These 5 things will improve my 2019
The new year has just begun and it’s time to look forward to what achievements will improve my 2019. It’s important to look forward and to set goals, you’ll have something to strive for and when the goals are reached it gives a tremendous feeling of victory.
Become a frequent option trader
My biggest goal for the new year is to improve my option trades and become a frequent seller of options. I need to develop a style or strategy and stick to it to gain some extra income every month. I think the idea of potentially buying stocks at a price you like and selling those same shares at a price you’d like is great. Combine that with a quarterly dividend and the option premium and this could become an amazing income strategy.
This year I’ll have to focus on learning literally everything about options and the way they behave in certain market conditions. I need to write down a plan and stick to it. For now I’m following some guidelines but I also like to sell a speculative option every now and again.
Stay the course with periodic ETF purchases
Around September 2018 I started investing in a range of ETF’s on a monthly basis and so far I’ve been gaining great diversification. While I’m down slightly on my initiated positions due to market conditions, it’s providing me great opportunities to purchases the shares of those ETF’s at a cheaper price.
Now the goal is to improve my monthly contribution to this investing account, partly by increasing my salary, partly by increasing my savings rate and partly by creating income from option selling. I’ll have to stick with my selection and invest month after month. Also I need to keep some gunpowder dry for when the market really hits a recession so I can buy double the amount of shares at that time.
Create a financial buffer of 5 months living expenses
Currently my savings account is nothing to brag about and I’d like to change that in 2019. I’ve just paid my healthcare insurance premium for the entire year and the bank account is looking quite empty currently. I always put around 20% of my pay check in a long term savings account, 20% in my ETF account and the remainder is spend on different saving goals and basic monthly costs. This year I will aim to keep the ETF purchases and the long term savings account going, but save more of the remaining money to build up my bank account again. It will be tough as I’m already around a 50% savings rate, but the sky is the limit, right?!
Increase my income
As I recently hit a promotion and increased my take home, I also gained new opportunities for my career. I’ll have to take a few internal tests in order to do external tests. If I pass the external tests, of which there are two currently, I’ll increase my take home a bit further. It’s something nice to work towards.
Also, I’ll be looking to put more time and effort into side hustles. My parents have their own business and over the years I’ve put in a lot of extra hours in the weekend to help my dad creating certain products. I’ll be looking to this activity as my primary side hustle for 2019. It’s a bit more difficult now as I life relatively far away from them. Luckily it’s just The Netherlands and the furthest away someone could possibly be is about three hours of driving. For me it’ll be two hours by train, as I don’t own a car.
Increase the blog exposure and create business opportunities
2019 Will be a year of putting a lot of effort in improving and monetizing my blog. I’ll be looking to get my first affiliate business going and to earn a bit more money this way. I’ll keep grinding away to expanding to reach of DutchIndependence and hopefully put a few steps towards turning it into a business. This is the long term goal, to help others reach FI and spread the knowledge about personal finance.
Along the way I’ll be looking around for collaborations, business opportunities and chances to turn my hobby blog into a money creating machine.
At the end of 2018 I’ve opened the DutchIndependence Instagram and Pinterest accounts, while the Twitter account is as old as my blog itself. I’ll be looking to post on all platforms to attract new readers and to position this blog in a way for future growth.
Do you have a list of skills, items or goals that you want to achieve for 2019 or don’t you believe in these new year resolution lists?
I’d like to wish you all a healthy and extremely succesful year and of course: