My 2020 Financial Recap & Goals for 2021

2020 has been quite a lousy year, what with Covid-19 and all. We’ve all trudged through it and somehow survived. With news of vaccine rollout, I have a bit of optimism going into 2021.

After reading FigureRinggitOut’s post, I decided to do a reflection on my own personal finance journey.

Good Things

  • Managed to slowly pare down personal unproductive debt from a high of around RM20,000 to around half of that now
  • Mental health improved as no longer actively managing failed business venture
  • Bought new apartment with the wife near my parents’ place. So looking forward to a place I can truly call my own home
  • Got a starter health insurance for couples – check out my AXA eMedic review

Bad Things

  • Still having lots of personal unproductive debt
  • New apartment gonna take a big chunk out of my salary
  • Still don’t have significant emergency savings
  • Failed venture still exists as legal entity, so there’s unfinished business there

Goals for 2021

I’m putting this out publicly to hold myself accountable and to give a concrete target to work towards.

  • Kill off personal unproductive debt – Around RM10k++ remaining
  • Have zero credit card debt by 31st December 2021
  • Reduce number of credit cards in possession
  • Have RM10,000 saved up as emergency savings
  • Save and invest an average of 25% of my take-home pay monthly without fail
  • Save $10,000 to start my USA growth stock portfolio
  • Close down failed business venture and move on

I’m not sure if I’m being too ambitious, but I’m gonna try anyway. I’m forecasting a 20% bump in salary due to change in paygrade next year. The only downside is, I don’t know when that will take effect (government machinery is tremendously slow when it comes to salary) so it might put a dent in my plan.

Here’s to a more positive and richer 2021! Do share what’s your personal financial goals for 2021 below.

2 thoughts on “My 2020 Financial Recap & Goals for 2021


    Hi Mr. Ian Bong, I would like to ask ofr your recommendation. I am planning to go into US stock. Which broker do you recommend? Thanks in advance

    1. Ian Bong Post author

      There are really a lot of different US brokers. It depends on your style – either trading (many active trades) or investing (fewer trades). Personally I am using eToro, they charge zero commission for unleveraged trades and also support fractional shares for US stocks. Sign up here and get $50 extra upon your first deposit and $100 worth of trade within first 30 days of your deposit.


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