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  • Writer's picturethemoneyloaf

My 2022 goals

I know we’re more than midway through January already, and although I wrote down my 2022 goals in the last week of December, I really wanted to let them marinate for a bit and think about which ones I’m really going to commit to this year.

Well here are the fully marinated goals, broken down into 5 financial goals, 4 personal goals and 3 goals for The Money Loaf.

The financial goals will obviously be my priority - given what this blog is about!

1) Invest at least $30,000 into dividend paying stocks. I talked about this already in my post detailing all my dividend income in 2021, so this was an easy one. Preferably these stocks should have at least a 3% dividend yield, but I won’t get too hung up on this number if there is room for growth.

2) Have passive income cover 40% of our expenses (stretch goal 45%) - we’ll look to achieve this by increasing our passive income and reducing our annual expenditure. Our goal for expenses is $50,000, so 40% would be $20,000. Last year we nearly hit $15,000 in passive income, so hopefully this is achievable.

3) Continue to trade options within my defined risk parameters, aim for anywhere between 8-12% returns. My goal isn’t to beat the market, it’s to generate some cash to buy more stocks.

4) Weekly tracking of expenditure. I used to do this pretty religiously, but in 2021 I got lazy and didn’t stick to the routine, which resulted in a lot of inaccuracy. I’m going to change that this year.

5) Achieve an annual savings rate of 60% (stretch goal 65%). I covered this in my salary breakdown, my monthly savings rate is already 43%, so it’s a matter of how much I can squeeze out from my personal budget and bonus, when we get it.

On the personal front:

1) Switch jobs - there are many reasons for this, but in any case the final straw was hit last year. We have an annual bonus that is paid out in March, I will be waiting for that before moving.

2) Commit to a weekly review of outstanding projects and tasks - I’ve been a follower of the Getting Things Done (GTD) methodology for many years, but the weekly review has always been an area i’ve been lax in. I want to change that this year.

3) Read 30 books - this is an annual goal. I find 30 is a good number that strikes the right balance between being too easy and too stressful.

4) Inventory project - I’m not 100% committed on this one, but I’m just putting it out there. I’m not someone who requires a lot of stuff, but I’d like to move slightly up on the minimalist scale this year. So that means making an inventory of stuff I have, and getting rid of 10-20% of it. I may not do everything I own, but maybe easier categories like clothes, books, etc.

On The Money Loaf's front, it’s gonna be all about content creation. I want to write and post 6 articles on the blog every month, as well as create and post 6 youtube videos every month. That’s 144 pieces of content across both channels by the end of 2022!

Feeding the content beast is hard! Many days I come home from work and just wanna kick back on the couch and watch TV. I'm putting this goal out here publicly to keep me motivated and accountable.

Finally, I want to continue to follow and engage meaningfully across all social channels. I’ve said it before but being on the journey to financial independence can be pretty lonely, since most people are seemingly content with the idea of working forever.

Because of that, I find engaging with other people in the community very fulfilling, since we can provide each other with some support and build relationships and community at the same time. The best place for this is on Instagram, where I'm @themoneyloaf - feel free to drop a follow if you like!

Those are my plans, I think a monthly update will be too much, so if I do any updates it'll probably be quarterly. Hope you've set some great 2022 goals for yourself too!

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