Every year I set a few goals to keep me on track. In 2023 I published 4 goals:
- increase net worth by 12%; increase rental income by 15% or sell a property
- weigh 175 pounds
- declutter the house by removing 2 items for every new one, keep my inbox clear, stop wasting time doing unnecessary things
- Limit spending in the Fun category to $5,000
- My net worth barely budged. It increased by about $6,000 in 2023. I knew while setting my goals that I was going to have a big tax burden to pay in 2023, I didn't realize it would be more than $94,000. I consider the second part of that goal pertaining to rental properties a success. I sold my last Florida rental property and I increased the rent on one of the Alabama properties by 14%. I collected 10% more rent from the condo I own in Birmingham. Real estate syndication income was basically flat.
- I gained weight. Fail.
- I created a system for decluttering the house. We keep a couple of large boxes in the office to store things that I'll donate, and when full, we take them to a nearby charity that operates a thrift store. I spent some down time between meetings tackling to-do items that were clogging my inbox. It feels like a weight has been lifted by finally conquering these procrastinated tasks. Success.
- Spending on Fun in 2023 was $4,959. Success - thanks to a winning gambling session on our December cruise, I just barely made it under my $5K goal. This is the lowest this category has been in at least 5 years. Progress.
Overall I feel like setting goals helped me accomplish more than if I didn't have a plan in place.
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