Leila 2023 Money Goal
Hello, everyone. Welcome back TeamUsman. For today's Article, I'm gonna be going over my money goals for 2023. I'm so excited to Write this Post. I love talking about goals. I love setting goals. I love just I just love all things about goals, even if I don't hit them.
Just thinking about them and preparing for them going into a new year has always been an exciting thing for me. So I have of my list here, and we're just going to run through them. I probably won't go into crazy detail about any of these, but I will explain them a bit if necessary. So, yeah, let's just run through them.
There are quite a few to go through.
Goal number one, you can probably guess what goal number one is. I have set this goal every year for probably the past two years. So this is the third year of setting this. I want to be completely debt free. Now I know that I'm going to be able to save enough money for my student loan debt. You all know that student loans have been in forbearance and at 0% interest,
so I've just been saving for them. I have less than $12,000 at the time of me filming this to hit that $36,000 of savings that I need to completely pay off my debt. We don't have to start paying our student loans until mid 2023, at least as of right now, but that could change. So will I be completely debt free? I don't know.
It depends on if that gets extended again or not, or if anything comes up again with cancellation. Because even if I have $36,000 on July 1, 2023, and I'm able to pay off my debt completely, but then they go in and extend the forbearance again through the rest of 2023,
I am not paying my student loan debt. I will keep on holding on to that money because the longer I keep it in my high yield savings account, the more money I make. And for me, that's like a no brainer to just keep my money there.
But if we do have to start making payments again in July, then I will start paying down my debt. And I plan to be completely debt free. So either way, I'm going to have enough money saved up to completely pay off my debt and or actually be completely debt free. So it's going to happen this year, 2023, hands down. It's going to 100% because there's yeah, it just will. Goal number two is to complete a no Spendlow spend year.
I've announced that I'm going to be doing this in a couple of recent videos. I will be making a video on my whole no spend, low spend plan. And the exceptions that I have, the things that are absolute no goes, I will not be buying those in 2023, so stay tuned for that. But I would like to complete that for 2023. I did a low spend year slash no spend year in 2020. 2020 was the perfect year to do that, and it was really successful for me. It was a lot of fun. And those videos are actually really popular,
so I know a lot of people try to do low-spend years in some shape or form. I'll talk about this more in the video that I'll be filming. But just because you're doing a low-spend year or no spending, it doesn't mean that you have to do what everybody else is doing. So even if you can just lower your expenses for any category, you can still call that a low-spend year.
I think it's something everybody should try to do. Like, if you notice that you're spending $6,000 on food out in a year, how can you get that down to just $1,000 in the whole year? Or if you're spending $6,000 on clothes, how can you instead get that down to $2,000? So this is something that everybody can do, but I won't talk about that too much further. So, yeah, 2023, I do want to do no spend year.
I'm feeling pretty excited about it. Goal number three is to max out my Roth IRA for the second year in a row because I am going to max it out for 2022 and then I want to do it again the following year and every year after for as long as I can. For 2023, that would be $6,500. And at this point, what I'm planning with the Roth IRA is to focus first the first half of the year or however long it takes to get enough money saved up for my student loan debt to focus 6n that frist.
So focus on my student loans, and then I'll start contributing to my Roth. I think that's what I'm doing. I'm not 100% sure yet, but I think I would rather just finish up my debt and then focus on my Roth IRA after that. So either way, I'm going to max it out. Goal number four is to reach a $100,000 net worth. Now, net worth goals are sometimes silly to set or just unrealistic, because we often don't have control over our net worth because it's heavily dependent on the market. So if the market is way down, even if we're putting money in contributing to our 401 KS and Roth IRAs,
but the market stays down, your money could still go down, your whole net worth could still go down. So it's not really realistic to set these net worth goals, but I think it's just fun to set them because it's something to work toward. I just want to get as close as possible to well, I want to get over $100,000, but no matter what, I'm just going to try to get as close to that as possible/
even if the market is down and affecting that. Goal number five is to get promoted at my current job, so they're going to do another. My company only does promotions and raises in the first quarter, like after the first quarter and in the third quarter. So during my performance evaluation in the first quarter, that is when I would like to get promoted. At that point I would have been at the company for one year and that's pretty standard for my company and for the job in general.
So I'm pretty positive I can do that. That's what I'm going to work toward anyway and that's what I'm going to ask for. So I would like to get promoted. I do have some other smaller goals related to my job, but I'm not going to mention those here because they're not really money related, it's just smaller things that go on in the background that kind of lead to getting raises or promotions. But yeah,
it kind of all fits under that. I would like to get promoted. Goal number six is that I want to make over $100,000 total from my income.
A lot is going to go into this or potentially could go into this. So if I get promoted that means I get a pay raise, I'll get a bonus. I don't know what will happen with my job, I'm cool with staying with my company, but if another opportunity comes up where I can switch my career and or not switch my career but switch my company and get a pay increase plus my side hustle income, which I have a goal on that.
I'll talk about that in just a moment, but yeah, there are a lot of factors behind this. But altogether from my full-time job, from my side hustles, I would like to make over six figures. I've never done that. It's a really big goal of mine. I'm turning 30 next year and just because I'm turning 30, it doesn't mean I have to do any of these things, but that's something that's really important to me.
Getting over six figures will be a huge milestone and will help so, so much with my finances. So that's just something I'm going to work toward in 2023 and really focus on going along with that
Goal number seven, I would like to make $30,000 or more from my side hustle income. Of course, I'll give an update on my goals that I set in 2022 and whether or not I hit those, but I will say that I set the goal of 25K from online income in 2022 and I am not going to hit that.
I will be getting close actually. So that's exciting. But I think 30K is reasonable. Ideally, it would be much higher than that. Like if I can get to 35, 40K, that would be incredible. But I think based off of my growth over the last few years, 30K is a good goal to set. So that would be pre-tax. Pre-tax from my online income over thirty K. And then goal number eight. My final goal is that I want to reach $12,000 in my emergency fund.
As of right now, I'm a bit over $6,000. It's been hovering around $6,000 for the last six months or so because I haven't been adding to it. 6000 is a decent number and I'm so grateful that I haven't had to touch that, but it's there if I need it and I just want to continue adding to that.
That's probably something I'm going to focus on after I finish saving what I need to for my student loan debt. So I will need to save another $6,000 for my emergency fund, a little less than $6,000 that is sitting in my high yield savings account. So I gain a little bit of interest each month, which is helpful, but yeah,
I'm not going to put too much pressure on myself for that one. Initially I wrote down $9,000 for the year, but I wanted to push myself a bit. I think I could get to $12,000 in my emergency fund over the next twelve months. That seems reasonable to me. If not, it's not a big deal. Of this whole list, that's probably my lowest priority, but also of this whole list, that's the main one that is heavily dependent on everything else.
On my income, on my side, hustle income, because that's going to be probably my last focus area. Main priority would be my debt, of course Roth, IRA, the ones that I listed towards the beginning, but of course still going to work toward increasing my emergency fund even if I can raise it a little bit, that would be really great too.
So that is it. Those are my financial goals for 2023. Feel like it's going to be a big year. I am feeling so excited about it. Something just feels right and it just feels like everything's going to work out and I'm very excited to see how it all plays out. Of course you all will come with me on my journey. I will be uploading just like I did every other year for the last couple of years and you can see my updates every month, my transfer Tuesdays, and every Tuesday.
But that is it for me, so feel free to comment down below what your money goals are for 2023. I love to hear your goals, so please comment them down below. I think they're super motivating. Sometimes I see other people's goals and I brainstorm ideas from that or I add that to my goal list, so please share. Otherwise, let me know if you have any questions.
Thank You, Leila: 💳 Discover: https://refer.discover.com/s/LEILA79
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