Top 12 Financial Goals For Your Money in 2020

it is now almost 2020 and it's time to set some goals so here are my top 12 financial goals for your money in 2020 one two three four five six seven yeah I'm not gonna go all the way to 12 but somewhere out there is a future you just looking back at the you of today and he or she is so grateful that the you of today had the foresight to make these plans and stick with them and the me of every day is so happy and grateful for the you of today for spending your valuable time with me now I've been following these goals for the last five years and doing that I was able to save over a hundred grand which when invested has grown to oh so close to hundred thousand dollars and if you follow these goals you'll be able to do it as well and you'll be substantially more confident about yourself especially when pulling your phone out to check your bank accounts balance but then you'd rather not because mmm I'm sure you all right yeah that feeling at the beginning of this year when I didn't have a job my YouTube channel wasn't making anything so I don't want anyone else to experience that feeling that's why together we're gonna conquer this feeling in 2020 with these top 12 financial goals starting music crescendo now let's begin hey guys my name is Andre chick and here is the list of top 12 things we want to accomplish in 2020 none of these by the way are in any specific order because ain't nobody got time for that let's get started right now so our first goal is gonna be to pay off at least one credit card you see it it's right there oh yeah Andre why one why not - why not three well one is all I can comfortably palm and visibly in my hand without you seeing well that's why only one yeah just kidding I can do three but pay off at least one because this is some of the biggest investments you guys can make the return on this is equal to the interest rate which on average is 17 point two seven percent and can go as high as 25% but 17% is that good or bad I didn't know as a 20-year old but just for reference the stock market returns only 10% before inflation on a good year so you're paying almost twice as much not quite but almost twice as much than you would be earning money investing in the stock market that is why it's so crucial to stay out of debt and never carry a balance that's our first goal for 2020 our second goal in 2020 is finally start keeping track of our money that is priority number one which is why it's number two on this list but there's a lot of different apps you can use to do this with there's something called personal capital it's incredible it rivals what I use which is the mint app I linked all of my bank accounts all of my credit cards it shows me my balances my incomes my credit scores it's all really incredible but none of these apps are gonna proactively push you to be a better budgeter so they're just gonna remind you how much you're not good with budgeting which is just gonna make you a sad panda but if you want one that's gonna proactively push you to be better then use something called YNAB it's you need a budget and it's kind of expensive but it's worth it and I'm not being paid to say any of these apps I'm not sponsored by anything I don't have any affiliate links there's no financial incentive these are just apps that I've used in the past to keep track of my money but if you want a free version of doing this which I recommend doing in the beginning because it's more Han on is download an app called shoeboxed which also keeps track of all of your receipts there's a lot of these free apps that keep track but the point is is to give you a mental picture of how you're spending your money and that's gonna help a lot I know it's a little bit annoying to do this but if you do this consistently it's gonna help you so much so the goal is to do this for at least one month keep track of your money so our third resolution is once we started to keep track of our money and seeing where it goes is to make a budget and put a hard number limit on spending per category and we can do this one of two ways the math way toward the magic way so the math way is to put a hard number limit like let's say for going out to eat I can only spend tree fitty this month or you can use the magic way which is a way of tricking our brains into budgeting like this so instead of having tree fitty for the entire month instead i'll say one time per month is all I get to go out to eat to a restaurant inside this box I have twelve coupons the next time I go out to eat I'll take a playing card out I'll rip it up I'll just throw it away and now I have eleven coupons for the entire year to go out to eat until it's some special occasion where it's somebody's birthday or my friends in town and I want to show them Vegas of course that I want to be that guy that never spends money for anything but instead of throwing away the whole coupon I'll just fold the corner like this back and forth until I can tear it off that way it's not for me and I'll know mentally speaking that somebody already used it up so the next time I go out I can't go to a fancy restaurant unless it's sushi in which case if it is then I'll take it oh and I will just restore it yeah that's on there for real no tape nothing that is coupon restored back to full and I can eat sushi any day of the week every single day without ever getting sick except for that one time and our fourth goal is gonna help us achieve the first few and that is to go 100% cash for just one month see what happens nowadays it's so easy to grab your wallet grab your credit card and then just go to town with it swipe swipe swipe swipe yeah see super easy that was a car to stream of called brushing really hard to do and it's hard to conceptualize what isn't ours and just how much money this bottomless plastic pit contains but cash on the other hand that is a limited resource that we have in our pocket in our wallet the next time we go out to eat and spend some money makes us think twice about dropping that $10 like it's no big deal it's supposed to give you pause and that's exactly what we want our fifth goal is to donate something my goal is to donate $100 in 2020 and it doesn't have to be cash I have a ton of new clothing that my mom bought me in high school for her growing boy that didn't fit me so I'm just gonna donate that go to your local savers go to your local Salvation Army donate it and it's gonna have several effects you're gonna feel good about yourself and you'll even get a small tax write-off it's a win-win for everyone our sixth goal is gonna be to start an IRA whether that's a traditional one or a Roth IRA like your net worth your Roth and if you already have one then the goal for 2020 is gonna be to max it out I did that for 2019 and the max should be $6,000 I put six grand into the m1 finance app I did not dollar-cost average in but luckily the stock market has gone way higher so when in my favor but I'm no genius it could have gone either way you don't have to put in six grand at once you could just contribute five hundred dollars every single month and at the end of 2020 you'll have a maxed out Roth IRA and if you've done all that and a bag of chips then convince one other friend to do the same the seventh goal is to learn a new mental skill so the next time you guys are out shopping you notice something you really want to bind like I need that $20.00 shirt instead of buying it go ahead walk out of the store take a breather open up your phone and transfer whatever the cost of that item is if that's that $20 t-shirt transfer $20 from your checking account into your saving account savings account rather and then you're gonna use that money to fund your Roth IRA because if you figured that you can part with that $20 for that thing you probably don't need what you really want then you could probably use that money to invest that into your Roth do that until you max out your Roth IRA or at least do that one time and we'll count that as a success and then once you maxed out your Roth IRA then go buy that thing you want and our eighth goal is gonna be to set all of our bills to auto pay now I used to forget paying some of my credit card bills in the beginning but now I never forget because all of my bills are paid Auto magically so pause this video right now go to your bank account and put it to auto pay right now do it pause welcome back I know you didn't pause the video I'll let it go this time and number nine start a side hustle or generate at least $1,000 from said side hustle now my dad has tried being a caregiver an uber driver your mileage may vary depending on location it's not always profitable and I have done Airbnb where I was getting paid roughly $900 a month which paid for a large chunk of the house that I'm in it's an incredible side business and I became a super host I want to share with you a ton of tips but I'll save that for later videos and the best part is gonna be that they're all gonna be free I will not be sending you free ebooks and training courses because YouTube is amazing like that and number 10 I want you to take care of your health and your wallet by learning a free new skill it could be anything maybe something like cardistry perhaps maybe not though because it could give you carpal tunnel later but instead I want you to focus on learning how to cook a few meals let's make it three new meals that cost anywhere between one to two dollars there are so many possibilities for this and the reason that I love it other than the cost savings aspect is that you get to learn a new skill for free and everyone should strive to learn something new every single year and speaking of new I've been playing this game called puzzle & Dragons on my phone for the last four years and I've sunk hundreds of hours into the stupid game and the one thing I learned from this game and from building my youtube channel is that no matter what you put your mind to the time that you're investing right now is going to pay you huge in just a few years so make it something worthwhile not like me playing a video game unless it brings you a lot of joy now I'm like whale status now and I could sell that account for a couple hundred dollars but that's a poor use of my time so maybe instead of playing a game for for you instead go and learn a new language that's gonna pay you dividends for so many years to come and if you're financially driven and focused then learn something like Cantonese or mandalorian love that show come on baby Yoda though so cute Mandarin Mao Mandalorian stupid our 11th goal is gonna get you to start investing 2020 is gonna be the first year you're gonna start investing in the stock market putting a hundred dollars buy a stock buy an index fund doesn't matter doing this you're not gonna get rich you're not gonna become wealthy but that's not the goal that one hundred dollars is gonna show you how to be fearless not careless but fearless in being consistent and continually investing while seeing your money fluctuate up and down because it's hard and one of the scariest things that I experienced when I first started was seeing my money go up and down especially once I got to 10,000 15,000 and it would fluctuate by like a thousand dollars in a month in 2000 and I was terrified because I thought didn't have enough money or I would lose it all but that's the goal of this $100 is to get you to understand how you emotionally operate to give you the courage to finally invest you can do this with so many other brokerages with m1 finance with Robin Hood you'll get a free stock there with weeble if you find that account with a hundred dollars they give you two free stocks whatever you choose to use they're all great and number twelve this is the big one the moonshot of a goal where most people are gonna follow just short and that is to save 50 percent of your income in 2020 it's gonna be hard you're gonna have to live well below your means and make at least 40 or 50 thousand dollars or higher but I know it's possible because I did it on roughly 50 K per year saving half of my income if you want to feel extra about yourself and you want to feel real good then let's say before taxes but if you want to tackle this level in proud mode in hard mode then let's do it after taxes if you get 9 out of 12 of these you get a c-plus look at you learning how to code already I like that if you get 10 out of 12 that's a beat if you get 11 out of 12 all aces and if you get 12 out of 12 I won't believe you because it's so hard to say 50% of your income and learn a new language at the same time you know what we have to set a few impossible goals for ourselves because that way when we aim for the stars and we fail we're still gonna land on the moon yes I know that was cheesy but only because everyone knows that the moon is made of cheese love you guys enjoy the rest of your week and I'll see all of you lovely frugal faces on Friday enjoy the music enjoy the fields bye bye [Music] you [Music]

Channel: Andrei Jikh

Views: 189,725

Rating: 4.9607053 out of 5

Keywords: financial goals, money, goals for 2020, personal finance, how to make money, how to budget, debt free, save money, how to invest, how to save money, how much money should you save, how much, investing for beginners, robinhood, webull, stock market, passive income, how to pay off debt, saving for retirement, andrei jikh, dividend investing, dividend stocks, dividends, how to invest money, money saving tips, how to save money fast

Id: aE-1_DH-TPw

Length: 13min 28sec (808 seconds)

Published: Mon Dec 09 2019