2018 is now behind us and is time to say hello to 2019. It is very important to ask ourselfs this one very important question – ” What do I want to acomplish this year ?”
For everyone of course the answer will be different, but my main goal is to get one step closer to financial freedom.
Still this kind of goal is a bit generic and would not really give me any sense of direction. That is why I break it down to as much follow-up goals as possible.
In order to get closer to financial freedom I need to boost my savings and therefore my passive income.
I have managed to more than double my savings last year and my plan is to do the same this year.
An interesting thing is that in order someone to become a millionaire he only needs to double a thousand pounds ten times.
For a lot of people that seems very ambitious, but with the power of coumpounding and discipline on your side you can do that faster than you think.
The sooner you start doubling your money the sooner you are going to reach that 10th double.
So my plan for this year is to make atleast one double and try to push for a second one. My income has been steadily increasing over the last 3 years so it is actually getting easier to reach those goals. That is why it’s so important to start your journey as soon as possible – the sooner you start the easier it is going to get later on in life.
Now let’s break down how am I going to double my money. The more you have your plan broken down into smaller pieces the easier it is to follow it.
First I am going to save a bit more money as I received a raise at work and my expenses are still staying the same.
Second I am going to slowly get my money back into the stock market. The only thing that is stopping me as of now is the fact that Freetrade does not offer US shares as of yet. For anyone who doesn’t know what is Freetrade I am going to make a little review of it in the coming weeks. In short it is a stocks broker with zero commisions , kind of the equivalent of Robinhood for the UK . This is going to help me have no expenses in my investments and boost my returns long-term.
By going back into the stock market I can count on dividends for a little second income, which is going to go straight back into my portfolio helping me get that double on my money sooner. I am going to go back very slowly as I just don’t feel comfortable putting all my money as a lump sum as of right now. I am going to dollar-cost avarage over the course of the year.
Of course I am going to keep you updated on how my plans are going month by month, this is just a general trajectory for the year.
Make sure you follow this blog if you want to stay updated on how my journey is going and if you want to learn this and that along the way.
Have a great New Year everyone , will see you soon !