My annual financial planning process goes like this,
1. Create previous year’s budget reflections
2. Create goals for next year, considering long-term goals
3. Create budget for next year based on previous year’s budget results and goals
4. Tax planning
I have already completed by 2008 budget reflections last week and now I’m ready to take a look at my goals for 2009. My long-term goals are also important, which I wrote about here.
Goals are a very important part of personal financial planning, as JD from the popular personal financial blog www.GetRichSlowly.com likes to say, “The road to successful personal finance is paved with goals”.
Last year I wrote my first ebook, “Save Money Homeschooling”, and even though it’s targeted at a niche market, I was able to sell quite a few through my marketing efforts. In 2009, I would like write at least two additional ebooks targeting personal finance.
Here are my ideas for the titles of my next two ebooks,
1. “Tightening Your Belt”, How to Survive the Next 10 Years of Financial Hardship”
2. “Save Money Budgeting”, How a Budget Can Help Save Your Family Money”
If you would be interest in reading these ebooks or have another topic that you would prefer, please let me know in the comments.
I would also like to write at least two more article series next year. This year I wrote three article series.
If you have other topics that you would like me to write an article series about, please let me know in the comments.
I would also like to start public speaking. I think the need for personal financial information with respect to understanding the economy is only going to increase next year. The question is, “How does one get started public speaking?”
My plan is to start at my local Church. There is a growing need for someone to start holding public discussions about what is going on with the economy. I think there are several people at my Church that would be more than interested in coming to a few meetings to hear what I have to say about the economy. Starting at Church also has the benefits of starting with a small audience (perhaps under 20) and the benefit of personally knowing some of the people (perhaps they will ignore my mistakes) and the benefit of working out the kinks of my material.
I realize that I’m not the best public speaker, but I also see this as an opportunity to accelerate my writing career. These days anyone can write a book or a blog, but unless you have a viable marketing strategy to create a brand or a reputation, you have little chance at becoming a full-time writer. Public speaking is one of the best ways to get out there are tell people who you are and what information you have and how that information can help them.
To get my speaking skills warmed up, I’m planning to teach a series of discussions at my Church for 6 weeks starting in January. After this series, I will consider my next steps. Perhaps I could give this series again at other Churches in the area. One thing could lead to the next.
I plan to read at least 20 books in 2009, related to business and financial planning.
In the global economy you cannot stop learning new skills or the world will run you over. The world is quickly catching up to the US educational system and is already producing more scientists and engineers.
The recession is going to put an end to the complacency that has cursed the current generation of youth. I started working when I was 14 years old, sweeping floors for $1 per hour. My first paycheck was a $20 bill. Today, I see many teenagers that haven’t even thought about getting a job or what they are going to do for a living.
Complacency and a decade long booming economy has stifled the spirit of motivation to succeed - to do something - to be somebody. We need to rekindle the flame within the generation of youth today, so that they dream dreams of building future companies.
We need our leaders to say – “Wake up people”. We need people to get desperate about their situation and realize that they need more education to compete in the global economy. We cannot demand high salaries with high-school diplomas’, competing against China and India engineers. Education has got to be a lifelong process and commitment for everyone, because the world is changing too fast to let your education get stale.
Reading and studying is the way to gain confidence, reduce risk, find leverage and go after opportunities.
In 2009, I plan to grow my business revenue beyond my cost of living (financial independence), so that I no longer need to depend on my income from my job. To achieve this goal, I will need to create a few more income streams.
I have two business ideas that I’m planning for 2009, but finding the time to implement them is going to be difficult. To get everything done, I will need to hire a few people or contract some of the work out. The good news is that the increase in unemployment will help me find high quality workers with the right skills for the tasks that I need completed.
The economy is reeling from the recession and it’s time for entrepreneurs like me to take the steps to create new businesses that will help rebuild the economy and get people working again. I invite you to read along with me as I attempt to reach these goals.