Financial-Journey-2024-1 Find a goal

Financial Journey 2024 – Week #1: Find A Goal

Find A Goal – sounds easy, but?

Yesterday evening I joined a webinar of Ben Newman. Ben is a motivational coach who is working with several NFL teams but also single persons. He offered a free webinar dealing with the topic of preparing for 2024.

And it is not only about preparing, but also about get already going right now.

I am following Ben on Instagram since quite a while. Especially his post on fridays “Champions Create Distance On Fridays” is something I really love. So why not attend on a free webinar?

Learnings from 2024 Planning Webinar

I do not want to talk about the webinar itself – it was great, but I want to share, what I learned from it. Maybe I sum it up as a kind of: Let’s get going RIGHT NOW and already be the person by the end of this year, who you want to be during 2024.

This will create distance. And it will probably give you a headstart into the next year.

Also we do not really need “a new year” to find goals, it was a good moment for me to resume on 2023. And thinking about it, especially over the last two months, I am pretty sure I need to change something.

In the beginning of the webinar Ben asked to find a goal 2024. Well, I wrote an amount on a paper regarding my overall wealth, but also a number what I want to earn monthly from interest payments and dividends.

After that he asked us to revise this number as he suggests a lot of people are playing something like a “safe bet”. Therefore a lot of people inlcuding me looked at their number again. I changed mine from 500 EUR per month to 1.000 EUR per month.

Find a goal for 2024

During the webinar I was reminded of a talk with someone some weeks ago. “It is a pity you are not writing on your blog anymore” was something which was said. Agreed.

Therefore I made the “new year, new me” resolution to start writing about my financial journey every week from now on.

I would like to be open and transparent. Therefore I will start from where I am at the moment.  Next week on 1st of November I will share my current situation regarding my investments and their incomes.

Diversify, but stay with P2P lending

I am a big believer when it comes to diversifying your investments. This blog and my posts will stay a P2P lending blog. But I will not invest everything into P2P lending to be honest.

Maybe it is an interesting overview to see, how the categories of P2P lending and Dividend payments are develop over the time. Logically I will also include those income streams from dividends into my overall resume, but only give a rough overview to stay with the topic of P2P lending here.

My “1/3 strategy”

Over the last months and years you were able to follow me here on blog. Those of you who still stayed with me are knowing, that my P2P lending share on my overall investments is about 22-25%. To make things easy I will increase this share to 33,3%.

Just the same share, as I will invest into my two other passive income sources. This will be investing with dividend share directly (following Alex Fischer from Dividend Alarm) and investing after the Income-Strategy of Luis Pazos.

I will introduce you to those two strategies shortly here on my blog.

Focus: Generating income

After years of braking with my blog here but also my sidebusiness as a content-writer, I will rejoin this area. There are still some small orders I fulfill every month, but I will increase it over the next year.

Saving from main income is of course one part, but doing something in a sidebusiness seems like a good idea to increase the amount of Euros saved and invested per month.

Taking the amount of 1.000 EUR/month of passive income, we are talking about 12.000 EUR per year. If this comes from P2P lending with a 10% yield, I need an overall wealth of 120k. It will take years to get there relying on my savings of my coperate income. So I need to go the extra mile.

Vision Dec 2023 “Find a goal and execute on it”

One of the questions Ben raised yesterday was: “Why not start now? Why not become the person you want to be in 2024 already by Dec 25th this year?”

That sounds like a good challenge. I already find my goal and defined it. So I will get myself prepared for the next year by already executing from today on. This is maybe why I publish this blogpost today 🙂

What kind of person I want to be by Dec 25th?

Personal: I want to be on day 63 of my #75HARD journey. From November on I will track my finances and save at least 20% of my income to kick off the 1.000 EUR journey, which I commited to in this blogpost.

Professional: I will work on my sidebusiness every day. By Dec 25th I will have earned at least 4-figures during December from my clients.

So, I will be a disciplined person in Dec 25th who was already able to create income from his sidebusiness. Furthermore I will of course have been written about my financial journey here sharing the experiences and insights I made underway.

Nothing more to say: Let’s go!

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