Episode 029 – Our Financial Goals and How You Can Set Yours Too
A bonus episode that is no longer bonus! We originally released this episode as a Christmas bonus during the giveaway – but now it’s live for everyone to enjoy, woohoo! Today the three co hosts talk about what financial goals are, our personal goals for 2019 (as a 20, 26, and 30 something year old) and how you can set yours!
What we also talk about:
- How to determine your mission and vision
- Mathias’ financial goals
- Araminta’s financial goals
- Alvar’s goals
- Comparing different generations
- How to set your own goals
Don’t forget to subscribe our podcast on Itunes, Android or Spotify. Direct download here.
Mathias’ financial goals
Mathias starts off by looking back at his achievements in 2018 and analysing what the next step would be. From there he has realised that he wants to spend more time with his family, and align his goals with his vision, mission and values.
For him defining a mission means figuring out what you want and how you want to live.
His goals for 2019 include:
- Invest in himself – learn more about real estate (which he apparently hates lol)
- Save on tax
- Have 4 portfolios for stocks and ETFs, each with a different strategy
- Reduce p2p investments
- Increase to a 60% savings rate
- Aiming for 600k to live well – Fat FIRE
Araminta’s financial goals
I (Araminta) explain that sometimes it’s a little hard for me to define my financial goals as a 20 year old, since they keep changing. My responsibilities at 20 are very different compared to my responsibilities at 25 or 30.
Keeping this into account, my goals for 2019 are:
- Keep paying myself 15% of my income
- Keep looking for that opportunity that ‘fulfills’ me
- Build a proper emergency fund so I can work abroad
- Learn more about investing
- Make once again £500/month working online
I also give a little rant on how a student can set financial goals and get into the right mentality (for more info check out my blog Financially Mint!)
Alvar’s goals
Alvar is 26 – so the guy in between. He doesn’t believe in over complicated excel spreadhseets and wants to reach FI in a flexible way. His financial goals are the following:
- Reach 300k to be Lean FIRE
- Save 50-80% of his income
- Get investment returns of 10-15% every year
- Keep learning!
We found this interview particularly interesting because we could compare the financial goals of three different generations (although I guess we’re all millennials). So of course I had to ask how Alvar and Mathias set goals when they were twenty years old, and how Mathias set his goals when he was 20 and then 26. Very interesting stuff.
How you can set goals
- Find your inspiration
Why do you want to set goals? What is that will make you take action? Could it be reaching financial independence? Changing job? Getting out of debt?
- Examine your situation
What do you need to fix in order to get there? Analyse your budget, see if you’re paying yourself enough every month, how your emergency fund is doing and whether you feel the need to make more money.
- Take action
Easier said than done, we know. But baby steps – what’s something you could do tomorrow to work towards that financial goal?
- Financial education
We will never shut up about this – keep learning. Maybe it won’t take 10 years to get to your goal, maybe the next piece of information you learn will halve that to 5 years. You never know, so keep learning 😉
Curious about news and big ideas from the financial independence community? Check our newsletter!
Links
No links! Why not click somewhere else on the page? 😛