How our financial goals 2020 materialized?
Introduction
As we reflect on the year 2020, it’s safe to say that it was a challenging one for everyone, especially when it comes to finances. The COVID-19 pandemic brought about unprecedented changes in the global economy, affecting individuals and businesses alike. Despite these challenges, many people found ways to adapt and make the best of their financial situations. In this article, we will discuss how our financial goals for 2020 materialized and what lessons we can learn from them.
Our Financial Goals for 2020
At the beginning of 2020, we set financial goals for ourselves. These goals included saving a certain amount of money each month, paying off debt, and investing in our retirement accounts. We also aimed to increase our passive income streams and diversify our investment portfolio. Like many others, we were not prepared for the impact of the pandemic on our finances and had to adjust our plans accordingly.
Challenges Faced
One of the biggest challenges we faced was the uncertainty surrounding the pandemic. We had to adjust to working from home, which meant no more commuting costs but also less social interaction and potential income loss if our jobs were affected. Additionally, the stock market crash in March led to a decrease in our investment portfolio value, and we saw companies cutting or suspending their dividends. This made it difficult to rely on dividend income as a significant source of passive income.
How We Overcame Challenges
To overcome these challenges, we focused on what we could control. We continued to save money each month, even if it meant cutting back on discretionary spending. We also increased our efforts to pay off debt, which gave us a sense of financial security. We diversified our investment portfolio by investing in different sectors and asset classes, which helped to mitigate some of the losses we experienced in March. We also explored new ways to generate passive income, such as starting a blog and monetizing it through affiliate marketing and advertising.
