2019 wrap up + 2020 goals

As we’re about to hit the second month of 2020, I suppose it’s time I review my 2019 goals!

I didn’t set many goals for 2019, my singular goal was to increase my passive income and networth. At the end of 2018 this is how things looked:

As you can see, at $273 a month or $3,276 a year I have quite a while to go before I’m anywhere near retiring off it. My magic number for my current financial situation is $251,700 invested, this generates a measly $700/month in income, of which it’s possible for me to live off.. but not enjoyably, most likely. But it’s a start!

So for 2019 I had aimed to increase my NW to $220,000, this is a $38,000 increase and it was conservative number compared to what I accomplished in 2018…. and at the end of 2019 had hoped to have that monthly passive income to come in at $385/month.

So, how did I do? At the end of 2019 I had increased my monthly passive income to:

An increase of $111.65 in monthly passive income. That’s not bad! And I did achieve my target, $0.24 cents short but eh… close enough. 😉 Unfortunately I didn’t hit my overal networth target, in fact I’m down a bit since my all-time high of $210,521 in July:

This is primarily because at the end of April my income from the janitorial company we closed, stopped. I also spent most of November and December traveling. It wasn’t huge but it’s obviously enough that I’ve been at a stand-still networth and income wise as I haven’t replaced that income with anything and am simply spending what I earn.
I’m working on replacing the income by becoming a certified immigration consultant,but until I’m licensed, that’s just causing more expense rather than income. Most of the income I am currently earning as a property manager is relying entirely on my family’s properties which isn’t super sustainable either… so my 2020 goals will include;

  1. Finding another income source, that is part-time, that will earn $10,000 over the course of the year to cover my bare bones budget. This doesn’t include the $1,646 I spent on clothing in 2019… that clothing budget is forever a thorn in my side and I don’t know why I just.can’t.stop.
  2. Increase passive income to $500/month. Something similar to the last year, which I can only achieve if finding more income.

That’s it, those are my goals financially. Nothing exciting, just keep on churning. How was your 2019?

Published by Renée

I write about my life, travel and my financial up and downs on my blog, Nickel By Nickel, while contradicting myself daily. ;)

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