Sunday 20 December 2020

My Goals for 2021 | Money and everything else

Hi Guys! Welcome back to another episode of SingaporeanTalksMoney! Please subscribe to my channel and like my videos for more content. Appreciate an early thumbs up Today, I will be talking about my financial goals and also overall goals for 2021, as we wrap up 2020.

I previously did a video on My Financial Goals in My 20s and it was quite vague and more of a rough guide over the next few years. For today's video, I hope to go in deeper and be able to stretch my goals so that even if I do not reach them, at least I would have strive for a goal that will bring me further. So for today's video, I will be covering goals for my portfolio, dividend, income, savings, health and well-being as well as goals for my blog and video content.

1. Portfolio Goals

I hope to hit the $50,000 portfolio goal in 2021. It seems like a huge stretch considering my salary is not very high, but looking at the growth of my portfolio this year, anything can happen. Meaning my portfolio could even drop depending on the market situation. But I hope to push my portfolio up to $50,000. Looking at the current value of my portfolio at $30,000 we are expecting a growth of $20,000 either through injection of funds or stock growth.

Read more: Ending 2020 with a $30,000 portfolio and dividends collected revealed! | Tesla stock price crashed like soufflĂ©? 

 Read more: Cryptocurrency | Why I am getting into it and is it too late?

2. Dividend Goals

For this, if I am looking for growth stocks, my dividends would not be increasing as I do not have much capital to work with meaning I am not able to buy both companies that are growing and companies that pay dividends at the same time. So my dividends would stay somewhat stagnant for 2021. If possible, I hope to at least receive $100 dollars per month meaning an annual dividend payout of $1200 will be needed.

(1200/30000) x 100% = 4%

I will need a dividend yield of 4% on my current portfolio to get at least $100 per month.

Read more: Should I start investing now or when the markets drop?

3. Income Goals

Definitely, for my main income, an increment will not be possible as my manager did mention to us that there will be no increments for 2021 and considering that my contract just recently got extended a year with a small increment, the next best thing is to find a new higher paying job. I do find it difficult to coordinate having interviews while working as my workload is also pretty high recently due to the lack of manpower in my department.

If I manage to find another higher paying job, that will be a bonus. Otherwise, I would think that just having to be in my current job for another year would be a blessing.

4. Savings goal

Besides aiming to grow my investment portfolio to $50,000 next year, my cash savings on the other hand, I don't really find an immediate need to increase it substantially. I don't have to be holding a huge amount of cash as I do not have much liabilities like mortgages or debt. Also, I do not have dependents who need money from me except that I do give my mum allowances every month. So I try not to hold too much cash though I have at least 6 months expenses on hand. The rest, I try to keep them invested and will continue to do so in 2021.

5. Health and Well-being goals

For my health, I hope to definitely incorporate some exercise time in although I have been wanting to do so since last year. 2020 has made me seen the importance of having good health and will like to start an exercise routine in 2021.

In terms of of whole emotional well-being, I also hope to place more emphasis on it as I do feel that working from home has blurred the boundaries between my personal and working time. Working way past the usual working times have been the norm and some times even using my weekends to clear work. Of course, it isn't just me who is doing this, I find that during this period everyone else has been working doubly hard but I do find that doing so in the long term will affect me especially so because I do not have enough time to unwind. My mind some times just keeps thinking about work. So I like to improve my emotional well-being by not working too much over the stiputed working hours.

6. Blog and video content

My blog has always been a place for me to write my thoughts and update on my financial status. To be honest, it is what keeps me sane and on track because I know that I have something that I am working towards to. Ever since creating my YouTube channel, I like what I have been putting out, even though it doesn't gain much traction. I am glad to have some subscribers and viewers, I am really thankful for the support. I definitely hope to improve the content and design of my blog.

Overall, would like to thank all of you for your support and I am thankful for people who read my content. Having my goals listed out would hopefully allow me to be more clear about them and achieve them as well. Wishing everyone a Merry Christmas and a Happy New Year!

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