At the beginning of the year, on January 1st, I set several financial goals and have been providing updates every couple of months. This is my third review.
My main financial goal was to increase my net worth by 30%. After spending over $40K on house renovations and land development, I haven’t adjusted the value of these assets yet. As learned from a past hotel investment mistake, the value of an asset is only confirmed when someone is willing to pay for it. Since January, my net worth has grown by 7.5%. Although it’s a bit behind schedule, it’s still a significant increase, and I anticipate most growth in the latter half of the year from selling plots on my 90-acre land.
My second goal was to pay off $25,000 in debt from various investments. So far, I’ve paid off $9,500 to close a loan in January, $750 monthly, and $7,700 on a 0% credit card in June, totaling $21,700. I still have a $3,000 balance at 0% interest until December, but the funds are already set aside, accruing interest. With regular monthly payments, I’m on track to meet this goal.
Other Financial Goals:
– Selling plots on the 90 acres of land: We have interested buyers but need the property split into 260 plots, with the council delaying the process. Once approved, we can proceed with sales, though final deeds may take up to six months. This is ongoing.
– Not selling my cattle until the end of April: Sold mid-April, but not for extra money. The dry conditions would have caused weight loss, so this was a practical decision. Pass.
– Aim for 5, 25, 50 times more blog income than in 2012: The target was revised on May 1st, and the cumulative total is as follows:
– January: 1.11 times
– February: 6.06 times
– March: 12.15 times
– April: 16.85 times
– May: 21.21 times
– June: 27.11 times
Blog income has significantly increased since February, and we are on target.
– Take a trip back to Europe: Spent four weeks in France in May. Pass.
– Take a trip to the US: Planning to seek last-minute deals for September or may go to Europe again to enjoy my bike. Used to travel a lot but haven’t done much since moving into the new house, and I don’t miss it as much.
New Goal: Make $3K on my new website, Make Money Your Way, by December 31st. This is ongoing.
Conclusion:
Overall, not bad! I am pleased with the online income and am considering investing the proceeds, although I haven’t decided where yet. I’ll provide another update in two months!