Just 11 months ago I started on this journey towards financial freedom and I'm so excited I started it when I did. Its hard to believe that the beginning of 2016 I didn't even have this account or any idea of how I would be choosing to save my money. It really motivates me to see that I was able to grow my Independence Fund from nothing to a grand total of $22,795.
I started the Independence Fund with a dream and a goal of one day becoming completely Independent from the need to work. By building up my passive income portfolio, I will one day be able to be completely free from the need to work and I will be able to survive on purely dividend Income.
I had some great accomplishments in 2016 and this is only the beginning. Last year I received $377.44 in dividend income. I made some amazing purchases also and I now have 10 amazing companies that I hold my portfolio. I have been able to maintain my high savings rate and do some amazing moves in my finncial life to continue to fuel my fund.
February 2016 was the month that I decided to put all of my tax return and some extra I had into my Fidelity brokerage account. This momentum continued every month and I was able to aggressively save everything I could and put it towards my Independence Fund. I was able to beat my yearly goal of having a portfolio total of over $20,000 by the end of 2016. I have set a new goal for 2017 to have a total portfolio total of $50,000. Now I know this is an aggressive goal but I feel I will have no problem breaking this since I have 12 months to hit this goal as opposed to the 11 months I had in 2016 from whence I started my Fund.
I ended up receiving dividend payouts from 4 companies in December which added an extra $86 of passive income to my portfolio.
From where my Fund now stands at $22,795 I only need to grow my account by $27,205 this year. Now I know for sure I will be receiving $960 in passive dividend income next year which now puts me to a total portfolio growth of $26,245. When all is said and done I will need to grow my fund on average by $2,187 per month. With the help of market growth also I feel that I will have no issue hitting this goal since I had on average a monthly growth rate of $2,080 last year.
Not only did I beat my yearly total portfolio fund goal but I also beat my other two goals that I set for myself. I had set a goal for myself to have a yearly total passive portfolio income of $800.
I'm very pleased to announce that my yearly passive dividend income now sits at $960.73 per year! I'm so close to breaking the $1,000 per year dividend income milestone also. I will definitely be breaking that milestone in January and I'm very pumped for that day.
I did some hard thinking and I wanted to set an aggressive anticipated 2017 yearly dividend income goal and I feel that $1,800 is a very doable yet aggressive enough goal to set for myself.
I also set a goal for myself to own at least 10 companies In my portfolio. This allowed me to diversify my funds and reduce any risk of loss that I might incur. it also allowed my to spread out my dividend income so I would have a steady stream of dividend income per month. now I don't want to go over board and own so many different companies that I can't keep up with everything but I do want to diversify my portfolio even more and spread out my passive income so I receive a more consistent and constant rate of dividends.
I definitely feel that I set the bar higher for my fund goals this year as opposed to last years. I really wanted to try to push myself and not worry about the fear of not hitting my own goals. Whatever gains I achieve in my account growth will be a positive reflection and if I don't end up hitting my 2017 total fund goal I will not let it discourage me. at the end of the day I'm doing more than most americans do for their financial independence and I'm already super satisfied with the progress I have made.
All I can say is that everyday is exciting for me and the fund. I'm so pumped and motivated to watch my account grow and I'm already looking forward to my very first purchase of the year! This next purchase I will be making will be from a watch list I have had my eyes on for a few months now. I'm getting closer and closer to the day that I will have my fresh capital ready to go.
I already know that this will be an amazing year for the stock market and I will be counting down the days as I get closer and closer towards my overall fund capital goal of $50,000. I still have a lot of hard work and a ways to go but I can feel it within my grasp. It will be a very big milestone for myself and it will set me up for an even bigger one as my Fund nears the big $100,000 mark.
If someone would have told me a year ago that I would have over $20,000 in stocks I would have told them that they are crazy. So it really puts into perspective for myself when I actually accomplish my goals and I'm able to sit back and enjoy the progress I have made.
I also want to thank everyone who has been following my journey since I have started my website. I really write these articles for my own motivation. They really allow me to realize the success I have from month to month and allow me to really dig down deep and keep up the hard work. This website will also one day serve as the middle to my story on how I achieved financial freedom. I can finally start to see the reality of my goals and I believe that I can do anything I put my mind to.
I also hope that I have been able to inspire some and help show them the great benefits of dividends and saving money towards the future. I would truly love to hear from someone one day that I was able to inspire them and cause them to start own their own journey to financial freedom one day.
Hopefully everyone is having an amazing start to the ear of 2017 and we can all enjoy the progress we made and the accomplismets we hit in 2016.