Wow, did time get away from me during the Holidays and my writing suffered. Also, big update that I changed jobs in mid-December! I’ll be posting more on that later, but know that it did make for the past couple months being busier than I expected.
Well, I’m back on it and wanted to provide an update on my last goals and set some up for 2014. Here we go:
- Save 60%+ of my income. FAIL. With holiday expenses and tuition, my savings took a bit of a hit for the end of 2013. I ended at saving 50% for November and December. It’s funny that I now consider that a fail, while I used to think that anyone saving 10-20% was doing a great job. Oh, how the goal of financial independence changes you!
- Enroll in MBA classes. PASS. I will be taking 2 accounting classes this spring!
- Roll over my old 401(k) plan. PASS. These funds were put into my Traditional IRA at Lending Club. Currently looking at a 13% return….not too shabby.
- Do at least 2 home workouts each week. Semi-Pass. This goal was set as both a way to ensure I utilize my home equipment, but also (and more importantly) so that I gain strength. The gym at my new office has the equipment I need to do the lifts, so this is a semi-pass in that I’ve done the workouts, but not as many at home. I’ll still count that as success!
Rather than do monthly goals, I am going to establish annual goals and provide monthly updates on my progress.
- Reach 100k in net worth. The all-elusive six-figures! I’ll be including checking, savings, and all investment accounts. I will exclude the un-vested portions of my employer’s match. I don’t own any property (except for a car, which I don’t count towards my worth), so that should simplify things. My hope is this will be done around October.
- Keep “miscellaneous” spending to $300 per month. My budget includes rent, cell phone, fuel, groceries, and gym. Everything else goes to miscellaneous. This is where I’ve spent most of my money in the past, and I’m working on being more conscious of these purchases.
- Track spending. I’ve had a mint.com membership for a long time, but have never done a great job of classifying my spending. I’d like to provide an overview on my annual spending in December, and that will require regular review and classification of transactions throughout the year.
- Increase lifts. I’m working on increasing my strength (and decreasing my body fat in the process!). The plan is to focus on 4 major lifts doing a 5×5 program. Below is my current lift, followed by my goal:
- Deadlift = 110 –> 155
- Squat = 88 –> 125
- Bench Press = 60 –> 75
- Strict Press = 50 –> 63
How did you do in 2013? Anything you would change if you could? Any big goals for 2014 in your financial life?