 – Our investment portfolio and other sources of passive income are on track to generate approx $7,500 in passive income in 2015. This has been a much higher number than we had anticipated for 2015. While our cash flow will be affected over the next year and I want to hold off on investing in some of the high-valuation stocks, I am still setting a high target and will be working towards it.
- On a side note, I am also going to move my medium/long term goal of hitting $12K passive income ($1k per month) ahead by two years – from 2021 to 2019! I am making great progress that I did not anticipate when I started this journey and I think I can reach that goal by 2019. If I sail past the $9K goal in 2016, I might consider bringing that goal even closer to either 2017 or 2018
- On a side note, I am also going to move my medium/long term goal of hitting $12K passive income ($1k per month) ahead by two years – from 2021 to 2019! I am making great progress that I did not anticipate when I started this journey and I think I can reach that goal by 2019. If I sail past the $9K goal in 2016, I might consider bringing that goal even closer to either 2017 or 2018
- Achieve better balance across asset classes and sectors – Over the last few weeks/months, I have been contemplating how my overall portfolio is structured and find that I have a pretty aggressive tilt towards individual companies. While I subscribe wholeheartedly to the dividend growth investing model, I want to achieve some balance by diversifying into other asset classes using various investment vehicles (using ETFs perhaps?). I will be elaborating more this in the coming days.
- Take atleast two finance related courses – To further my education and understanding in business/finance/economics, I intend to take atleast two courses in 2016.
- There are a plethora of free e-courses available online and I am looking to sign up and complete atleast one course in 2016.
- In addition, I am also interested in taking a financial planning course at a local college. The course is extremely affordable and it will give me knowledge on the tax-planning front that I have limited knowledge about.
- Blog Growth: I want to continue growing my readership of the blog and will be looking for new avenues to increase the pageviews. For the past few months, the readership has plateaued and my pipe dream of 20K pageviews per month remains far too optimistic. For 2016, I want to achieve 15K pageviews per month consistently from the current 10-12K/month.
- Write an e-book – This has been one of my long term goals, and I first set this goal in 2015 and failed with no progress. I want to take another crack at it in 2016. I look forward to learning and exploring and all the experience that comes with launching an e-book.
Have you set your goals for 2016 yet? Share them if you have. What are your thoughts on my goals. Leave a comment below – as I value your comments and feedback.
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