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23 January 2022

2022 Goals

By firebynumbers

I have talked many times before about the importance of goals, and while their effectiveness may differ depending on the person, for me they are a strong motivator to improve myself going forward and help me reach my ultimate end goal of FIRE.

I mentioned in my annual review that a couple of my goals were reliant on outside forces to be achieved, for example reaching a share portfolio value of X dollars, when reality would show that a lot of this is dependent on how the market goes over time and the difference between reaching and not reaching that goal would be out of my hands.

This year I want to have goals that are completely within my control as I believe it will be more useful in the long run.

Just a reminder, I will be looking at setting SMART goals – which I have gone into more detail in this post HERE.

2022 Goals

  • Invest $30,000.00 into my share portfolio by the end of 2022

This one is self-explanatory, but instead of aiming to reach a portfolio amount by the end of the year I am measuring it by the contributions I will be making throughout the year.

  • Put an additional $10,000.00 into my Superannuation on top of compulsory contributions prior to the end of financial year

Initially I did not believe I would look into additional contributions as I preferred to invest outside of superannuation. But I have realised the tax benefits definitely make it worthwhile, so I have had a change of heart. I will write a post further going through the decision-making process I had to come up with this conclusion.

  • Finish 2022 with a savings rate of 50.00%

This is higher than what I was aiming for last year, and also higher than what I had achieved. However, I have decided that I will measure my savings rate differently. Last year I included my investment property expenses in my total expenses, whereas this year I will just include my net investment property return as my income and then just use my living expenses as my total expenses.

  • Read and review 12 Financial related books by the end of 2022

Again, this is self-explanatory, but I like to read from different perspectives and learn new things and I believe there is a wealth of resources out there that are readily available for people to look into.

  • Read 20 other books by the end of 2022

This one is not finance related, but just a personal goal of mine as I want to make sure I do read a lot more in general. I used to read a fair bit, but it has fallen by the wayside the last couple of years, and I want to get back into it. This will mostly entail fiction or biographical books.

These are the goals I have currently, I do not believe they are out of reach, but they still should be somewhat challenging to reach. As always though, plans may change and if I do look at purchasing a house this year then that will most likely impact my investment contributions. I will keep monitoring and update if there are any changes along the way.