I realize yesterday’s post was mundane (some would say they all are), but I had gotten away from a daily plans, which were based on my monthly goals, which allowed me to have my most successful year to date in many areas of my life. For 2017 I set some ambitious goals and achieved the majority of them. I will detail a few of my higher level targeted goals below that I decided to track with the chart above:
· Net Worth: This was the best motivational goal I’ve used with regards to personal finance. (And for the record, I only use home value, retirement, other investments and savings to account of assets in this chart. Vehicles, furniture, jewelry, etc. change and/or decrease in value too often to include them. Additionally, I only want to include items which are fairly liquid, in my calculations.) Once we were out of debt and able to start contributing to assets (investments/real estate) that increase in value instead of liabilities (cars/credit cards/all other debt) that decrease in value, it was amazing how quickly our monetary worth began to increase. And once that occurs, it is so much easier to do more positive things with money, like the scholarship foundation I created, along with doubling my giving/contributions budget in 2018. Final gain was 28% for the year.
· Debt: Want to get excited about paying down debt? Create a chart or a pictogram or anything else you can see every day and then watch progress as you hit your monthly targets. We put more than 50% of our income towards debt the first 11 months of 2017, and this was after ‘burning the ships’ and putting all but $1,000 of our savings towards debt back in January. Final gain was the elimination of all debt.Weight: I made great strides through October before I started putting my ‘winter coat’ back on after feeling like I was looking too skinny in the face. Going forward, I will be using body fat and various measurements to evaluate progress, which I then have to determine how to put into graph form. Final gain was 4.8% decrease in weight.