Financial Goals for 2018
As the New Year is upon us, I want to set out some financial goals for myself in 2018 which I intend to initiate and/or achieve in this year.
Goals
- Getting pre-approved and setting aside down-payment money for purchasing another rental real estate property
- Launching my new brainchild for online website
- Investing additional income towards Option to Purchase Paid-Up Additions OPP for New York Life Insurance policy.
- Doubling investment in precious metals
- Continue investing into my long term portfolio at Motif Investing and FolioFirst from income generated from options trading
- Continue investing 6% company match into my 401K
- Increase my points/miles balances through effective use of credit card bonus category and sign-up bonuses
- Limit out of pocket expense for vacation to less than $2000
- Save $1000 more towards mini emergency fund
- Set up trust
Some of these goals I have already set in progress, so I’m off to a good start and I think these will continue my family down a road to wealth and prosperity.
Why These Goals?
Goal #1
I started consciously investing with real estate and it happened during a time when it was on sale. Since that time prices have increased such much so that it gave me pause —especially considering that I could earn more in the stock market trading options. However, it is imperative I stay balanced in my allocation to both physical and paper assets. Also, I really love real estate and always dreamed of doing well in it over anything else.
Goal #2
I have an idea for a new website that I just want to launch that I feel can meet a market need. I want to take the initiative of taking action on an idea from inception to creation and seeing what it leads to.
Goal #3
Cash value life insurance has been a bedrock for me as forced savings earning greater than bank account. In addition, giving a death benefit to my wife in event of my untimely death setting her for life. I have used this as valuable source to access cash for seed money for options trading, real estate expenses, unexpected events, etc. So, I want to be sure to replenish for these purposes.
Goal #4
Bitcoin and other crypto-currencies is craze now that has been making this traditional store of value too be overlooked. That’s OK in that I will get it for cheaper; thus, my intent to double up. So, I want to take advantage of theses prices because gold is not going to become worthless as much as that of fiat currency has potential to.
Goal #5
As of late, I have been big on the Richest Man in Babylon philosophy to pay yourself 10% first. Thus, additional income I take 10% of and invest in custom portfolio I have created; namely, Os Own What Your Love, Os ETF 87/13 Allocation, and custom allocation on FolioFirst. These fractional share platforms have been critical to helping meet me at the financial level I’m at with the funds I have to invest.
Goal #6
I get the match from my company dollar for dollar up to 6%. This is no brainer for me now despite any other misgivings I have with the 401K.
Goal #7
I will continue to up my travel in coming years, so I need a lot of points/miles for aspirational and everyday travel. Increasing balances not only allows for me to invest more of the money saved as result of not needing to come out of pocket for travel. So, I’ll continue this endeavor to get more bonus from sign-ups and category spend.
Here’s some great cards to sign up for now that give great bonuses if spending threshold is hit within defined time frame.
Starwood Preferred Guest Business
American Express Gold Business
AAdvantage Aviator Red World Elite
Goal #8
I have two trips on deck to Washington DC for wedding and cruise out of Europe. I don’t anticipate to spend 2K, but the expense will be cash spending for things other then hotels and airlines.
Goal #9
I had quite a few unexpected events happen last year, so this year I wanted to add to mini-emergency fund to have a little more cash liquidity to cover these type of expenses.
Goal #10
My wife and I have done pretty well financially thus far and have the intention to do better and better over the years. As such, this is smart way to seamless transfer wealth in the event of untimely death of either of us.
In Closing
I hope you have financial goals for 2018 that will either jump start you in the new year or continue you on that journey towards wealth and prosperity. Feel free to leave comment and share your goals for 2018.
Happy New Year — Os
