Goal setting is big in the FIRE (Financial Independence, Retire Early) community and the reality is that it works as we all know you get what is measured. It’s the beginning of a new month and there are a lot of month end goals status check-in and new goals for the new month. The updates get compounded as we have just finished the first half of 2023 and heading into the second half so yes there are many goals getting checked and new ones getting set.
I’ve tried goal setting and I still use goal setting but no longer in a very strict sense. I have not set any goal for myself in months and do not plan to set any until the year is over. I have a broad set of objectives I want to achieve and these influence my daily choices as I actively work towards them.
My number one objective is to be work optional in five years, now down to four years as I am almost 1 year down. This influences everything I do, how I spend my time and money. I’m constantly weighing the choices I make versus this objective and checking how it gets me closer to it or farther from it.
In the interim, my objective for 2023 is to generate €2,000 monthly from non-work activities by the end of 2023. This is top of mind as I spend, save and invest my money and time. This objective influenced my decision to take an options course and aggressively invest in Dividends paying stocks/ETF.
How am I tracking versus my main objective and interim objective? Work optional in four years is achievable if I continue to work hundred percent and maintain a high savings rate of at least 50%. €2,000 from non-work activities is a stretch and for reference it is split equally between Dividends and Options. I am close to achieving it on Dividends but still a way off on Options. I predict I will land at approximately €1,500 with €1,000 from Dividends and €500 from options.
That said, I am not slowing down on going after my interim objective. Looking forward to updating myself and you in six months to see where I land. Until then, set your goals and track them to keep yourself accountable.