Money and Finance
I've made some good progress through the first 3 months of the year, but it's still early in the year and there's always more to work on.
So far in 2012 I've been very pleased with my budgeting efforts. The 70% take home savings rate has been great and really helped. The great thing about my job is that I don't spend much money since I'm gone from home a lot and aren't as tempted by draws of my money. That coupled with a high monthly pay has helped me average over 70% savings thus far. With the halving of our cable bill that could help push me to the less than $1,600 in minimum expenses. The rest of the budgeting goals that I've tried to focus on have given mixed results. I'm disappointed in my restaurant spending being above my goal and by a significant amount. While the restaurant spending is disappointing, I am very happy with the progress I've made on grocery and miscellaneous spending. However, if you don't know where you're at you can't know the path you need to get where you're going. I'll be focusing more on cutting back my restaurant spending in the 2nd quarter to hopefully push that average down.
I can't wait for July/August to get here so all the money that I'm spending on debt service can go towards making money for me. If the markets cooperate through April then I could pass the $100,000 net worth but that will be a tough feat since wedding payments are coming up. That's a huge step and it's crazy to see the change since July 2010 when I had a -$1,663.30 net worth and have pushed that up to $98,548.08 so far. Obviously I've been there through the whole process but it's still amazing when I look back on it and inspiring to see the changes that can be made in a short time.
My investing goals are behind across the board, but I knew that coming in to the year. That's why I set lofty goals to push myself to reach them. I'm not sure the $1,000 in dividends will be acheived this year but the target annual income will hopefully hit that point. Once the debt is gone that's an extra $2,500+ that will be going towards investing and that will definitely go a long way. I could probably push the dividends received if I was focused solely on the amount received but since the long-term goal is more important than the short-term I'll be looking for the best opportunities at the time. The YOC is another where I don't think I'll get to. That's mainly due to the fact that my ESPP shares get transferred to my brokerage account and due to the tax laws it doesn't make sense for me to sell them yet. Currently I have 30%+ of my portfolio dragging down the rest since it's YOC is 1.23%. I won't be reinvesting those dividends because they can be put to much better use elsewhere.
The max out of the 401k is lagging right now and will be highly dependent on how much I work. I'm pretty set on keeping my contribution at 10% and with the matching (5%) and profit sharing (4%) that's effectively a 19% for my 401k. I'm actually considering reducing my 401k further to where I receive the full match so I can have more money in my pockets and devoted to my financial independence. If I can reach my goal of retiring at 40 then I'll need as much money not locked up in my 401k. My ROTH IRA is currently on track to be fully funded but I haven't started one yet for my fiance. She's wary of investing and I'm trying to get her on board that it's not that scary and can actually free you of worry.
As far as the personal goals, my weight loss and workout is severely lacking. I'm attributing that to usually working in the middle of nowhere and not having daylight after my shift is over. Thankfully with the time change I now get 2-3 hours of sunlight to be outside. I know a lot of it is still motivation and I'm thinking of ways to try and keep myself on track. The blog posts have been coming pretty frequently so far in 2012. I'm currently averaging close to twice my goal. I fully intend to keep that up. I've been trying to build up some pre-written posts for the times when I just can't get around to making new posts.
All in all it's been a good 1st quarter and promising for what else is to come. I hope that everyone else has been making good strides toward reaching they're goals.
- 2013 Goals - 3rd Quarter Update
Somehow the 3rd quarter has already passed us by and we're almost done with the 1st month of the 4th quarter. Really? I'm a bit late on this, seeing as how the 4th quarter is quickly passing by but it's time to look back to see where I'm...
- 2013 Goals - 1st Quarter Update
I can't believe the 1st quarter has already come and gone. Now that the 1st quarter is done, it's time to look back and see where I'm at on the goals that I originally set back in January. 2013 Budgeting Goals - 1st Quarter Results Goal...
- 2012 Goals - 4th Quarter Update
2012 is now in the books so it's time to check up on how my goals went for the year. Overall I'm very pleased with how the year went although there's still some things I need to work on in 2013. Without further ado, let's check the...
- 2012 Goals - 3rd Quarter Update
Well, another quarter has come and gone so it's time to see how the 3rd quarter went. The first three quarters of this year have been great for me financially and let's not forget personally. I got married the middle of this year and can't...
- 2012 Goals
My ultimate goal is to be able to retire by 40 by replacing all of my income with dividend payouts. I have a long ways to go but am working on making progress towards it. Budgeting goals for 2012: Average 70% after-tax savings rate Average less than...
Money and Finance
2012 Goals - 1st Quarter Update
I've made some good progress through the first 3 months of the year, but it's still early in the year and there's always more to work on.
| Goal | Actual through 1st Quarter | Status |
|---|---|---|
| 70% take-home pay savings rate | 74.23% average savings (Jan 74.51%, Feb 73.09%, Mar 75.10%) | Exceeded Goal |
| Less than $1,600 required expenses | $1,655.81 average (Jan $1,694.02, Feb $1,682.70, Mar $1,590.72) | Needs Improvement |
| Reduce Misc. Expenses by 20% (Exp. < $131.62 per mo) | $133.68 | Close but needs improvement |
| Reduce Restaurant Expenses by 20% (Exp. < $128.12 per mo) | $164.45 | Needs Improvement |
| Reduce Grocery Spending by 10% (Exp. < $214.07 per mo) | $188.59 | Exceeded Goal |
So far in 2012 I've been very pleased with my budgeting efforts. The 70% take home savings rate has been great and really helped. The great thing about my job is that I don't spend much money since I'm gone from home a lot and aren't as tempted by draws of my money. That coupled with a high monthly pay has helped me average over 70% savings thus far. With the halving of our cable bill that could help push me to the less than $1,600 in minimum expenses. The rest of the budgeting goals that I've tried to focus on have given mixed results. I'm disappointed in my restaurant spending being above my goal and by a significant amount. While the restaurant spending is disappointing, I am very happy with the progress I've made on grocery and miscellaneous spending. However, if you don't know where you're at you can't know the path you need to get where you're going. I'll be focusing more on cutting back my restaurant spending in the 2nd quarter to hopefully push that average down.
| Goal | Actual through 1st Quarter | Status |
|---|---|---|
| Pay off all debt | Paid off 39% of debt | On Target (Should reach in Jul/Aug) |
| $100,000+ Net Worth | $98,548.08 | On Target (Should reach in 2nd quarter) |
I can't wait for July/August to get here so all the money that I'm spending on debt service can go towards making money for me. If the markets cooperate through April then I could pass the $100,000 net worth but that will be a tough feat since wedding payments are coming up. That's a huge step and it's crazy to see the change since July 2010 when I had a -$1,663.30 net worth and have pushed that up to $98,548.08 so far. Obviously I've been there through the whole process but it's still amazing when I look back on it and inspiring to see the changes that can be made in a short time.
| Goal | Actual through 1st Quarter | Status |
|---|---|---|
| Receive $1,000 in dividends | $108.49 received (On target for ~$450) | Needs Improvement |
| 3.00%+ YOC for Brokerage Account | 2.41% YOC | Needs Improvement |
| Surpass $100,000 in all investments (Brokerage, Roth IRA, 401k...) | $84,049.94 ($20,354.56 increase thus far) | On Target |
| Max out 401k | $3,042.57 contributed | Needs Improvement |
| Max out Roth IRA's for myself and my fiance | $1,300 contributed | Needs Improvement |
My investing goals are behind across the board, but I knew that coming in to the year. That's why I set lofty goals to push myself to reach them. I'm not sure the $1,000 in dividends will be acheived this year but the target annual income will hopefully hit that point. Once the debt is gone that's an extra $2,500+ that will be going towards investing and that will definitely go a long way. I could probably push the dividends received if I was focused solely on the amount received but since the long-term goal is more important than the short-term I'll be looking for the best opportunities at the time. The YOC is another where I don't think I'll get to. That's mainly due to the fact that my ESPP shares get transferred to my brokerage account and due to the tax laws it doesn't make sense for me to sell them yet. Currently I have 30%+ of my portfolio dragging down the rest since it's YOC is 1.23%. I won't be reinvesting those dividends because they can be put to much better use elsewhere.
The max out of the 401k is lagging right now and will be highly dependent on how much I work. I'm pretty set on keeping my contribution at 10% and with the matching (5%) and profit sharing (4%) that's effectively a 19% for my 401k. I'm actually considering reducing my 401k further to where I receive the full match so I can have more money in my pockets and devoted to my financial independence. If I can reach my goal of retiring at 40 then I'll need as much money not locked up in my 401k. My ROTH IRA is currently on track to be fully funded but I haven't started one yet for my fiance. She's wary of investing and I'm trying to get her on board that it's not that scary and can actually free you of worry.
| Goal | Actual through 1st Quarter | Status |
|---|---|---|
| Lose and keep off 20 lbs. | Lost 3 lbs. | Needs Improvement |
| Workout 3 x per week | Averaging 0 workouts | Needs Improvement |
| 2+ Blog Posts per week | 3.75 posts per week | Exceeded Goal |
As far as the personal goals, my weight loss and workout is severely lacking. I'm attributing that to usually working in the middle of nowhere and not having daylight after my shift is over. Thankfully with the time change I now get 2-3 hours of sunlight to be outside. I know a lot of it is still motivation and I'm thinking of ways to try and keep myself on track. The blog posts have been coming pretty frequently so far in 2012. I'm currently averaging close to twice my goal. I fully intend to keep that up. I've been trying to build up some pre-written posts for the times when I just can't get around to making new posts.
All in all it's been a good 1st quarter and promising for what else is to come. I hope that everyone else has been making good strides toward reaching they're goals.
- 2013 Goals - 3rd Quarter Update
Somehow the 3rd quarter has already passed us by and we're almost done with the 1st month of the 4th quarter. Really? I'm a bit late on this, seeing as how the 4th quarter is quickly passing by but it's time to look back to see where I'm...
- 2013 Goals - 1st Quarter Update
I can't believe the 1st quarter has already come and gone. Now that the 1st quarter is done, it's time to look back and see where I'm at on the goals that I originally set back in January. 2013 Budgeting Goals - 1st Quarter Results Goal...
- 2012 Goals - 4th Quarter Update
2012 is now in the books so it's time to check up on how my goals went for the year. Overall I'm very pleased with how the year went although there's still some things I need to work on in 2013. Without further ado, let's check the...
- 2012 Goals - 3rd Quarter Update
Well, another quarter has come and gone so it's time to see how the 3rd quarter went. The first three quarters of this year have been great for me financially and let's not forget personally. I got married the middle of this year and can't...
- 2012 Goals
My ultimate goal is to be able to retire by 40 by replacing all of my income with dividend payouts. I have a long ways to go but am working on making progress towards it. Budgeting goals for 2012: Average 70% after-tax savings rate Average less than...