Back in June, I set some mid-year goals for myself after I unexpectedly surpassed the goals I set for the whole of 2018. After this month, I will post the result of those mid-year goals. But right now, I want to focus on setting some goals for 2019! As stated in previous posts, I have never had the kind of stability where I could set any kind of financial goals before (those familiar with my story, know why). As a result, I found that I was terrible at setting these kinds of goals. However, I have learned from those mistakes and have developed a new and much more interesting and fun way of setting goals.
In the past, I would set a strict number and work towards reaching that goal. But since then, I decided on a system with multiple tiers with the highest bar being the top prize. This makes things more exciting and interesting. I also found system this to be more motivating. Once you reach one tier, you strive for the next one. For those tiers, I decided to use bronze, silver, and gold trophies to represent each goal achieved. Each trophy is an achievement based on breaking a set forward dividend mark. Bronze is the lowest level while Gold is the highest level.
Here they are:
Bronze Cup: Reach and/or surpass a forward annual dividend income of $9,800!
Silver Cup: Reach and/or surpass a forward annual dividend income of $10,000!
Gold Cup: Reach and/or surpass a forward annual dividend income of $10,250!
I will begin with these dividend goals starting in January 2019. As of this post, my portfolio will generate $9,287 in forward dividend income over the next 12 months. Breaking the $10K mark is something I have long talked about and hope to accomplish this milestone sometime in 2019. But I also want to add more to next years goals.
As some of you know, I usually wait until my cash stockpile reaches $4000 every 3 months to make a new purchase of one stock (sometimes two). So, I usually only make 4 major purchases of a new stock each year. I spent the last year continuously diversifying my portfolio and want to continue to do so. Thus, I hope to add new stocks as well as build up some of the positions I already have. Therefore, I will add an additional goal set! This time I will use bronze, silver, and gold medals to represent each goal achieved. Each medal is an achievement based on breaking a number of new stocks added to my portfolio. Bronze is the lowest level while Gold is the highest level. Here they are:
Bronze Medal: Add 3 new stocks to my portfolio!
Silver Medal: Add 4 new stocks to my portfolio!
Gold Medal: Add 5 new stocks to my portfolio!
And with that, my goals for 2019 are set! I am expecting to reach two important milestones for 2019. The first is passing $10K in forward dividend income. The five-digit mark in yearly dividend income is something I have long desired. The second is breaking the $1K dividend a month mark, which will probably happen sometime this year on a quarter ending month. Lots of exciting things happening in 2019. I am looking forward to a good year. How about the rest of you? Have you set any goals yet? What do you think of my goals? Let me know in the comments below!
And have a Merry Christmas and Happy Holidays!
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