While reflecting back on the year I had in 2011, I promised I’d make some goals for 2012, so it’s time to reveal a little about what I think is important, both in terms of my site and my life.
2012 is an exciting year for me. I’m going to be getting married in June, I will be moving to a new apartment and have to take care of furnishing it and paying all of those one-time expenses that can add up, and I will be working like crazy to make sure my blog and online business ventures don’t get neglected!
It’s a little difficult to decide how much personal information to release through the blog. I like being able to interact with people and I like sharing my lessons with you. They’re interesting and informative and we can all benefit from them. However, there is some information that I want to keep private. This includes income (both online and in real life), so I prefer to give percentages rather than put numbers to it all.
My goals aren’t big on personal items, rather they are heavy on business goals, which definitely influence my personal life in a big way. So while I’m not promising to keep my monthly budget under a specific amount, my personal income and spending habits shine through.
1. Start 2 New Side Ventures
Since I’m starting a business that maybe technically started in 2011, we still haven’t launched yet, and most of the effort will come in 2012, I’ll allow it. For my other idea? I have absolutely no plans yet, but the more I experience, the more I think of income-producing ideas. They don’t always pan out, but with enough hooks in the water, I’m bound to catch something. With 334 days to go, I’m sure I’ll think of some new moneymaking idea at some point.
2. Double My Side Income From 2011
This is a big leap, 2011 was an amazing year for me, but there’s no reason to think I can’t beat it. I have a big head start in that I am not starting from the bottom like last year, so I have everything set up for a big year and I can continue what I’m doing while expanding and capitalizing on my new ideas and projects. Doubling my side income won’t be easy and is far from a guarantee, but I like to set high goals, and hopefully one of my other side businesses will help me get over the hump.
3. Save 60% of My Post-Tax Income
The sad thing about this one is that it’s not something I’m going to actively work toward. I no longer keep a strict budget, but I have guidelines. I don’t spend much money on frivolous purchases, but I don’t hold back from the things I want. Still, being able to save such a large portion of my income at a young age will only help me achieve whatever financial goals I make for myself in the future, so saving is definitely a priority for me.
4. Double My Net Worth
I’m getting married in June, and that means I’ll be taking on some addition student loan debt. This was never a real consideration for me, more a fact of life, but what it does is sets me back in terms of net worth. If I can achieve my first 3 goals, I think it’s still manageable and would be a large source of pride for me.
Readers, what are your personal finance goals for 2012? Did you set income and savings goals? Net worth goals? Personal goals?
Good luck with your goals!
I recently left my job to go freelance full-time, so my only goal for 2012 is to be able to keep my head above water!
get out of credit card debt and monetize my website!
Too many to list, but my main one is to make it big and go full-time blogging. I like your goals as well!
Nice goals for the new year. Doubling the income is a good one but saving 60% seems like a lot but doable. I would have to maintain a strict budget to keep that in order. Best of luck!
looks like some great goals daniel – i’m getting married this year too and I know that will play a part in my financial goals for the year.
I love your goals! Best of luck on your journey. Keep us posted on your progress.
Stay young and thrifty :)
I’m looking to increase my side income substantially this year as well, good luck to you!
Best of luck buddy. I hope you will meet all our goals.