June is ending, and 2014 is now halfway over. Truly amazing how fast time flies by. It’s exactly because of this that I’m pursuing financial independence so aggressively. Time slips through our fingers whether we like it or not, but I’m anxious to slow things way, way down. Buying our time is the only way we can truly control what time we have left.
So I put together some challenging, but realistic goals at the beginning of 2014. And today I’m going to share exactly where I stand as we cross over the midway point of the year. I think I’ve made some tremendous progress thus far, but I also suspect that some of my mojo will slow as I earn less income in the second half of the year.
So let’s review the goals and where I stand thus far:
Goal #1 – Receive $5,200 in dividends during the year of 2014
Well, you can see that as of May I’ve earned $2,013.09 in dividend income for the year. Adding in yet-to-be-posted June’s dividends, which should finish near $700, and I’m solidly on pace to exceed this goal. I think I should exceed it by a healthy margin as I continue to make regular monthly equity investments, but we’ll see. I’m slowing my pace a tad as I’ve moved from a high-income, but stressful job into writing for a living, which is wonderful, but also pays much less. Exceeding this goal keeps me on pace to become financially independent by 40 years old, as this is the fourth year of my 12-year journey. I expect to need approximately $15,000/year in passive income, so the math works out here. The only question is whether or not future years will be as successful as past years, especially with less free cash flow with which to invest. Let’s see how it goes!
Goal #2 – Save 50% of my net income, averaged monthly
I’m slightly behind this goal with a 40% savings rate so far for the year, which is disappointing. And I don’t know how much ground I can realistically make up with all of the aforementioned changes. But I’m extremely hopeful that I’ll catch up and exceed this goal before the end of the year. I can tell you that June is shaping up to be one of my best months ever in terms of my savings rate, and I’m excited to share the details! I’m failing at this goal right now, but if you know me then you’ll know that I’m going to give it all I’ve got to come back from behind and claim victory here.
Goal #3 – Maintain a weight of less than 180 pounds during 2014
I don’t mean to toot my own horn, but I’m stomping this goal. I weigh one less pound than what I started the year at, and I’m currently tipping the scales at 175 pounds. I’ve historically been a bigger guy due to my bodybuilding background (I was 220 pounds at my peak). But I’ve been determined to transform my body into a lean, mean fighting machine. And as I shared recently, my exercise routine without an expensive gym membership is working fantastically. I suspect I’ll definitely maintain this approximate weight level throughout the year, but one challenge is making up for the fact that I’m not running around all day at a car dealership. And it’s easier to snack here and there being at home more. I just gotta keep my hands and my mouth away from pizza. What can I say? It’s my Kryptonite!
Goal #4 – Earn $12,000 during the year from online income
This one is turning into a more important goal than ever for me as it will now be a primary source of income for me going forward. I’m extremely excited by my progress in this department, and it’s really thanks to all of the support from you readers out there. I’ve been writing more than ever, as the content here on the blog has increased and I’ve been freelancing more. It’s just a tremendous change in my life and I’m so grateful for the opportunity. I’m currently a month into a three-month experiment to see if this will work for the long term, and so far it looks good. I’ve earned $4,846 in online income through May, which is an average of $969.20/month. But I’ll be posting June’s numbers very soon and you’ll see this average will be raised way up. I’m proud to say I’m exceeding this goal when June’s numbers are included, and I’m hoping I can keep that up through the rest of the year as I plan to earn more than $1,800/month from online activities. I’ll have to likely change this goal in future years to be more specific and compensate for taxes, especially if I don’t have a day job which would otherwise withhold income tax. So future goals will be a figure net of costs and taxes. The income I’ve posted thus far this year is net of hosting fees, and from July on will also be net of taxes as I’ll reduce my figure to compensate for my quarterly estimated tax payments of $233.33 per month.
Well, things are looking pretty good. I’m passing three out of four goals, which isn’t spectacular on the surface. But if I can catch up on the savings rate and exceed all four goals all while moving halfway across the country and quitting my day job I’ll be extremely proud.
How about you? How are you doing with your goals for 2014? Passing or failing? How’s the second half of the year look?
Thanks for reading.
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