Goals For the New Year

This week I have been thinking about my 2020. What an interesting topsy turvy year for us all. Out of the goals I set out for myself, three have come to pass, and two have not reached the end date. Going forward, I have been thinking about my goals for the new year. It’s time to sit down with my financial and goal planning sheet and figure out what’s next! Follow along with my goal ideas for 2021.

Reducing Debt

Last year, I smashed all my goals related to debt. Though my debts were under $1000, it was still a feat. Moving forward, I am committed to paying more towards my mortgage. I am on a ten-year plan to repay them. I know some people will say don’t pay it off sooner, put it in the market, but I’ll take the security over more money.

I would also like to funnel more money into investments. I have a solid investment strategy that has yielded a 40% increase across all of my portfolios. I want to increase my 401K contribution from 12% to 15% by the end of the year. That won’t quite max it out, but it’s a great start for a lower-income position.

Savings Increased

I would also like to complete a savings challenge. This would be in addition to the amount of money I already put away into savings and investments weekly. The challenge is called the $5,000 New Years Challenge. It’s fairly simple to follow along and I can easily smash the goal by generating a new income stream or increasing the one I already have.

Land Acquisition

I would love to get some farmland for myself and my future family. We love to garden at home and think it could bring food cost down in our home and provide a small source of income to our family. Additionally, we would love to use some of our acreage for a glamping site in the coming years. I already got my eye on a 7-acre parcel.

Increasing My Wealth Score

A book I came across before talking about a wealth score. It relates to liquid cash and investments you can access at any point if you should need to. Think of it kind of like an emergency fund. You generate your score, depending on how much those assets could last you if you had income loss. When calculating the score, it has to include all of your expenses, even your entertainment, and fun. Mine sits at six months, but I would love for it to cap at 15 months.

I have many more goals I would like to accomplish but, would like to hear from you. Comment below with your goals for the new year.