Already half-way through the year, and another half left to crush our goals. May and June were so busy in our life, as my SO successfully finished her PhD, we had our first baby and I started a six-month parental leave (still can’t believe I’m not going back to work before 2018!!).
Anyway, with a new baby in our house and an upcoming six week trip starting soon, I think that the progression on the goals I set last December still went quite smoothly and we were in fact able to have already crushed some of them! This might get harder in the next upcoming weeks due to our household being only a single one from now on. As I publish this post there are still 154 days to go before 2018 so a lot can happen until then (and this leaves us with a lot of time to reach our goals).
If you’re new here, every month (or sometimes every two months like this post) I’m detailing the progress I made on my goals for the year. I’ve split my goals for 2017 in three different categories: financial, blogging and personal goals. You may be wondering why I would want to share my goals with the rest of the world? This is essentially for the same reason that I share my financial stats, which is for accountability and motivation purposes. At the end of the year I’ll be able to track and measure my overall progress regarding these goals. This is also for my readers to be aware that having financial goals in place is key to success.
Anyway, let’s dive in and take a quick look at the progression of each one of the 12 goals I’ve set myself last December for the year 2017.
Financial Goals Update #2
- Goal #1 – Increase our emergency fund to
$2,000 $5,000$6,000 (100%)
We started 2017 with a $2,000 target for our emergency fund. This goal was already crushed early March, and adjusted to $5,000 to reflect a more realistic one. As of early July we’ve just reached $6,150 in our Tangerine account and then our new target is a nice cushion of $6,000. I’ve decided to stop contributing to our emergency fund for the time being, at least until my SO finds a new job, but I feel quite comfortable with this amount, which is around a three month expenses buffer for the both of us!
- Goal #2 – Increase our combined Net Worth by 100% (100%)
We just crossed the $27,650 mark for our combined Net Worth (up from $12,207 last December). With an initial target of $22,000 by the end of 2017, this means we’ve already crushed this goal by a far margin of $5k. I’m still planning to up this goal to a new one, and maybe reach a whooping 200% increase Year-On-Year! We’ll see how that went next December 🙂
- Goal #3 – Contribute $10,000 to my retirements accounts (58%)
This amount is around the maximum I can contribute for the year 2017 to my Wealthsimple RRSP account (which is 18% of my 2016 earned income) and my employer retirement account. In six months I’ve already added $5,800 (including my pre-tax contributions) so we’re totally on time for a great start on this goal. I might have to make some more one-time contributions to my retirement accounts once again before the year ends, because as I’m on parental leave I’m not paid by my employer but by the government so I can’t benefit from matching contributions for the next six months. That’s too bad that there’s no government matching on our retirement accounts!
- Goal #4 – Save at least 20% of our income as an average for the year (currently at 40%)
We’ve been able to reach at least 30% savings rate six months in a row (we’re averaging 40% for the first half of the year)! With a 59% savings rate in May and a 51% in June, we’re way on time to reach our 20% target before the year ends. Definitely some more progress and consistency needed to ensure that we reach this goal, but we’re on a good path it seems.
Blogging Goals Update #2
- Goal #5 – Publish at least one blog post every ten days (66%)
I’ve published 4 posts in June, 3 posts in May, 5 posts in March, 4 in April and I’m on my way to 3 posts published for July and three more for August. I still would like to have one full month of posts written in advance, which seems like so hard at the moment, even more with our little baby at home! But I’m slowly starting to get better at writing, and it takes me way less time to write a full post than it used to.
For my upcoming six weeks vacation in Europe, at first I wanted to have one post per week ready to be published, but as it’s already in ten days, I can say for sure that it won’t happen because I’m already way behind on schedule hehe. I might have a couple hours available to write back in Europe, but that’s still unsure, so I might stick to one post every ten days, or even maybe one every two weeks, which sound way too low… but I guess that’s still ok and I’ll do better when I’ll come back, fresh and pumped up! Also, I’ve already a few guest posts scheduled for the upcoming weeks which will help me offset the time off while on vacation!
- Goal #6 – Have at least 100 subscribers (50%)
I guess this is definitely not one of my top performing goals, even if I already reached 50%. I still had only 50 subscribers to my newsletter as of early July. I think only twenty more people subscribed to my newsletter since the last report. That’s ok but it could definitely be better! I’m still trying to figure out some interesting *goodies* as a reward for subscribing to my newsletter, which would help a lot I believe. A couple of months ago I started drafting a basic course on “monetize your blog“, which is far from being finished, but I’m postponing it after the summer, when I’ll get a little bit more time. Anyway, if you don’t wanna miss out my new blog posts, I would love to count you as a Finance For Geek subscriber!
- Goal #7 – Generate $500 in blog income (100%)
I’m proud to say that this is another goal which was crushed early on this year! My blog just turned 10 month old and I finally hit my goal of $500 in blog income (in fact it was more like $600). I made another affiliate sale with Bluehost and I had some success with Flexoffers (especially while promoting X-Theme!). Also I successfully negotiated a special offer with Wealthsimple for my readers (where they get up to $100 bonus to get started), which helped a lot in generating some income here on Finance For Geek. Now onto the next $500 to reach a nice $1k income from the blog before it turns one year old (which will be early October)!
- Goal #8 – Learn more about SEO & Social Media (In Progress)
Lately, I’ve tweaked a bit this goal to be more focused on social media than SEO, because I’ve learned in the past few weeks that I was way way behind when it come to social media! I’ve spent the last two months focusing on my Twitter account and my Pinterest account. Drop by if you have any questions I’ll be more than happy to help! So nothing really new here as I’m quickly and thoroughly learning all the ins and outs of these two social media.
Personal Goals Update #2
- Goal #9 – Run at least two more official half marathons races and one full marathon race (66%)
With our recent little baby, I’m not so sure about going to the Disney marathon this year. I might have to postpone it to next year, because I feel like I’m not trained enough this year (and the lack of sleep is not helping). Training for a marathon is really exhausting (4-5 trainings per week) and I’m not the kind of guy to go unprepared so I might pass for this one. But on a positive note I ran another half marathon a couple of weeks ago (around 1h45 minutes!), so I’m still happy with this goal progression. I might do a third half-marathon this year since I won’t be able to do a full one. We’ll see how it goes!
- Goal #10 – Go on at least one big trip (In Progress)
Nothing new here for the past four months, as we already booked in February our annual family visit planned for this summer (6 week trip back in our family in Europe which will start in ten days!). Can’t wait for this HUGE break, definitely looking forward to see my whole family.
- Goal #11 – Take at least three weeks of vacation with my girlfriend and/or my family (100%)
After having our friends and families visiting us in April, and just before having our baby early July, we were able to take a couple days off with my girlfriend to finally get some rest, because I had like so many days off to take at work (thanks overtime last year!). So this goal is already crushed as of early July. With our upcoming summer trip, I definitely feel grateful this year for having so many time with my family. Not sure It’ll be like this every year!
- Goal #12 – Read two personal finances related books (100%)
I was originally planning on reading *only* two personal finance related books this year, but I’ve already read three (The 4-Hour Workweek, I Will Teach You To Be Rich and The Wealthy Barber Returns). So it seems as if I’m enjoying these books a lot lately, which I must say still surprises me as I’m usually not a book-guy at all! But I guess people change when they get older. To keep this streak going on while I still enjoy reading, I’ve just ordered another book which was recommended by other bloggers: The Millionaire Next Door by Thomas J. Stanley, and I’ll sure have plenty of time during my parental leave to read this one and maybe one more after this one 🙂
Okay so there you have it, my detailed progression of my goals as of early July 2017! A lot of progress since the beginning of the year, but still a lot more work to do. Everything I learned from starting a blog was truly beneficial, and I really enjoy writing, especially when it comes to financial topics. Let’s make 2017 a great year regarding our goals!