I started two years ago. My initial goal was to build recurring income. I wanted enough to cover expenses, as an initial goal.
Achieved that. But I saw I was vulnerable to sudden expenses, or a temporary decline in business. So I wanted an emergency fund.
Achieved that. But then I realized I had student loan debt that I would soon have to pay interest on, as I was earning more money and wouldn't qualify for debt relief in the near future.
Had a really good autumn and achieved that. Then I noticed that I might have to pay more taxes, because my previous tuition tax credits may run out in 2013.
Achieved that, which brings me to the present. I only achieved much of that savings through tutoring. I charge a high rate, but it's not scaleable. So now my current goal is increasingly recurring revenue so that I don't have to sell my time directly.
Why am I writing this? At each one of these stages, I had the feeling "If I just achieve this goal, I'll have enough". It was a silly belief in retrospect – it would have been obvious to an outsider that I still had challenges to overcome.
Yet presently, I have the feeling "if I double my recurring income, I'll have enough". But I'm certain that once I achieve this goal, I'll see another reason I ought to earn more. Probably the next goal will be "if I just achieve X, I can make work optional by age 33" or "if I just earn X, I won't have to worry about the cost of airfare for trips".
I can attest that life IS better now that I've met the goals I listed above. I remember having lots of worries about money that have mostly dissipated. I haven't increased my lifestyle, and have been trying to keep "freedom" as the main goal for earning more money.
But the whole process feels shockingly short-sighted. It's as though I'm incapable of imagining how I will feel if I am earning $X or have saved $X.