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Second Quarter 2018 Goals Update

Every quarter I’ll be reviewing how I’m doing against the goals I set for myself in 2018.

While originally thinking I would include this as part of my Net Worth Updates, these reports have been getting fairly long without adding another section to them.

This way I can also go a little further in depth about what I’ve done and am doing to accomplish these goals.

The first half of the year has absolutely flown by… where has the time gone!? Let’s see how those goals are coming along:

Financial Goals

Max out my 401k/HSA

Right now I’m on track to max out both!

I am now putting in consistent contributions into each, enough so that I may actually have to bring down my 401K contribution % at some point in the next few months so I do not max it out early (and thus miss a paycheck with my company match).

With my financial situation this may have been an easier goal to hit, but I’ve never actually done it before which is why I thought it was important goal to have.

Status: On Track

Max out Roth IRA OR purchase a property

Roth IRA was maxed out in March!

However, I’m not done here! After doing some math after my most recent promotion, there’s also a chance I could have enough cash to throw down on a rental property in certain markets later this year.

If I can find a deal where the numbers make sense, I will definitely go for it.  If not, I’ve been seriously considering moving to a lower LCOL area at some point next year and getting started in real estate by house hacking.

This would completely remove or drastically lower the nearly $14K I spend on rent each year, which sounds absolutely insane when I write it out like that.

It’s all TBD at this point so will be sure to keep you all updated 🙂 .

Status: Success! (and in Progress)

Savings Rate of 50% (stretch 55%)*

Through 6 months my savings rate is sitting in the low 50% range so currently on target.

I’ve been lucky so far to avoid any major unplanned expenses (despite the higher than anticipated medical expenses).

The rest of the year I’m going to be pretty mindful of my spending levels in order to hit this goal while still enjoying doing the things I want to do.

*Note that these increased from 45% and 50% respectively due to a much bigger than projected promotion this year… didn’t want to ease off the gas pedal!

Status: On Track

Reach $115K Net Worth

Starting the year off around an $83K Net Worth, this seemed like a huge increase, but one I could do with at least an average return from the market.

*SPOILER ALERT (unless you follow me on Twitter)* I’m happy to report I’ve recently crossed the $100K Net Worth mark!

The market hasn’t been a great help this year, but I still hopefully should be able to get this.

This will be the last year I set a Net Worth goal. I’ve realized that it’s kind of pointless seeing as I could have a great year in terms of Savings Rate, yet still not hit this goal due to the market which is out of my control.

I think focusing on Savings Rate is much more important and 100% in my control.

Status: On Track

Create a third source of income

Still haven’t pulled the trigger on this one.

While I’ve had some good ideas, I’ve yet to actually execute or give them a shot, mostly due to the fear of wasting my time and money if they don’t work out.

I’m currently debating creating a profile on Upwork or Fiverr and utilizing the skills I use during the work week to make some money on the side.

As mentioned above, the rental property is still in play this year, which could also be that third income source.

Status: Needs Work

Personal Goals

Workout more consistently

I’ve been doing much better on this front lately!

Ever since I downloaded a goal tracking app on my phone this has helped out a lot. The daily reminders to track has been a good way to encourage me to go for a run, hit the gym or just do a quick workout at my apartment.

Since the weather has been great, I’ve been really active on the weekends which helps with the workout consistency.

It’s still a work in progress, especially during the week when I work late, but it’s definitely something I am more mindful of.

Status: In Progress

Read more books (at least one per month)

Status? 2 1/2 books so far this year… Ouch, I really have some catching up to do the second half of the year.

The problem I have right now is that I’m having trouble getting through the 3rd book I chose!

The main part of the book was something I enjoyed, but the version I have is full of addendum’s and ancillary works that are much more boring and tough to read especially when tired at night.

Once I get through this one, maybe I’ll choose some shorter books to help me make up for lost time.

I’m confident I’ll be still be able to make this one!

Status: Needs Work

Meditate, Yoga or stretch every day

This one has also been a success!

The goal tracking app has been helpful in this regard as well with the daily reminders, though at this point it’s almost become a daily routine to stretch and do a few yoga poses prior to bedtime.

I sneakily have a couple flexibility goals I’m working towards so this daily stretching has been a big help!

Meditation is still something I want to do more of, but I do find that while I stretch I’m pretty relaxed which is the whole point of meditation!

Status: On Track

Volunteer somewhere at least once a quarter

While I’m not sure this was an officially sanctioned volunteer event, I did go Plogging with an organized group this quarter.

Given the spirit and what we accomplished (my team picked up over 95 pounds of trash and recyclables around the city!) I’m totally counting this!

That said, I do need to begin looking for more opportunities to volunteer, and maybe even find somewhere I can make it a recurring thing.

Status: On Track

Stress less

This one is pretty tough to measure. I feel like there is always going to be periods where I’ll be stressed out due to any number of things.

The point is to be mindful and know when I am feeling stressed out. That way I can take a deep breath, recognize I’m stressed out, and work through whatever is causing the stress.

I’ve found that most of the time, the stress can be resolved simply by addressing it, and logically thinking through it.

I also try to surround myself with positivity in my life. There’s a lot of negativity in this world and it’s easy to get caught up in all of it.

To me, stressing less will always be a work in progress, but hey that’s what makes us human! 🙂

Status: In Progress

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Overall I’m pretty happy with where I’m at goals wise. There’s definitely things I need to work on and address the second half of the year, but the financial goals I’ve set are mostly in good shape.

Holding myself accountable to these goals have really helped me to care and not lose sight of what I’m working towards!

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How are your goals going through the first half of the year?

19 thoughts to “Second Quarter 2018 Goals Update”

  1. You are really doing great and the key is the amazing savings rate you have of 50%. You keep that up and you are setting yourself up for a wonderful financial life later down the road.

    My only caveat is don’t deny yourself everything because just like spending, if you go overboard on the other end of the spectrum for FIRE you can also do harm.

    I wrote a post recently about how my dad just kept delaying taking vacations etc, waiting for a future that never came (he died at 50). So the morale of that story was need to also live and enjoy the journey as well and not focus only on the goalposts.

    But it seems like you have a tremendous financial sense already at a young age and that net worth of yours is going to skyrocket up in no time

    1. Thank you! I have been trying to find a good balance of having fun without worrying about spending. My strategy has been to find fun things to do that aren’t too costly.

      I have a specific budget like for vacations that I plan to spend every year! That stuff is all important to me and something I’m not willing to sacrifice.

  2. You really have it together! Great job.

    I notice you have a third source of income as a goal. I apologize if I missed it (and embarrassed as an avid reader of your blog!), but what is the second source of income? The blog? Hopefully you’re making money on it. I’ve been looking more seriously at a side job. Thinking of driving for Lyft/Uber during my free time, but I’m not so sure about that yet. To be determined!

    Interesting news on the rental property front. Would you have to change jobs if you moved to a LCOL area?

    I have a goal to workout more consistently (and eat better, more importantly!) but this terrible heat of late has kept me inside for the last week or so. Tough to go outside and do anything in this weather. I hate the heat and humidity, give me spring and fall weather all the time and I’d be thrilled. 🙂

    Posts like this are great because I can apply some of these goals to my own life. Most of them are very similar so thanks for posting!!

    1. Thank you! Haha no worries, but nah no money from the blog, though I have been thinking about putting up a few affiliate links only for products I actually use (like Personal Capital) sometime soon though.

      The second source is dividends! Every investor has that but need to count it as it really is passive!

      I’ve thought about Lyft/Uber but the thing that stops me is all the city miles I’d be putting on my car which really would not help its lifespan I think.

      If I moved I’d potentially have to switch jobs, it really depends on the area as my company is pretty big and in a ton of places.

      I’m with you on that summer weather.. makes it so tough! Glad I can be of help and hope you’re crushing your own goals!!

  3. Hah yeah I prefer to think about my rent per month instead of adding it up to its annual cost 😅

    It’s taken me YEARS to not feel guilty about not finishing books I start if I’m not enjoying them, but my to-read list is way too long to slog through a book solely for the sake of finishing it. Especially since you’ve finished the main section of the book, it might be time to cut your losses and start a different one! (And yep, being too tired at night to concentrate on a more dense book is why I tend to always be reading at least two different books at time haha.)

    Congrats on a wildly successful first half of the year! Even if you don’t end up making the progress you want on every single one of your goals by the end of the year, this is great progress 🙂

    1. Yes realizing what the annual cost is quite depressing…

      But yea I really might have to do that.. totally counting it as a book read though! 😂

      Thanks though! Need to make the second half of the year just as successful as the first 🙂

  4. Dude you rock! Nice job working towards your goals. The 100K milestone is huge, the savings rate is great, and I’m still betting that you’ll have a rental property by the end of the year – whether you’re house-hacking or landlording from afar. Happy Fourth!

    1. Thanks so much! Fingers crossed the rental property happens, though I’m confident it’ll all work out in the end, whether that’s next year or this year 🙂

      Hoping you can get your rental property this year too!

  5. That’s right, dividends. I remember your post about that topic a few weeks back. Even though I earn them, I don’t count them because they never hit my checking account. They’re automatically reinvested into the funds that paid them out.

    Now that you mention it, I checked my Personal Capital and it tells me I have nearly $400 in dividend income this month! Nice haha.

  6. You’re doing really well. Great job. Your net worth is doing much better than our. We’re pretty much flat this year due to higher expense and not much help from the stock market.

  7. Stress less – that’s a good goal but a freaking hard one to be sure. And hooray for both of us crossing the halfway mark for the year at the 50%+ savings mark! Congrats on that $100k net worth! It’s hard to focus just on savings and ignore the net worth part that’s out of your control, but with a high enough savings rate you should be heading upwards regardless (at least over the long term).

    1. Sooo hard to manage the stress levels, but I have a feeling it will always be like that regardless of reaching FI or not. Totally agree and congrats to yourself on the awesome savings rate! Let’s keep it up through the rest of the year 💪

  8. Like your goals and honesty. I think the key to net worth acceleration is constantly expanding your ownership of growth assets – especially those that grow while producing income. I like stocks and shares in great companies personally but ticking off that box where you own your own property is important too.

  9. Love the goals, and the status updates. Keep you accountable and fun for us to watch your status. I am found in life that when you set goals and measure progress (dramatic drum roll!), you get crap done!

    Thanks for this and I look forward to reading more of your blog.

  10. Seems to me your doing great so far in all aspects!

    I’ve created an account on Fiverr a while back. But haven’t had any luck with it so far. I must say doing some small but complex things on the cheap isn’t really motivating.

    But maybe it’ll work out for you better.

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