My Financial Goals for 2021

Hey guys, welcome back to the channel! In this video, I'm going to be discussing my financial goals for 2021. We're gonna have a look at kind of how I go about my goal setting. It's a little bit haphazard, spoiler alert. Also, where I am right now in my journey towards my goals and what specifically I'm trying to achieve in 2021. So hope you enjoyed the video, guys! Leave a like on it if you do, and with that said, let's get stuck into it.

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So personally, I don't know if this is like right or wrong; I'm certainly not claiming to be some goal-setting expert in this video. I really don't set myself short-term finite goals, like in the next three months I want to do this, this, this, and this. I don’t know whether that's right or wrong; personally, I feel like it's okay for me because I'm quite driven as a person just generally. Like, if I start on a particular project, I know that I'm definitely going to finish it. I'm not someone that quits on things very easily.

So I've kind of like, for my overarching financial goals, I've just got these long-term things that I want to try and get done, and I'm every year just trying to get myself closer and closer to those long-term goals. So let's talk about what am I even trying to achieve.

Well, in the early stage of my life, kind of before I'm 30 years old, I'm trying to do three things. I essentially think like this: okay, I want a really solid financial foundation as a launch pad where the rest of my life I could just do whatever I want. You know, if I wanted to never work again, I could do that. Or if I just wanted to put all of my time, money, and energy into some specific project, I could do that too.

So I'm really just looking for that financial flexibility. I kind of thought about this: what do I need by the time I'm 30 to be able to have that awesome launch pad to just do what I like? I kind of came up with this holy trinity. First of all, you need a house because otherwise, you're just going to be renting for your whole life. I actually used to not be so keen on buying a house, and my thoughts have definitely changed in that respect.

So I want to try and get my house paid off ASAP. I want an electric car. The specific reason why I want it to be electric is, well, obviously because I want a Tesla. But beyond that, while electric vehicles are more expensive in their cost and their price, once you've actually got them, they're very low cost, very low maintenance. So that's why I specifically want an electric vehicle.

Then the third thing I was thinking about: okay, if I had some way to get around that's fairly cheap and reliable, and then I had somewhere to sleep every night, what's the last thing I need? Well, I just need my living expenses to be covered. So I'd like, in my third prong of my holy trinity of my long-term financial goals, to achieve financial freedom. I just want to have a substantial share portfolio where, yes, it would be geared towards capital growth because I'm still very young and I'm earning money, but I want it to get to a size where if I wanted to, I could just flick the switch, turn it over to income-focused portfolio, and that could pay for my living expenses that I currently have.

A little bit haphazard; like I definitely don't have “I want to do this by this date, and I want to do that by that date,” but I just know what I'm working towards. I'm working towards those three things. And I guess the next thing to cover is, well, where am I? Like, what is my current situation right now?

So talking about where I am, I've currently got about $170,000 just sitting there in the bank. I've also got about $70,000 in shares. Now, I know what you're thinking right there: "Oh, you know, for someone that's always talking about investing in the stock market, you seem to be a little bit light on the share side; you've got a very high percentage sitting in cash. Cash is trash!" I hear you. Hold your horses; there is a perfectly reasonable rationale for that, for why I am in that situation, and I'll get to that in just a second.

But beyond what I've got just sitting in my personal bank accounts or in my personal share portfolios, I've also got my company. So the company obviously has its own accounts, and I've got about $110,000 sitting there as well, which just blows my mind. That’s really staggering, but that's what it is.

Moving on to where I'm currently at with my income, I don't really know what to say here because, you know, 2020—I understand that a lot of people have been doing it really rough, and that's why I tried not to talk too much about maybe my income. But you know, 2020 has just been incredibly kind to me. I don’t know what else to say. And furthermore, it's not just 2020; it's you guys! You guys have been incredibly kind to me, you know, supporting the channel, supporting Profitful.

So, you know, at the current time, my annual kind of run rate—my annual kind of salary from the things that I do here on YouTube— is like $150,000, which is just an obscenely large amount of money. It’s certainly not a salary that I ever thought that I would see. And beyond that, I’ve got my YouTube stuff, but then also the support you guys have shown Profitful is just absolutely tremendous as well. Like, I think we're doing about $180,000 a year on Profitful, which is just mind-blowing. Initially, when I started Profitful, it was because I wanted to leave my full-time job, and I wanted to supplement some of my income that I was going to lose from that job. I wanted to create Profitful so I could fill that income gap.

So I don't really know what to say; it's just absolutely mind-blowing statistics, and I've really just got you guys to thank for it. But just for the sake of the video, I thought I'd include that so you guys know exactly where I am right now in terms of my savings and in terms of my income.

And that then leads me into, you know, what am I actually trying to achieve? What are my financial goals for 2021? So if I talk about income first, it might surprise you that my income goals are just to do more of the same. Essentially, if I can just sustain this amount of money from YouTube, that would be obviously unreal. I think it has potential to rise kind of up to the $200,000 a year mark, which is just kind of ridiculous.

But obviously, like, I'm a 25-year-old guy; I don't need that much money every year. So, you know, while money is kind of nice to have and all that, I think that next year I just want to focus a lot on growth and ultimately giving you guys, providing you guys with more higher-quality content. So while I think I might have the potential to grow my income from the YouTube side of things a fair bit in 2021, I don't think I'll see too much of that money because I do have plans to kind of bring people on board into the channel to do the bits that really slow me down in my workflow—like the editing and the social media management and that sort of thing—kind of the more boring bits of YouTube.

I'd love to have maybe one person; I think realistically I could maybe hire one person, maybe two people if they kind of worked half weeks each, they were part-time. But I’d love to have some people on board to help me out with that sort of stuff so that I can spend all of my time just making content—making more higher-quality content for you guys to watch on the channel.

So that's what I'd like. I think, in terms of Profitful income goals, again, I just would like to achieve similar numbers or maybe a little bit more than what we did this year. I think we've definitely got potential to do that because we're only going to be adding more courses. We've got plans for real estate investing courses, also like business growth and development, social media and marketing, and those sort of courses potentially if we can find the right people.

So I feel like we've got some room to grow in that aspect. And then turning away from the income side of what I'm going to try and do in 2021, let's go back to my holy trinity: what am I trying to do?

Well, the reason that I've got so much cash at the moment and you know, I don’t have as much money in shares—yes, it's partly due to the market being very overvalued, but it's also because in 2021, I'm definitely going to buy a house. My aim is to buy a house and have it, and I’d like by the end of 2021 to at least have 50 percent of that house paid off.

Ideally, I think I could be much more aggressive in that aspect, but I just think with the interest rates as they are, I probably will prefer for the bank to own more of my house and for me to keep my income to reinvest into growing my personal streams of income, the channel and Profitful and that sort of thing. So that's what I hope to do with the house.

Then in terms of the share portfolio, I think the share portfolio—like I'll obviously add to it if I get the opportunity to, if I find great investments, and I'll still keep up with my passive investing as I always do. However, I think for 2021, the house is going to be the main focus and also the growth of the channel and the growth of Profitful. So I think the share portfolio will grow a little bit, but I'm not too stressed about that.

I think that 2022 will be a really big year for my share portfolio, so I'll be able to put a lot more of my money towards it. And then on the electric vehicle front—well, maybe stick around for a week or two and you might see what's going on in that space. Watch this space.

And then so that's kind of what I'm trying to achieve in 2021 in terms of my financial goals. Like, obviously, I'm not the best goal setter; I'm not some financial planner or anything, so maybe I've set these goals completely wrong. But, you know, that's just my honest opinion as to what I'm trying to achieve in 2021: lots of growth out of Profitful and more content for the channel.

So invest heavily into that, get the house, try and get it to 50 percent paid off. I think I'll be able to do that. Electric vehicles should have that. And then after, I think 2022 is going to be the big year where I hopefully—my aim by the end of 2022 is to have my house paid off, have the electric vehicle completely mine, and to have a substantial share portfolio.

And that will be by, hopefully, by the time I turn 28—that’s where I want to be. I want to have that holy trinity essentially wrapped up. If it doesn't happen by then, then definitely by 30. I want to have my house paid off, my car paid off, and I want to have a substantial share portfolio where I have enough money in the market where I could switch it to income if I wanted to and I could just live off of dividends. That would cover all my expenses and that would get me to my launch pad.

That's ultimately what I want before I'm 30 because if I can do that by the time I'm 30, then I've essentially got 30 to 40 years where I can just really go crazy and try and devote all of the income that I just generate from whatever I'm working on. I can devote it into the growth of my businesses; I can devote it to growth; I can devote it to new businesses because ultimately, what I want to achieve is just to have that financial launch pad so that I can create businesses in the future that tackle issues that I care about. So that's where I'm trying to get to. But the first thing's first—kind of before 30 goals is to have that financial launch pad.

So anyway, guys, that's just kind of a bit of a rant video, a bit of an honest kind of look at where I'm at with my finances and where I'm trying to get to in 2021 and beyond. I'd love to hear your opinion on this. Like, feel free to critique what I'm trying to do. If you think I'm silly and I should be doing something different, then let me know, and let me know what you guys are aiming for in 2021.

I understand that for a lot of people, 2020 has been a very harsh year, and I have been extremely fortunate, lucky that 2020 has just worked out strangely very, very well for me. So I'm very thankful for that. But I'd like to hear, you know, what are you guys trying to work towards in 2021? You know, a lot of people out there might have found 2020 really challenging and have really gone back to the drawing board and set new financial goals that they're striving for for this year, for next year, for the years beyond. So I want to hear about it.

So leave that stuff in the comment section down below. Leave a like on the video if you enjoyed the video and check out Profitful if you'd like to. Links are down in the description—no pressure there—but if you're interested in learning about how I go about my investing, if you want just a full course or a couple of courses that just explain everything from start to finish and how to follow along yourself, then check that stuff out in the description down below.

But that will do me today, guys. Thank you very much for watching, and I’ll see you guys tomorrow.

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