Financial Independence Milestones

MilestonesWhen the TOL’s are at our respective places of employment, we are usually given tasks, projects, or assignments to complete by our supervisors or bosses. These tasks are usually given with a deadline to have the task completed.  We find that the best way to complete a given task is to break it up into sections and as you complete the individual sections, we mark them off as complete and move to the next section.  To us these are called “milestones”, and we cannot move on to the next “milestone” until the previous one is completed.  When they are all met and checked off, we are then able to turn in our assignment to our bosses fully completed.

This is how we have decided to approach our road to financial independence. We are not relying on just a wish and a dream, but a detailed list of milestones that we check off that will notate our progression towards FI.  We can also pull this list up and look at where we have come from and how far we have to go.  I believe this will motivate us to stay the course and never give up.  Each time we are able to cross a milestone off the list, we know that we are one step closer to the independence that we greatly desire.

We have broken our milestones down into individual areas of our finances, social media and blog activity.

Consumer Debt Milestones:

  • Credit Card 1 paid off; (Achieved 1/29/2016)
  • Credit Card 2 paid off; (Achieved 3/15/2016)
  • Optima paid off;
  • Camry paid off; (Achieved 9/28/2016)

Mortgage Milestones:

  • Mortgage paid down to $75,000;
  • Mortgage paid down to $50,000;
  • Mortgage paid down to $25,000;
  • Mortgage paid off;

Portfolio Milestones:

  • Total combined share count of all companies owned at 100;
  • Total combined share count of all companies owed at 500;
  • Total combined share count of all companies owned at 1,000;
  • Total combined share count of all companies owned at 2,500;
  • Total combined share count of all companies owned at 5,000;

Emergency Fund Milestone:

  • Accumulate $5,000 in cash for emergency funds; (Achieved 2/19/16)
  • Accumulate $10,000 in cash for emergency funds;
  • Accumulate $15,000 in cash for emergency funds;

Passive Income Milestones:

  • $500 in 12-month forward passive income;
  • $1,000 in 12-month forward passive income;
  • $5,000 in 12-month forward passive income;
  • $10,000 in 12-month forward passive income;
  • $25,000 in 12-month forward passive income;

Monthly Passive Income Milestones:

  • Receive $50 in passive income in one month; (Achieved 6/21/2016)
  • Receive $100 in passive income in one month;
  • Receive $500 in passive income in one month;
  • Receive $1,000 in passive income in one month;

New Life Portfolio Value Milestones:

  • Portfolio value of $5,000; (Achieved 2/26/16)
  • Portfolio value of $10,000;(Achieved 6/03/16)
  • Portfolio value of $25,000;
  • Portfolio value of $50,000;
  • Portfolio value of $100,000;
  • Portfolio value of $200,000;

New Life Portfolio Cost Basis Milestones:

  • Portfolio cost basis of $5,000; (Achieved 2/26/16)
  • Portfolio cost basis of $10,000;(Achieved 6/03/16)
  • Portfolio cost basis of $25,000;
  • Portfolio cost basis of $50,000;
  • Portfolio cost basis of $100,000;
  • Portfolio cost basis of $200,000;

Blog Post Milestones:

  • Total of 25 blog posts; (Achieved 3/11/16)
  • Total of 100 blog posts;
  • Total of 200 blog posts;
  • Total of 300 blog posts;

Website Longevity Milestones:

  • Tradeourlife.com up and running for 1 year;
  • Tradeourlife.com up and running for 2 years;
  • Tradeourlife.com up and running for 3 years;
  • Tradeourlife.com up and running for 4 years;
  • Tradeourlife.com up and running for 5 years;

Retirement Accounts Milestones:

  • Total of all retirement accounts to $75,000;
  • Total of all retirement accounts to $100,000;

Net Worth Milestones:

  • Net Worth of $100,000 (Achieved 2/14/2016)
  • Net Worth of $200,000
  • Net Worth of $300,000

Total Assets Milestones:

  • $250,000 in total assets;
  • $300,000 in total assets;
  • $400,000 in total assets;
  • $500,000 in total assets

Debt Elimination Milestones:

  • Total debt below $100,000; (Achieved 9/28/16)
  • Total debt below $75,000
  • Total debt below $50,000;
  • Total debt below $25,000;
  • Debt free!;

Twitter:

  • 500 Twitter followers; (Achieved 7/13/2016)
  • 1,000 Twitter followers;
  • 2,500 Twitter followers;
  • 5,000 Twitter followers;

Trade Our Life Facebook Community Followers:

  • Trade Our Life Facebook Community up to 100 followers; (Achieved 9/25/16)
  • Trade Our Life Facebook Community up to 250 follower;
  • Trade Our Life Facebook Community up to 500 followers;
  • Trade Our Life Facebook Community up to 1,000 followers;
  • Trade Our Life Facebook Community up to 3,000 followers;

So there you have it. We will update this post every time we reach a special milestone.  There are a few things I want to clarify on some of the goals that may seem redundant.

  1. The difference between “PORTFOLIO VALUE” and “PORTFOLIO COST BASIS” is “PV” deals with market value of the portfolio, whereas “PCB” deals with the cost basis, or the actual dollar amount invested. I can invest $100 in a stock with 10% yield, providing me with $10 a year in dividends. But if that $100 in stock soars to $10,000 in value, I am still earning $10 a year.
  2. The “EMERGENCY FUND” milestone deals with one specific savings account where we keep cash. This cash is not investable, but strictly for emergencies.
  3. The dividend milestones deal with what is expected to be received and what is actually received. In 2009, General Electric (GE) holders were expecting a .31 cent dividend payment, but actually received .10 cents due to a dividend cut. We understand that the going forward dividend amount may not be what is actually received, and that is the reason we have split the two up.
  4. We consider Twitter followers important to us. We enjoy the interactions we have with other bloggers in the FI community and financial experts. We have learned so much from you all, and as the number grows, we see that we are interacting more. We enjoy interacting with people who have the same vision we hold and look to encourage them as they encourage us.

Check back with us and keep an eye out as we check off each goal achieved as we reach the ultimate milestone:

FINANCIAL INDEPENDENCE!




10 thoughts on “Financial Independence Milestones

  1. […] we wrote a blog post detailing our milestones that were to be checked off as we progress through our... tradeourlife.com/milestone-achievement
  2. […] we wrote a blog post detailing milestones that we want to check off as we progress through our journ... tradeourlife.com/milestone-achievement-2-crossing-over
  3. […] of you who have been following us you know that not too long ago we wrote a blog post detailing mile... tradeourlife.com/milestone-achievement-3-emergency
  4. […] TOL’s really love crossing these achievements off of our Milestones list.  As we strike through e... tradeourlife.com/milestone-achievement-7
  5. […] process, and you have to find ways to keep yourself motivated.  That is what we have done with our ... tradeourlife.com/milestone-achievement-8
  6. […] 14 companies, which cover 8 of the 11 stock market sectors.  We are inching even closer to another ... tradeourlife.com/may-2016-dividend-update
  7. […] 14 companies, which cover 8 of the 11 stock market sectors.  We are inching even closer to another ... tradeourlife.com/may-2016-dividend-update
  8. […] has been a long while since the last Milestone the TOL’s accomplished.  The most recent was Miles... tradeourlife.com/milestone-achievement-9
  9. […] milestone is a bit different than most of the other milestones that we have set, as it does not cove... tradeourlife.com/milestone-achievement-10
  10. […] are glad to announce we can scratch another milestone off of our “To-Do” list we call our Milest... tradeourlife.com/milestone-achievement-13

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