Thursday, July 31, 2014

Yearly goals update

In January I wrote a list of my financial goals for 2014. Here is an update of my progress 7 months into the year.
  1. The income goal of $50,000 (net income) seems very achievable. I secured a new job earlier this year that pays about $65,000 per year after tax, and more if I work overtime. 
  2. The savings goal of 65 percent of my net income looks more difficult. This is because I have had some extraordinary expenses so far this year, some of which were really investments (to reduce future expenses). Maybe I'll be able to save 60 percent instead. 
  3. The net worth goal of $180,000 is still possible to reach. According to my Google Docs spreadsheet I am now on track to reach ~ $195,000. It will depend on the stock market, since I now have about $120,000 invested in index funds. 
  4. The goal of having an emergency fund of $10,000 is the least motivating one. I am not sure if I really want this at the moment. I now have about $4,000 in the bank, but not in a separate account. Maybe I will abandon this goal (like I did in 2013).

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