As 2016 comes to an end I’d like to reflect back on what was achieved and set new goals for the coming year.
I’m a big believer in setting goals and making deadlines for them.
One of my favourite quotes:
I really like it because everyone has dreams, but very few actually put in the work required to realise those dreams. Too many people (myself included) think of doing something great but it just never happens because you don’t put any pressure on yourself and rely purely on motivation.
Motivation only lasts so long and when it runs out you should be relying on habit/routine to get the job done. “I’m just not motivated today” is the wrong attitude. Everyone starts the project with motivation, but it’s the habits formed that will see the project completed.
It’s so important to actually map out a plan of attack for your dream no matter how small it is and say to yourself:
“I’m going to have X done by this time next week/month/year”
And then break the task up into smaller sub tasks if it’s a big project. But make sure you set a time and date that you want it completed by or else it will get pushed to the side every time.
I have a rule with this blog that I MUST write a minimum of two posts per month no matter what! No excuses!
This has led to me publishing a new post at 11:30PM once with work on the next day. That’s the price I pay for not being more organised.
What Did I Achieve In 2016?
2016 was a huge year for me personally and financially.
- Moved into a share house
- Watched as the RBA cut the cash rate twice to 1.5%
- Watched Malcolm Turnbull and the Liberal party get elected
- Had 2 properties gain and one lose value over the course of the year
- Joined financial forces with my partner
- Bought around $50K worth of ETFs
- Moved in with my partner
- Broke into the $200K net worth club (so close to the $250K damit!)
I originally wanted to buy another investment property and dip my toes into ETFs for 2016. But the more I thought about it, the more I was leaning towards ETFS.
2017 Financial Goals
My big financial goals that I want to achieve by the end of the year are
- Obtain a savings rate of 65% or better
- Reach $100K in ETFs
They are both very measurable goals and are something I can review monthly to track how I’m going.
My big goals for the blog are:
- Try to release a podcast every month. It’s the number one thing I get requests for. I love doing them too I just find it hard to find guests
- Revamp the home page
- Write more about Super
What Are Your Goals?
What do you hope to achieve financially on your way towards FIRE in 2017?
My goals are a bit varied… right now I struggle with some mental health issues, particularly related to food. This often leads to me engaging in unhealthy and somewhat expensive habits. So I’m committing to sticking with personal training, trying to visit more gyms and seeing a dietitian. In the short term this will lower my savings rate somewhat but I believe will pay dividends in the longer term if it allows me to live a more balanced and productive life, as well as the financial benefits of being healthy (especially as one gets older). I’d like to have a year average saving rate of 33% if possible.
Regarding podcast guests, you could maybe get in touch with Steven Ryan, he’s a mortgage broker who originally introduced me to MrMoneyMoustache. I’m not sure if he’s living as frugally as he once was but for a while was running things very lean to get his property portfolio started.
All the best with your goals, will follow along with interest!
Health is key mate. FI means bugger all if you’re not living well. The one thing I actually spend way more than most people in is quality food and not cheap processed shit.
I’m ganna hunt down Steve! Watch this space
Some great achievements in 2016 Firebug and some excellent goals for 2017. I’m looking forward to hearing the results.
Big year coming up! �?�
Good goals – I really like the quote, and I share a couple of your financial goals. I have not really explored ETFs properly, but the low management costs make them hard to ignore. Your saving rate is ambitious, good for you!
It’s a very interesting time to be setting financial goals in Australia, isn’t it – with the residential property market poised as it is, and potentially at an inflection point in interest rates globally? Noise and uncertainty are constants, but always tempt us to ‘just wait a bit longer’ to see how things might turn out. Well set goals focused on what we can control are a way of overcoming that temptation.
ETF’s ROCK man! Such low maintenance with really good returns. Although I still like aspects of other asset classes such as property that you can’t get with shares.
Hmmm yes I hear what you’re saying. The entire world seems to be on the brink of collapse according to some doom and gloom ‘experts’.
Just remember as the wise Warren Buffet once said:
“Be fearful when others are greedy and greedy when others are fearful”
New to the site and enjoying the Oz focus of the content. I recently sold an investment property to simplify finances, so was wondering whether for a future article you might flesh out the pros and cons of different investment types such as IPs and ETFs? You might have done this already and if so, I’ll probably have found it by the time you read this! You seem to have a foot in both camps and would be interested in your take on things…
I structure things slightly differently than you. Because I work in health promotion I use the following framework:
A goal is a much longer-term outcome over 3-4 years. It’s more broad yet still specific. To reach a goal you then write more specific SMART objectives under it. This describes what you will achieve in the shorter term to support reaching the goal..
GOAL: to reach a total wealth milestone of $1,000,000 (including super) by the end of the 2020 calendar year.
2017 PLAN to be completed by 31 December 2017
OBJECTIVE #1: Increase total wealth by 20% through cash savings, stock market returns, superannuation and P2P lending
OBJECTIVE #2: Create at least one new income stream to replace Airbnb delivering at least $5,000 annually
OBJECTIVE #3: Become a better minimalist by reducing possessions and unnecessary consumption – sell or give away things that do not have any use or add real value to our lives
OBJECTIVE #4: Secure a 3% pay rise in July-August as part of the the annual performance review
OBJECTIVE #5: My wife to start working Saturdays when CentreLink parental payments end in March
I really like S.M.A.R.T goals too. It’s so important to break down the overall goal into smaller chunks that can be achieved within a realistic time frame.
Thanks for the comment mate