My 2021 Financial Plans #FinancialGoals2021
This is my post for entry into @theycallmedan's #financialgoals2021 initiative. Learn more about how you can participate here!
This post is more focused on strategy and overall plans than goals, however, my overall goals could be summed up as to protect my main retirement savings while working to grow holdings in cryptocurrency.
Retirement Savings
My main nest egg is my 401(k) that I have been growing over my career. I have been contributing the max and have been 100% in stocks for nearly all of my career. My 401k has grown nicely and should provide for a comfortable retirement on its own when the time comes.
Regarding plans for this year, I moved everything to a fixed return (basically 0%) just before the Covid-19 news hit. I got back in temporarily during the run back up, but am back in a low risk position as I do not believe the true impact of the virus has been accounted for in the market. I will keep an eye on things and likely get back in to the market when things calm down a bit. I may miss out on some profits but I think there is too much risk in the market right now.
Trading Stocks
I also have a self directed retirement fund that I trade stocks in. My best advice to you in trading stocks is don't listen to me. I've not done well at all. But my recent returns have been fairly decent. I have taken to selling covered calls on new-ish high tech growth stocks that I believe in. I will buy a few 100 shares, then sell short term (like 1-3 week) covered calls a bit above the current price. I plan to continue this approach in the coming year.
Real Estate
I haven't really been investing in Real Estate. I do have a couple of "rentals" but I'm not currently earning anything from them as I'm letting my two kids live in them for free to help them out. I look at it like giving them their inheritance early and I don't have to worry about them moving home. LOL. While I'm not earning income I got great prices for both of them and they have appreciated in value a lot since I purchased them. My oldest may move out at some point and I can sell that house for a very good profit.
I'm also looking to buy some lakefront property in Florida as my retirement home. I will have to take a loan out for now, but will pay it off early when we sell our current house in a few years.
Crypto
This will be the big change for me from last year. Going into the New Year last year I had just been earning a little bit of BAT using the Brave browser but have really gotten the crypto bug and have all kinds of plans for this year.
I'm planning to continue to mine using my DIY mining rig and cloud based contracts. I'm currently holding all the DIY mining rewards in my BlockFi account. The cloud mining I'm still re-investing into more mining for the next several months and then will start taking a part of the earnings.
I have started a small account to trade crypto and plan to try and grow that account. I am looking to get small chunks of several up and coming projects that appear to have a sound project behind them. I hope to get some good ideas for that right here on LeoFinance.
I hope to earn a good bit of Leo and Hive blogging and curating in the coming year. My dCity has grown a far bit and will also contribute a fair bit of passive Hive as well.
As my crypto earnings grow I will continue to re-invest the earnings. I'm thinking I will split the earnings between increasing Etherium and Bitcoin holdings at BlockFi (20%), powering up Leo and Hive (30%), growing my dCity (30%), and speculating in the crypto market (20%). I will also be keeping my eyes open for other good opportunities to invest in and will likely send some of my non-crypto earnings into the mix as well.
One last investment worth mentioning is an investment of time and effort to develop some of my ideas for Hive. I have started a Hive community but have yet to do much with it. With the holidays over I plan to invest a fair bit of time getting it off the ground with plans to eventually develop an associated app and website and plan to purchase an associated Hive token.
Happy New Year To All
I hope your off to a good start in the New Year and are making good investment decisions and plans.
Did you prepare a 2021 Finiancial Plan post too? If so, drop the link in the comments so I can go check it out.
Image sources: Cover pic from @theycallmedan's post, the rest from unsplash.
Posted Using LeoFinance Beta
