we're getting towards the end of the year and you'll know what that means it's time
to make some Financial plans and some New Year's resolutions that you probably won't follow except
for we're going to do things differently this year we're not going to be talking about you
know setting these unrealistic goals I'm going to be talking about three financial goals that I've
used in the past year that have helped me build wealth and I think will be super beneficial for
your financial Journey going forward as always this is not Financial advice but these are some
things that have worked for me and anytime I find something that works or doesn't work for
me I'd like to share them with you just so you can hopefully get some value out of it
number one and probably the biggest goal that you should have going into the next year is figure out
why you're trying to build wealth it doesn't make sense for you to save all this money and make all
these decisions if you're just like I don't know what I want to do like am I just doing this to
retire early am I doing this to buy a house am I doing this to buy a car pay off debt you need to
have some sort of why I think this is the biggest thing that'll motivate you going forward because
if you don't have a why and you're just investing to invest maybe this will lead you down some dark
paths on YouTube you start listening to some guys that are shouting at computer screens wearing
suits telling you to day trade all day and how you can make tens of thousands of dollars in one
day and quit your day job we want to avoid that we're trying to come up with situations where we
are coming up with a goal and a reason why we're investing and that'll be the driving force for why
we are making these financial decisions not just because you want to but because there's a reason
behind it so coming up with a goal I think is the most critical financial plan slash goal that you
should come up with for the new year for me I am currently trying to invest as much as possible to
come up with a house fund we see housing prices are going down obviously interest rates are not
very low but the idea of buying my first house is the thing that is keeping me going and is really
motivated me to either work harder at work and pick up some extra shifts so that I can get some
OT to just invest that difference but it's the driving force behind why I am
making this course and not you know changing and you know going out and spending all this
money buying a new car I guess I did buy a car in the past year but that doesn't matter having
a reason why you're investing I think is the most critical thing and if you haven't had that figured
out yet I think you should sit down and figure out why you're doing it number two let's talk
about Automation and keeping things simple when I first got started in the stock market I would find
some new toy every week that was super exciting to me it could be a stock right about to have
earnings reports and it would be the shiny new toy that would really get me excited about investing
the stock market then the thing would happen and I'd sell it off probably at a loss if we're being
honest and then I'd find the next new exciting stock and that's how I would go about doing
things for a couple weeks it's not a long-term goal that is not how you're supposed to be doing
things keeping it simple when it comes to picking stocks I think makes your mental health so much
better when it comes to investing you don't need 100 stocks in your portfolio probably the less
the better the numbers that I've seen is between 5 and 12 stocks is the the balance point that you're
trying to aim for so trying to just find a couple stocks that you absolutely love and sticking with
those is fantastic and automation automation automation that is something that I cannot
stress enough the less decisions that you have to make when it comes to your financial Journey
the better if it was up to you and you just had to remember when to invest you're probably not
going to invest as often if it's something that's done behind the scenes and you don't even have to
think about the way that I have it set up right now is that I have money automatically deposited
into my brokerage every week and when it goes into there it automatically buys fractional shares of
these stocks that I've told it to with my small portfolio between 5 and 12 stocks I don't have
to think about it at all it automatically gets taken out invested and that is one of the reasons
why I've been able to invest more money in the past year than I have in the past three years is
because I haven't had to think about it you take the emotional decision making out of it and you
just allow the automation to happen the more that we can do this the more you're going to invest and
the better off you're going to be in the long term especially if you're keeping it simple with your
portfolio and buying less stocks and you know a portfolio that has a little bit of everything
yes you can buy index funds but just focusing on a couple stocks I think is super beneficial instead
of trying to pick a Million winners to try to pick one or two winners out of the track record to back
it up and the third goal that I think you should think about going into the next year is not over
invest in what this means is not taken out of areas that you should not be taking money out
of you have these emergency funds that are set up for a reason whether it be a car accident whether
it be a health problem things are going to pop up that's just how life works and you're not going
to be prepared for it unless you have an emergency fund in place so this is something where you have
money sitting aside and hopefully you'll never need to use it but those times that you do need to
use it it needs to be accessible there have been times where I've taken too much money out of my
emergency fund and it's gotten to the point where I was kind of just barely scraping by yes you have
people that are going paycheck to paycheck but at least having a thousand dollar emergency fund
is so critical and if you're taking money out of that that's too much don't invest more than
you're able to just because you think that it'll have better returns and as a result we'll make you
more wealthy don't do that you're not trying to sacrifice some of the short-term security for the
long-term growth of the stock market and thus what you're able to and don't try to invest as much as
possible we're trying to be consistent we're not trying to put a hundred percent of our additional
money into the stock market we're trying to put enough in there where it's going to be beneficial
for the long term but not so much where we're stressing about it where we have a you know 500
expense and we have to think oh do we have to sell shares the whole point is we're trying to
keep our money in the market and if you're over investing and you need to take money out we're
trying to avoid that at all costs yes the stocks if it's not in a retirement account is liquid but
the more money that we can keep in the market and keep it in there the better that's how compounding
industry takes over and we avoid cutting it short so try not to over invest it's so exciting to try
to put as much money in there as possible I have sat there on the compounding interest calculator
scene the difference between investing a thousand dollars a month versus fifteen hundred dollars a
month and it gets kind of tempting make sure that you have your chickens all lined up as some of the
wise people uh like Marshawn Lynch has said just make sure that everything's good to go before you
decide to invest and when you have decided to invest make sure that it's an amount that you
can sustain and it's not going to drain you of your emergency fund or some of the other things
they don't need to pay in your daily life these are the three financial goals that I think will
make you significantly more wealthy and and also just improve your mental health when it comes to
finances we hear people talking about you know the best way to invest in stocks we're also trying to
find the best way to invest that makes it so you're not stressed out about your financial
decisions and these three goals of number one figuring out why you're investing number two
automating and keeping it simple and number three not over investing were the three most beneficial
changes that I've made to my investing philosophy in the past year and I think it can really benefit
you for the long term let me know what goals you have for the next year and let me know what you
thought about this video in the comments down below thanks for watching I'll see you next time