Good morning! Over at Savvy Scot I have friendly reminder that the tax year in the UK is coming to an end on April 5th, so you only have a few days left to use up your ISA allowance. Click here to read more..
In January, I set five big financial goals for 2014, now is time for an update!
Increase net worth by 30%
That was a fail for last year, but I am always the optimist and will put that goal back again for 2014.
So far at the end of Q1, I am up 13% so potentially on target for the year! As I freed up some cash from investments I got to account for the real value of the money I got back, instead of the value I bought them for, as you never know what can happen until you have your cash in hand. I also had a good quarter trading forex, and only take profit into account for positions I have actually closed.
Make $60,000 in online income
If you have followed my blog income reports, you know that I currently make $3-4,000 a month from blogging. I want to increase that to $5,000.
This is not any amount, I try to live off my online income and reinvest passive/rental income without touching it. $5,000 is my target income that would allow me to live a comfortable life, travel whenever I please, and still have a bit leftover at the end of the month to cover any emergency, a last minute flight back to France, etc.
Once my Super Secret third website breaks even, I think this is a realistic figure to achieve.
Anyway, January was at $3,290, February at $7,063 and March at $4,950, totalling $15,303. That is a PASS so far, especially since January also brought 45% of Savvy Scot’s purchase price which is not accounted for here.
Keep donating 10% of online income to charity
Since July 2013, I have set side 10% of my online income for charity. So far, I am committed to two students in my village, to whom I am offering full rides to boarding school, in one of the best high schools of the country, have bought supplies and uniforms at the beginning of the school year (January) for little girls in primary and middle school, and got four computers, two that I bought, two donated by readers to start a computer class.
You can read the last update here, and I will update soon as we are starting the computer program this week.
Turn a profit with land development
Now that we almost have all the authorizations we need, nothing is standing in the way of selling some plots. The website is finished, with a map of the compound, you can click on each plot to see its size and price, and the ones that are SOLD, yes, we sold some plots already!
I will talk about it some more in my next Guatemalan update, and it looks like we are on track to make back our purchase price by the end of the year.
Make $5,000 with the guest house
The goal is to make around $500 a month renting rooms in our little guest house, which should amount to a $5,000 profit. That is roughly our staff and utilities cost, meaning we would live for free, how awesome is that?
I have made $1,970 as of March 31st, which is over 30% ahead of schedule, which is great because April looks pretty empty. I have bookings for May already, and then July-August is the rainy season so I don’t expect much.