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Saturday, June 29

Mid Year Update on 2013 Goals

Publicly posting my intentions helps me stay accountable.  I list my goals, past and present, here.  Let's review my plans for 2013:
  • Lose 30 pounds. Start: 230 Current: 233

 My weight hasn't really changed.  After some initially encouraging results following our move to Clearwater in August, I've struggled to control my eating.  I am happily much more active now and exercise on my bicycle regularly.  But I still have a sweet tooth.

  • Increase net worth $75,000. 

My net worth goal will be met because of the inheritance I am receiving, but the intentions of my goal were to grow my existing assets by $75,000.  Excluding the inheritance I am only up about $15,000.  I am falling short because of unexpected expenses and vacancies at my rental properties.

  • Reduce utilities expense 10%.

While cutting my utilities is a noble goal, I think there are other areas in my financial life that make a bigger impact to my future.  In the first half of 2012 I spent $274.22 on electricity and $137.36 on gas (TOTAL:  $411.58).  In 2013, I spent $383.93 on electricity.  We do not have gas at our Florida home.  We have slightly reduced our usage but not by 10%.  I will probably scratch this "goal" and just be mindful of our spending.

  • Reduce debt to $350,000 (or $300,000 if my tenants exercise their lease-purchase option.

Since most of my inheritance is in a Beneficiary IRA, I will keep my debt reduction goal as is (although I did use nearly $20,000 of the inheritance towards debt reduction).  Currently my total debt is $366,334, a reduction of $30,982 from 12/31/2012.  I will meet this goal by yearend.

  • Purchase one piece of real estate. 

I am currently in the market for my next rental property.  I'm not aggressively pursuing this goal, but just last month I looked at a couple properties.

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