On January 1st, I set a number of financial goals, and will update every couple of months through the year. Here is the first review.
two months have gone already!
The main financial goal was to grow my net worth by 30%. With the purchase of a car, a boat, over $12K of works on the house, and repairs on my rental property it was an expensive start of the year.
I do not include the car in my NW, nor did I change the value of the house with the upgrades. I consider those sunk costs of living.
There was also a change in currency, with the Euro appreciating, Pound Sterling and Dollar devaluing, that shifting things a bit.
With all that, net worth so far is up 2.5%. A little behind, although most of the growth I expect from the sell of the 90 acres land that we haven’t tackled yet.
Second financial goal was to pay $25,000 of debt that was used to finance several investments over the past years. I have paid $9,500 to close a loan in January plus $750 in capital each month totaling $11,000. Well on target. I have over $10K on a 0% credit card ending in June, that I want to get rid off, so the goal should be met with the normal payments by September.
Pay $10K credit card in June: Money is on my account, bringing $40/ month in interest while the 0% runs off.PASS
Pay my $9.5K 7% loan: PASS
Other financial goals
Sell plots on the 90 acres land to get back the purchase price. We have a few serious people so far, but nothing is set in stone. The plans are shifting slightly, to make a more popular development at the back and a nicer one on the prime plots with lake view. I was expecting the architect to move faster with the parcels, he still hasn’t delivered any map, making the sell attempts complicated.
Not sell my cattle for extra money until the end of April. PASS They are still happily eating pasture at the ranch, and I have enough cash to leave them until April.
5 times more blog income. PASS Wow, already. I started monetizing at the end of October 2012 and have brought 5.6 times more than Q4 2012 in two months. Goal revision: Make 25 times more than last year. #yayforsuperambitiousgoals.
Take a trip back to Europe: Money is on my account, not sure when I would go. PASS
Take a trip to the US: Ongoing goal, since we bought a car, I had to use the money. Not that I budget much, but there is money for either one trip or the other.
Conclusion
I am pretty happy with how the goals are going, and when I pay my 0% CC in June I will only have a rental mortgage left, which is really exciting. No doubt I will make the savings goal but it is time to shift all efforts towards the land development, to reach the 30% net worth increase goal!
How is 2013 treating you so far?
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Minor set back to net worth but part of the reason is how it was calculated. I’m sure it would be a higher increase had you added the extra value of the renovation on the house. But net worth is just a number. The important thing is your finances are improving, and it looks like they are
At the current rate you’re going I think you can achieve all your goals, including the 25 times more blog income than last year. Good luck with the 90 acre parcel, I’m sure it’ll work out eventually. Land is always a coveted asset. If I lived down there I would probably give you an offer on some plots myself :0)
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Thank you! I don’t want to add the reno value
to the house because it is possible people
wouldn’t pay for improvement. I know we got a
bargain on the house, so if we sell it today
it would easily sell for the same price, and
that is the value I consider.
Good effort Pauline
!! My goals are going well too thanks – lots of travel over the next two months which will require extra effort. Pleased to hear the blog income has taken-off! Are you making much from adsense?
I have also had to increase my blog income goals as it is going to be too easy to hit… Long may this continue!
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All the best to you! I put Adsense 2 or 3 days
ago, haven’t checked yet how many pennies it
made
It’s great to see that your goals are going so well. They’re really impressive. Our 2013 is going pretty well so far. We had to make some unexpected car repairs, but we should be on track. And income from all sources seems to be good as well.
Where in the US are you thinking about going?
Justin@thefrugalpath recently posted..Planwise: The No Personal Data Financial Tool
Glad to hear you are on track as well Justin.
I don’t know about the destination yet, maybe
Miami since it is the easiest connection and I
have never been, a couple of years ago we went
San Diego to Seattle to NYC to Washington DC
and I have always said I didn’t care much for
Miami but I have to practice what I teach and
try it before I get an opinion.
Great job on the progress, Pauline. Can’t wait to hear more about selling the land when the architect finally gets moving.
Mrs. Pop @ Planting Our Pennies recently posted..PoP Balance Sheet – February 2013
Thank you! He has moved… a little. getting
the maps today. Exciting!
My 2013 is so so so in the air right now. Net worth-wise, things are going fine. Business-wise, I’m very excited about where the blog and podcast are headed…and at our new products we’re working on behind the scenes.
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That is great! I am still unable to download
the podcast, thank to my internet provider,
and really curious about it.
Great work Pauline, especially on the debt payoff and blog income. 2013 is going good for us as we seem to be getting new clients at a much faster rate than last year which is both a good and bad problem to have. The blog income has been a fairly nice addition as well and am really wanting to ramp up my affiliate sales for various reasons and have seen some decent success with that.
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Congrats John! I am toying with affiliate too
but need to get serious with it to see a
reward I guess.
Looks like you’re doing good. 2013 is treating us pretty well so far, couldn’t be happier
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Great to hear, hope it keeps that way!
Great work on all your goals, particularly the blog income. I always think I am going so slowly in that area, but when I look back over the months it really has grown very quickly.
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From what I read before I started blogging you
shouldn’t expect anything before the first
12/18 months so even if it is slow it is still
something!
It looks like you’ve got everything in order Pauline! Why are you selling your cattle? I’d love to own some one day and live out in the country.
I am selling the cattle because they are
reaching 3 years old, which is when the weight
curve slows down as they reach adult weight.
Keeping them in the ranch would only mean
paying cow boys and food but not getting much
more when I sell them (by weight). Plus I need
a ton and a half of money to pour into my land
development!
Sounds like 2013 is working out well for you so far Pauline!
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So far, so good. How is it treating you?
Well, my networth is up from last month, but really only because we haven’t spent it on the necessary items we’ve been planning to purchase with it. A washer and dryer will save me money over the long run, but I doubt I can count them as assets.
Edward Antrobus recently posted..February 2013 Net Worth Update
Not really, although you are right, they are money savers.
2013 is going well despite two HUGE financial setbacks: 1) The sewer line will eventually need a $7k repair. It’s not something an inspector would have found, but it is something we will HAVE to fix before selling if not before our basement fills with water (it may never back up, which would be nice…)
2) I will need surgery again this year, a $3.8k hit to our bank account.
Besides those two things, we have a renter, I had a good review at work, and I finally feel like I have time to commit to the blog and also have started to read fiction books more often for relaxation.
Sounds like things are exciting for you, I’m actually excited to hear about your trip back to Europe, whenever you end up going.
DC @ Young Adult Money recently posted..Why I am reconsidering getting my MBA
Sorry to hear about the surgery, that sucks. The sewage too, but the renter will cover that
Thanks for the update Pauline. You are a busy woman and I know you are proud of the things that you do. Your net worth will get there.
Debt Roundup recently posted..Why Do Sales Make Us Irrational Shoppers?
yes, slowly but surely… it will get there!
It looks like 2013 is off to a great start and only getting better!
Shannon @ The Heavy Purse recently posted..Meet Shannon Ryan: Financial Literacy Advocate
hope so!
Things are looking brighter financially now. Just got called into a job interview as an English teacher at Summer School. So now I`m just going to prepare for that, and hope for the best! If I get it, it would be such a financial relief. the pay is about $30/hour. So here`s for hoping!
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that is awesome, fingers crossed!
Looking good, Pauline
.
maria@moneyprinciple recently posted..What do you do about saving these days?
It will be exciting to see what happens after you start selling your land. I am pretty much in a holding pattern until my business sale is finalized and then I should have some big developments in net worth. Hopefully less that a month, but I’m not going to hold my breath as we have been delayed so much already.
Kim@Eyesonthedollar recently posted..Sequestration: Has the US Government Cried Wolf Too Many Times?
fingers crossed! I know how nerve wracking that can be..
Where are you going to go in the US? Cali! Yes please!
Budget & the Beach recently posted..One Step at a Time: Part Two
don’t know yet! where flights are cheap
was checking out fincon too… let’s see!
OOH that would be cool too since I’ll be at fincon! Would love to meet the adventurous spirt that is you.
Budget & the Beach recently posted..One Step at a Time: Part Two
Still love it that you own cattle. I dunno, something about that is super cool to me. So far so good with my goals for this year. I still haven’t lost any weight, but I’m not really trying, so I’m OK with that for now. I just put adsense on my blog a few days ago. I made $0.03 yesterday woot! Also, I think I fixed the Sucuri ip issue on my site (you’re now on my “safe list”). If you still have problems please let me know
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Good for you Pauline! You’ve done so well for yourselves I’m always in awe to read your posts. I’m still laughing at the avocados as I type this. I’ll be posting our monthly update tomorrow but with the pound the way it is I expect it to drop. I’m trying to get my money out as fast as possible. Live and learn I guess. Keep up the great work!
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Good job! I’ve been so busy lately that I haven’t sat down to look at our goals. Off the top of my head, I think we’re a bit behind where I wanted to be in terms of monthly dividend income, but on track in terms of savings and student loan repayment.
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Good move on how you value your home Pauline. I try to undervalue mine when calculating my net worth, I’d rather err on teh low side and have a pleasant surprise than err high.
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I see it as the ”cash” value of the house, if I put it on the market today, I am sure of getting my purchase price back, reno not so much