A new year calls for new goals! I was able to achieve most of my goals for 2016 but 2017 will be a much different year for me. I’m supposed to close on my house this month so my expenses are going to be very different and much less predictable. The house along with my injury keeping me out of work for another 8 weeks puts me in a tough spot financially. The uncertainty and lesser income makes setting goals tricky but here’s what I came up with for now.
2017 Financial Goals
Increase annual dividends to $2,000 ($1,264.24)
At the end of 2016 my annual dividends were $1,264.24. My goal for 2017 is $2,000 annually. This is probably a steep goal given my current situation but I’m going to do everything I can to make it happen. Here’s my most recent Dividend Portfolio Update.
Increase Net Worth by 50% (0%)
Max Out Roth IRA For 2017 (0%)
Save Another $15,000 In My Bank Account (+0.00)
This goal is also the same as last year. This goal was a pretty big fail last year, I ended up saving roughly another $8,000 in my bank account last year. Buying my house will basically clean out my bank account so this goal is a little more important to me this year as I want to have a bigger emergency fund than I will after I close on my house. I also want to begin saving up cash for a 25% down payment on another house. I’ll need somewhere around $30,000 cash to get another multi-family house. It probably won’t happen until at least 2018 but that’s what I’m working towards, while still funding all my other investments of course.
Make $10,000 From Real Estate (side money) ($0)
I’m just going to keep this goal the same as last year as well. My passion for selling real estate isn’t what I thought it would be and there’s just something about working for a commission that doesn’t really do it for me. I have a part-time job lined up for when the weather is better (on top of my full-time job) that should pay pretty good. This goal is more than likely going to be transformed into something along the lines of “Make $10,000 in side income.” That’s what real estate was really about for me but having my license is a valuable tool for my own personal investing as well.
457(b) Plan Up 5% (0%)
I started a 457(b) plan in July 2016 through my work. I’m currently contributing $200 pre-tax biweekly. I don’t have any huge goals for this plan, I would just like to see at least a 5% gain for the year. I’m just happy to be able to have my pre-tax money grow.
I may add to this list as the year goes on or tweak some of these goals slightly. For the most part I’ll be transitioning into owning my own house, being a landlord and trying to play catch up for awhile. I’m really focused on getting myself back to a stable more predictable situation where I can more accurately plan ahead. A long term goal I’ve had for myself for a long time now is to own 3 multi-family houses by the time I’m 30. When I say own I don’t necessarily mean paid off, just to have them paying for them self will suffice. I’m 23 now so that gives me another 7 years to make this happen. I think it’s still very realistic, who knows maybe I can acquire 3 or 4 more by then!