Saturday, December 31

My Frugal Miser - Looking Back at my 2011 Goals

It's hard to believe 2011 came and went so fast. For me it was quite a year. I opened and subsequently closed a restaurant.  I sold many of my material things and seriously considered moving to Tampa, Florida.  Most of my income came from rental properties but after closing the restaurant I managed to recover some of my mystery shopping work.  On the fun side (I spend money on experiences, not things), I took a 9 day vacation to Las Vegas and Phoenix, another 6 day trip to Las Vegas, and a 5 day cruise to the Bahamas.  Even though I was my own boss the entire year, I still managed to make significant progress.

I had 6 big goals for 2011:
  1. Lose 12-24 pounds. This one I failed miserably. In fact, I've gained more weight this year.
  2. Increase my net worth by $50,000. I blew this right out of the water.  In fact, my net worth increased nearly $70,000 in 2011.  Once again my retirement accounts significantly outperformed the markets.  However, the biggest contributor to the increase was in reducing debt.  Even though I bought a foreclosure this year with credit card checks, my overall debt fell by $25,000.  Let me repeat:  I took on new debt to invest in a rental property (about $25,000), but my total debt still fell. 
  3. Reduce utilities expense by 10%. In 2010 I spent $2,703 on electricity, natural gas, water/sewer, Internet and phone. My goal was to reduce this to $2,433 in 2011, or spend on average $200 per month.  In 2011, I spent $2,702 on utilities, basically the same as last year.  
  4. Cut credit card/car loan debt to $8,000. It was $44,979.53 at the end of 2010.  I did not anticipate buying a house with credit card checks, so I did not meet this goal.
  5. Pay off car loan. Not only did I pay it off, but I sold it.  We became a one car family earlier this year.
I had a sixth goal related to the restaurant.  Obviously I didn't meet that goal since we closed the place down.

2 comments:

  1. At least you made some of your goals. Are you going to be making any of these goals for 2012?

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  2. Andy - I have to lose some weight, and it can't just be something I tell myself I will do. I saw your post about your weight loss goal, and I felt like I was looking at myself in the mirror. What particularly hit home was what you said about waking up...tired and with no energy. I used to spring out of bed. Now sometimes I feel like I've been hit over the head by a concrete block when I wake up.

    I've managed to lose weight twice in my life. Between 1999-2000 I lost about 50 pounds. I didn't have many financial obligations at the time and my body was still young. I got into a habit of walking 2-3 hours every single day. I also ate better but it was mostly the exercise that helped. Then in 2005 I joined Weight Watchers with a couple friends. I lost 30 pounds in just a few months.

    Of course, both times I have lost weight I've always managed to gain it all back and then some. This time I have to change old habits and find a lifestyle I can stick with.

    I don't have any firm plan yet for achieving this goal...something I need to work on. You have any ideas?

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