I’m not sure what I’ve been doing lately, but apparently, people are lovin’ it.
Thanks for all the well wishes, the emails, and messages in the past few weeks. Since attending a blogging conference in October, I’ve seen the number of subscribers on Distilled Dollar increase each day — with many individual days breaking the record for the # of subscribers on my site.
If you’re new to my site and my message, you can familiarize yourself quickly with my Start Here page. Thanks again for being a part of this community and for your support as I distill personal finance topics into useful tidbits for your use.
Let’s jump right into today’s topic!
How does one prepare and plan for an entire year?
Of course, when it comes to preparing, there is a subtle difference between planning and preparing. Hint: preparing is more useful than planning.
Biologically, I’m incapable of doing much without breakfast, let alone my morning coffee. So, how do I go about preparing for an entire year?
I dream big.
“Make no little plans, for they have no magic to stir men’s blood.”
– Chicago Architect Daniel Burnham
How I’m Preparing for 2018 with Bolder Financial Goals
Preparing is a tricky word because it involves planning, thinking, and strategy. When I first wrote my list of 17 strategies we used to save $50,000 in 2016, I started off the list with my #1 tip – to truly give a damn.
Imbedded in this philosophy is a simple concept — dream big.
For me, 2018 will be the biggest dream I’ve ever dared to take on. I hope you can agree the goals are ambitious, but I can promise you, I am mentally preparing for a big year.
I’m essentially, “burning the boats,” as the old saying goes.
Specifically, there are 3 bold financial goals that require much of my planning efforts:
- Donate $100,000 to Charity
2017 is the first year we may save 100k, but for 2018 we want to flip the switch and focus on donating money instead of saving money.
In fact, we will be volunteering a few weekends in 2018 towards learning more about the various needs and wants of these helpful organizations. My fiancee has even made a pledge to volunteer her time two days a week next year towards supporting animal shelters.
- Spend $100,000 on my audience
In 2018 I will be hosting my first big live event. It will be near the end of the year and I plan to have at least a couple hundred people attend. To pull off such a grand event, I will need to spend quite a bit of money — hiring staff, building the infrastructure, etc.
My goal is to change the financial lives of thousands of people – ideally, helping them escape the same terrible cycle of living paycheck-to-paycheck that tortured me and my fiancee at the beginning of our relationship.
Once you break free from those chains, I don’t plan on leaving people hanging. The full goal is to help people achieve the same results we managed. From paycheck-to-paycheck to saving over half our income.
With such high savings, we felt in control of our financial destiny, we became happier, and we, counter intuitively, began living a richer lifestyle. This same result is what I want to achieve for thousands more people in 2018.
Outside of the big event mentioned above, I plan on smaller excursions with spending for the audience. For example, I will be giving away a $1,000 cash prize to whoever can come up with the best book design.
Yes, I’ll be writing a book in 2018 and to get the wheels started early, I’ve already spent weeks now hashing out an ebook.
One Bold Financial Goal I plan on not tackling:
- Eliminate $100,000 of debt
The debt here is from our student loans. Technically, we are below $100,000 but I like the theme of round numbers here and simplified with ‘eliminate $100,000 of debt’. If we include credit card debt, then the number is probably above 100k.
Why do we keep our student loans? For new readers to Distilled Dollar, you’ll find my full reasoning explained in two articles:
Instead of letting the loans sit and pay them off on their schedule, there will be a slight effort towards refinancing our loans. I refinanced my student loans back in 2016 to great effects, and I will be doing the same with my fiancee’s student loans in 2018. To date, her credit was poor due to some rather nasty events – including a large fraud scam — but I know her credit has improved tremendously since.
The How behind the Why — How We Will Achieve These Goals
My “3 Guiding Principles to Saving $100,000” post from last week provided the template I will be using to achieving these goals, aka the VIP Model – Values, Investments, and Processes.
To get a jump start on that big 6-figure donation, I will be releasing my first ebook and donating the proceeds towards local animal shelters in Chicago. To be fully transparent, I do not know if one organization will receive one check or if there will be multiple checks for a few, but I plan on giving away 100k in an effort to support those who care for animals. I believe the ebook will help me pursue a win-win between my audience and my personal goal of donating to what I view as a good cause.
I do not expect the ebook revenue to come close to $100,000 so I will need to donate revenue I generate on Distilled Dollar next year.
In an effort to identify what my audience wants to read more about in a more-detailed and polished ebook, let me know what topic you’d love to see from me:
The idea of donating to charity is still very new to me, so please leave a comment below if you have any recommendations on how best to provide financial support to charities. For starters, I’m focusing on meeting the right people, understanding their missions, and making sure the money will be put to good use. I am making a personal pledge to learn more about this activity in 2018 and hope to donate more as the years go by.
As for spending $100,000 on my audience in 2018, I’ll be sure to include all the expenses as they come up, but the few details above should provide a bit of a framework.
Conclusion and Next Post
Thanks for reading this week’s post from Distilled Dollar. I’m aiming to expand to two posts a week soon so let me know below what topics you want me to cover next.
Also, a big thank you as last week’s poll had 50 responses! That’s a new record for my two-week poll system, and I highly appreciate all the feedback.
Thanks again for reading and let me know what you thought of today’s post in the comments below. I aim to read every comment and respond – so let me know: A). would you give a large amount to charity if you could? B). Are you planning for 2018 with bold financial goals of your own?