Passive Income Goals


I'm sure all of you have heard the following statement before: "Goals are extremely important to your success."  Nothing new there.  

But consider the following fact: Research has shown that  JUST WRITING A GOAL DOWN will make you more successful than had you not written down the goal. Wow. Just writing it down makes me more successful? That is powerful, and too easy to accomplish.

As such, listed below is a brief summary of my Passive Income goals for the next three years as well as my ten year goal.

I will provide more detailed goals, as well as progress updates, through individual postings (perhaps on a quarterly basis), but here are the big ones for my life as it relates to Passive Income.  The number in parenthesis is my age for the corresponding year.

*See my post describing the details and reasoning behind my 2018 Goals List here:

2018 Income Investing Goals (32)
1) $17,000 Annualized Passive Income
2) $20,000 Cash Saved - for Real Estate Reserve
3) 30% Average Savings Rate per month
4) Max Wife Roth IRA
5) Max My Roth IRA
6) 810 FICO Score by the end of the Year
7) Contribute $161/mo extra principle payment to CO property
8) Contribute $117/mo extra principle payment to MO property
9) 1% Saved in TSP per month
10) $25/mo Saved in Kids College 529

2019 Income Investing Goals (33) (DRAFT)
1) $20,000 Annualized Passive Income
2) Purchase 5th Rental Property
3) 31% Average Savings Rate per month
4) Max My Roth IRA
5) Max Wife Roth IRA

2020 Income Investing Goals (34) (DRAFT)
1) $22,000 Annualized Passive Income
2) Purchase 6th Rental Property
3) 32% Average Savings Rate per month
4) Max My Roth IRA
5) Max Wife Roth IRA

2026 Income Investing Goals (40) (DRAFT)
1) $40,000 Annualized Income
2) 10 Rental Properties
3) Real Estate Business Fully Operational


OLD GOALS
2016 Income Investing Goals (30)
1st Goal: $10,000 Annualized Passive Income - Failed: $8,841
2nd Goal: Family Debt Reduced to $5000; Started year at $29,000 (Completed! DEC 2016)
3rd Goal: Max My Roth IRA (Completed! JUN 2016)
4th Goal: Max Wife Roth IRA (Completed! JAN 2016)

2017 Income Investing Goals (31)
1) $13,000 Annualized Passive Income - Complete!
2) Pay off Credit Card Debt (~$9000 at 0% until SEP 2017) - Complete!
3) Family Debt Paid Off (Started year at $5000) - Complete!
4) 800+ FICO Credit Score - Failed
5) 28% Average Savings Rate per month - Complete!
6) Max My Roth IRA - Complete!
7) Max Wife Roth IRA - Failed (95% complete)
8) 1% Saved in TSP per month - Failed
9) $25 Saved per month in Kids College 529 Plan - Complete!
10) Pay back TSP loan (Started year at $6800) - Complete!

We'll see how it goes. A wise man once said "Many are the plans of a man's heart, but it is the Lord who determines his steps."  In any case, here's to an exciting ride and I'd love to hear your thoughts below!

Passive Income Dude

7 comments:

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