2014 Goals and Update

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:

November Update

  1. 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!
  2. Enroll in MBA classes.  PASS.  I will be taking 2 accounting classes this spring!
  3. 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.
  4. 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!

2014 Goals

Rather than do monthly goals, I am going to establish annual goals and provide monthly updates on my progress.

  1.  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.
  2. 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.
  3. 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.
  4. 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:
    1. Deadlift = 110 –> 155
    2. Squat = 88 –> 125
    3. Bench Press = 60 –> 75
    4. 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?

Posted in Goals
2 comments on “2014 Goals and Update
  1. Shana Duffy says:

    You asked so here you go:

    2013 Successes

    Paid off one credit card and produced no more debt.
    Got out of an awful job and into a better one that allows me to work from home.

    2014 Goals

    1. DEBT FREE! I will be debt free by October at the earliest, December at the latest! I have some miscellaneous debts to pay off and then the big ones like credit cards and student loans.

    2. Open a Roth IRA account. Goal for subsequent years will be to contribute regularly to this account.

    3. Save to go back to school in either January or August. For this I will also have to study to take the MAT or GRE. So far the MAT sounds easier to study for so I think I will be going that route.

    4. FITNESS: Already most of the way through a progressive Winter Series. Started with a 3.3 mile race, missed the 4 mile race due to a trail running accident, then had a 5 mile race this past Saturday. The final race is in about two weeks. My first ever 10K. Want to work up to doing a Half Ironman in 2015.

    Next races: Two Duathlons
    April 12th- 4k run, 12 mile bike, 4k run
    May 10th- either 5K Run, 34K Bike, 5K Run or a shorter option of 1.2 Mile Run, 18K Bike, 5K Run

    Two Triathlons:
    June 7th and August 30th
    Hoping to do Sprint on the first one and Olympic on the second

    • Niki says:

      Those are great goals! With starting school, do you mean January/August 2015 to start, with the goal of taking the MAT/GRE in 2014? David did a Half Ironman in Wisconsin last year, let him know if you have any questions. Maybe you can both plan to do the same one in 2015 and we can make it a mini-vacation (I can say that b/c I won’t be spending 8 hours doing physical activity).

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