Back in December, I set some goals for myself for the upcoming year. Now that 2007 is halfway complete, it’s a good chance for me to take a look and see how I am doing in these particular pursuits.
Income goal: Earn $40,000 in revenue outside of my day job. Stretch goal: $60,000. According to my latest income statement, by June 30 I’ve earned almost $40,000 (before expenses) including side business income, interest and dividends. The stretch goal is in sight.
Spending goal: $200 or less on food. Stretch goal: $160 or less. Forget it, it’s not happening. I haven’t been able to commit myself to the planning necessary to shop smart and prepare a good portion of my own food.
Investing in 401(k) goal: 15% of salary by July. Stretch goal: max out the contribution. I have been contributing 25% of my day-job salary for the past few months. That puts me above the regular goal but a bit shy of the maximum contribution. In September, I can reevaluate my position and perhaps find a way to contribute the maximum $15,000.
Investing in Roth IRA goal: fully invest. My Roth IRA contributions are going strong, but I will have to check later this year to make sure my amount of income won’t exempt me from eligibility for the Roth IRA.
Savings goals: double emergency fund. I have increased the amount in my savings account marked for “emergencies” by about 50%, which means I have about two months’ worth of expenses in that one account. This increase took place only in the first three months of the year. If I had to, I could draw cash from other savings goals or even my Roth IRA. I also stated goals to increase the proportion of my salary headed for all savings. I haven’t tracked this well because I just put everything in savings except what I need for bills and other spending.
Debt goals: pay off car loan by September, and accelerate student loan payments. The car loan on target but I haven’t increased my payments to the student loan.
Charitable goals: donate my time. Earlier this week, I spent several hours working for one of my favorite non-profit organizations, helping with their marketing efforts at an event. I also have some funds I’m earmarking for a charitable donation, but the organization I was formerly considering is now off my list. I’ll be thinking about how to handle my charitable involvement for the remainder of the year.
I’ll check in with these goals at the end of the year.
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{ 7 comments… read them below or add one }
$40K outside your day job! Terrific
I hope to generate that much in my side business
I love the brutal honesty with the food goal! Good work on the side income.
As always, Flexo, you rock!
NCN
Congratulations; good work. Maybe the “stretch” outside income goal should be stretched a little tighter next year!
Forget the food expenses; swap a fitness goal in and just eat tasty, healthy food at what it costs to do so. Think of the savings in health expenses over the long run. Food expense cutting is chump change compared to what you are doing in the earnings and financial mangement areas.
Every time I try to make a food goal that requires a lot of effort I end up in the exact same boat… at least you’re honest about it.
Congrats on the 40K non day job income
Thanks for the comments, everyone. :>
These are great goals, I like how you have the regular goal and a stretch goal.
40k in side earning? That’s awesome, keep it up.