Here are some of the most common financial goals people have set this year:
- Create a new passive income stream
- Building your savings
- Pay off debts
- Improve your credit score
CREATING PASSIVE INCOME
Passive income is exactly what it sounds like: income that flows in regularly with little effort needed to maintain it.
While the income itself may be passive, creating the income may take a great deal of work, depending on how you go about it. Keep this in mind when you’re thinking about creating passive income. There are a number of ways for you to create new passive income streams for yourself. To name a few:
- Rental property ownership
- Creating and selling downloadable products such as ebooks, apps, and online courses.
- Affiliate marketing
- Dividend-yielding stocks
There are a number of resources out there for you to learn about creating your new income stream. Here are some great sites to help you learn all you need to know about creating passive income.
The Smart Passive Income Blog – Pat Flynn is a self-proclaimed “crash test dummy” in the world of passive income. On his blog, he happily showcases what works, what doesn’t, and teaches you how to build a better online business with affiliate marketing and selling your own digital products.
BiggerPockets – Interested in real estate investing? Join Bigger Pockets, the internet’s premier real estate investor’s forum, and you can learn everything you need to know about real estate investing from more than 455,000 fellow real estate investors.
AppSumo – Interested in creating online products? AppSumo has tons of products, courses, and tools to help you learn how to create, market, and sell your own digital products online, and have a ton of fun doing it.
ValueForum – This is a great online community for learning about stock and bond marketing investing, trading tips, and more. You’ll have to pay to join, but it’s more than worth the price if you implement what you learn.
BUILDING YOUR SAVINGS
Everybody wants to have an extra cushion of cash set aside for a rainy day, right?
Having a savings will keep you from drowning in bills if you take a pay cut, lose your job, or encounter emergency expenses, like a car accident.
Saving up money for a rainy day isn’t as difficult as it may seem. Here’s a simple worksheet that can help you save up $1,352 in the next year. There’s a blank version too, if you want to enter your own amounts!
PAYING OFF DEBTS
Paying off debt can seem overwhelming at first glance, but once you begin to get organized and take charge of your finances, it can become an empowering and even enjoyable experience. One of the easiest ways to pay off your debt as fast as possible is called The Stack Method.
The Stack Method is an 8-step process for paying off your debts faster than you thought possible in a way that won’t leave you feeling deprived. Check it out and see if it’ll work for you!
IMPROVING YOUR CREDIT SCORE
Having good credit is the gateway to having a better life for you and your family. Auto loans, mortgages, leasing apartments, equipment, and cars, and even some jobs require you to have a good credit score, so make sure you take care of your score!
If you have no credit, here are some links to help you build some.
If you have bad credit, here are a few links to help you start rebuilding it.
No matter what your goals are, the first step toward getting everything on your financial wish list is sitting down, assessing your current situation, and setting up some goals for your financials. Plan your work, work your plan, and all of your financial dreams will come true!