2023-financial-goals

The purpose of this blog is to document my journey toward financial independence.

In 2014, I set a financial goal to become a self-made millionaire by December 31, 2024, and reach my financial freedom with passive dividend income. These are my long-term financial goals.

Every year, I set a few new yearly goals (short-term goals), and these short-term goals are just a simple breakdown of my long-term goals.

Therefore, I will get a few steps closer to my long-term financial goals when I reach these short-term targets.

I learned from experience that when I share my goals publicly, I get intense internal pressure, which forces me to think and take necessary actions to achieve the goals.

For a quick recap for new site visitors

Long-term readers know that I immigrated to Canada from a financial-poor third-world country, completed my undergraduate degrees in Canada with the help of a student loans program, and ended up with over $56 000 in student loan debts.

Recovering from this deep debt was a difficult task without any support. After landing a decent job, I had two choices – either paying down debts or investing in assets and paying the debts later.

Financial experts usually advise paying down debts first and investing later.

I decided to handle the situation differently – reverse engineering. I started to invest first without reducing my debts.

I started to build my assets instead of paying down debts. I still have massive debts, but my assets’ value has increased significantly.

I can ultimately pay off my debts, but it is not my interest, but I started to reduce it as the rates have been moving high recently.

2022 achievements

2022 was a difficult year for all types of investors (except for those who put most of their money into energy stocks).

However, I managed to achieve two of my 2022 financial goals and failed to reach the other one (Once again).

• Increase my estimated passive income (EPI) to $25 000 or up – yes, I successfully reached it. My EPI reached $30 198 by December 31, 2022.
• Receive over $24 000 dividend income – I successfully achieved it. I received $25 558.72 dividend incomes in 2022.
• Reduce my debt level to below $425 000 – No, I failed to achieve this goal. My debts again increased to $486 500 by December 31, 2022, . No big deal, as I used these debts to buy income-generating assets. However, I am carefully monitoring this to minimize any unexpected risks.

I will continue to make yearly goals to get a few steps toward my ultimate goal of financial freedom in 2024.

2023 Financial goals (new short-term goals)

As mentioned above, my two long-term financial goals are to build a million-dollar net worth and generate a minimum $25000 dividend income from my investment by December 2024.

I have broken down these two long-term goals to progress in the right direction into multiple short-term goals.

Therefore, I will get a couple of steps closer to my longer-term goals when I complete these short-term goals.

Once again, I am going to set three financial goals for the year 2023:

• Goal 1:Maintain my estimated passive income (EPI) to above $30 000 by December 31, 2023.
• Goal 2: Receive over $30 000 dividend income for the year 2023 (by December 31, 2022)
• Goal 3: Reduce my debts to $400 000 or below.

My debts were $486 500 by the end of 2022. However, I don’t have a big concern about my debt growth. A lower rate and possibly higher inflation are positively helping me build massive wealth in the longer run.

Check my progress and previous yearly goals in my financial goal page.