Updated: May 31
Q1 went by in a flash. I started this blog not too long ago to document my journey to massive passive income and made sure to write down some yearly goals broken down into quarterly goals.
I've experienced some major setbacks the last few years (divorce, job loss, pandemic), I set some ambitious, yet realistic financial goals for myself. My aim is to achieve financial independence and retire as early as possible (FI/RE), purchase at least two real estate properties and work on my passion projects without having to worry about money.
I use my own yearly road map to map out my year-end goals. I use six "dimensions" or categories to make it easier to classify my goals. For the purposes of this blog, I narrowed these dimensions to "personal development" and "finances".
I'll reveal my yearly goals at the end of the year -- it'll be fun to see how close I got to them :)
For Q1, I wanted to refresh my stock market knowledge and buy some selected stocks. Although I've been working in the finance sector for years and years now, I hadn't actually applied any of that knowledge to increase my wealth and so reviewing the basics seemed important in order to boost my self-confidence. Dipping my toe into the stock market without reviewing the basics seemed risky, otherwise (and apparently, I am a bit risk-averse :) ).
Next, I wanted to continue this trend of learning and selected three books that I wanted to (re-)read for the quarter:
I managed to get through all the books, however, Rich Dad, Poor Dad, I didn't finish until Q2, so I'll add a fourth book to my Q2 goals.
Grit by Angela Duckworth is not finance-related but helped me tremendously in making the decision to even start this blog and reaffirm that my persistence will get me to where I want to be financially by the end of the year.
My remaining Q1 goals were pretty easy to accomplish.
I opened an investment account with Degiro
I opened both a 3rd pillar and an investment account with Selma
and I invested way more than CHF3000 over the last three months into that account
My experience so far with Selma has been nothing short of simple and pleasant. Its user interface is minimal and intuitive. For someone who is either a total beginner or someone who wants to get re-acquainted with investing, like me, Selma is a great start.
Overall, I am very happy to have hit all of my quarterly goals. Yes, they were very easy targets to hit, however, I needed a few low-hanging fruits for the start of 2021 given everything that was going on in 2020 (not only the pandemic, but it certainly played a big role). For my Q2 goals, these won't be as easily ticked off from the list, however, I am confident I can hit them as well.
How about you? Do you create yearly and/or quarterly financial goals? How do you keep track of them? Let me know in the comments.
++This is not financial, legal or investment advice and is not a solicitation to buy or sell products. I assume no liability for the accuracy of the information on my website, blog articles and any emails. Trading securities on the stock market is risky and you could lose your entire initial investment. I assume no liability for your decisions. I recommend products on my blog that I use myself. I may receive a commission for links posted, which helps me finance my blog and website.++