Five (Okay…Three) Midsummer Goals
By Pinyo • Aug 14th, 2008 • Category: Personal FinanceRecently, I was tagged by Be This Way to share my five financial goals. I have been meaning to update my goals, but never got around to it — so this is as good a time as any. Here are the five three goals (I stole the idea from This Wasn’t in the Plan) that I would like to accomplish by the end of the year:
Photo by Bogdan via Flickr
Grow my alternative income streams to 17% of total income
This is actually a lofty goal and it represents about 10% month-over-month revenue growth through the end of the year to pull this off. In real number, I’d have to earn one and a half times more in the remaining five months than what I did in the first seven months. As such, I wouldn’t be able to rely on Moolanomy alone to accomplish this. I will have to exercise some of the tips and strategies in my Extra Income Guide to grow and expand my revenue sources.
Get a promotion
I had mentioned that the concept of career is quite dead (with a few exceptions). I also said that everyone should seriously put more effort toward building multiple alternative income streams. I am not reversing my opinion, but until I can grow independent of my job, it’s still my primary source of income. As such, I have been thinking about taking steps toward improving my career. Hopefully, I’ll be able to land a promotion by the end of the year.
Complete my estate planning
I took the first step in estate planning by completing the Advanced Directive and Durable Power of Attorney for Health Care using the Suze Orman’s Will & Trust Kit program. This leaves me with three more steps to go.
Also, I am in the process of buying life insurance policies for my wife and I. Our applications are still being reviewed by the insurance company, but I hope to have active policies soon. For now, I am covered by a term life policy through my employer, which also provide minimal coverage for my wife.
If you’d like to join in on the fun, feel free to share your goals here or on your own blog!
This article was included in:
- The Carnival of Financial Goals at Rocket Finance.
All posts by Pinyo
Thanks for sharing your goals. By the way, if you get promoted, would that be a “stumbling block” to your plan of no longer working for somebody else? If you get promoted, you may have to spend more time, work harder, please more people to stay with the current job?
Pinyo: Good goals to have but:
1. I hope you haven’t applied for whole life insurance or some variation thereof.
2. Preparing the health care durable power of attorney is fine but I hope you are not relying on Suze Orman-in-a-box to do the asset protection and inheritance side of your estate planning.
@Sam — Yes, I would require some adjustment. So it’s a delicate balance between my job and my alternative income sources.
@TML — Thank you.
1. Term life.
2. I am new at Estate Planning, so I am starting with Suze’s to learn more about the process. As I learn more about the process, I’ll be consulting with a financial planner.
1. Boost alternative income by 100 percent (dreaming big here!)
2. Increase monthly investment contributions
3. Start separate savings pool for short-term goals
Three is better than zero, right?
Thanks for the link. I like it that you put get a promotion. Sometimes those things are beyond our control, but still worth working towards. I just applied for a promotion at my part-time job and thought about adding it to my goals list, but didn’t because it didn’t seem like a goal to me. Now that I think about it though, there are some things that I can do to improve my chances, which means it is definitely a worthy goal.
Very good goals, Pinyo! I’m working on the same goals actually! In October I am taking an estate and will planning class at our local adult education center. It is put on by a local attorney. It’s three 2 hour classes and I’m looking forward to learning, then sharing what I learn.
@Sara — Wow, #1 is a big goal. But there’s nothing wrong with that. Good luck!
@Alison — I think “getting a promotion” is totally under our control. If you don’t purposefully position yourself for a promotion, I don’t think it will simply come to you. My rule of thumb is trying to go for one every 24-36 months, and if you can’t find one inside your company…look outside!
@Patrick — Hey, that’s a good class to take. Be sure to share what you learn with us. Also, remind me to submit this to your carnival.
I just posted my goals on my blog–http://thebonnymess.blogspot.com/
Thanks for the inspiration!