My Goals for 2020

Wow.  Okay.  So it’s been quite a while since I’ve written a post and man have things gone crazy.  Like, the entire world.

I want to take a moment to recognize the efforts and lives of everyone involved with Covid-19 that is currently running rampant around the world.  First and foremost, I never thought I would encounter anything like this in my life, and regardless of how this ends up turning out in the end, this is a truly and massively unprecedented thing that’s occurring around the world.

The global pandemic has shaken the foundations of the world.  I know that we will eventually recover, but the state of the global economy will be shaky for a while.  That’s my entire purpose for writing this blog – to chronicle my journey to find wealth in any economy – even one that seems like it’s crumbling around us – or keeping us isolated in our homes, distanced away from much, if any, human contact.

The people on the front lines are true heroes, and need to be recognized as such.  My sister is a nurse, and I have another relative who is a Navy medic, so I have heard some of the horror stories coming out that they’re dealing with.  If you know anyone who is working in contact with others during this time – be they retail workers, nurses, doctors, or delivery drivers – thank them and offer to help them as best you can.

Additionally, to those infected and ill from this disease – we are here to support you and your families and we’ll do whatever we can.  I’m locking my doors and avoiding all contact to stop any potential spread, and I hope everyone else does exactly the same.

I have also created a couple of products in support of the cause.  I am planning to send a portion of the profits from these items to relief efforts in hopes that I can contribute a little more to the search for a cure.  Take a look and please consider buying them and spreading the word about them!


Now, on to the regularly scheduled content!

My Goals for 2020

So, I’ve decided during all this mess to set out some goals to give myself direction while trying to shore up my financial future.  In doing so, I looked back over a couple of things, mainly the SMART Goals fundamentals and the 50/30/20 budget plan.

Let’s recap a few things since it’s been awhile – I lost my job when the Coronavirus craze started going around, leaving me…adrift.  I fortunately have enough writing clients and other income streams to provide for my family while I’m unemployed, but it’s difficult, and it’s scarier because it doesn’t feel as secure.

However, I’m sure a lot of people around the world are realizing that their “stable incomes” are not so secure anymore.  So, I’ve decided to find even more stable forms of income.

Goal 1 – Pay off my two biggest debts

I have several debts that are bogging down my earnings, so my goal for 2020 is to pay off the two biggest ones.  This was always one of my main goals, so it’s been in the works for while now.  If I’m able to continue saving through the Covid-19 days of unemployment, I should be able to knock them out fairly quickly.

Paying down these debts will get me more in line with the 50/30/20 budget, and should actually bring my minimum payments/bills down well below 50% – to around 40% so that I can save even more money.


Goal 2 – Establish $2000/month in passive income

Let’s be clear – I’m starting from ground zero.  I’ve discussed passive income on here, but that has always been a goal for the future.  I’ve decided to jump on in and start developing passive income streams.  As you all may realize, passive income streams will help me both maintain stable income in the event another crazy event strips me of my job and will also help me save more money and pay off more debts.

I have taken a few small steps in that direction – the first of which being buying dividend stocks.  This may all change as companies cut their dividends or decrease the amount they’re paying (a few that I’ve bought already have, in fact), but in the long run they will provide me with additional income beyond my salary.  It’s not a lot, but through dividends, I will be making roughly $20/month.  If I finish out my plan through December at the same rate I’m going right now, I should likely end up with $100/month in dividend income.

In addition, I’m building up my relationship with affiliates and trying to begin a passive affiliate income stream.  Once all the craziness settles down and the world steps back outdoors, I’m also planning on purchasing ATMs to use them as an income stream as well.

These passive income streams will fuel my income as well as future investment and savings decisions.  If I have $2000 in passive income every month, I can invest it in real estate or more dividends, or save it up for an emergency fund.  Additionally, if my job gets cut from something, I’ll have more savings and an additional $2000 in secured income, more or less.


Goal 3 – Increase my salary in 2020

This one is based off of my pre-Covid-19 salary.  Whenever I find another job, I plan to get one that has a higher salary and better benefits than my previous one.  I was certainly underpaid for what I was doing, but now I am considering entering a field that pays commission.  As an engineer, I got paid a straight salary, and I tended to look down on salespeople, however they have a better salary model.  Getting paid based on the amount of effort you put into a position is a much better design than the other way.  It would motivate and provide an incentive to perform and to do extra work, and it would offer an opportunity for a higher salary.


If all of those above things happen in 2020, I will be in a much better place starting 2021 than I was in January 2020.  From there, I have significantly bigger plans, and I’ll share them with you as we get further along.  For now, I’ll share my progress occasionally on my goals for 2020 to keep you updated and to keep myself accountable.

Wish me luck!

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