Sunday, December 30, 2012

Self analysis 2012

In January I posted my financial goals for 2012It is time to review these goals and see how I did. For each goal I have given myself a grade from A to F.

  • Goal 1: "I earn $75,000 in 2012". This goal was about income before taxes (the tax rate for high income earners is about 30 percent in Norway). I ended up earning $96,412 before taxes and $72,023 after taxes. The success factor here was working overtime and receiving tax money from last year back from the government. Grade A. 
  • Goal 2:  "I save more than 60 percent of my net income in 2012." I ended up saving 63,2 percent of my net income. The savings rate could have been even higher if had not bought a car last year. Grade B.
  • Goal 3: " I have a net worth of more than $30,000 by July 2012." I reached $30,000 in March, and in July my net worth was $34,375. Grade A.
  • Goal 4:  "I have a net worth of more than $50,000 by December 2012."  I reached $50,000 in October and also passed $60,000 before the year ended. Grade A. 

Conclusion:
I accomplished 4 out of 4 goals, and ended up with the grades A, B, A, A. Earnings were great, and my net worth could have been even higher if I had kept the expenses down. I will soon post my financial goals for 2013.

Thursday, December 13, 2012

December 2012: $61,148 (+$6,869)

Bank accounts$27,776
Investment account$77,730
Pension savings$5,796
Student loan$–50,154
Net worth$61,148
Burn rate2,47 years
Savings rate63,2 %
Millionaire month   October 2027

No major expenses and a good month in the stock market. I have increased my net worth with more than $40,000 in the calendar year 2012. I will write a separate post about later how it went with my financial goals for 2012. I am also working on my financial goals for 2013.