Hey guys! This is a look at my current goals for the year of 2017. I will be tracking my progress against these goals throughout the year and making updates on them as we go. For the most part these goals are fairly conservative as it is my first year investing and I’m still learning the ropes.
Increase Net Position by $6000
This is my most important goal for the year. If you haven’t already, you can check out my dreary Net position here. I realise this isn’t a very large amount in the grand scheme of things but for a student like me this will potentially be tough.
From writing there is a little over 8 months left in 2017, meaning I need to commit $750/month to this goal.
The next three goals relate to how I plan to achieve this.
$2000 Invested in stocks
Increasing my stock portfolio to $2000 will greatly help my net position for 2017. As of writing this I have $500 worth of stocks in my portfolio so I will need to increase this by $1500 by the end of the year which amounts to $187.5/month.
The bulk of this saving will be aimed toward a future deposit towards a home, as I am still a student and living at home. This goal may be harder to achieve than others as a holiday may be on the cards later in the year.
At this point in time I have $615, meaning my monthly saving goal for this year will be $174.
$3000 Debt Reduction
This should prove the most important to increasing my net position in the long term. I have previously paid off some debt this year but I’m aiming for $3000 from now. This means I need to pay $375/ month off my debt. Important to note that 60% of this is personal debt I owe to my mum who is kind enough to not ask for interest.
Save/ Invest 15% of income
I believe this is a reasonable number to aim for and should help me reign in my expenses on a monthly basis. If I achieve the four goals previous to this, it should be a piece of cake but due to my casual employment I can’t put a number on how much this will be.
Receive $100 Total dividends
Pretty self explanatory but may prove hard. At the moment I only own shares in WAM and I have received $14.40 in dividends from them. I would consider it a pretty good first year of investing if i got back $100 in dividends.
The next few goals relate to this blog
Earn $1 from this blog
Setting the bar super low for this one. As I still learning about blogs and monetisation, this $1 will represent the culmination of the knowledge I hope to accrue.
Average 3 Posts/Month
This is to help keep me committed to the process. Hopefully it should be fairly easy, between a monthly update, purchase updates and some student investing tips.
You’d think this would be the easiest task but I have spent two fulls days on this already this year. Between changing address and an incorrect DOB in one account consolidating my super has proven a chore. I hope to have them consolidated without losing too much in transfer fees in the near future.
Maintain a GPA of 6.0
This goal is for the remainder of my degree. I’m hoping for a big year from my personal finances but while I enjoy this process it is important I don’t lose focus from uni.
Add a Second Income Stream
If I manage to achieve this goal it should make most of my financial goals much easier. Whilst I the work I currently have is consistent, I could always use more. Hopefully I can find some form of small side job to help create more income for myself.
So those are my goals for 2017. Thanks for reading, if you have any questions or suggestions please leave a comment. This is a huge learning process for me so I am always open to hearing what you guys have to say.