2012 has already started, and we’re now into the second month of the year.
My goals for this year should have come earlier, but well, its better late than never! This will be a great year for the simple reason that the love of my life will be marrying me! =) Financially, it means there will be a lot of expenditure coming along as we prepare for the wedding, so I will need to be careful on what I do with my money.
In addition, I am also planning to further my studies by taking a Masters in Finance. I understand that getting the masters would not be directly beneficial to me with regards to my company’s compensation, but its something that I should do now while I’m still young, and energetic. The course should be fun (and tiring no doubt!), and the knowledge gained would be useful in both my work and personal investment.
For the above two items, I’m budgeting the following:
- Wedding: $60,000
- Studies: $32,000 over 18 months ($12,000 for the first 6 months)
Now to my financial goals for the year, i’m planning to start building extra sources of revenue apart from my day job, and also start investing. I’m not sure where this will lead me to, so I’m starting small.
- Alternative Revenue Earnings: $2,000
- Investment Portfolio Size Target: $50,000
For the alternative revenue, I originally wanted to start even smaller since I’m starting fresh. I thought $1,000 was a good start, but the recent stock market rally gave me $1,000 profit already, so I doubled the target. Hitting the portfolio target amount would be a little difficult however, but I would still like to give it a try.
Updates- 21 Dec 2012
On the budget planned for the year:
$60,000$15,000; After netting the expenses off with the generous gifts from my guests, the final cost is much lesser than previously thought!
$32,000 over 18 months ($12,000 for the first 6 months)$0; I managed to secure a sponsorship from my company, with a 1 year bond in return. A very good deal, since i have the intention to stay for the long term anyway. I’m very thankful for the kind colleagues who helped put in a word or two for my sponsorship, and also for my immediate team for accommodating my busy study schedule!
On the investment targets for the year:
- Alternative Revenue Earnings:
$2,000$4,743.43; made up of $1,548.50 of dividends and $3,194.93 of capital gains!
- Investment Portfolio Size Target:
$50,000$50,743.43; I’ve injected up to $46,000 of capital to date, and made the above gains through dividends and capital gains!
The outlook for this year hasn’t been bright but i’m glad i managed to catch on to the recent rally!
Time to start planning for next year’s target!
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Individual success usually is in exact proportion of the scope of the defeat the individual has experienced and mastered. Hard-ship and adversity are a common language of nature in which she speaks to all living creatures and teaches them many things they would not learn in any other way.
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