We set goals to develop a standard for ourselves and what we want to achieve. Goals can come in all different forms and cover all sorts of lengths of time and often are tailored to each of our own individuality. Documentation of goals is important, for both creating a sense of accountability to one’s goals as well as reflection upon achievement or failures of goals. The best goals can be measured and are tough, but also achievable. Chasing a goal that is simply not possible provides little benefit and may want to be moved into the dream category. And to be clear, there is nothing wrong with dreams!
For now I am setting goals just for the remaining 6-months of 2016, but will be constructing goals for 2017 and beyond as the year comes to an end. So, without further ado…
2016 to date I have funded my Roth IRA and added paltry amounts to my brokerage account, but now it is time for the brokerage account to get all the attention.
-Brokerage Account Forward Dividends: $500
I am currently projected to have approximately $210 in dividend income in this account over the next 12 months. Meaning I need to fill a gap of about $290 dollars. At a 3.5% yield that is a $8,285 capital requirement to reach my goal. For this account, I will be shooting to save $1,400 a month and making purchases as appropriate opportunities present themselves.
-Pay off truck loan
This is one of the last pieces of debt I have remaining, other than mortgages, my loan on my 2013 Toyota Tacoma purchased a few years ago. It’s time for it to go. The current balance is at $10,580, which will require around $1,800/mo. in payments, but I’ve decided to make it a priority over everything else, so it will happen. Many in the financial world scold purchases such as this one, but the utilization I have gotten out of this truck has been well worth the cost to me. It has assisted in everything from tailgates, to rental property projects to helping others move. No regrets!
With the website just up and running, I have a lot of work to do to get it looking and operating how I want, which will take some time.
-Get 50 new visitors to the site
This may seem small, and maybe it is, maybe it isn’t, but I hope to get 50 new visitors to the site in the next 6 months.
-Write 52 articles
This is two articles a week, some will be long, some will be short, some weeks will have 3 articles, some may only have one. This goal and whether I can achieve it will let me know how hard it will be to keep the site fresh.
-Read two books
I have had two finance books sitting on my shelf for quite some time now and life has just been too busy to sit down and read, but not anymore! On the agenda by year-end:
1) The Essays of Warren Buffett: Lessons of Corporate America
2) Think and Grow Rich
I have others I want to read too! But I want achievable goals as well as ones that I will enjoy.
What are your goals for the rest of the year? Are they different from the beginning of the year?