Personal Finance Apprentice

My New Year’s Plans For This Year

My New Year’s Plans For This Year

One of this blog’s mission is to encourage people to be more
financially savvy by showing how do-able it is and what
the rewards can be. And while I’m not an expert, nor have I “made it
big”, I think it would be useful to show this story so that other people
with no experience or training in finance or investing can see that it
is indeed possible. And seeing it unfold as it happens might be just as
persuasive as seeing it after the fact.

And because of that, for my first post of 2013, I would like to share my investment goals.

My end goal is to be financially free. But it takes several steps to get there and after some thought, I’ve decided on a path that can get me there:

  1. Save and increase my fund through stocks and other investments.
  2. Get enough to start a business or buy a franchise.
  3. Keep saving and investing in mutual funds (after starting my business; even if it’s just a tiny amount).
  4. Sacrifice time and exert effort to hold down my job and run my business at the same time.
  5. Make my business stable and profitable.
  6. Grow my business or start another one.

All this will take a lot of time though. In my estimate it should take at least 5 years, from now until I’m ready to start a second business. So for this year, I will be concentrating on steps 1 and 2 by doing the following:

  • Saving and investing (I already have a target amount)
  • Learning about basic business concepts
  • Researching a good business for me
  • Finding out how large my capital needs to be

I have very modest goals for this year. Mostly because I will be allocating more money for my family budget and I haven’t yet decided which business I want to start. By this time next year I expect to know when I can start my business.

What about you, have you made any plans for this year?

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photo credit: Calsidyrose via photopin cc

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