Every blogger makes this post. You have to. It may seem redundant and even cliché but it must be done. First off, I want to keep myself accountable so I am going to write down some goals and you guys are going to hold my feet to the fire. Right?! Secondly, there has to be both reflection and planning in life. It’s good to look back to see how far you have come and you must look forward and push yourself if you want to become better. So with that said here are a few notes from 2016 and a few goals for 2017.
I started this blog in 2016. So kudos to me. Ha! It was at the very end of the year but still that counts. Millennial Legacy was born in 2016. I am excited about where this may go and who is going to come along side me. 2016 was an exciting year for my family. We added a member to the family which is definitely the highlight of the year. Financially speaking, our net worth went up a lot and we made great strides towards financial freedom and leaving a legacy. The other big event that happened in 2016 was that we bought our first house! Technically speaking we will officially close in 2017 but the offer was accepted and almost all of the legwork (appraisal, inspection, finding insurance, etc.) was done in 2016. Now it’s just a matter of dotting some I’s and crossing some T’s. The house we bought is well below our means and we ended up taking out a 15 year mortgage. I will cover the entire house purchase from start to finish in another post. There are a lot of lessons to be learned. This is not our dream house by any means but it works for us and allows us to reach other financial goals.
2017 Financial Goals
1) Increase net worth by $50k. This would be roughly a 30% increase from end of 2016. This might be ambitious but as long as the stock market doesn’t completely tank this is very feasible. Our rate of savings alone will get us most of the way there.
2) Diversify my income by one more dimension. I love diversity, especially when it comes to my finances. I don’t want to depend on only one income stream the rest of my life. Stuff happens. When one income stream dries up it’s nice to have a few more to get you through. Right now I essentially have three streams of income. My full-time job. My wife’s full-time job and a side hustle that brings in a few hundred a month. None of these income streams are passive. Ideally the new income stream I come up with will be a passive stream of income and I would really like to purchase some rental real estate. Whether or not that happens in 2017 is a toss-up.
3) Expand the blog. Millennial Legacy was born on 12/27/2016. Since I am new to the blogging world it is really difficult for me to throw out some numbers that are attainable but I am going to try anyways. I will probably look back at this next year and laugh at myself. In fact, I give you permission to laugh at me/with me if you would like!
*My number one goal is to help you, my readers, begin your journey of leaving a legacy (I don’t like goals that you can’t measure but not sure how I can measure this as a success or not)
*500 email subscribers
*Net profit $3,000 for the year
As of now I have no idea how I am going to do that but those are my numbers.