Are you all set with your financial goals for the new year? I’m typically not one for setting very specific goals, but to keep track of my progress and stay motivated and accountable, I’ve put together a list of what I aim to accomplish next year.
Grow My Net Worth by 30%
In 2012, my net worth increased by 20%, which was lower than the previous year, so I’m feeling ambitious this year. Although I’m hesitant to publicly track my net worth due to safety concerns in Guatemala, if you’ve been following me, you can probably guess. Part of this growth will involve paying off at least $20K in debt through other goals listed below and making minimum payments on my 2.29% UK mortgage.
Increase Blog Income by 5 Times
Considering my blog was started in 2012, the income was decent, especially since many blogs don’t make money in their first year. My goal for 2013 is to earn at least five times more.
Sell My Cattle by End of March
My cattle investment is currently quite profitable. I need to hold onto it for another few months, even though I’ll need significant cash to develop my 90 acres of land. I plan to find other income sources to avoid touching this investment until at least March.
Recoup Land Development Costs
I have a small house in Guatemala with 90 acres of land that I’m starting to develop next month. If everything goes as planned, the sales should recoup the initial costs, allowing me to keep the rest of the land at no cost.
Pay Off $10K Credit Card by June
I have a 0% balance on this credit card, and I don’t want to transfer it to another 0% deal, so my goal is to pay it off by June.
Pay Off 7% Consumer Loan
This loan was taken for investment purposes, so it’s not necessarily bad debt, but I don’t like it hanging over my head. I took a break from payments last summer, and I plan to eliminate the $9K balance by the end of the year.
Travel Back to Europe
I’m planning a month-long trip to Europe around May, budgeting $2500, including flights.
Trip to the US
Although I used to criticize Guatemalans who traveled to Miami just for shopping, I now understand their reasoning. Quality clothing, household items, and tech goods are hard to come by here, and buying them in the US is cheaper than having them shipped and taxed. I plan to buy a laptop and will need to leave the country for immigration purposes anyway, so the combined cost of the flight and shopping in Miami will be about $1500.
In Summary
These goals are pretty ambitious. Coming up with $25K to pay off debt and travel, while also investing heavily in land development and growing my net worth, means one thing: I need to sell some land quickly! However, no one will buy until we start the development, which has initial costs (architect, streets, water well, electric wiring) of at least $25K each. The good news is that we paid cash for the land, so we don’t owe the bank anything, which provides some security for investors.
We’re planning to price the plots at around $15K for 1500 square meters (over 16,000 square feet), targeting foreigners looking to live a simple life in the sun or retirees wanting to spend their winters here. Some friends have shown interest in buying and holding for future appreciation, especially since the road will soon be paved and the region is growing quickly. It’s a beautiful place, but until we have signed contracts, nothing is certain.
Imagine this: for $15K, you get a piece of land where you can build a basic two-bedroom house for around $30,000, creating a dream holiday home for less than $50K! It’s just a quarter mile from the lake and 30 minutes from the international airport, supermarkets, and other conveniences, so I think we’re pricing it very competitively. I’ll start the marketing early this year too.
What are your financial goals for 2013?