I find that writing down personal and financial goals is a great mental exercise, at least for me, it helps me stay focused, it helps me reflect on the things that I want, and pay less attention to the things that don’t contribute to my goals.
1. Increase net worth
The year 2021 was my biggest year ever. My net worth went up by $150,000. Of course, this is only due to the amazing stock market performance and a little bit of luck. I got out of the way and let the stock market do its thing.
For the year 2022, I don’t expect to be so lucky. I think my net worth will go up about $30,000. Maybe I should change the word “goal” for “hope” since I have no control of the stock market movement.
2. Increase my debt to $100,000
There is good debt and there is bad debt. Good debt is when a person borrows money to invest it in something that will produce a high rate of return than the borrowing cost.
My borrowing cost is in the neighborhood of 4%. So far, I owe $21,000 to my broker and $60,000 to friends and family. By the end of the year, I am planning to owe about $100,000.
If I earn a return of 5%, this debt will be worth it. As it is right now, with my dividend revenue, I can earn enough to pay the interest expense.
3. Read one book per month
I am constantly reading. For my podcast, I read articles and I read book summaries, but for my enrichment, I read about one book per month. I read for about 20 minutes every day. I am a slow reader. I read mostly nonfiction, but occasionally I read a fiction book as well.
I read slowly because as I am reading, I am cross-referring all the information with Google search, google images, google maps, and Wikipedia.
I strongly suggest you too, get into the habit of reading every day.
Here is a list of my book recommendations.
4. Do 20 minutes of exercise every day
The only way to have a healthy body is to put it to the test every day. My exercises are light but regular. I do about 20 minutes of abdominal exercises, stretching, and weightlifting. Once or twice per week, I do a 90-minute walk. I am always careful never to do anything so strenuous that I could get injured.
Here is a blog post about my exercise routine.
I strongly suggest, you too, incorporate some regular physical movement into your life.
5. Keep my weight between 160 to 165 lbs
Last year I was borderline obese. One day someone showed me a photo of myself without a shirt and I was ashamed. I decide to go on a diet right away. My diet was simple; just eat less. It did work. I went from 190 lbs to 160lbs. Now it fluctuates, but I can keep a tighter control on my weight.
6. To travel twice a year
Many people spend their money on house renovations, fancy cars, designer clothes. I decided to spend my money on traveling.
Last October I went to my natal country Colombia. I haven’t traveled more due to Covid, but this coming Summer, I am hoping to go to Oslo, Norway.
My goal is to travel twice a year. In January (winter) to visit my native city (Barranquilla), and during the summer, to discover one country or city I have never seen before.
How are you planning to spend your money?
7. Update my will
Because I have so much personal debt, I have to constantly update my will. Each one of my creditors has a document that gives them priority before my estate, but to make things clearer, I like to update my will every time I borrow more money or every time I repay a debt.
Do you keep your will up to date?
What are your goals for 2022?
Share it in the comments below or if the comments are closed, send me a private message and I will include it and the end of this post.