2017 was a great year for me and I am sure for most of you as well. The stock market increased over 20% so that helped all of our net worth increase across the board. With this post, I will to now cover my 2018 financial goals.
Financial Goals for 2018
- Increase forward dividend income to $6,000
- Have a net worth of $400k or higher by year-end
- Increase my online/side income.
To accomplish the first goal I would have to invest a total of $46,433 by year-end with an average dividend yield of 3%. I really think this is very doable. Having a forward dividend yield of $6k would be great because that means I will average $500 in dividend a month. It will also mean that I am half way to that magic number of $1k a month.
My second goal should not have any problem with being crossed as completed at year-end. I started the new year with a net worth of $322,728. I would now need to grow it by $77,272 to reach my goal. Seeing how I made $14,401 in passive income last year, I see no issues with growing my net worth by $77k barring any unforeseen circumstances like job loss or tenant leaving.
This is the goal that I really want to get going. I made some good online/side income last year, but I really want to get this going faster. This is why I created a youtube channel, and I will continue to use social media to grow my following.
What are some of your goals for 2018?
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Hi Felix, I have a small separate portfolio focused solely on producing dividend income. Of course, I’d like to see stock price appreciation, but as you responded to me in a previous post, when the stock price goes down, you can drip more shares – which of course, adds divvies to divvies, creating that dividend snowball that we all like to see increase.
I am adding dividend growing companies (CSCO, SO, WPC, VGR and the like), My goal for 2018 is to build the annual dividend income of that portfolio to $1,200 ($100/mo). The current yield on cost is 6.25% (I don’t add reinvested dividends to original cost, or that figure would be lower.)
By reinvesting dividends and adding about $1800 per year in new cash to this account, the goal is to reach $2400 in annual divvies by the end of 2022. Counting on dividend increases along the way. $200/mo in divvidends would be nice.
My process of tracking incremental increases to the current annual dividend every time I drip or frip a share is similar to yours. As a friend recently wrote to me…..you gotta love those “sweet sweet dividends”.
Thoughts?
Hey Andrew, I focus 100% on dividend growth stocks. Even with this focus, I have a couple stocks that are over 100% and about 5 others that are over 80%. I am getting both price appreciation as well as income. I like the dividend companies you have. Your plan sounds like it works for you and your goals. Hope that answers your questions.
FV –
Dig the goals. Savings rate will be playing a big part for you. Dividends, though, are bigger each month for you – so that’s going to continue to add fuel to the engine. I have similar goals and sadly failed in adding $2k in forward dividend income last year, but added over $1.7k. This year, I still have high expectations, but set at approximately an add of $1.8k in income for 2018. Thanks for sharing and good luck, I’ll be monitoring that progress.
-Lanny
Hi Lanny! yea, the saving rate is the biggest and most important thing anyone can do. Even if you failed you succeeded. Growing your dividend income by $1.7k is very impressive. Good luck to you as well in 2018!!
Good luck on your forward income and net worth goals. Consistency is key, I’m sure you will blow past these goals in no time. Keep up the good work!
Thanks Brent. Just got to make sure that I am investing $3600 a month at least. Thanks for the encouragement.