Thursday, September 4, 2008

Financial Freedom Goal (Half Month Review)

In my first post in this blog, I articulated my Financial Freedom Goal by the year 2022 of earning $2800 per month in passive income. As it stands now, I am currently at $207 per month passive income. Half a month after articulating my plan of increasing my monthly passive income by $200 each year to $2800 per month by the year 2022, I can safely say that I am on my way to achieving my financial freedom goal.

So often, one reads about the need to achieve financial freedom through multiple sources of passive income. Very often, what people often forget or neglect is to have a plan to make this work.

This was the very purpose of this blog. It was to remind me of this goal and to lay out a plan that would help me achieve this goal.

Too often, I had found my investing habits to be sort of haphazard.

When I first started out working 3 years back, I wanted to invest in blue chip stocks that would provide me with a steady stream of income. Looking back after 3 years, I had not acquired a single blue chip or dividend yielding stock. Instead, my greed for quick gains has resulted in me holding a portfolio of stocks that have neither given me a steady stream of income or any quick capital gains to speak of.

That was when I decided that enough was enough. It was time to write a financial plan that will make sure all my investment and financial decisions are aligned to this plan.

The difference between 3 years back and now is that I have articulated a clear plan and will review this plan before making any financial decision.

Since the penning down of this financial plan, I have managed to increase my passive income by close to $16 per month. Of course this is nothing great to boast about but it definitely beats all the procrastination that I have been doing for the past few years that I have been working.

On top of that, I have also become much clearer about my monthly expenditure and am trying to find ways to reduce it.

I hope to be able to share my journey with others once I attain my Financial Freedom Goal 2022.

In my next post, I will explore the various streams of income that I hope to attain by the year 2022. Do bookmark this blog and return soon

5 comments:

  1. http://www.easysurf.cc/vfpt2.htm

    Maybe u can cal. the present value of $2800

    ReplyDelete
  2. Yes. I understand using the time value of money.. to get $2800 per month by year 2022, I will have to adjust that amount due to inflation and stuff. But I am leaving out the inflation out of the equation right now.

    No reasons for that..just to make my calculations simpler actually.

    ReplyDelete
  3. Great motivation you have for creating this blog of yours. I fully support you into getting to your passive income goal and I see much of myself into you or viceversa.

    I found your blog through a comment that you left on mine which is:

    http://financialcourseblog.com/

    Thanks for stopping by and good luck!

    ReplyDelete
  4. Thanks for stopping by my blog too. I have learnt from your blog. Wishing you success in your financial freedom journey

    ReplyDelete
  5. Hi BK,

    Stumbled upon your blog from a comment you made from another blog. Just dropped in to say hi and happy CNY.

    Hope that you will be able to find a passionate job that will make up spring out from the bed every morning =).

    Jiayou for your adsense earnings dude...hehe read that you are targeting earnings per month that is double of your previous month..if you can do it..let us know k..thats even better than stocks....

    Anyway...saw that you have pac andes in your portfolio...hmmm..been cooming across many bloggers who seem to have pac andes....must go and investigate...

    Alrite..guess been talking too much like a broken record.Nitez and all the best dude!.

    just added your link to our site. (could you add us too ..hehe..take care)

    SGDividends No 4

    ReplyDelete

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