Would anyone like to share their financial goals for 2021?

[teetee]

I'm still working. My goal is to spend as little as possible and keep myself healthy as much as possible.

 

[Gumby]

Time to start a newsletter! I'm at least semi-serious but YMMV

My guess is it's all or mostly TSLA.

 

[HawaiiShrimp]

My guess is it's all or mostly TSLA.

Tesla alone won't do it.

 

[HawaiiShrimp]

Time to start a newsletter! I'm at least semi-serious but YMMV

Newsletter? Probably not. I like to remain anonymous. Hidden wealth is fun. I can share the sequence of events that leads me here if you are interested. Ask questions if any of the acronyms don't make sense. Here we go:

00: Made $14k from part-time programming job (sold to buy a car) Big financial mistake. I was young & stupid. Landed a tech guy before Tech bubble burst. That's a lucky one. I lost about $10k in stocks market.

02: Saved $35k to buy my 1st home $320k. Didn't have enough down payment, so I needed a 2nd mortgage.

02 to 05: Read Value Line. Bought stocks: TECK, FPL, PEP, XOM, MPEL, NFLX, CVX, RDS, NVDA, EXEL, MSFT, AAPL, IPGP, GOOG, etc (Sold some, still kept some today). The best return so far is still NVDA: 30x return.

06: Sold condo & made ($100k+). Started renting again (for 5 yrs). Tried to find a way to short the housing market, but didn't know how. Told my friends to withdraw money from Countrywide, Chase and Washington Mutual because I knew they will go down. Chase didn't.

07 to 09: Not much, continue to invest. Buy some stocks when I have some cash to spare. Hold on tight and tried to buy cheap. Best buy ever: Bought more MPEL at $2.7 (intraday lowest price), later sold that $42 (intraday high). I was very lucky with that one. I expect the housing market to go down even more, but it didn't. Government bailout and Fed's helicopter changed the course. I didn't anticipate that. My mistake there.

10: Bought a primary residence. And a rental with 10% ROI annually (paid cash)

11 to 18: Trimmed down individual stocks and buying index funds

19: Tesla happened

20: That's where I'm today

Note: Just trying to capture the best I can; don't yell at me if anything looks off. I go by memories here. Hope it helps.

If I'm allowed to give some advice, it will be the followings:
1. Read Peter Lynch's book: One Up on Wallstreet
2. Read Millionaire Next Door
3. Don't spend more than you should. Prioritize saving and investing first.
4. If you have a Winning stock, don't sell it too early. Let it run its course.
5. Be patient. Don't get too excited when the stock price goes up and don't get too panicky when it goes down.

Cheers!

 

[luckydude]

Tesla alone won't do it.

Time will. You now have what I call critical mass. Even with a relatively modest 7% nominal return annually, you will get there in 15 years.

Lucky Dude

 

[HawaiiShrimp]

Time will. You now have what I call critical mass. Even with a relatively modest 7% nominal return annually, you will get there in 15 years.

Lucky Dude

Thanks, Lucky Dude. I will keep praying for a smooth ride. I sincerely wish everyone a happy FIRE here as well. Cheers!

 

[kaudrey]

Well, we've hit our financial goals overall, so....my goal in 2021 is to retire (DH is already retired).

 

[Octogirl]

My goals for 2021:
To spend more on travel (when it is safe)
To spend less than income
To delay Social Security another year..
To give more to charity.
To convert some tIRA to Roth.
To explore solar options for primary home