2020 has been a year of hardship that nobody could have imagined (except for apocalyptic movie producers). Between the pandemic, political unrest, social unrest and more we're all happy to be looking forward to a better 2021.
In response to the economic hardships, the U.S. government is planning a third round of stimulus that may include $1,400 - $2,000 checks to all U.S. tax-payers. These direct payments seem to be the quickest way to inject money into the economy. For many people these payments will be a huge relief as they struggle to pay rent, buy groceries or keep the lights on.
However, there are many other Americans who are doing fine financially. In fact many people are doing better than they were before. If you find yourself in this group, you may be tempted to buy some new toys with that extra money. Maybe you've been eyeing a new flat-screen TV or maybe you've been wanting a new boat.
I'm here to tell you to not spend your stimulus money on frivolous things. At least, not yet.
Instead, pick out your desired purchase and decide that you won't buy it until you follow through on your 2021 goals for the first three months of the year.
You may not have had to earn the money by working a job - but you should earn the money by working your goals.
I don't know about your - but I have some big goals for my life. Things like
- becoming financially free through investing in multifamily real estate
- spending more time with my family
- giving away more money
I'm setting goals for myself to ensure that I'm making progress towards these goals. Life is too short to sit still.
So here's my example. I've been eyeing a toy... ahmm, I mean tool.... that will help me make better videos. It's called the Black Magic ATEM Mini. It allows you to switch between various camera views while you record or stream a video. This can reduce the amount of editing needed in post production. You can check out more details about this product here: https://amzn.to/3qmYyYZ
Although I could afford to make the purchase and I would be writing it off as a business expense - it is still a decent sized purchase.
So I decided that I will wait to buy the video switcher until I fulfill my goal for quarter 1 of 2021.
So what goal do I need to reach? I am committing to produce 1 video to YouTube each week. This is going to allow me to share my knowledge and experience with multifamily real estate so that others can be inspired and encouraged to take action in their own investment journey. This has been something I've meant to do but for some reason it's been a difficult goal to keep. I'm hoping that by having this external reward, I'll be more motivated to stick with it.
Let me know in the comments what your goal is for 2021 and how you are going to reward yourself if you reach it!