Yesterday I had written my review for 2009, in which I had identified quite some pros and cons for the year. Today, being the last day, I want to focus on 2010, and my commitments. As I had written in the article Good Intentions for 2010 – Personal Change Management not to focus on too many items simultaneously, I will keep my list short.

A start towards financial independence

My main goal for 2010 is to start working on being financially independent. I remember many conversations I had with friends about this topic, and many books I read in 2009. But I always had been very reluctant to actually get active. As I discovered in the book Rich Dad, Poor Dad, the main reasons in my case are:

• Fear to lose money, or to fail in my attempts
• Laziness to put thoughts and dreams into action
• Bad habits

I know that there is still a lot of knowledge I lack about being financially independent; I don’t know much about real estate; I don’t know much about buying or starting up a business, let alone how to run one; I don’t know much about simply identifying business opportunities and doing something with it.

However, what I do know something about is stocks and options. I know the basics of fundamental analysis, technical analysis, and how the market works. I had traded some stocks and options in the past, and honestly I have no idea why I quit doing it. I still remember it as being fun and thrilling. I took 2009 as an opportunity to “dry trade” using online simulation programs, and my results were really not all that bad. So, I have decided I will start again to invest in stocks and options in 2010. I will start with small amounts, perhaps only a few hundred dollars per trade, to see how things work out for me, and gradually increase the invested amount. The good think about the small amount is, that if I lose everything, I know I can start all over again next month with my next salary paycheck.

In a nutshell: I will monitor the market carefully, and initiate a trade when an opportunity arises. I will focus on high-risk investment opportunities (mainly options) in the beginning, and involve stocks when the invested amounts get larger. I will use 2010 to acquire a sound basis towards my financial independence, both through experience as well as through reading books and visiting seminars.

Reduce careless spending

On one occasion I had spent my money rather carelessly; in 2009 I traveled 10 times, costing me around 4,000 Euros on transportation and lodging throughout the year. This is the main result for my negative balance over 2009, and definitely too much. Generally I am happy with my spending habits as they are, I had a chance to optimize this at the end of 2008 / early 2009, but I want to reduce travel to a maximum of 1,500 Euros per year. This should result in a positive balance by the end of 2010, omitting any income from stock investments I might have.

Change my apartment

I will actively be on the outlook for a new apartment. I rented my current apartment as an emergency solution since I broke up with my former girl-friend… and that was 4 years ago. I have been living here since, and I am convinced I deserve a larger, more modern place to live. My new apartment shall be in a central area of town, and the rent may be 100 Euros than what I pay now (my current rent is extremely low). I believe a new place with fresh furniture will increase the quality of my life.

I have to admit, there are some more things I have on my wishlist, which I have not written down here. But as it says, it is a wish list, not as “must” list.

What are your commitments for 2010?

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