2016 Goals

Part of the reason I created this blog was to hold myself accountable to financial and personal goals.

With that, here are mine for 2016.

  1. Hit 400K in net worth.
  2. Payoff 50K in debt.  We would like to payoff the 401K loan and most of the loan listed as Mortgage #2.
  3. Max out Roth by the end of the 2016 tax year (some of this may actually happen in 2017)
  4. Get our wills and other documents in order.
  5. Lose 30lbs.
  6. Have a successful marriage.  Don’t get me wrong, my marriage right now is really good.  But I don’t ever want to take it for granted.
  7. Learn to install tile.  OK, a random one.  In an effort to be budget conscious with our new property, we decided to do the tiling work for a bathroom that we had redone.  We have two other baths in our house so we have some time to do the work ourselves on this one.
  8. Take a trip.  (see #6), my wife and I really haven’t gone on any ‘real vacations’ since we got married.  Although we regularly go back to the Midwest for the holidays to see family, we really haven’t taken a vacation just to take a vacation IE a beach, a winery, a foreign country, a national park.  Hopefully we can change that this next year.
  9. Be successful in my career.  Honestly, knock on wood, I feel pretty good about things.  I have been with my current company about 8 years now.  I know the ropes, get along with my boss, like my company, the work life balance and am comfortable with my compensation.  However my company is merging for the second time in 12 months, so there is a chance that I could end up looking for a job.  Hopefully things work out.

What are your goals for 2016?

Net Worth 2015-12

Total Net Worth in December: $326,610 (-$11,823)

December was a tough month, we had a really bad downturn in Kinder Morgan.  In addition we spent a significant amount of money on rehabbing our house.

Assets: ($757,556) -$2,974

This month, I updated the KBB values for our autos, something that I hadn’t done in a while. Also, I dropped the assumption for the quality of the cars (good vs. very good condition).

We continue to take a conservative view of property price appreciation, and have made no changes to the listed values of our real estate holdings.

Net Cash Accounts: (-$3,419)

Our cash balances were down this month.  We had Christmas expenses, travel, gifts etc.

In addition, we paid just under $6,000 towards house remodeling expenses. I would expect about $10-15K more will be paid out in January as we finish up the work we are having done.

Net Cash Rental Accounts: ($1,677)

Cash for our rentals was up this month offset by some repairs/improvements.  As an example we installed some additional security lights, bought some new light fixtures and a couple of new faucets.  Short term we are investing our cash flow in repairs and upkeep.

Our long term strategy is to have well maintained properties that are easy to rent and where we can continually attract high quality tenants.  Over the long term we should be able to charge higher rents, have fewer vacancies and eventually earn more money.

Retirement accounts: (-$8,475)

Its been a tough few weeks, our contributions have been offset by continued losses in KMI.  There may be some additional downward pressure, but over the long haul, they have some of the best assets in the business, and KMI will benefit from the long term trend to natural gas.

Liabilities: ($1,368)

The liabilities went down due to our regular monthly payments. Our 2016 goal is to reduce this category by $50K