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2019 is soon history.
The year has been extremely good looking from a financial perspective.
My savings rate for the year has been 71,5%, which I’m incredibly proud of.
Let’s reflect over that a bit. A 71,5% savings rate means that I’m actually only living on 28,5% of my income.
When I write it like that I feel proud. Even if I’m not financial independent yet, a savings rate of 71,5% over a long period of time indicates that I have the right mindset for success.
This year I’ve spent aprox. $19,500. An amount that is much lower that I orginally thought was possible.
This means I’m in route to be financial independent in only 2 years and 7 months. How I will get there is briefly described in this post.
A perspective of values
In about 2,5 years I will be 34 years old and still have all my life in front of me.
To write this post feels like the perfect reflection for me to think about what I’d like to focus on for 2020.
I’m really happy about my life. I have everything that I can dream of. A beautiful fiancee, a great family and good work. I really enjoy what I do.
To save money regulary and see my stock portfolio grow gives me an intense bliss of happiness. This is also studied in science. A study conducted by the author of “Happy Money” showed that your happiness increases when you buy extra time.
Remember that money in itself isn’t the meaning of life. Money is just a tool to get you from where you are to where you want to go.
Where do you want to be in 5, 10, and 15 years?
What resources (such as time, money, education, etc.) are required to make this dream a reality?
In both 5, 10 and 15 years I know that I wont work in a regular 9-5 job.
To make this dream a reality I have to delay my consumption today, so that I can live my dream life tomorrow.
I really love to work, but I would like to be my own CEO.
To decide what I want to work with, who I work with, when I work and where I work.
To me this is completely freedom.
Why do I want completely freedom and why do I want to quit the rat race?
First of all; my main goal in life isn’t to climb the career ladder. Status, fame and money in itself gives me nothing.
If I were a billionaire you wouldn’t have heard of me.
As a person I flee the spotlight whenever possible. I like to be in my own thoughts and I would say I have an extremly rich inner world.
My biggest dream is to become an author. To succeed as an author I need time.
In many ways you can say that my FIRE-journey is about taking time back.
I know by myself that I wouldn’t quit my 9-5 job now to try to write a book. Since I’m a coward I choose the safe path by saving up 25x my expenses before I quit the rat race.
To be financial independent would mean that I’m fully in control over my own future. To organize my life exactly how I want it. To get away from small talk, boring meetings and bosses.
The way I see it financial independence will give me tons of new opportunities.
And if I’d like to go back to work, there is always another job.
About Goal Setting And My Goals for 2020
If you want to succeed, you need to set goals. Without goals you lack focus and direction. Goal setting not only allows you to take control of your life’s direction; it also provides you a benchmark for determining whether you are actually succeeding.
Think about it: having a million dollars in the bank is only proof of success if one of your goals is to amass riches. If your goal is to practice acts of charity, then keeping the money for yourself is suddenly contrary to how you would define success.
To accomplish your goals, however, you need to know how to set them. You can’t simply say, “I want” and expect it to happen. Goal setting is a process that starts with careful consideration of what you want to achieve, and ends with a lot of hard work to actually do it.
Below I’m gonna list up my financial goals, my fitness goals and my personal development goals.
1. Increase my average savings rate from 71,5% to 75%.
In 2019 the salary I recieved after taxes was $66,272.
I invested $42,769 in index funds and I payed down $4,640 on my mortgage.
Combined my savings this year was: $47,409. This sums up to a savings rate of: $47,409 / $66,272 = 71,5 % for the full year !
So how am I going to increase my savings rate from 71,5% to 75%?
I plan on increasing my salary which obviously will help a lot. At the same time I plan to buy my first town house with my fiancee. This is way more expensive than the apartment we own today, which in turn means that I have to pay more down on the mortgage and pay more interest yearly. So this goal scares me quite a bit!
2. Increase my salary by 10 %.
I’m now 75% done with my management university program.
In june 2020 I will finish the study and I’ll try to find a job as a department manager. Either at my current work place or somewhere else.
The salary for a position like this is probably 10-15 % higher than my current salary.
3. Invest at least $47,000 in index funds
I invested $42,769 in index funds this year. In 2020 I want to increase my investing in index funds by 10 % = at least $47,000.
4. No shopping in 2020
This means if I’m going to buy something it must be second-hand, and I’m only allowed to buy something if I sell something I already have.
If I sell some clothes that I already have for $100, I can purchase second-hand clothes for $100.
1. Complete 15,000 chins in 2020
I love this exersice! In 2019 I did aprox. 10,000 chins. I think I can do more next year!
15,000 chins means that I have to do aprox. 288 chins every week or aprox. 41 per day.
For some this goal may seem crazy, for others this will be easy.
To complete this I have only one rule. I can take as many/few chins as I like every day and I can take as long breaks as I want.
If I want to do series of 3 – 3 – 3 – 3 – 3 etc. it’s totally fine. Or 3 – 2 – 10 – 12 -4 -9 etc… It doesn’t matter which combination I complete them in as long as the reps is strict and I do 15,000 throughout the year.
2. Complete 25,000 push-ups in 2020
This goal is similar to my chins goal. An easy exersice which you can do everywhere.
To reach 25,000 push-ups I have to do an average of 69 daily or 480 weekly.
3. Ride 3000 km on my road bike in 2020
This year I completed 2485 km. I took my road bike to work every day from april to october this year.
I am planning to do this in 2020 as well + do some longer rides.
Personal development goals
1. Read 15 pages in a book every day
This goal is similar to some of my fitness goals.
15 pages/day doesn’t sounds like much at all, but over the span of a year it all adds up. In total this sums up to 5,475 pages which is aprox. 22 books a 250 pages.
It doesn’t matter if I read 1 page per day or 100, it’s the toal pages that counts.
2. Publish at least 1 blog post every week
In 2019 I’ve published 61 blog posts so far, and I’ve stick to this habit every week througout the year.
To share my thoughts openly has given me a tremendous bliss of joy.
Blogging has grown for me to be an important habit which I will continue with in 2020.
The blogging part is important to me in several ways; to share my thoughts, learn more about myself, connect with likeminded people, keep myself comitted to my goals and thoughts, inform and learn other people about what I’ve explored in life and so on. And since I’m an introvert it makes me feel whole when I write down my thoughts.
It’s weird, but I like better to write about what I think on this blog, than to actually tell eg. my friends about it.
3. Reach 50K followers on Twitter before 31.12.2020
Okey, this goal is super-ambitious. I’m at 16,3 K followers today, so how can I go all the way up to 50K in one year?
If I assume that I’ll reach 18K before 1th of january, it means that I need to get an average of 90 new followers daily.
Wow, I actually don’t know how the hell I’m going to get there.
Compounding? I’ll just try to tweet 5 – 10 times daily and hopefully that will be enough.
If I get retweeted enough times my words will spread out there!
If I can do 18K in my first year of Twitter, then why shouldn’t I aim high and try to get almost the double of 18K in year two?
That was my goals! What about you?
What are your goals for 2020? Please comment below!
Have questions, comments or suggestions? I would love to help you with your FI-journey.
I made this 16-pages FREE workbook with the steps I’ve taken on my path to Financial Independence.
Having a goal written down with a set date for accomplishment gives you something to plan and work for.
It’s 7 lessons and I hope you enjoy it!
After you’ve signed up, you will recieve the book right away.