The first month of this year is over already! It only seems like yesterday that I was writing my goals for January 2014 and scanning my twitter to see everyone’s new year resolutions. January was the first month of living out of debt and boy it felt good; now I can look at financial opportunities and feel like I’m only a few more steps away from taking them on.
Time to Catch Up!
Now that I have a positive net worth (wahoo!), this month I have really been looking into the various avenues that are available to me and the big financial decisions that I should begin to plan for. This includes looking into the size of the down payment on a mortgage we should be saving for, my larger career goals and the various investment options that are available to me. This month has been about filling my mind with financial education in order to make tactical decisions in the future. We have lots of dreams such as remodeling a house and travelling Europe so I will need to think about building some scalable revenue streams aside from my paycheck.
Let’s take a look at how I have done in when looking at my goals for January:
January 2014 Goals Review
Open a higher interest savings account – Complete!
I did this at the beginning of the month; opening a cash ISA with Virgin Money that provides me with 1.75% interest paid monthly. When I have fully funded my emergency fund in here it should generate £30 per year.
Build over £200 in side-hustle income – Complete!
Very almost failed this one! On the 31st Jan I managed two secure some additional coaching time which brought me to a total of £204 in side-hustle income. So glad to have made this challenge and looking forward to exceeding this next month! Here’s how my side-hustles have been split:
£48 – Part-time Coaching
£70 – Overtime Pay
£30 – Online Income
£40 – Business Consultancy
£16 – Amazon Sales
This was a close attempt, but I feel I could have tried a little harder. I am hoping to near double my business consultancy income next month.
Read and Review Rich Dad, Poor Dad – Complete!
This was a great book and a fantastic start to my financial education. Rich Dad, Poor Dad teaches a great deal about the psychology of the rich. A wise lesson from this book is to protect your assets even if it means finding alternative methods of gaining cash as your assets are there to generate income and create your money machine – you don’t want to break your money machine! Read my review here.
Deposit £487.50 into my Cash ISA – Complete!
This was my first step in building a positive net worth! They say the basis for a financial foundation is an emergency fund; this is therefore my first goal and I plan on filling this fast! I’ve worked out that if I can deposit £487.50 into my ISA once a month for four months I should have an emergency fund to cover me for three months without work. First deposit done! Any money left in my current account at the end of each month will also be transferred into here.
Goals for February 2014
1. Deposit £487.50 into Cash ISA
Yet again time to fuel my emergency fund, I’m ensuring that this comes out even before my rent to ensure there’s nothing stopping me from completing this goal!
This is a real big (yet easy to digest) book about spread betting. I have always been interested in investing and Robbie’s book is very highly recommended given it’s simplistic breakdown of a complex topic and the fact that he has become a millionaire by spread betting over the past 8 years! Very much looking forward to reading this one and have already got 100 pages in!
3. Begin Paper Trading
This goal falls in nicely with my above reading. The way I see it, I will likely need to wait nine months before I have enough accessible capital to begin investing (I’m aiming to spread £3000 as my starting investment capital). The impatient man inside me isn’t happy with this wait but the huge benefit for the logical me is that I can gain months of experience monitoring the market before I invest. I will give myself an allocated amount of capital to ‘paper invest’ and see how this pans out over the course of a few months.
4. Build £210 in Side Hustle Income
This was quite a tough goal in Jan so I am raising the bar by just 5%. I am going to focus on making this income through freelance marketing and online income. Wish me luck!
How have your financial goals unraveled this month? Any new goals for February?