2017 Goals and Quarterly Updates

NOTE: Fourth Quarter, 2017 Update….on 12/22/2017

I started my humble journey towards Financial Independence in 2014. But, I really did not have any formal goals for 2014. I just wanted to create multiple passive income streams, protect my family with life insurance, etc. I established what Financial Independence means to me and what the goals were. I accomplished all the implicit goals I had for 2014.

For 2015, I was a little bit more formal about goal setting and set my 2015 goals and updated my progress quarterly (here). In addition, I also tracked my progress via a Monthly Progress Report (here). At the end of year 2015, I reviewed my progress towards FI and I was happy to have reached and/or exceeded most goals I set (here).

For 2016, I achieved most of the goals I set out for myself (here). The two goals where I failed badly are: Keep eating expenses under $200 per month & Estate planning. I will try again this year i.e. in 2017.

The Financial Independence criterion for me (2017) are:

Financial Independence Criterion
Emergency Fund $60k (as of 2017)
College Fund $80k
Passive Income Streams $4000 per month
Retirement Fund $900k
Roof for our Family $750k….HCOL area 😦
Medical Fund $100k
Life Insurance To protect my earning years…..

For 2017, I have thought about the following goals to get me closer to the above financial independence goals. What is the current status of the goals:

  • Ones in Red are not complete
  • Ones struck-through are complete

Financial Goals

  1. Keep scouting for a possible home/multi-family residence/rental real estate
    1. 03/31/2017        Visited many open houses…single/multi family…prices still crazy
    2. 06/30/2017        Visited two open houses….prices even more crazy this quarter…
    3. 09/30/2017        8 more….we finally know what we want….need the $$$ now 🙂
    4. 12/31/2017        0 homes….prices shot up & pushed most houses out of our budget
  2. Contribute $15000 towards Home Downpayment Fund
    1. 03/31/2017           $10272/$15000            $4728 remaining
    2. 06/30/2017           $13772/$15000            $1228 remaining             
    3. 09/30/2017           $16701/$15000            Done..but price rises outpacing savings 😦
    4. 12/31/2017           n/a
  3. Contribute $3600 to 529 College Fund 2 
    1. 03/31/2017        $305/$3600 done                     $3295 remaining (behind…)
    2. 06/30/2017        $1966/$3600 done                   $1634 remaining 
    3. 09/30/2017        $3467/$3600 done                   $133 remaining
    4. 09/30/2017        $3600/$3600 done                   $0 remaining
  4. Contribute $3000 to 529 College Fund 1
    1. 03/31/2017        $605/$3000 done                    $2395 remaining (behind…)
    2. 06/30/2017        $1767/$3000 done                  $1233 remaining
    3. 09/30/2017        $2427/$3000 done                  $573 remaining
    4. 12/31/2017        $3000/$3000 done                  $0 remaining
  5. Contribute $16k to Passive Income Streams (stretch goal of $24k
    1. 03/31/2017        $10150/$16000                       $5850 remaining ($13850 for stretch)
    2. 06/30/2017        $29970/$16000                       $0 remaining 
    3. 09/30/2017        n/a
    4. 12/31/2017        n/a
  6. Max out 401k contributions for both me and my wife ($36K total)
    1. 03/31/2017        $10489.19/$36K                     $25510.81 remaining
    2. 06/30/2017        $19774.94/$36K                     $16229.06 remaining  
    3. 09/30/2017        $33890/$36K                          $2109.47 remaining    
    4. 12/31/2017        $36K/$36K                              done
  7. Keep eating out expenses under $200 pm
    1. 03/31/2017       $358.61                                      Way above budget…
    2. 06/30/2017       $401.83                                      Out of control 😦 
    3. 09/30/2017       $301                                           Pulled in the expense some…
    4. 12/22/2017       $273                                           Pulled in the expense a little…
  8. Start and finish Estate Planning (Will, POD beneficiaries, Caretaker for children, etc)
    1. 03/31/2017  No progress yet      
    2. 06/30/2017  No progress yet
    3. 09/30/2017  Set up an appt with a financial planner….will discuss and decide
    4. 12/31/2017  Financial plan done; Will, POD, etc next year

Personal Goals

Starting this year, I am trying to track some personal goals. Without adding all the details and boring everybody, I will try to keep this simple. I am hoping tracking this in my blog will keep me motivated to reach my goals. Here they are:

  1. Health Body goals (healthy eating, gym visits, popping multi-vitamins, etc)
    1. 03/31/2017       21.4% success rate  ….nothing but improvement ahead 
    2. 06/30/2017       17.1% success rate ….oh boy…eating too much/no exercise…. 
    3. 09/30/2017       20.0% success rate….behind on flossing, popping vitamins mainly
    4. 12/30/2017       14.1% success rate ….no exercise…. 
  2. Simplify Life: Donate unused books once a month
    1. 03/31/2017       0/3 done                                
    2. 06/30/2017       3/3 done
    3. 09/30/2017       2/3 months done….got my kid to donate old books 🙂
    4. 12/31/2017       2/3 months done….books donated to two libraries  
  3. Simplify Life: Donate unused (old and new) clothes once per quarter
    1. 03/31/2017       1/1 done 
    2. 06/30/2017       1/1 done
    3. 09/30/2017       3/3 done….this time, it was clothes, toys and garage junk!!
    4. 12/31/2017       1/3 done…big kids toys cleanup done; waiting for donation  
  4. Simplify Life: Shred all unnecessary documents once a month
    1. 03/31/2017       1/3 done
    2. 06/30/2017       2/3 done….only 10 folders left…even found 10 year old docs! 
    3. 09/30/2017       1/3 done….a few more folders done….cabinet is so empty now 🙂 
    4. 12/31/2017       1/3 done….did not get to work on this much this qyarter 

Possible candidates for 2018 Personal Goals

I decided to start this section in the last quarter of 2017 (Oct-Dec) so that I can capture possible candidates for Personal goals in 2018.

  • Get together with a Financial Planner and checkpoint the overall state of our finances.
    • My goal was to generate $1000 pm in dividend income and then purchase our primary residence. I am close to the former but way behind the latter.
    • So, I want to set a plan for the next five years and getting a plan review from a qualified professional is timely now.
  • Prepare to find a new job with a better compensation package.
    • To support the house purchase, I need something more that the salary. I would like to add some additional options like a better bonus option, stocks, etc
    • This means I need to do really really well in the interviews…need solid preparation before I look into the market.
  • Get into a PE class of some sort and get my health in order.
    • Need the disciple of a class to help my will power.

2 thoughts on “2017 Goals and Quarterly Updates

  1. Great analysis and insights. You’ve contributed a lot of ‘new capital’ per month to be where you are at with only one quarter of the year done. How much do you aim to contribute each month? Thanks for sharing and keep it up,


  2. I love your decluttering goals, the amount of “stuff” we accumulate really does have an effect on the “space” in our brains, it feels SO GOOD to get rid of stuff! The only thing I struggle with is associating the amount of money I spent on whatever I’m getting rid of, I find it hard to toss/donate something that has value (even if it’s like $10).

    Mrs DDU


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