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Looking ahead to 2011

Last week, I shared my reflections of the past year 2010.  Today, I’d like to share with you my personal financial goals for the coming year 2011.  This is actually my way of challenging myself by publicly declaring my goals for the coming year.

My 3 major financial goals this year 2011

1) Create at least 3 new streams of income earning at least $100 per month each

Right now, I am still working full time at my current job as an IT consultant for a credit card company.  While I do enjoy my job, I still want to have more options.  I want to be able to one day control my income streams.  Having a job is good.  However, it is only a temporary solution to a permanent financial problem — not having enough money.

I’ve been fortunate to earn quite enough to be able to sustain me and my family and have some extra money saved every month.  The big challenge for me this year, just like in the past year, is to learn how to invest a portion of that money for my family’s future.

I don’t exactly know what the 3 income streams will be.  One thing is for sure — for this year, I’d like to focus on investing to generate more cashflow.  Last year, most of my investments had pretty good returns.  The only problem is, they were only capital gains. There’s no monthly cash flow.  This year, my goal is to learn to invest for cash flow and capital gains.  I’m considering putting up a business.  Or perhaps finally invest in a property and rent it out.  Or may be I can explore going into franchising.  I will share more to you as I get clearer on how to achieve this goal.

2) Go somewhere I’ve never been to for a week, every quarter of the year.

This is my way of growing myself.  I feel I haven’t grown that much personally and haven’t widen my horizon for the past year.  This year, I want to go somewhere I’ve never been to. Either in the Philippines or outside.  I’d like to experience and learn new things to keep my hunger alive.  I’d like be able to share exciting stories.  I’d like to be able to know what it feels like to discover and be amazed again.

As I shared last week, I was able to travel to Bohol with my wife last December.  It realy felt good just doing nothing, hearing the soothing sound of the waves while trying to relax in a hammock by the beach.  Working in a fast-paced IT and financial services industry sometimes takes its toll on my mind and body.  I feel I need to freshen up every once in a while to stay sharp and energized.

3) Weigh no more than 85kg at any time of the year.

It’s been one of my greatest struggles every year to keep my weight down.  I am getting sick quite often the past year.  I can’t go on and blame my work or my lack of time for exercise.  I know that it’s just a matter of building new habits in terms of my overall health.  Eat right. Get some exercise.

So this year, I want to be able to maintain my weight to a more manageable level — no more than 85 kgs.  It will take some time, but I’m ready for it. Let’s bring it on! 🙂

I know goals #2 and #3 don’t look like a financial goal at all.  They seem more to do with personal development than money.  I totally agree, it looks that way.  And it’s the way I prefer it.  I personally think it is very important to take care of my mind and body in my journey to financial freedom.  As I’ve described in one of my articles, your health is more important than your money.  Without it, none of your other financial riches really matter.

2011 Goals for Rich Money Habits

My goal for Rich Money Habits is to be more consistent in posting new articles — at least one per week.  As I share my thoughts to you, I gain more clarity.  The clearer I am with the things I want, the nearer I am to my goals.

Here are some of the things I’ve been thinking as I was doing some planning for Rich Money Habits this year.

– create more useful articles
– find more ways to reach out to more people
– find more ways to help you in your financial goals
– launch a product that helps you manage your money better
– redesign blog so you can navigate it easily

As you might have probably guessed, most of my goals above are still in the works.  And quite general, if you might add.  I still don’t know what exactly I am going to do.  But I think the important thing is to use these goals to remind myself what I need to focus on — helping you.  Everything else is secondary.

Cheers to an exciting year ahead!

8 replies on “Looking ahead to 2011”

Hi Allan,

I share the same sentiment! I’d like to share a few things as well.

1) Create at least 3 new streams of income earning at least $100 per month each

I never posted about this but I’m not very much attracted to stocks, mutual funds, etc. Maybe because I haven’t tried them yet. I will not deny that I’m planning to invest a small amount like you did, but that’s only to learn. It’s like being a trainee, getting paid while learning.

Inspite of this, I always think… Why invest my money to something that would only gain me 20 to 25% annually (or semi-annual, whatever) when I can setup a business and earn 50% to 100% more?

One thing I don’t want to get too caught up in stocks is like what you said… It’s only paper asset and I don’t see a good positive cashflow. There are only 3 things my mind is set right now… Web assets, real estate and business. I think I got the first one covered and the second one is almost there…

2) Go somewhere I’ve never been to for a week, every quarter of the year.

Same here, I noticed that a lot of people I know who became entrepreneurs and stories from successful entrepreneurs would tell how they got to this place and discovered this and that. I’m home person, but that changed about 2 years ago and I’m gonna travel to get some fresh ideas!

3) Weigh no more than 85kg at any time of the year.

Again, same here! I just replaced one of my jeepney rides going home to a 45 minute walk everyday! I’m also teaming up with my wife so we don’t eat that much rice during night anymore! Haha!

Thanks Tim! It’s nice to know I’m not the only one going through those same challenges. 🙂 On any given day, I too would prefer just staying home. But I totally agree with you that we need to go out and explore once in a while to keep a fresh perspective. 45-minute walk exercise everyday — that’s superb!. I’m not sure if I have the courage to do the same, especially in the very busy streets of metro manila…but like you, my wife and I have been trying to eat less rice, especially in the evening. It’s been great so far. I’m just hoping we can keep it up the rest of the year! haha! Cheers to a great year ahead!

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