At the beginning of the year, I set several financial goals and planned to update my progress every couple of months. Here’s my first review.
Two months have already flown by!
My primary financial goal was to increase my net worth by 30%. However, purchasing a car, a boat, doing over $12K worth of work on the house, and making repairs on my rental property made the start of the year quite expensive.
I don’t include the car in my net worth, nor do I adjust the value of the house with these upgrades; I see those as living expenses. Also, currency fluctuations, with the Euro appreciating and the Pound Sterling and Dollar devaluing, have shifted things a bit.
Considering all that, my net worth has gone up by 2.5% so far. It’s a bit behind schedule, but I expect most growth to come from selling our 90 acres of land, which we haven’t started on yet.
My second financial goal was to pay off $25,000 of debt used for various investments in past years. I’ve already paid off a $9,500 loan in January and made $750 monthly payments, totaling $11,000 so far. I’m on track. Additionally, I have over $10K on a 0% interest credit card that ends in June, which I aim to pay off by September through regular payments.
Here’s a quick rundown of other financial goals:
– Pay off the $10K credit card by June: I have the money in my account, earning $40/month in interest while the 0% period lasts. PASS
– Pay off my $9.5K 7% loan: PASS
Other Financial Goals:
– Sell plots on our 90 acres of land to recoup the purchase price: We have some interested buyers, but nothing confirmed yet. Plans are evolving to develop a more popular area at the back and a premium section with lake views. The delays from the architect in delivering site maps are complicating the sales efforts.
– Not sell my cattle for extra money until the end of April: PASS The cattle are still thriving on the ranch, and I have enough cash to keep them there until April.
– Achieve five times more blog income: PASS I’ve already made 5.6 times more than the last quarter of 2012 in just two months. New goal: Aim for 25 times more income than last year.
– Take a trip back to Europe: The money is in my account, though I’m still deciding on the travel dates. PASS
– Take a trip to the US: This goal is ongoing. After buying a car, I have funds for either this trip or the Europe trip, but not both.
Overall, I’m quite pleased with my progress. Once I pay off my 0% credit card in June, the only significant debt left will be the rental mortgage, which is exciting. I’m confident I’ll meet my savings goal, but now it’s time to focus all efforts on the land development to achieve the 30% net worth increase goal!
How has 2013 been treating you so far?