2020 Financial Goals: $41,500 In Passive Income

Introduction

Setting financial goals is an essential part of achieving financial stability and independence. It provides direction and motivation to work towards a specific target. One couple, who have been on their financial journey for only six years, has set an ambitious goal of earning $41,500 in passive income in 2020. This article will explore their journey, the strategies they employed, and how they plan to achieve this significant milestone.

The Couple’s Financial Journey

The couple’s financial journey began in 2015 when they made their first investment in stocks that pay dividends. They started with a small amount of money and gradually increased their investments over time. Their primary focus was on building a diversified portfolio of high-quality dividend-paying stocks. They also invested in index funds and exchange-traded funds (ETFs) to further diversify their portfolio.

In 2016, they set their first financial goal of earning $1,000 in passive income. They achieved this goal and set a new target for 2017, aiming for $2,000 in passive income. They continued to work hard, learning about investing and making informed decisions. By 2019, their passive income had grown significantly, and they were earning over $10,000 annually. This year, they have set their sights even higher, aiming for $41,500 in passive income.

Strategies for Achieving Financial Goals

The couple’s success can be attributed to several strategies they employed along the way. Firstly, they focused on building a solid foundation of knowledge about investing. They read books, attended seminars, and watched videos to learn about different investment strategies and how to manage their portfolio effectively. Secondly, they prioritized saving and investing regularly. They automated their savings and invested a portion of their income each month, allowing them to take advantage of compound interest over time.

Another crucial strategy was diversification. They invested in various assets, including stocks, bonds, and real estate, to spread