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Long term versus Short term goals

Posted by RohailR | Posted in Entrepreneurship, Investing, Personal Finance | Posted on 12-04-2006

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One of the reasons I’ve decided to start this blog is to make it easier for me to follow up on the goals that I have set for myself. These consist of several short-term, medium-term, and long-term goals and are as follows:

Short-term

Set up merchant account to allow credit card purchases on CampingCook.com
Start thinking of other niches that I could get into to further my online presence.
Link to other blogs.
Look for ways to promote my online business.
Look for a good web designer for one of my bigger upcoming projects.
Read Think and Grow Rich.
Read as many books on start-ups as I can.
Have at least $1000 a month coming in from my business ventures by the end of summer.

Medium-term

Become a “yopo” or young professional on okdork.com
Have at least 4 different sources of income, balanced for diversification.
Pay off student loans within 3 years of graduation.
Accumalate at least $1,000,000 $3,000,000 in assets by the age of 27.

Long-term

Create as many investment vehicles as possible and generate positive cash flow each month.
Save as much as I can towards retirement.
Retire by the age of 35.

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Comments (2)

Eliot Wasmund said on 16-04-2006

You’re a smart guy. You should set your goals higher. $1,000,000 by age 27? With a good idea, that could be done in one year, and I’m sure you could do it.

Also, if you want to read a great book on startups (or so I think), I’d recommend the textbook Venture Creation by Jeffry A. Timmons.

Also, in regard to your long-term goals, I think you might be missing out if you’re simply looking to create as many investment vehicles as possible. You should link this to a monetary amount rather than to some abstract goal that may or may not meet your financial requirements.
RohailR said on 16-04-2006

Hey Eliot,
Nice to know I have a fellow ye.com user checking up on my blog lol. You’re definitely right, I should set my goals higher. From now on, its either go big or go home. Thanks for that. Venture Creation sounds like a great read. I also read your post about Richard Branson’s book and I’m looking forward to picking up a copy. Hm I see what you’re saying about creating as many investment vehicles being an abstract goal. The two definite investment vehicles I plan to have include investing in the stock market and real estate. As for the others, those depend on my future entrepreneurial endeavors. If I were to link a monetary amount to these vehicles it would be at a minimum ROI of the following: $73,369.08 return a year compounded 10% each year for 17 years so as to reach a minimum of $3,000,000 by age 35. Thanks for the great input Eliot :)

-Ro

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