2019 is coming to a close. Hard to believe how quickly this year flew by!
With the soon coming of 2020, it's that time of year to start setting some financial goals for the New Year.
I have decided this year to share my main financial goals with the community so that I can challenge myself to accomplish them (since more people know about them then just me).
It also gives me more accountability with those of you who would be willing to challenge me throughout the year to see how I have progressed towards accomplishing them.
That being said, I would also like to challenge any other member of this community to make a post outlining your financial goals so together we can challenge and hold each other accountable to make 2020 the best financial year ever!
This year, I am keeping things practical when it comes to my finances.
I plan to create a budget, track every single expense, and get a clear picture of where every penny is coming from and where it is going.
That being said, my first financial goal in 2020 is to get organized and
1. Create a Budget
This task has forever been a struggle for me. Since my wife and I make income from multiple sources and it generally fluctuates from month to month, this is not an easy task.
However, my goal is to create a budget to be able to keep our spending in check and to give us an idea of how much money we actually need to have coming in so that we can better purpose any money we make above that.
2. Pay off All Debt
In 2019 we made good progress in our endeavor to pay off all debt, however, during our 50 State trip we did end up putting some of our expenses on credit cards.
While we have the money in investments to be able to pay them off, since they are not charging us interest all this year, we figured it was more financially sensible to work towards paying this off with money we earn next year rather than draining our investments.
We also have two cars to pay off.
While the amount is not astronomical, it is still enough debt that it could take us the entire year to pay off. We could pay it off quicker but I also want to focus on the next two financial goals as well.
3. Save Up $5,000 In An Emergency Fund
I am a huge fan of having an emergency fund. My wife and I have never specifically had an emergency fund, however we do generally have cash tucked away in various places.
That being said, in 2020, our goal is to set aside a total of $5,000 throughout the year that can be used at a later date only in the case of emergency.
Hopefully everything will go well next year and we will be able to save for other things the next year.
4. Invest $5,000
Right now, our investments and savings are kind of one and the same, but next year the goal is to set aside at least 5 thousand specifically to be invested in stocks, REITs or other investment opportunities.
I personally believe that investing alongside saving money teaches you to live off of less and helps achieve financial freedom much faster.
As the investment amount grows, the investments will be reevaluated and the money reinvested in larger investment opportunities.
5. Buy At Least $1,000 Of Silver
I personally believe that silver is currently undervalued and that in time the price will go up to match what it should be worth.
Because of that, it is my goal to purchase at least $1,000 worth of silver coins throughout the year.
There are a few online companies that allow you to purchase 10 oz. of silver at spot price on your first purchase and I plan to take advantage of these to get some silver at face value.
So there you have it, that sums up my financial goals for 2020. As you can see there are not too many but they are also challenging enough that they will take some work to accomplish.
I am posting them in this community because it is my hope that some of you reading this will challenge me throughout the year to see how I am progressing towards my goals.
I will be posting updates from time to time but please don't hesitate to reach out and message me or reply below to ask how it is going.
Also, if you are inclined to do so, I would like to also challenge you to make a post outlining your financial goals and I will be happen to help hold you accountable as well.
The more of us that do this, the better we can make 2020 financially and we can all work together to help create a better financial future!