I have to admit it. My 28th birthday is quickly approaching. And for me that means that it's time to evaluate the goals I set last year and make new ones for the coming year. I've never liked the New Year's Resolution practice, not sure why, probably because it always annoyed me when people would ask what mine were (and it seems like most people forget about them by the end of January anyways). So instead, I started setting my yearly goals on my birthdays.
Last year I got a little carried away and ended up extending my financial goals out to cover the next 3 years (until my 30th birthday). You can see the 3 year chart below.
My 27th year goals:
- Mortgage at $127,800
- Net income (including 401(k)) of $50,000
- Net worth of $140,000
- Maintain an emergency fund of $7,500 in an online account
- Start a blog
- Obtain a reliable car
- Do at least 1 push up/pull up everyday
How did we do?
- Due to our refinancing we blew this goal out of the water and had to reset the goals for the next two years. We attained our goal amount on June 1st (7 months in) and we ended the year with a mortgage value of $122,770.47.
- Our net income including my 401(k) investments ended up being $55,760.73 this year due to some unexpected incomes. Beating our goal by $5,760.
- Reaching a net worth of $140k is the one that I was the most worried about. We had just barely broke the $140k mark way back in April but then bought a car for $10.5k a few days later. Then we were on track to be over $140k by the end of September but just before we made it the stock market dropped and made me very worried about being able to make it. Thankfully the market came back strong in October and boosted us to break $140k on October 9th. We then ended the year at $144,637.47!!!
- This was more of a check-list item of something that I just needed to get around to doing. So in late April I opened an online savings account with GE Capital because they were offering an interest rate of 1.05%. Then it was just a matter of sitting back and hoping that no emergencies happened to need to use this. We actually ended up putting an extra $1,500 that we had planned to use for a new car but didn’t need in this account to cover the costs to replace a vehicle in the future. Goal accomplished.
- For a while I went back and forth on whether or not I would actually go through with this goal but I officially started this blog and accomplished this goal back on Sept. 11th.
- At the time we only had one car that was 18 years old and left a puddle of oil everywhere we went. The odometer and speedometer didn’t work very often so I don’t know how many miles it had on it but it had to have been well over 200k. But we ended up buying a car in April.
- This was a goal that I set to make me get into a daily routine. I have to admit that I did miss 16 days, most of which were either right at the beginning or while we were traveling and my routine was thrown off.
Next year: goals to attain before I turn 29.
- Mortgage at $115,000. This means that we have to pay down at least $7,770 in principle.
- Net income of at least $52,500 including my 401(k) contributions.
- Reach a Net Worth of $172,000. I think this one will be a stretch but if the markets perform nicely we can do it.
- Climb Mt. Kilimanjaro!
Here is a screenshot of what my goals looked like, keep in mind that most of the Projected and To-Go values are formulas that calculate according to the current date.
I’ll keep you updated as we are able to accomplish these goals. And would like to encourage you to come up with goals that you would like to accomplish before your next birthday as well.