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