Setting New Goals for 2020

Wow, I am now setting new goals for the year 2020! Can you believe that? I can’t and yet at the same time, I can.  Anyways, it will be a new year with brand new financial goals. In the past, when I would set goals, I would set a strict number and strive to reach it. But since setting 2019’s financial goals (results I will post next month), I have taken a different approach. I decided on a system with multiple tiers with the highest bar being the top prize. This I have done for both dividend income and stock purchases using bronze, silver, and gold trophies and medals to represent different tiers.

I find this system to be fun, exciting, interesting, and motivating. So, lets begin. For forward dividend income, I decided to use bronze, silver, and gold trophies to represent each goal achieved. Each trophy is an achievement based on breaking a set forward dividend mark. Bronze is the lowest level while Gold is the highest level. Here they are:

Bronze Cup: Reach and/or surpass a forward annual dividend income of $10,500!

Silver Cup: Reach and/or surpass a forward annual dividend income of $10,750!

Gold Cup: Reach and/or surpass a forward annual dividend income of $11,000!

I will begin with these dividend goals starting in January 2020. As of this post, my portfolio is set to generate $9,745 In dividend income over the next 12 months. I am almost in the homestretch of crossing the $10K mark.  Sometime in the first quarter of 2020, I am hoping to cross the 5-digit mark. I have decided to make a bold move and set the gold cup for the $11K mark in forward yearly dividends.  That is the official high bar. Nevertheless, it is certainly worth reaching for.

Another set of goals I set up for 2019 was for stock purchases. One of my major long-term goals has been to diversify my portfolio. When I started My Dividend Dynasty back in July 2017, my portfolio had just 12 stocks in it. As of this post, my portfolio has 29 stocks across many different sectors and industries. I plan on continuing to build up and diversify my portfolio. Therefore, I will add goals for stock purchases. This time I will use bronze, silver, and gold medals to represent each goal achieved. Each medal is an achievement based on breaking a number of new stocks added to my portfolio. Bronze is the lowest level while Gold is the highest level. Here they are:

Bronze Medal: Add 5 new stocks to my portfolio!

Silver Medal: Add 7 new stocks to my portfolio!

Gold Medal: Add 9 new stocks to my portfolio!

And with that my financial goals for 2020 have been set! The major milestone I foresee in 2020 is breaking into the 5-digit dividend income level. After re-balancing my portfolio this past summer, I plan to spend the year 2020 focused on growing my dividend income. Therefore, if all goes well, I envision 2020 to be year of purchases and growth as opposed to re-balances. I am really looking forward to the new year! How about the rest of you? Have you set any goals yet? What do you think of my goals? Let me know in the comments below!

Also, have a Merry Christmas and Happy Holidays!