Wednesday, December 31, 2014

Self analysis 2014

In January I posted my financial goals for 2014.  It is time to review these goals and see how I did. For each goal I have given myself a grade from A to F.

  1. I earn more than $50,000 (net income) in 2014
    My net income ended up at $58,833. This is actually a little less than in 2013, but still more than expected. Grade A-.
  2. I save more than 65 percent of my net income in 2014. I saved 56 percent of my net income. Higher travel expenses and a large personal expense/investment drew down my savings rate.  Grade C.
  3. I have a net worth of more than $180,000 by December 2014. My net worth at the end of 2014 is $180,691. Grade A. 
  4. I have an emergency fund with $10,000 in a separate bank account before July 2014.  I didn't reach this goal this year either. I guess it is not that important for me to have an emergency fund. Grade F.

Conclusion
I accomplished 2 out of 4 goals, and ended up with the grades A-, C, A, F. 

Friday, December 12, 2014

December 2014: $180,691 (+$6,112)

Bank accounts$74,943
Investment account$141,041
Pension savings$12,363
Student loan$–47,657
Net worth$180,691
Burn rate6,9 years
Savings rate56,0 %
Millionaire month    April 2024