I recently set a new personal finance goal, which was to have $300 of monthly passive income by the end of this year. So why this goal and not stick to a more standard goal like reduce debt by $X dollars or increase investment portfolio to $50,000. Well because I believe the passive income goal supersedes these goals. This does not mean that I don’t have a budget or an investment plan; it’s just that there is little point in budgeting and investing activities if I didn’t have a target as to what the final result of all this money management would have for me. In fact setting a passive income goal means that I can work backwards to know what my budget and investment targets should be. (Read More)