As I sit here on Christmas Eve Morning puttering around the internet I figured what better time than now to see if I met my Goals and Objectives for 2010? I will write my goals and objectives for 2011 next week. Re-Reading that post it seems like I had 4 main goals/objectives:
- Liquid Savings/Investing
- Personal Life /Multiple Streams of Income
My Goals Concerning Debt in 2010
In January 2010, I highlighted my 4 main debts:
- $12,000ish Auto Loan 8% – 7 year amortization schedule
- $7,000 Law School Loan #1 – 5% 10 year amortization schedule
- $57,800 Law School Loan #2 – 4.5%, but payments are increasingly tiered costs over 30 year amortization schedule
- Mortgage of $228,000ish – 5.875% – 40 year amortization schedule
I even stated,
Any and all income I receive from this Blog will also be applied to that debt.
Wow did I completely fail this goal! If I did apply all the income from this blog PLUS bonuses and tax refunds I bet the auto note would be largely gone at this point. Not that I am trying to make excuses but the reason I didn’t attack this goal with more veraciousness, like I did the Credit Card debt, is because I was trying to pump up our family’s liquid funds.
Notwithstanding my utter failure for MOST of 2010 in the past 2 months I have paid off one-third of just principal. I also refinanced the auto loan bringing down the interest rate to a much more palatable 5.75%. So while I failed on the overall goal I have made some legitimate strides in the past 60 days.
The auto loan will be gone by next Christmas!
Liquid Savings / Investing Goals in 2010
In January 2010, I highlighted where I was and where I wanted to go (although my detail left a lot to be desired):
My liquid funds are not where I want them to be right now. Currently, I am sporadically adding to them, with no real plan. I am going to continue to do so without any plan. For my ING accounts I use a zero based budget, and so every once in a while I move money from my ING checking into my my ING saving sub-accounts.
As far as investments go:
My Liquid Funds are STILL not where I want them to be, but I have been making some ridiculous strides (at the expense of the debt highlighted above). I don’t like to give out an exact number because it feels weird that people would know how much cash I have sitting in a bank, but it is in the mid-five figures. Why do I want so much cash, earning next to nothing in interest? I equate liquid cash to choice and freedom. If I have $100,000 sitting in a bank somewhere, maybe I can use it to fund a business idea one day, maybe I don’t have a heart attack if the day job doesn’t work out, maybe it means that I can put 20% down on a $500K house without having to worry about selling my current place…etc.
The trading account is still at that $2K mark, but more importantly I have started my dream passive income dividend portfolio!
I have received raises since I wrote my 2010 goals and objectives, yet I didn’t increase my 401(k) contributions! So I am no longer funding my 401(k) to the max of my match. I will fix this next week! I haven’t even looked at The Wife’s Roth IRA since I put it in place, I am happy with that since it is basically just invested in a dividend fund and an S&P fund, so we’ll leave that alone.
Lastly, I have failed to continue to add to my Prosper Account, but this one isn’t my fault. The day job said I had to jump through hoops if I wanted to fund Prosper, so instead of rocking the boat I just have been withdrawing the money and putting it towards other items.
My 2010 goals and objectives for Blogging included fixing:
- I never submit to carnivals;
- I rarely guest post;
- Despite being VERY tech savvy, I can’t figure out the fascination or how to properly work Twitter;
- My posting schedule is inconsistent; and
- I am not involved in the PF Blogging Community as much as I should be
Well I still don’t submit to carnivals or guest post anywhere. FAIL. That being said I think I have figured out Twitter…kind of. It is blocked at work, so I just get on it at home at night. More important than submitting to carnivals or guest posting, I have gotten involved in the Personal Finance Blogging Community through a group called the Yakezie. Yakezie is a group of the best personal finance blogs out there! I also have gotten to a more consistent posting schedule (M-W-F).
Grade: Without Yakezie C but with Yakezie A-
Personal & Professional Life
The personal life is easy an easy one! I met my goal of having a child by year’s end with the birth of my baby boy!
My 2010 Goals for my professional life were:
While I have my 9 to 5 day job that I absolutely love, but I truly believe that having Multiple Streams of Income is the way to go.
There is absolutely no reason that I don’t practice law outside normal working hours. My Goal is to enter into one new attorney-client relationship a month. Additionally, I have a few ideas for websites that I would like to finally get off the ground.
I created one stream of income (although it is more like a drip right now) with the dividend portfolio, so I am excited about that! I also created my first non-blog website, however, the revenue from that site is questionable at best. I really believe in the site, so part of my goals for 2011 is to make it truly profitable, but I will highlight my goals and objectives in more details in a couple days.
I entered into a few attorney-client relationships, and have learned a lot about running my own practice. Did I enter into a new one every month? No, and that is unacceptable.
Personal Life Grade: A+++++ He is so freaking cute
Professional Life Grade: C+
Overall: I feel like 2010 was amazing, but it is really skewed by the Pregnant Wife and the birth of a healthy baby boy! I have a lot more money in my 401(k), liquid savings, a dividend producing portfolio and have even started my first non-blog website. However, I have failed to really build that non-blog website into a really profitable machine, and more importantly, I failed to cultivate my small law practice.
How did you do on your goals and objectives?