2017 Goals and Quarterly Updates

NOTE: June 2017 Update….on 08/12/2017….yep a bit late

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.

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       
    4. 12/31/2017        
  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         
    4. 12/31/2017        
  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       
    4. 12/31/2017    
  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       
    4. 12/31/2017       
  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        
    4. 12/31/2017
  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        
    4. 12/31/2017        
  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   
    4. 12/31/2017   
  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  
    4. 12/31/2017  

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  
    4. 12/31/2017  
  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  
    4. 12/31/2017  
  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  
    4. 12/31/2017  
  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  
    4. 12/31/2017