Recently I read an great article about achieving goals…and of course, with the new year feeling fresh and exciting, I am addicted to anything that will fuel my motivation and desire for an amazing year.
However this post was very different to the stock standard articles on goal setting. Instead of thinking about what you want to achieve, ask yourself what are you prepared to suffer, for to achieve that goal? Quite an interesting way to look at your goals really as it asks you how far are you willing to go for success…and if you really want it that badly.
For example, are you willing to work long hours and take on additional projects and stress to achieve that promotion? Are you willing to get up early in the morning to head to the gym to hit your ideal fitness level?
Reading this made me look at my own personal goals, and quickly separate the goals that I was passionate about and which ones were my kind of “token” goals.
One goal that really stood out was my goal of hitting a passive income of $2,000 p.a. for #the1000project by July 2016.
Admit ably, I have set a rather challenging goal for myself in that I have to manifest pretty much $40,000 without using any existing savings or help from my base salary. I have to think outside the box and generate cash outside of my normal day to day financial life.
So when the opportunity to work over the weekend to make an extra $1,000, I jumped at the opportunity. Yes, I did miss out on going to the beach with my friends, but in accepting this job and the benefit of being able to add the money to the portfolio, outweighed the loss.
So my twelfth $1,000 came from forgoing a weekend and I have to say, while it sucked sitting inside on such a beautiful day, the satisfaction in buying more long term passive income sources and knowing that I am helping inspire others to take their financial future more seriously, was definitely worth it.
I added some more Woolworths stock to my portfolio as the share price has continued to drop, but to me and the research that I use, it seems like a great long term buying opportunity and by buying more at a lower price that I originally paid, I can lower my average buying price.
My estimated passive income is now at $613 p.a. Which means that I am just over 30% of the way there!
Canna Campbell is the founder and director of SASS Financial Services, a boutique financial planning firm. She is a Channel 9 Financial Commentator, founder of financial media platform SugarMamma.TV and best selling author of The $1000 Project and Mindful Money.