Recapping Financial Goals & Goals for 2018

This amazing blog started in June. But It wasn’t until August that my financial goals were outlined for all to see.

4 months on, it’s an opportune time to look back on how I’ve performed so far and look forward with updated goals for 2018.

Shorter-term

a) Retrieve 1.4k owed to me

Plan: i) stay in contact with the debtor to ensure January payment. ii) set up automated payment from current account to savings account (with an interest rate better than 0.25%!). 

Result: Success! all money has been paid back.

b) Pay off short-term debt asap

Plan: pay off all debt by the end of September.

Result: Success! all debt has been paid off.

c) Open a low-cost fund (or 2) on Vanguard

Plan: research the best funds available and save towards a February start.

Result: Still a work in progress. I could have started this by now but I want to do it in the most tax efficient/low fee way possible.

d) Live within means every month

Plan: i) monitor monthly investment spend. ii) build up a reserve in recently ordered Monzo account. iii) research budgeting & frugality techniques across personal network and analyse spending habits.

Result: Mostly a success, I was overdrawn once but it was due to complications whilst abroad instead of misspending. I’ve grown cash reserves but keep them in a quick access savings account instead of on Monzo. I’ve started to track my savings and investments each month which has helped & I continue to look at different budgeting techniques.

e) Beat last year’s dividend total of £210.84.

Plan: not much I can do now so late in the year. Since January, I have entered or increased positions in 5 dividend companies. Need to start thinking about stock to buy to increase next year’s total.

Result: Success! in 2017 I made £237.74 in dividends which is a 12.75% increase from 2016.

f) Keep up the good work because…

…there’s so much more to do!

Plan: continue to invest monthly and save at least £300 a month. Continue to reinvest all incomes from investing to accelerate returns. Continue to source new revenue streams (Assetz Capital… You’re Next!). Continue to build a platform and develop skills by blogging. Continue to be on offence with side hustles.

Result: Success on all fronts!!!

Longer term

g) Buy a property

Plan: i) carry on saving into Help to Buy ISA. ii) increase knowledge of market by researching and networking. iii) shortlist potential candidates who may be interested in buying together.

Result: Success/work in progress. I have been diligently saving into my Help to Buy ISA, increased knowledge and spoke about buying with friends and family.

h) FIRE!

Financial Independence, Retire Early.

Plan: a, b, c, d, e, f, g and so much more!

Result: Success/work in progress.

Looking ahead to 2018

financial goals

I couldn’t be more excited about the opportunities that lay ahead in 2018 & I cannot wait to blog my progress through the year.

To get the year off to the right start, I’ll need new goals. I liked the old ones but most of them have been achieved or didn’t have a time frame.

Below are my new goals for 2018:

1) Find a way into tax efficient, low fee index funds

The key here is finding a way to invest that is tax efficient with low fees. I already have an ISA so research will be majorly important to decide the next steps.

2) Get to £10 a month income on Property Partner

In January 2017, I received £2.25 from Property Partner. For December 2017, it’s set to be £6.90.

This is easy money to boost passive income. I just have to keep buying.

3) Reach £300 mark in dividend income

This will be tough but achievable if I continue to buy strong dividend stocks.

4) Diversify into crash-resistant assets

It’s fair to say that we are overdue for a major stock market crash.

Although I’m heavily weighted in stocks, much of the rest of the portfolio is made up of crypto or fin-tech investment (crowdfunding or p2p lending) platforms. The problem is that I have no idea how crypto or fin-tech investment platforms will do in a crash.

Therefore, I will look into counter-cyclical assets and recession-proof stocks.

5) Make £100 profit from sales & flips

As I’m so terrible at selling, I want to make a big effort in 2018 to flip and sell my way to £100 profit.

6) Save at least 3k towards buying 1st property

This relates to a longer-term goal, it’s worth taking smaller steps towards buying a property and it will be easier to measure success.

7) Grow portfolio by 30%

This relates to achieving FIRE (Financial independence, retire early). To get to that stage I will have to grow my portfolio consistently. Buying assets, reinvesting income & value gains will all get me to where I need to be in the long run.

Those are my goals for 2018. I’m confident and enthusiastic for the year ahead.

Be sure to let me know your financial goals for 2018 in the comments section below (or else).

Happy new year & many happy (financial) returns!

4 Replies to “Recapping Financial Goals & Goals for 2018”

  1. Excellent work on your goals. You have accomplished so much in a short year. And put a lot of progress toward the ones you have not accomplished yet. 2018 will be a big year for you. Best of luck!

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