Hi! As I was following up on my recent post on goals, I realized the end of the year is about to approach as I was writing these goals down. These are not necessarily my 2018 goals, but these are my overall goals. These are what I plan to accomplish in the months to come. My 2018 goals probably consist of the below and a few more items. 😉
Write out the end goal
My end goal is to be able to retire early and achieve financial freedom. When I say retire early, I mean to not have to rely on a traditional 9-5. I don’t think I can actually retire – I get bored easily. What I would like to do is pursue other things in life I wouldn’t have as much time for. What “things”? I would like to travel, consult (not 100% in what yet, but I like help the high school through post-college aged group with personal finance/career advice), work on DIY projects, and later down the road have a family and be able to spend time with them.
Save up an emergency fund
Ideally, I would like to save up $10,000 (super close!) and start investing.
Pay off debt (Student loans, credit card, car, etc.)
UGH. I hate debt. This has been the not so fun part of this process. I have about $27k in debt. This debt consists of student loans (~$11k), credit card (this fluctuates – $0-$1k per month), car loan ($4k), and other loans.
Create Passive Income
I would like to start creating passive income through real estate investing. I specifically want to do buy-and-hold investing!
Cut out the crap – the money-sucking crap
Right now – that means cut out the gym membership. Cut out impulsive coffee buying. Cut out shopping when I am bored. Cut out impulse buying cute stuff at target. blah blah blah. I have been doing a decent job at this. I have stopped myself from purchasing crap by reminding myself that I need to get rid of stuff!
401k Set-up (Ask if your company matches..! Free retirement money!) 😉
I have this set up and thankfully my company matches. I am a little hesitant to max it out at the moment since I am in the stage of using all the extra cash I get to pay down debt. My friends and family can vouch for how much I have stopped going out, traveling, and spending for the past few months since I decided start this journey.
Get a side hustle (or 2 or 3)
I will admit I haven’t done so much in this department. I am currently up at 5:30am to get ready and commute to the train and get to work. I get home from my commute and work between these times 6-7pm. Long days. I work out during lunch to get some free gym time. I am exhausted when I get home. I shower and eat and am finally “free” by 8pm. I generally sleep at 9p-10p. Leaving one hour of “free” time Monday through Friday. It’s tough. I utilize some of my train commuting time to research, but this can be hard to manage. It’s loud on the train and there is no wi-fi so I use my phone for any research and jot things down in my notes app. I know this is full of excuses, but my first steps are making my stride to invest as my first side hustle. Once I get one property bought and settled, I can focus more time on trying to get a side hustle. All my extra free time has been to research and figure out my next steps of investing.