2012 Goals: 1st Quarter Update

In order to stay on top of my goals and remind myself where I’m going, I am revisiting my 2012 goals and taking a look at my progress so far.

1. Start Two New Side Ventures

My scary business venture is still pending (I’ve been really slow with this, but it’s not looking good), while I still have no plans for my second one. Time will tell if I succeed, but I’d have to say I’m not ahead of schedule, if there was one. In this quarter, I’ll find out if my idea will sink or swim. Did I say they had to be successful business ventures?

2. Double My Side Income from 2011

This was a pretty lofty goal, so while I consider 2012 to be going really well so far, that 100% gain seems like it may be a reach. This includes all side income, not just blog related activities, and so far I’m on pace to grow by about 35%. That’s not bad (it’s actually really good!), but far from the ultimate goal. Still, if I compared the first quarter of this year to last, my year over year increase is over 100%, so this one is still TBD. There are too many variables at play and things could change in a hurry.

3. Save 60% of My Post-Tax Income

I figured with having to actually pay rent and furnish an apartment from scratch, this would prove difficult, but for the first three months of the year, I’m actually crushing this goal. So far, I’m at 70%! That’s really crazy, and I take a lot of pride in that. I do have several projected large costs this quarter. I started paying rent in March, and I also have most of an apartment to furnish. Also, did I mention that I’ll be getting married in June? There are some wedding related expenses that are going to be due.

4. Double My Net Worth

I sort of forgot about some money I had in an account not linked in my Mint, so…the bar is set even higher than I expected. Still, I’m up 34% so far. Of course, I’ll be taking a big step backwards (back into negative territory) when I get married as I’ll be including some additional student loan debt. I am also including the $2,500 tax refund I received in February, so that definitely helps.

This one will be a struggle, but it’s definitely encouraging to see my net worth growing based on the things I can control. The things I can’t control will push me back, but I battle on and hopefully my first three goals will contribute to making this last one a success.

How are you doing on your yearly goals? What do you think of mine?

9 Responses to 2012 Goals: 1st Quarter Update

  1. This Aggie Saves says:

    Saving 60% of your post tax income is a great goal! Congrats on doing so well on it so far.

  2. Michelle says:

    Looks like good progress!

  3. Frugal Portland says:

    lofty goals indeed! I’m the opposite — if I were to marry the boy I’m dating, my net worth would make a HUGE jump, not a huge decrease!

  4. Sam says:

    Well done crushing that savings goal!!! There is no doubt in my mind if you keep it up for the next 18 years you will be a millionaire and be able to retire early if you want!

    I hope the non believers who don’t think it’s possible can just accept all the real life examples!

    Sam

    • Daniel says:

      @Sam, Yes, but I’m not sure my side income is all that sustainable. Plus, since I anticipate rising costs, I’ll also need to increase that income.

      I’m sure there are plenty of ways for me to make more money, hopefully I find them!

  5. krantcents says:

    I would love to double my net worth! It is unrealistic and would require risky stuff. Your goals seem almost reasonable except for the savings goal.

  6. Not bad at all, Daniel. Keep up the savings rate and you will have a lot of money to invest at that rate. Good luck with your new ventures!

  7. eemusings says:

    Ambitious goals!!!

    My financial goals are on track, I think. The others? Hmm.

    My net worth would probably take a drop too when we get married and if I calculated it jointly – he’s slightly in the negative.

  8. Chris @ StockMonkeys.com says:

    Good link with the new ventures. Without goals life is just aimless wandering.

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