One year older and wiser too. My 29th birthday recently passed. 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.
Two years ago I got a little carried away and ended up extending my financial goals out to cover 3 years (until my 30th birthday). Now that I’m two years in and setting goals for the third year I’ve had to adjust the original goals a bit because most of the original were already accomplished or looked like they wouldn’t cause us to stretch ourselves to accomplish them.
Last year’s evaluation can be found here.
My 29th year goals:
- Mortgage at $115,000
- Net income (including 401(k)) of $52,500
- Net worth of $172,500
- Summit Mt. Kilimanjaro
- Do at least 5 push up/pull up everyday
How did we do?
- Mortgage at $115,000 - This goal was originally set at $124,830 but due to our refinancing I could tell that we would blow this goal out of the water and had to reset the goals for the next two years. We attained our goal amount of $115,000 on May 1st (6 months in) and we ended the year with a mortgage value of $109,298.20.
- Net income (including 401(k)) of $52,500 - Our net income including my 401(k) investments ended up being $61,245.75 this year due to some unexpected incomes. Beating our goal by $8,745.75.
- Net worth of $172,500 - Reaching a net worth of $172.5k is the one that I was the most worried about. Since our net worth is effected by the movements of the stock market so much it is hard for me to predict where we might be at a year out. Due to our stocks returning us a little more than anticipated over the summer we were able to attain this goal on July 13th and hold onto it for the rest of the year even though the market took a downturn at the end. Going forward I’ve set the goal to have a 20% increase in net worth year over year since the past two years have followed that pattern. It will be difficult but I think it’s doable with appropriate market performance. Our net worth ended the year at $182,429.81, up $37,812.59 over last year.
- Summit Mt. Kilimanjaro - Done!!! When I set the goal I was still sitting on the fence as to whether or not I was going to be able to go to Mt. Kilimanjaro with my family this year. But setting the summit as an official goal helped motivate me to push a little harder to make it a reality. I’ve put together a rather large post about the trip but haven’t finished it yet, so look for that in the next month or two hopefully.
- Do at least 5 push up/pull up everyday - This was a goal that I set to make me get into a daily routine. I have to admit that I did miss 8 days, most of which were because my nightly routine was thrown off for some reason.
Next year: goals to attain before I turn 30.
- Mortgage at $97,000 – This goal was originally set at $121,215 but after our refinance I dropped it to $100,000. Recently however I determined that we would be able to reach that goal too easily so I dropped it yet again to make us have to work for it a bit. This means that we have to pay down at least $9,298.20 in principle. Doable but it will require that we stick to the game plan.
- Net income of at least $60,000 including my 401(k) contributions – This goal was originally set at $55,000 but after a coming in over $61k last year I decided that I probably better up the goal to at least $60k even though I don’t see where I’ll have much wiggle room for error. Looks like I might start trying to actually make money off of this blog ;)
- Reach a Net Worth of $228,037 – I think this one will be a stretch but if the markets perform nicely we can do it. This would require an increase of $45,607 over the next year and represent a 20% increase. I need to be hitting this 20% mark year over year if I’m going to stand a chance of hitting my 10 year goal that I had set to have $1,000,000 by age 37 (huge stretch goal).
- Investments above $150,000 – I have set the goal of having a portfolio worth $780k (this includes all accessible cash, investments, and 401(k)) by the time I turn 37 – 10 years from the time I started these goals. In order to track how we are progressing towards that goal I computed the rate that this would need to increase at in order to be on track to hit this 10 year goal we will need to end this next year with more at least $150,000 in investments.
- Finish reading the Bible cover-to-cover – The actual goal was set last January that I wanted to read the Bible cover-to-cover at least once every decade of my life. And since I had done this twice as a teenager I needed to finish it for a third time before turning 30. This gave me almost 2 years to get through the whole thing. I’m almost half way (Job 23) with 1 year left which means that I need to average 2.5 pages per day to accomplish.
- Find a new career path after 6/1/2017 – I don’t love my job or even the type of work/career path that I’m in but my goal had been to stick it out until I was fully vested in my 401(k) so that I can collect the full company match that they’ve been feeding into it. I have another 6 months before I’m fully vested and can then allow myself to begin actively looking for a new opportunity.
- Do at least 10 Push-ups/Pull-ups each day – This is one of those check the box type of goals that makes sure that I’m at least doing something physical each day. Sometimes I do more (like when my wife is around) but as long as I’m doing at least my 10 then I consider it a success.
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.