My new 2023 goals

The act of writing down goals, and tracking them over time greatly improves the chances of achieving the outcomes you want.

So this year I have 5 new goals I want to accomplish for 2023.

2022 goals

  • Increase household net worth by $150,000
    Since I am no longer earning money from a 9 to 5 job I expect my income to be fairly low this year. Our household retirement strategy is to withdraw about $60,000 from investments. However because I expect the financial markets to perform well this year the capital appreciation should be more than the rate of drawdown.

 

  • Reduce margin leverage to 1.5 times
    Right now I am borrowing about $300,000 from my IBKR margin account. This is roughly 1.9 x leverage. Since interest rates have gone up over the last 12 months the cost to carry this debt has become quite burdensome. I currently pay about $1,500 a month of interest expense to Interactive Brokers. I expect their next earnings report to be pretty good, lol. I would be nice to lower my interest payments to below $1,000 by the end of this year.

 

  • Read at least 4 books
    I like learning about new things so I want to prioritize some time to reading this year.  I’m currently reading The Book of Awesome by Neil Pasricha.

 

  • Work out at least 3 times a week
    I need to work on getting my body back in shape. I became lazy after becoming a dad. The baby is currently learning to crawl. But by next year he’ll probably be able to run around. I want to maintain a healthy and active lifestyle so I can keep up with the kid as he’s growing up.

  • Earn $50,000 in net premiums from trading options
    $50,000 represents about 15% of my IB portfolio which I think is a reasonable return to aim for. The good thing about earning options income is that it’s scalable based on the size of one’s portfolio and is not dependant on market direction. I sell mostly credit spreads which means I make the most money in a flat market. 🙂

 

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Random Useless Fact:

If the restaurant you’re in has these items, chances are their hamburgers cost $25 + tax and tips.

 

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Mike
Mike
01/21/2023 6:09 am

Looks like cryptos gain in the last two weeks will outperform most peoples portfolios, you could have made 120k on your 300k in two weeks and relaxed for the next year or three.

Moe (Moementum Finance)
01/23/2023 8:35 pm
Reply to  Mike

Could have, should have. etc. … Easy to say that in hindsight but as we know many lost thousands in crypto for the past several moths before that. We can’t just selectively look at the past few weeks and forget all the history before that.

AnotherLoonie
01/22/2023 1:48 pm

Interested to read about how you plan on dropping your margin levels. Will you sell some assets in that account or just move things around?

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Moe (Moementum Finance)
01/23/2023 8:32 pm

Hey Liquid, Hope your new year is off to a great start man! With the premiums you pay IB, you should probably buy their shares lol 🤣 All the jokes aside, these are amazing goals for 2023. I like how they are not just focused on finances but also on your personal life and wellbeing. All the best in 2023! Cheers, Moe

Moe (Moementum Finance)
01/23/2023 8:33 pm

By the way, I have started listening to a new podcast which I wanted to share in case you like it as much as I do. It’s called: “I will teach you to be rich” by Ramit Sethi. Take a listen and let me know what you think.

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maplethrift
01/26/2023 10:34 am

ok I know this is a bit cheesy but I treated myself to the new iPad Mini which has replaced my Kindle and I consume books on there, the native Books app has this cute little tracker (it’s not obnoxious) that you can set say read 10mins per day and it gives you little notification saying you have read that time today…yes, it’s kind cheesy for a grown man like myself but it makes me much more proactive in reading every day to keep my streak lol but of course I do enjoy reading it’s just that little touch makes me feel better haha

in terms of leveraging, I think this is gonna be a big year, hard to imagine we’re already at the 2yr anniversary of the war overseas as well BoC just added less % and indicated no more increases (we’ll see about that), but like history has always pointed out, the markets are heavily influenced by human psychology that we often fail to acknowledge, let’s see what this year will bring and may the returns be ample

in the great words of Ronny Chieng, “hope you get rich!” lol

David @ Filled With Money
01/29/2023 8:38 pm

LOL that random useless fact is definitely spot on.