- 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.
- 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.
- 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.
- 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).
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.