It’s the time of year for looking back and – more importantly – ahead. With New Year’s Day just a few days ago, it’s hard to believe that another zodiac has gone around so quickly.
This post will provide an overview of my 2018 goals, while additional posts in the near future will go into more detail about each specific area.
Background
I admit. I’m late to the 2018 goals game. I just finished writing 8 year-end reviews for 2017 at work for my “real” job, and I’m in the middle of writing goals/expectations for 9 team members for 2018. I didn’t want to get home and do the same thing all over again.
But then I started reading a number of great posts over the last week. I’m impressed. And feeling a bit guilty. Call it peer pressure, common sense, or the right thing to do – I know how effective it can be to establish goals. But poorly defined goals can also lead to ineffective actions and results.
Many articles, stories, and posts will cover resolutions and goals during this time of year. You can utilize a number of different approaches for your own goals. There is the S.M.A.R.T. acronym that is mentioned in many places (if you don’t know what it means, google it).
We also have Brian Griffin’s Wish It. Want It. Do It. from the TV cartoon show Family Guy. Note: this book is meant as a JOKE. Reading the reviews on Amazon, it appears some people actually paid for the book thinking it was a serious self-help resource (but maybe it is for some).
In all seriousness, I consider this to be the most important consideration of any goal:
You need to be able count, quantify, or measure something in order to effectively gauge progress.
You should then be able to tie pragmatic, tangible steps in order to reach the goal. The trap, however, is getting caught-up in too much detail and being paralyzed with inaction. So instead of action plans and other detailed steps, I’m focusing on behaviors and themes. We’ll then figure out the action steps as they come. I prefer an agile approach vs. a waterfall methodology anyway.
With this in mind, let’s take a further look.
Overview of Goals
With balance and dividends being an important theme of this site, I considered what type of dividends are important to me. We have the dividends that we are most familiar with in the form of payments from companies we own in our portfolios.
But there are also other benefits outside of finance or investing in additional areas of our lives. Quality time spent on relationships can provide dividends in the forms of positive and/or beneficial experiences, outcomes, or opportunities. Time and effort spent investing in a hobby or activity can provide enjoyment, satisfaction, or fulfillment.
Each of us has something important in our lives. These are the three areas I plan to focus on in 2018:
- Family & Friends
- Personal Fitness & Health
- Personal Finance
In the next few posts, we’ll provide a more in-depth 2017 recap as well as 2018 plans. For now, here are some highlights and what I plan to potentially measure.
Related: Balanced Dividends Passive Income Analysis: 2016 vs. 2017
(1) Family & Friends
Since we got married in 2010, Mrs. BD and I have working to improve our communication. She keeps me in check as I try to not fixate on a certain task or activity without losing sight of the larger picture.
She makes me smile by making fun of me. I’m a terrible liar. For example, when I leave the room for certain digestive-related matters, I come back and she laughs at me. But sometimes, I don’t make it out in time, so I’d say we’re even.
*Key items to potentially be measured: number of quality hours spent with significant other, time spent talking to family members and friends, etc.
Related:
7 Nights, 8 Days: 33 is the New 5 & 1/2
How Do You Vacation: $800 in 48 hours or $1500 in 192?
(2) Personal Fitness & Health
After a disappointing start to 2017, I needed a change of pace. I’m extremely happy I joined Orangetheory Fitness in February 2017. It’s been a wild, fun ride.
Besides getting back in the best shape I’ve been in for almost 15 years, I feel much better and more effective in other areas of my life. I want to reach new levels in 2018.
*Key items to potentially be measured: number of workouts, calories, splat points, other time/distance factors, etc.
Related: Orangetheory Fitness: How to Win (Your Personal) Dri-Tri
(3) Personal Finance
The most obvious topic related directly to this site, we’ll continue to focus on reaching financial goals to secure other meaningful and even more important things from life. This is already the most frequent topic on Balanced Dividends, so enough said for now.
*Key items to potentially be measured: passive income, net worth, savings ratio, etc.
Related:
Passive Income & Portfolio – December 2017 Update
How We Got To Averaging +$1,000 a Month In Passive Income
Wrapping It up
I’ll be focusing on the following themes as well in 2018 across the three goal areas we outlined:
- Mindset: thinking twice; speaking, writing, or acting once.
- Progress: where you are today and where you’re going tomorrow is from small steps taken in the past and those yet to be taken in the future.
- Behavior: using consistency to change behavior; we usually have the knowledge, but it’s applying the knowledge into action.
- Prioritization: putting others you care about first – ahead of yourself. Plan ahead, make them smile and be yourself.
- Execution: taking action; not waiting.
Overall, regardless of whether or not you have goals it’s key to ask: what are the areas of my life that I want to improve or change?
Looking Back and – More Importantly – Ahead
I’m looking forward to a challenging and rewarding year ahead. I’m excited to do the work, put in the time, and make progress at getting better. I’m reminded daily there are no shortcuts, but it does seem to be easier when we’re learning.
It’s never-ending as we continue to find our balance. And the dividends will likely keep coming.
Readers, what are your plans and goals for 2018? What areas are you focusing on this year that are the same or different from past years?
Related:
A 10 Year Reflection: To Gym or Not to Gym?
Our favorite free financial tool is Personal Capital. We use it to track our net worth, manage our spending & savings, and to monitor our investments. It’s simple and free to use.
Hi Mike, Nice write up. For 2018, I have a vision with where I want to go in 3 areas: 1)my occupation being teaching, 2)my blog and 3)personal life relationships and health. I tend to work in those areas with a short term tactical to do list that I update every few days to a week. I’m a little atypical I guess when it comes to goal setting. I believe it results from too many years in Corporate America getting pounded by never ending goals from “the man”. Tom
Thanks, Tom. I like the short-term approach as well. It’s agile. So many things change throughout the year, and it’s one of the similar reasons I dislike a really regimented, inelastic approach.
Every time I read more from you I realize how similar we are. It’s funny how much our goals align. The only big difference I see is that you are focused on growing passive income while I’m focused on overall financial growth. It may be fund to have that debate at some point.
Good luck in 2018. I’m sure you will crush these goals!
Challenge accepted 🙂 thanks for your input, Jason!
Passive income is the highest priority for us right now, but I’m all for capital appreciation or overall financial growth as well. Mrs. BD and I are only 33, so we have a long-term investment horizon. But I’m also concerned with capital preservation as much as possible.
Our net worth increased over 25% this year, but I know it will be much harder to recoup that during a market decline. Obviously, the larger the % of the decline, an even larger gain % is required just to break even. And the gap widens or compounds as the size of the % decline grows.
Reoccurring dividends / passive income also help purchase additional shares. It helps sustain progress.
2018 should be a good year though. Slow n’ steady, and gettin’ dividend heavy! Thanks for your comments.
I just wrote a similar post on my blog, and my goals are essentially spend less, earn more, be healthier, and (breaking the grammar pattern here) professional & personal development. Of course, I have a bit more specifics on how I’m accomplishing these. Looking forward to 2018!
Hi Joe – thanks for your comment. I saw your post earlier this morning and will go through it again after work. I liked your use of the abstract goals – similar to my goal areas, as you mentioned. Thanks again for reading!
Hey Mike,
My wife loves orange theory I am glad you are enjoying it!
Ha, nice! Yes, it’s a lot of fun and a great workout. It kicks my butt, and I like it for the motivation and accountability.
Well balanced goals:) I update mine regularly as things change.
Thanks Caroline! We also find ourselves updating our specific goals / action steps regularly. It’s one of the reasons I didn’t dive into too much detail – nothing is static!
As you you said, things change. Thanks for reading! – Mike
Good SMART goals overall. And if you are late, I’m laaaaaate. We plan to publish ours a week from now (I hope) :-).
Hi Tina – thanks!
And we’re not THAT late…I think there is a few week submission period, so you’re still good 🙂 I look forward to reading your goals as well soon. – Mike
You’re young! Married 7 years, what’s the secret? Have a great year 2018 will be a good one- sounds like you’ve nailed down what you want for 2018.
I need to be more patient, think mindfully before I react- great reminder 🙂
Thanks for the, comment GYM!
There is no secret 🙂 – just lots of learning and improving as we go through it. I’ve found communication to be key though.
The original lesson I had was “think twice, speak once” from a teacher in 6th grade. It stuck out for me ever since. Thanks again for reading. – Mike
Nice goals Mike!
I always believe that taking care of your personal health should always be a priority. It’s hard to go to work, blog, spend time with family, etc., if your body isn’t healthy. I believe the only reason I am able to sleep as little as I do and be able to work as much as I do is because I always focus on my body’s health. By eating the right things and working out routinely, your body will pay you DIVIDENDS later:)
Good luck in 2018!
Thanks Sean! Yes, taking care of ourselves is not only really important, but it can also drastically impact other areas of our lives.
Funny that you mentioned eating the right things…this is where I’m trying to be more consistent. It’s a little after 9:00am on a Sunday before a workout in 2 hours, and I’m wanting to pound down half a bag of chocolate chips…I said “no” but I can’t promise anything after my workout 🙂
Thanks for the comments and good luck to you as well. Thanks for reading. – Mike
That’s HILARIOUS!
I was literally having the exact same experience hahaha. I am about to go to my workout soon, but I couldn’t stop looking at the leftover pizze/chicken wings from last night…I was so tempted to eat it all before I left.
Good luck to you in your workout today!