I established this blog to document our journey towards Financial Independence. We will share our couple’s financial goals, personal finances, and our adventures along the way to achieve our goals in this blog. But What the Heck Is Mocha, Muffin and M&M Financial Goal? Also, who is Mocha and Muffin?

Before we could decide on our common financial goal, it is crucial to take a few minutes to write down our financial goals as individuals. Then, list what goals we have as a couple; we both are working together on building our family’s finances.

After we completed our exercise of writing down our individual goals, we noticed that our own financial goals heavily rely on our team effort rather than individuals. Let me explain to you how.

Mocha’s (her) goals:

Currently, my wife’s primary financial goal is not to be dependent on one source of income.

Create Multiple Sources of Income: My wife’s goal is to have multiple sources of income. She enjoys working at a public accounting firm and loves her current job; however, creating multiple income streams would give her an option to walk away from her current position if something happens. She would have a cushion to let her search for a job at her own pace rather than jump for the first open job. She feels more secure from having a portfolio of incomes, which means not being dependent on one source of income.

Muffin (his/my) goals:

For myself, saving money and establishing an emergency fund is my primary goal.

Put a Stash of money aside as “Emergency Fund”: Having an emergency fund would take away many of my money worries. I would have peace of mind knowing that I will always have savings if I ever get into a tight spot or a sudden emergency, such as an economic crisis or significant unplanned expenses. In the current situation of the market crash due to Covid-19, having an emergency fund has become emotionally tolerable, knowing that our survival isn’t at stake in this economic turmoil.

Mocha & Muffin (our) goals:

We have a few financial goals that we want to complete in the next two-three years.

Be a Homeowner: In the last few months, we have reflected our financial situation and analyzed various circumstances of “Buy Vs. Rent” (we will keep this analysis for another post). Our goal is to purchase a house in the bay area in a year or two. We prefer to pay a mortgage rather than rent.

In the last few months, we have reflected our financial situation and analyzed various circumstances of “Buy Vs. Rent” (we will keep this analysis for another post). Our goal is to purchase a house in the bay area in a year or two. We prefer to pay a mortgage rather than rent. Plan to Travel: Another goal we have as a couple is to save enough money to be able to travel a few countries in two-three years. Australia, New-Zealand, the United Kingdom, and France top the list of countries on our Dream Destinations.

Another goal we have as a couple is to save enough money to be able to travel a few countries in two-three years. Australia, New-Zealand, the United Kingdom, and France top the list of countries on our Dream Destinations. Have a Steady Active and Passive Income: We would like to have a steady stream of income, both passive and active, that will allow us to pay our bills, have enough to save, and also invest. Having a steady income would help achieve our goal of financial independence.

We would like to have a steady stream of income, both passive and active, that will allow us to pay our bills, have enough to save, and also invest. Having a steady income would help achieve our goal of financial independence. Get out of Debt: It is incredibly vital for us to get out of all our debt, ultimately except Mortage (if we buy a house). Luckily, we do not have any student loans, credit card debt, or any other personal obligations. The only debt we have is a car loan, which we are hoping to eliminate in less than a year.

We love saving money as much as possible; however, we do not save by sacrificing the quality of our life and time – we are not frugal people.

We are looking for ways that we can build our net worth, decrease our debt, increase our passive and active income, and reach our goals without having to micro-manage. We want to do anything we love rather than obsess over cents.