Better late than never right. (・_・;) Here is what I propose to accomplish by the end of 2012.
1) Make at least $4,000 more than last year. This shall come from a combination of my 2 jobs, tutoring, and dividend income. If I can get just $1000 increase from each income source then I’ll be hunky-dory.
2) Put $10,000 into my retirement accounts. I’m lucky enough to have my employer match my own contribution up to 4% of my salary. A typical defined contribution plan. The rest I plan to save myself.
3) Put $5,000 into my TFSA. (Roth IRA equivalent in Canada) I plan to buy some value stocks in here.
4) Put $25,000 towards other investments (stocks or bonds or real estate, etc)
5) Have a six-figure investment portfolio. The net value of all my investments will be over $100,000.
6) Increase net worth by $40,000.
That’s pretty much it. How do I plan to invest so much and increase my wealth by $40,000 this year, when I can’t even take home $40,000/year from my full-time job? The same way as last year. In 2011 my net worth increased by more than my salary. Among other factors, having a 2nd job and multiple income sources really helps. All I plan to do this year is to continue focusing on my multiple income streams, live within my means, and use leverage to increase my investment returns, (which unfortunately also increases risk, but I currently see no better alternative.) My goal is to work smarter, not harder. I will put the money I already have to good use, and continue to do what I enjoy like designing art, teaching, and blogging. I hope to have a normal life, without over working myself, and still reach financial independence in my mid thirties.
“How am I going to live today in order to create the tomorrow I’m committed to?”