Happy 2019 Folks!
Hopefully your hangovers have abated a bit by now. 😉
2018 was a pretty great year (mostly because we got to enjoy it with baby Sprout), but it’s hard to believe it’s already over.
Without further ado, here are my 2019 money, business, and personal goals.
Here’s another plug for my YouTube Channel- I posted a video of my 2019 goals if you would rather watch than read. Hit that subscribe button to catch content that’s exclusive to the YouTube platform.
Preface
I heard a great quote the other week that goes something like this-
“You can’t choose your future, but you can choose your habits. Your habits determine your future.”
I thought this quote provides a great framework to build my 2019 and beyond on.
I typically like to set multiple goals that are one year out, 5 years out, and even 10 years out.
For example, my 10-year goal is to be financially independent. Once the end goal is stated, you can then begin to work backwards and map out how exactly to reach that goal.
To reach these goals you must change your habits to conform to the pattern that leads to the success of the stated goal.
I like to split my goals into three categories; Money, Business, and Personal. I’ll cover my one-year goals for 2019 below.
Money Goals
My first money goal is to save and invest at least 40% of our take-home income. In 2016 and 2017 we exceeded this amount but in 2018 we fell way short of this goal.
This was due to a variety of reasons (had baby Sprout, wife quit her corporate job, etc.), but we need to get back on the bandwagon ASAP to ensure we are able to hit our Financial Independence (FI) goal by the 10-year mark.
Speaking of Sprout, the next money goal is to start a college fund for her. As mentioned above, our saving rate dwindled in 2018, but we want to start funding a college savings account for Sprout this year.
I am in the process of setting it up now and will dedicate a post to cover that topic in the near future.
The rate at which the cost of college is appreciating demands that we start saving now to maximize the compound interest potential of these investments.
The final money goal is to reduce household expenses. This is a vague goal, I know, but to describe it fully would require another 5,000 words. In short, the main reason we weren’t able to save in 2018 is because our expenses went way up with a baby. We took the easy train by eating out all the time, buying things we don’t need, failing to produce food in a garden etc.
Business Goals
My first business goal is to double side-hustle income. For the past two years we have been able to hit that goal. Now that we are starting to scale, this will be a challenging goal to hit for 2019.
The wedding videography side-hustle should provide much of our business income in 2019 and the other business that operates out of our front shed should really grow as we expand marketing efforts.
Our stable passive income from shed rental should increase in 2019, but marginally.
Additionally, as stated in the above video, I plan to post weekly content here on The Drunk Millionaire blog as well as the YouTube channel.
Personal Goals
It’s funny that baby Sprout seems to be the center of all our goals, but I never realized the amount of life change that is associated with raising a child. Don’t get me wrong, it’s the best thing that’s ever happened in my life, but I’ve realized that I need to maintain discipline if my goals are to be met.
Along those lines my first personal goal is to go out on more dates with my wife. This may be T.M.I., but we need more date nights now that baby Sprout has transformed into toddler Sprout. Marriage requires work, and we’re going to continue to strengthen and grow in marriage.
My final personal goal is to start working out again. I had a pretty decent workout schedule in 2018, but plant to stay healthy and workout more in 2019. I’ll post a video/blog post in the future showing off my *home gym.
I like to keep my goals simple and few in number. That way I can ensure they are attainable, and I can keep them top of mind.
Hey Preston!
Only just came across your website and I like what I’m seeing! Will definitely become a frequent reader of yours and hopefully, we can share investment ideas or guest posts.
How old is your daughter now? Mine is approaching 4 months so I completely understand in terms of life changes (mainly lack of sleep!). My reliance on energy drinks has started to become a hindrance now so I’m with you on improving discipline in order to achieve my financial goals for the year. We also definitely need more date nights and I’ll treat my fiancee to some spa days.
I’m currently writing my blog post on my goals for 2019 also and its nice to see we share a lot of things in common! Keep in touch!
Nick
Hi Nick- Glad to meet you!
Sprout is just over 1 year old now (I write as I chug my third cup of coffee)…
I’ll definitely check out your 2019 goals!
Geebers there’s some lofty goals there – and why not, aim high right! Seems like there’s just cash pouring out of your revenue streams, keen to check out how you’re doing with them for 2019!
Haha thanks!