I make New Year’s Resolutions every year without fail. Goal setting has always been a very important part of my life, and I find it very enjoyable to be striving towards being a better person in all areas of my life, and then reflecting on it by the year’s end. I’ll start off by explaining how I set my goals at the beginning of every year to make sure that I can get by easier than one might expect, then move on to my financial and personal goals for 2016. I know a prosperous year awaits us.
At times in years past I’ve forgotten about my resolutions, only to find that I had accomplished them regardless when revisiting my list at the end of the year. There are a few reasons for this, and it’s very important and paramount to me to keeping a forward momentum in goal setting and achieving. I try to word my goals in a way that is not very intimidating.
For example, if you weighed 250 lbs and wanted to go down to 150 lbs, writing a goal like “Lose 100 pounds” is much harder to look at day after day than “Weigh 150 pounds”. Psychologically, I believe it’s a lot easier to look at the second goal. “By the end of the year, I should weigh 150 pounds” to me sounds a lot less like an impending task riddled with difficulties than “By the end of the year, I’ll have lost 100 pounds”. This might sound silly, but it really works for me.
There are quite a few new areas which I’d like to break into in my life, like increasing my passive income sources to e-books, affiliate sales, rental properties, to eat healthier, exercise more, become more calm, travel, etc. Try to create easy goals to have accomplished by year’s end if you’re trying to break into new areas, which are not your primary desires for the year.
While this is a “Personal Finance” (simplest term I could use) blog, I’ll be listing unrelated goals separately as well. I’d like to keep myself accountable for them through the blog in this way, it’ll definitely push me to strive to be the best I can be, and to be as disciplined as I can be, so as not to embarrass myself on the public internet and fail all of these goals miserably. I look forward to a prosperous 2016.
- Have a net worth of $60, 000.
- Increase my salary by at least 15%.
- Increase my 12-month forward dividend income to $1, 800.
- Collect $200 from Google Adsense.
- Collect $50 from Affiliate Sales.
- Read 12 books.
- Save at least 60% of my after-tax salary.
My net worth as of January 1st was $38, 126.65. To achieve a net worth of $60, 000 I’d need to increase my net worth by $21, 873.35 (an astounding increase of 57.37%!) – which is far from easy; especially considering the stock market fluctuations which the year have started with. No one knows what the year will bring us on that front, but it’s not great for the net worth tracking.
By increasing my 12-month forward dividend income to $1, 800 – I’m essentially creating a passive income stream of $150 / month. This cash will not leave my brokerage accounts at all for this entire year, as my salary is what covers my expenses. The cash I receive as dividends will be pooled together to be reinvested into whichever stocks appear attractive at the time. $150 / month was my set goal for 2018, so I’m going to try and get there a year early. I managed to do so for my last dividend income goal; there’s nothing more that I’d like to speed up than this goal. This is the bread and butter of a dividend growth investor.
In 2015, I collected a total of $112.18 from Google Adsense. Considering Google will only send out your money once you’ve surpassed a threshold of $100.00, it’s difficult to rely on these payments at this stage. Ad clicks go up and down depending on how much I spend on creating content and attracting traffic to the blog. I was very on / off throughout 2015, but I plan on being very active in 2016 as I really want to push The Dividend Beginner brand and spread financial wisdom! The dividend blogging community is absolutely incredible. Considering I’d like to earn $200.00 from Adsense for 2016, that represents an increase of $87.82 (78.28%).
Affiliate sales is what I’ve spent the least amount of time dabbling in; primarily because I really haven’t had the time, traffic or drive to try and push products. I also don’t want to try and sell any type of annoying products to my readers because I don’t want to waste their time; I want to keep everything within the realm of finance – and advertise products I’ve used myself and endorse. So, in affiliate sales for 2015, I made a whopping $1.35 from Amazon Associates. I sold $33.65 worth of products from Amazon and received a measly 4.01% commission. To make any money with Amazon associates, you’d really have to sell A LOT. However, you can collect your earnings after only $10.00 of commissions so it’s easier to get paid than it is with Google along those lines. Instead of selling from my blog, I sold through The Dividend Beginner‘s twitter, as someone had asked me if I had any reading recommendations, so it lined up perfectly. Considering I’d like to earn $50.00 in affiliate commissions, and I made $1.35 in 2015, I need to increase my affiliate sales earnings by $48.65 (3603.7%).
If anyone’s interested, these are the two books that I sold. I endorse both of them highly. Tony Robbins is absolutely amazing and THIS is actually the book that got me started investing. Ramit Sethi is also great; he’s what motivated me to start planning things out a lot. Both great authors; their books are selling at roughly 30%+ off right now, so pick them up if you’re interested. If not, no worries! Do any of you dividend readers have great book recommendations? Let me know in the comments.
I’m not quite certain how many books I read last year as I didn’t keep an entire score.. All I know is that my room is LITTERED with finance books. Reading is very inspiring, motivational and really gets me moving. The fact that you can acquire years worth of someone else’s knowledge in a matter of hours is fascinating. So I’d like to read 12 finance-related books by this year’s end – that translates to roughly one a month. In 2015 I really wanted to do book reviews on most of the books I read (I have a ton of notes saved on my PC), I never got around to it. Hopefully this year I can get around to doing so and recommending some great reads to further educate us all.
- Weigh 160 lbs (currently 203).
- Learn 24 new cooking recipes.
- Cook & Eat 12 vegetarian meals.
- Go to the gym 100 times (equals nearly twice a week).
- Do Yoga 20 times.
- Visit another country or province. Most likely will be a province, with the $CAD in such shambles.
- Write 50 blog posts.
Nothing too incredibly on the personal goals side. Obviously, like everyone else, I have a decent amount of weight I could do without. I told myself I would go to the gym 100 times this year. I thought that was much less intimidating than even thinking of going twice a week, but it adds up to just about the same thing! And when keeping track it’s much easier to say “Yeah, I went 63 / 100 times for this year” rather than being all discombobulated, going through a calendar. The gym will definitely help build muscle mass, which will passively burn off fat. Isn’t anything “passive” just damn amazing? I think so.
Aside from that, I’d like to eat some healthier meals and do a bit more intensive cooking, so we’ll see where that takes me.
I’ve done very little yoga in my life time, but I’ve enjoyed what little I’ve done. The flexibility will do wonders for my joints, and the calm will do wonders for my mind.
I haven’t travelled for quite some time now, and I plan on visiting Japan ultimately – though with the $CAD so low, it might make sense to wait another year and instead visit another province in Canada. I’m thinking either Nova Scotia, British Columbia, or Toronto.
Finally, I’d like to write at least 50 blog posts throughout 2016. I’m off to a great start as I’ve been very into things, but sometimes it’s hard to keep the traction you work so hard to build. I really don’t want that to happen this year and so I will push myself to do better. 50 posts within 12 months adds up to about one post a week. Let’s get it!
What are your 2016 goals? Let me know in the comments, I’d love to hear them!