My 2023 Money Goals

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This is the digital nomad quest podcast with Sharon Tseung. teaching people how to build passive income, become financially free and design their best lives.

Unknown Speaker 0:14
Hey guys, it’s Sharon Tseung. And today we’re gonna be talking about my 2023 money goals. So in the beginning of the year, I like to set some goals so that I can create a plan for the entire year. But before we go into those goals, I kind of wanted to go over my 2022 money goals and see how I did I made a video before also, if you guys did want to check out my 2022 goals, you can see it in a previous video. But I’m just going to recap and see if I actually hit some of these goals. If you don’t want to hear the recap, I’m going to timestamp everything below so you guys can totally skip over to hear about my 2023 goals. So the first goal in 2022 was to move into our new place, we were able to accomplish this in January of 2022. Because we moved from the Bay Area to Dallas, Texas, we bought a home for $270,000. And we just had the most amazing time here. And I think every time I do something different and uncomfortable to align with my own values, it feels more freeing and more fulfilling. I was honestly starting to feel like my circle was kind of settling down kind of being hermits and I was ready to go out and have a good time. Some of my friends are starting families. I’m not ready for that yet. So I just felt kind of bored. I wanted more adventure in my life. I wanted to try a new city. And I felt like we’re young. So we might as well try somewhere new. And luckily, we made new friends. Like we have a friend who’s a content creator, his roommates, a content creator. So we hang out, we met his friends, we actually started going to this shuffle meetup. So we made new friends that way as well. So we’ve been able to integrate into Dallas pretty well. I also feel like they have good Asian food here, which I was worried about initially. But it’s been pretty good so far. And there’s just a lot more to do out here in my opinion. So I like to present these crazy ideas to move and do all these things. And I’m so glad my husband Sean is on board. Even if it takes some convincing, I think I’m just the type that likes more adventure in my life. So I’m glad he comes with me. Number two goal was to buy six or more units, we’re at 24 units. But in the beginning of the year, we actually bought a package deal of eight units. And we also bought another property in Texas. If you guys haven’t seen the videos on the $66,000 house, go ahead and check those out. That’s the property we’re talking about here. So now we’re actually at 33 units, which is amazing, the cash flow is amazing. So it’s been really helpful to create that financial freedom in our lives. Number three was to buy another Airbnb. Unfortunately, we weren’t able to do this. But we’re hoping to do this this year, the $66,000 home was supposed to be an Airbnb, but because of the city’s regulations, we weren’t able to make it into a short term rental. So always check the city laws to see if you’re able to do it. Number four is to finish the moldy house burr project. And we were able to do this basically, we bought it at $120,000. And then it was appraised for $330,000. So we got to cash out refinance was able to pay back for everything we put into the house plus an extra 30 to $40,000, which was amazing. And it allows us to scale our portfolio and have another cash flowing rental property number five was to hire a remote full time VA which I was able to do as well. So I have someone helping me out with kind of content ideas, as well as helping me kind of schedule posts and things like that. So it’s been really helpful for this content creation process. Shawn also hired his own VA as well. And I think it just makes a lot of sense to delegate and outsource tasks and gives you more time to focus on the tasks that are able to help grow the business. Number six was to build out certain courses, the tic toc course and the how to manage finances course we weren’t able to do this last year, but we have some courses that are coming out this year. So be on the lookout. I’ll talk more about this in the 2023 goals. Section seven was to do more active real estate didn’t get into that either. But I don’t think that’s something that we’re prioritizing anymore. As of this moment, especially when the markets are changing right now I’d rather be focused on a buy and hold portfolio number eight is to launch a private membership group. We actually hired a summer intern to help us with this, but we ended up not launching and now we’re kind of thinking do we really want to do this right now I mentioned it in the previous video that we have that financial freedom and we don’t want to like create these tasks for us where we feel like a lot of our time is sucked out. So that’s why we’re kind of putting this on the backburner. And I don’t think I’m gonna put this as a 2023 goal because we’d rather kind of focus on evergreen curriculum right now maybe in the future for the private membership group. But as of now, it’s not a priority number nine was to create a syndication or get more private money loans, we weren’t able to do this as well. But it’s also a shift in priorities, I knew that things were going to shift around a lot and that usually happens when your goal setting that maybe later on through the year it’s not something that you care about as much anymore. Well in this scenario, I actually really enjoy kind of keeping it small with Shawn so me and Shawn just invest together now where we don’t have to worry about what other investors think we don’t have to cater to them and kind of give them updates all the time right we can focus on the projects ourselves and just do what we think is best for it without having to worry about other people and retail was a vanity metric for the play button on YouTube. So get to 100k subscribers we’re pretty close. We’re not there yet, so did not accomplish this one number 11 was to 5x affiliate income numbers we have in

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Increase the amount we get from affiliates, but it’s not 5x. So I wouldn’t say this is complete either number 12 Better email system, we have finally actually created a strong email system, I think we can make it better. But I would say this one’s checked off because we have created a funnel finally for our course. And we’re actually keeping up with a weekly email sequence that we’re going to continuously update. And lastly, I put down systemized content. And I do feel like we have accomplished this because now when I film like my tiktoks, or my YouTube videos, it takes a shorter amount of time because we have people helping us with editing with research and content ideas as well. And I started using tools like notion and frame IO, which is really helpful for kind of moving projects along and my team just kind of goes in and helps with that. Alright, it looks like I was able to accomplish six of the 13 goals. So as you can see, I didn’t even get halfway there. But the idea was to shoot for the stars and land on the moon. And I think I really was able to do that. And I accomplished a lot, I think in 2022. Now let’s go over my 2023 money goals. So first off, I want to Airbnb this primary home. So you guys might be wondering what the heck, like you just moved here, you’ve only been in this Dallas home for a year. Well, we’re actually planning to move to Taipei for a few months at the end of the year. So around end of November to around maybe February or March, because we want to take a language immersion program, I’m going to go into more of those goals later. But we already booked a one way ticket. So it’s kind of a deadline for us to get this all going. So we thought that if we’re going to leave for a certain period of time, I thought it’d be more financially savvy to try to figure out how to rent out this place. We have a lot of gear here, which is kind of difficult, like this whole studio room with the YouTube setup. And we have multiple desktops that we play like video games on and stuff like that, like we need to figure out where to store those things. And that’s probably the biggest issue, we also need to find cleaners and a property management system, something like that. So we basically have the year to figure this out. But we were able to convert our bay area home into a midterm rental. And now we’re super hosts on Airbnb. So I figure we should be able to do the same thing with this home. And currently Dallas doesn’t have those restrictions right now where you have to do a monthly rental instead of a short term rental, so we could potentially get decent profits on this house. By the way, if you guys are interested in doing Airbnb, I did take Michael Alphonsus course really liked it, I’m gonna plug it in the description below in case you guys are interested in number two is to buy one more short term rental. So the idea is we wanted to buy a different place so that we can set up the Airbnb system. And then when we’re about to leave this house, we had already had the systems in place, and we can easily apply it to this house as well. So buying a short term rental is more to fuel our life goals. But also, I think it can profit pretty well here, we want to find something that works as a short term rental, but also a long term rental. So we want to be safe with it because you never know if the city’s laws are going to change. So if they end up doing that, we can still convert it to like a midterm rental or just a long term rental and possibly profit. So that’s why we got to be smart about which property we ended up buying. Right now the housing market has dipped a lot we see price cuts, we see properties on the market for a long period of time. So we actually are on the lookout for deals for this specific type of deal. Actually, number three is to launch rental ready finances. So we’re actually launching this course that helps people prepare their finances in order to buy their first property because we got a lot of comments saying that they’re having issues with their credit score, or with saving for the down payment. So we decided to create something for those people who are trying to get everything together. We spent many months on this course are planning to launch in January, it might be launched by the time I published this video. But I’m really excited to have more offerings in our repository for our audience. This is a course that I did talk about in 2022 that I wanted to create. But this one’s a little bit more geared towards people who want to buy their first property versus just a general personal finance course. But we’ll go over many topics like getting rid of debt, improving your credit, saving money, investing in the stock market and things like that. So we really hope you guys like it. Number four is to launch a workshop on creative financing. There are many different options aside from conventional loans to finance your property. So we wanted to create some workshops for people who are interested in that I would say creative financing is a bit riskier, but it can give you a lot of return. We did some creative financing with our moldy house burr project, for example, we got a private money loan, we paid them back with interest. And we were able to do a cash out refinance to pull equity out of the home. So we are advocates of learning more about creative financing. And I think people should learn more about it too. So we are preparing presentations right now around partnerships as well as around loans. So really excited to put that out there. Again, like I mentioned, I want to create more products for people who have different problems, because we get a lot of comments and questions about different struggles. So if we already have these products in place, our audience can just grab those and help them along their journey. Number five is to make 10 Plus affiliate videos on recommended tools, we now have a few set partners that we work with. So we’re kind of well on the way on this at the end of 2022. I talked to Shawn like Hey, I think it would be good if we figured out the different products that we really recommend and even reach out to those companies to see how we can work better with each other

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Other so for example, some of those companies gave us discounts that we can provide to our audience that I think will help them a lot on their journey. So that’s why we want to create more videos, more emails, obviously, affiliate marketing is a win win for everyone, right, it helps us in terms of commissions, but it helps the product owner as well to get sales and also helps our audience get a lot of value. So we’re gonna try to make more tutorials and things like that on our channels. Number six, we want to start a dividend portfolio, we always like diversifying. So that’s why we think it would be a great idea to start this portfolio and give you guys status updates and see how much we’re making in passive income through the dividends. This also leads into number seven to start a Fundrise portfolio. And I want to give you guys more status updates on that as well. We also want to kind of compare the performance of different portfolios, and you guys can see the progress and the journey, I think you guys do really enjoy when I document what’s going on with us and how our portfolios look. So that’s why I thought it’d be kind of interesting for people to see that we are also diversifying in different ways. And you guys can watch the status of it. Number eight is to make one to two new free webinars. So last year, we actually launched our first free webinar, we really enjoyed doing this. And we want to create more lives as well. So it’s kind of outside my comfort zone. But I really do think it provides value, and it’s also part of our email funnel system. So we’re gonna create more of these free offerings. And then this leads number nine that we want to make your long email sequences. So we did build a better email system last year, but we want to create it so that it’s evergreen and long, like one two year long sequences that tailor to people with different struggles, we’re going to try to figure out how to segment our audience based on the struggles they say they are having. And we’re going to try to make multiple email sequences that give value to them based on their struggles. This also leads into number 10, to get 200 email subscribers a day, I would say my number 10. And 11 goals aren’t very good, because these goals aren’t something I can really control. Like I mentioned, I like creating SMART goals. SMART goals are specific, measurable, attainable, relevant and time based. So you want to create goals that are relevant to your long term vision, as well as really specific into something that you can actually do. I think in this scenario, these are kind of out of my control, like getting 200 email subscribers a day, I can do all the work to do it. But if I don’t get there that is based off of if people actually do subscribe every day like that, it kind of gives me direction on the free offerings, I should create how I should work on this over the year. So I’m just gonna put this goal here, we’ll see what happens. And then number 11, is to get the YouTube play button. That’s something I had in 2022 that I’m moving back into 2023. Because I really still want this plaque. I just think it’s cool. But again, it’s not a very good goal. It’s not something I can really control. But hopefully by the end of the year, we’re able to hit that goal. That’s also talking about other life goals, I have to move to Taipei at something that I already talked about earlier that we’re planning to Airbnb this home, go to Taipei dual language immersion program. And we do want to Airbnb this because I think it’d just be a waste if we had a free house just sitting here, right? We want to rent it out if we can, that leads into number 13 to start taking a Chinese immersion class and I did actually look one up and they have classes in December to February I believe. So that’s the one we’re planning to sign up for. But enrollment isn’t open yet for that one. So hopefully everything works out when we sign up. All right, we’re down to the last goal. This is another life goal, not a money goal. But it’s to get better at music production and logic. I’ve been buying a lot of gear to work on this goal because it’s something that I used to do allies to make a lot of music, I used to create music videos and songs and things like that. So I want to get better at the technical side. So I actually did start taking Logic Pro lessons a few months back, I’m stopping for now, but I’m going to do it more online. And I just bought a bunch of software plugins, and I’m ready to make a lot more songs. So one of the life goals overall was to actually create an album that I’m really proud of. And this is going to help me towards that vision. Alright, so I hope you guys enjoyed this video on all of my goals and the recap of 2022. I like creating these goals to help me start the year off right so that I know exactly where I’m trying to go. And then I kind of work backwards. So the other day I actually broke down by month how I’m going to achieve some of these goals. Hopefully I do better than 2022 because I only hit six out of the 13. But I think a lot of it was a pivot in what I actually wanted to do with my life. And I feel like that’s pretty common that your goals may change and shift over time. So as you can see, a lot of this is honestly really tailored to achieving life goals and not just like grinding to hit certain money amounts. At this point. We are both retired we left the nine to five world and now it’s just about living our lives to the fullest. I hope you guys are enjoying these updates because I think it’s not just about grinding. It’s also about really enjoying your life. And that’s the whole point of this. So I hope you guys enjoyed this episode. Please make sure to rate review and subscribe. It really helps our podcast grow. And thanks again. I’ll see you guys in the next one.

Transcribed by https://otter.ai