On January 1st, I set a number of financial goals and plan to provide updates every couple of months throughout the year. Here’s the third review.
My main financial goal was to grow my net worth by 30%. So far, I’ve spent over $40K on house renovations and land development but haven’t adjusted the value of those assets yet. As I mentioned in a previous update about my unfortunate hotel investment, the true value isn’t certain until someone is willing to pay your price. I haven’t added any potential returns from that investment either, so there hasn’t been a drop in my net worth. Since January, my net worth has increased by 7.5%. Although this is slightly behind my target, it’s still a significant increase, and I expect most of the growth to occur in the second half of the year when I sell some plots on my 90-acre land.
Another goal was to pay off $25,000 of debt used to finance various investments over the past few years. I’ve made significant strides, paying $9,500 to close a loan in January, $750 in capital each month, and $7,700 on a 0% credit card in June, totaling $21,700. I still have a $3,000 balance at 0% interest until December, with the money already in my account earning interest. With normal monthly payments, I should meet this goal by the end of the year.
OTHER FINANCIAL GOALS
Selling plots on the 90-acre land to recoup the purchase price is an ongoing process. We have interested buyers, but we can’t proceed until the property is divided into 260 plots. The council is taking its time processing our application. Once approved, we can sell, though it might take up to six months to get the final deeds. Buyers are willing to proceed with just the council’s approval, but we prefer to wait.
Regarding the goal of not selling my cattle for extra money until the end of April, I sold the cattle in mid-April, not for extra money, but because it was very dry and they would have lost weight without enough pasture.
In terms of blog income, I aimed to earn 5, 25, or 50 times more than I did in 2012. This goal was revised on May 1st, and here’s the cumulative income so far:
– January: 1.11 times
– February: 6.06 times
– March: 12.15 times
– April: 16.85 times
– May: 21.21 times
– June: 27.1 times
Blog income in 2012 was only for Q4, and things have really picked up since February, so it looks like we are on track with this goal.
For my travel goals:
– I took a trip back to Europe, spending four weeks in France in May. PASS.
– I’m planning a trip to the US and might look for last-minute deals in September or consider another trip to Europe to enjoy my bike. I used to travel a lot in my early 20s but haven’t done much since moving into my new house and don’t miss it as much.
NEW GOAL: MAKE $3K ON MAKE MONEY YOUR WAY
I’ve launched a new website, Make Money Your Way, and the goal is to make $3K from it by December 31st. This goal is ongoing.
CONCLUSION
Not too bad! I’m very happy with the online income and considering investing the proceeds, though I’m not sure where yet. See you in two months!
HOW IS 2013 TREATING YOU?