Sunday 11 October 2020

My Financial Goals in my 20s by Age

So today I will be talking/writing about my financial goals in my 20s by age.

So first, lets define what a goal is. A goal is an idea of the future or desired result that a person or a group of people envision, plan and commit to achieve. People aim to reach goals within a finite time by setting deadlines. Financially, I definitely have goals but in terms of short and specific goals, I do not have small milestones.

I am sure most of my subscribers know that I aim to have $100,000 by age 30. What about in between since I am currently 25 years old.

So I will be using SMART goals which someone recommended to me when he read about my blog. When you use SMART, you can create clear, attainable and meaningful goals, and develop the motivation, action plan, and support needed to achieve them. What does SMART goals stand for?

  • Specific (simple, sensible, significant).
  • Measurable (meaningful, motivating).
  • Achievable (agreed, attainable).
  • Relevant (reasonable, realistic and resourced, results-based).
  • Time bound (time-based, time limited, time/cost limited, timely, time-sensitive).

Before setting my goals, I would like to give an update of my current situation. I am 25 years old with cash savings of $13,000, a portfolio value (as of Oct 2020) of $24,000 and about $18,000 in a savings plan which will pay out when I am 31 years old. My current portfolio in 2020 paid me about $50 dollars per month in dividends.

I currently have a net worth of $13,000 + $24,000 = $37,000.

Definitely for my salary portion, I know that it is something that I will not have much control over as it depends on the company and whether I will have any change of jobs. In terms of my portfolio and savings, I will want to hit the goals although I won’t be too hard on myself.

At least, I have figures to see and look towards and know what I am working towards. The journey is slow but I hope it will be rewarding and fruitful. There might be adjustments along the way as maybe more cash savings will need to be put aside in case of any short term commitments or if I need more something more liquid.

That’s all for today’s video, do remember to give a like and subscribe to my channel.

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