My Financial Goals for 2016

I’ve never been the type of person to map out and complete goals for my life, but I can recognize how having a plan can make a huge difference in one’s accomplishments. In fact, a study from the Dominican University of California showed that individuals who actually wrote goals down, made a public commitment, and submitted their weekly progress were significantly more likely to be successful than those who did not.

Since the ultimate goal is to achieve financial independence, it’s probably a good idea to start these habits now. So, without further ado – here are my goals for the new year…

1) Pay Off $9,000 in Debt

Since I already have a debt repayment plan (courtesy of ReadyForZero), I don’t really have to think about this goal because it’s pretty much set to automatic. As long as I have a job, I’m confident I’ll complete this goal pretty easily.

2) Save $10,000 for My Emergency Fund

This will be a bit difficult for me to accomplish because a) I’ve never had more than $2,000 to my name, and b) my take-home pay is a little more than $30,000 per year. Extreme dedication and frugality on my end will be required, but I’m optimistic it can happen.

3) Make Money Outside of My Primary Source of Income

I don’t care how much and I don’t care how, but it’s very important that I learn how to make some side hustle income now. I’m very optimistic about the future, but it’s becoming increasingly apparent that the age of job security is coming swiftly to an end. When that happens, I’d like to be on the winning side.

4) Write 52 Progress Posts

Because I have a long history of flaking on New Year’s Resolutions and weekly progress reports seem to be a key factor for accomplishing goals, I’m committing to 52 progress reports for 52 weeks in the year.

5) Make 25 Educational Videos about Money and Financial Independence

In order to be successful at building wealth, it’s important that I understand how money works. And, like the famous quote from Aristotle says, “Those who know, do and those that understand, teach.” By making a commitment to creating videos about money, I’m also committing to understanding the topic so well that I can also teach other people.

Well, there you have it – these are my goals! I’m looking forward to sharing my progress with you as well as the lessons I’ll learn along the way. If I can muster up enough discipline to complete all four goals, then 2016 will definitely be a great year.

What about you? Did you make any New Year’s Resolutions? Write yours down below!

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