Good morning! Over at Make Money Your Way I lists down some tips on how to make money with New Year resolutions. Click here to read more…
Last year, I set a number of financial goals and updated every couple of months. It is that time of year again, so without further ado, those are my 2014 financial goals!
Increase net worth by 30%
That was a fail for last year, but I am always the optimist and will put that goal back again for 2014.
Make $60,000 in online income
If you have followed my blog income reports, you know that I currently make $3-4,000 a month from blogging. I want to increase that to $5,000.
This is not any amount, I try to live off my online income and reinvest passive/rental income without touching it. $5,000 is my target income that would allow me to live a comfortable life, travel whenever I please, and still have a bit leftover at the end of the month to cover any emergency, a last minute flight back to France, etc.
Once my Super Secret third website breaks even, I think this is a realistic figure to achieve.
Keep donating 10% of online income to charity
Since July 2013, I have set side 10% of my online income for charity. So far, I am committed to two students in my village, to whom I am offering full rides to boarding school, in one of the best high schools of the country. It costs about $5,000 a year for the two of them, but a reader generously donated $2,000 so my cost will be around $3,000, and I want to donate the rest to other students, or maybe buy computers for the school.
Turn a profit with land development
Now that we almost have all the authorizations we need, nothing is standing in the way of selling some plots. The website is almost finished, with a map of the compound, you can click on each plot to see its size and price, and I will put ads here and there on international real estate sites.
Make $5,000 with the guest house
The goal is to make around $500 a month renting rooms in our little guest house, which should amount to a $5,000 profit. That is roughly our staff and utilities cost, meaning we would live for free, how awesome is that? We have two rooms so far, plus our room that is for rent while we are away. In February, we go to Miami and have rented our room for a month so we are off to a good start!
That’s it, five goals, should be enough for a year.
What are your financial goals this year?
Joe shares his on Budget Breakaway.
Want to start the New Year financially fit? Savvy Scot is starting a financial boot camp.
You are doing so well Pauline, and your online income figures are amazing, particularly when I think that you and I started blogging online around the same time.
Thanks Glen, Happy New Year and here is to a fabulous 2014!
Good luck selling the land! I know it’s been a long journey and it will be fun too see it pay off. Hopefully we can help you make some money on your guest house some day. Looks so beautiful.
thanks Matt! I have already received a few people who found it via the blog so it is great exposure so far.
That’s quite the goal for online income, but definitely achievable. My goal isn’t quite that high but I think based on time constraints my goal of $24-$27k is realistic, if not a “stretch” goal. Here’s to a great 2014!
best of luck, I am sure you’ll smash it!
I like the goal for online income. I like that it’s somewhat of a stretch goal, but believe you can totally hit it. I’m aiming for a similar number myself and it’ll take some work, but I definitely think it’s doable.
it is, I hope I can reach it without turning into a sales machine to boost affiliate…
Awesome goals, Pauline! That’s sweet that you donate 10% of your income to those students…and awesome that a reader donated 2K!
yes that is really cool, it goes a long way here.
Congrats on being so in tune with your goals. That’s the first step towards success in my opinion.
Good luck this year. It’s going to be a good one for all of us.
The Warrior
NetWorthWarrior.com
thank you, here is to a great 2014!
I especially like the online income goal, as it’s a unique way of reaching FI. All the best next year!
thanks!
I love how dedicated you are to giving Pauline. In the long run I think that brings more blessings than we can realize. My big two financial goals for the year are to pay off our mortgage and to begin making some side income off my blog. Just started that process and know it will take some time.
Thanks Brian, it takes time but once you get it rolling there is a lot of recurring income from affiliate sales so it is worth the effort.
Its nice to hear that you are doing well with your online. Wish you good luck for 2014.
My financial new year’s resolution are to earn more money, to monetize my blog, to invest more and to save more.
Good luck Walt, and happy new year!
I like your online income goal. That is a big number, especially for me. I want to increase mine, but am shooting for about half of yours. I also have plans to diversify my income streams a little more, so I am not dealing with just one online property.
Great goals, Pauline! Looks like 2014 will be a great year for you. It must feel so good to being so close to putting your plots for sale. I know that was a quite journey but it looks like it will finally pay off this year. I love how you are supporting students in your community. You’ve changed those two students lives with your incredible generosity!
I love your financial goals Pauline! I hope it is a great year for you.
Great goals! And congrats on already making $3-4,000 a month from blogging! That’s pretty awesome. I hope to be making that amount myself soon. 🙂
I love that you are helping some kids out by sending them to a good school. You have a big heart! Good luck making your 5k each month. I’d love to aim for 2-3k/month!
I can’t wait until you start selling your land plots. It has been such a winding road for you to get to this point. I hope they go quickly and with little drama.
Awesome goals!!! Now that I’m debt free (not counting my mortgage) my goal is to build my emergency fund. My goal is to save $10,000 this year on my $40,000 income while still saving 6% in my 401K. I also hope to grow my new small business with my FaceBook page “Let me find your family roots” so that I can complete my emergency fund sooner. The sooner I get that done the sooner I can start my boys’ college funds.
My biggest goal this year is actually saving up for a franchise. I’m not sure exactly which one – and it’s going to take me 18-24 months I reckon to really have some serious funds saved but it strikes me as the perfect solution to (a) being more of my own boss, (b) escaping from my “dull as dishwater” job and (c) increasing my income.
Exciting times to be sure – I just hope that growing savings account won’t be too much of a temptation for me 😉
Great goals Pauline, I’m sure I could learn a thing or two from you about making money on the blog which I really want to do. Might have to hook up with you and chat. Well done, you’re a warrior. Cheers mate
CBB
Good ones, Pauline. Have no doubt you’ll get there. Looking forward to the updates (and secretly hoping for manuals :)).
Dang, you’re doing so great! OK, I’ll admit it, I’m jealous! (:
I haven’t finalized my goals for the year yet. I’m cutting myself some slack, though, because it’s been so busy lately.
Excellent work, Pauline!! You always do such an awesome job at your goals, and it’s so inspiring. Can’t wait to get the scoop on that next site!
Wow, those are some good goals! I am lowballing myself for online income, just because I’m going to have a bit of a crazy year and I know I’m not going to be able to commit as much time as I would like to it. You’re definitely on the right track!
Great goals, your online income targets are definitely very inspiring! Thanks for sharing your goals with us!
Grate post, Pauline
Loved it.
Financial Planning is a continuing process to take sensible decisions that can help you achieve financial goals in your life. Great goal Pauline, Thanks!