Got any financial resolutions for 2016?

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Replied by FrankN on topic Got any financial resolutions for 2016?

In today's age there are a lot of options for passive income. Websites like penny hoarder always post good articles on ways to make some extra side money. You can also go to Upwork and try to find some side consulting work as well.
3 years 5 months ago #1

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Replied by patse on topic Got any financial resolutions for 2016?

I'd love to hear more about a passive income stream.

My financial goals are easy, save more money this year. I spent way too much money last year on silly and unnecessary items. I want to try to beef up my savings account again. Easy right?
3 years 6 months ago #2

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Replied by FrankN on topic Got any financial resolutions for 2016?

That is a great way to slowly increase your savings. I agree you eventually will have to stop, but if you slowly increase your savings you really won't see the incremental money going out of your "spending" category.
3 years 6 months ago #3

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Replied by FrugalFran on topic Got any financial resolutions for 2016?

For the past several years, my financial resolution has been to increase investing and decrease spending. I keep adding just a little more to how much I invest and save. I usually only increase it by one or two percent a year, but in just a few years, I've gone from saving 25% to saving 30%. Eventually I'll have to stop that, though, otherwise I'll be trying to live off of peanuts. :P
3 years 6 months ago #4

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  • Egghead
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Replied by Egghead on topic Got any financial resolutions for 2016?

I am still looking around for the best passive income options. In my opinion the best choices are things that don't require lots of outlay, like buying property to rent as someone else mentioned. I know that to be successful in this arena will take effort, which is fine, but I would rather take the chance on a spotty income than make a major financial investment.

I was thinking about starting with Amazon, as an affiliate.
3 years 7 months ago #5

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Replied by Breakinger on topic Got any financial resolutions for 2016?

I've heard of a passive income stream, but I don't know how to get started. I have a friend that has a lot of rental property, but he also has enough income to purchase these properties. I don't really have any extra income to give to get started. What would you recommend?
3 years 7 months ago #6

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Replied by 2darnbroke on topic Got any financial resolutions for 2016?

It's not so much a matter of flexibility, although that can be helpful. I re-evaluate and adjust my goals if needed because sometimes I reach them faster than planned, which tells me I set the bar too low. I write things down because it's been proven that people who have a written plan have a tendency to meet their goals more often that those that do not write them down.
3 years 7 months ago #7

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Replied by Wanderer on topic Got any financial resolutions for 2016?

Like your approach! You set annual goals and re-evaluate at three month intervals as may be needed to reflect life. Much like life, we can only control so much and we need flexibility (at least I do).
3 years 7 months ago #8

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Replied by 2darnbroke on topic Got any financial resolutions for 2016?

I don't do New Year resolutions anymore. I used to try, but in most cases, they fall by the wayside by February. I do set annual goals for all the aspects of my life and then write out my methods for reaching those goals, then I try to follow my plan. I re-evaluate this plan about every three months to adjust as needed.
3 years 7 months ago #9

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Replied by djames on topic Got any financial resolutions for 2016?

Passive income streams are ideal but harder to do than it sounds, usually. What kind of thing are you planning to do or are you just investigating this type of income right now?
3 years 7 months ago #10

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  • Egghead
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Got any financial resolutions for 2016? was created by Egghead

I am not generally very good at keeping wild resolutions I make at the end of a year when it comes to food or exercise, but I do think making some plans and goals which are related to finances are worth the effort.

This year I want to lay the foundations for a passive income stream. I've been reading abut this recently and it seems a viable way to provide a supplemental income for the long term.
3 years 7 months ago #11

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