Goals for 2017

Ok, just so I have them down on paper (thread?)
My 2017 goal brain dump -
Financial:
- reduce discretionary spending to allow my wife to stay home with my new bub all year while still putting >2-3k each month into debt recycling.
- systemise the debt recycling so it's automatic and sustainable
- build my business - establishing the groundwork to move from contracting to consulting and building a team
- figure out how to double my 'salary' again (it'd be the third time over 5 years) - likely related to the point above

Personal:
- be an awesome dad to my first born (she's due any day now)
- ensure my wife is supported in her role as a mum
- get my children's book illustrated and published
- hit 14% body fat and hit 85kg bench, 90kg squat while improving general body mobility

 

I do this every year for the last few years. Just finished on Friday.

I put together goals for this year, the following two years, and more than 3 years out - the end game ... but the end is where goal setting starts. This keeps me focused because it's clear this years goals build towards the end game. The middle set of goals will be a pretty good starting point for 2018 when next year rolls round. It works for me.

One of last years goals was to finish the accumulation phase of my portfolio (done!). So this year it is replaced by getting the portfolio to cash flow neutral. (End game - live off rent $Xk net pa). I have listed all of the initiatives I will do to get there - examples refix a loan at the end of fixed period in April at a lower rate, which properties I am targeting for rent increases, seeing an insurance broker to get landlords insurance costs down, how much of my hard earned I will reduce outstanding principle by, etc. So I've actually worked through whether a goal is achievable as I'm setting it.

This keeps me honest with myself during the year (I can't lie to myself and say the goal isn't possible) and why I'm a couple of weeks later than the first posters in setting my goals (it takes a bit of time). I have no more than 3-5 goals for a year, each with a handful of initiatives that together will achieve the goal.

No more than 1 page for everything above. Recurring goals are around property portfolio, management of superannuation, a share portfolio. Others have been around personal non deductible debt, overseas properties.

Every few weeks during the year I review against the goals and initiatives progress against them. I also review and adjust the initiatives (not the goals). It doesn't hurt to add an imitative or two if they hadn't been thought of before.

 

Personally, I've never written down/posted my goals for the next year before. However, I feel that it's great time to start doing it. I expect 2017 to be a busy one. So here goes.

Property:
- Finish IP house construction in Sydney
- Construct GF at the back of the newly constructed Sydney house
- Buy a splitter house in Brisbane (towards the end of the year) and consider starting subdivision
- Learn more about property development thing for the future Brisbane development project

Financial:
- Improve income/spending tracking
- Save more for future development in Brisbane
- Continue investing super in EFTs/LICs (ING super account)

Work:
- Get raise
- Finish negotiation with the boss to have more annual leave time
- Finish negotiation with the boss to work from home 1-2 days a week

Business:
- Help wife to promote her wedding floristry business and increase customers base (if anyone needs a great wedding florist feel free to PM ).

Personal:
- Spend more time with wife and 3yo son
- Spend more time travelling (depends on the success of the annual leave thing negotiation)
- Italy holiday in April; visiting family and friends in Europe
- Hawaii holiday in September
- Read more investment related books
- Socialize more with friends

And the main one - become FI to do what I want, where I want, when I want and with whom I want. May take longer than a year though but eventually I'll get there !

 

Property:
Pay down loan on block of land
Reno bathroom of PPOR
Plan for equity pull for potential IP in 2018

Career:
Get my grad dip in economics
Do a public speaking gig (have one lined up - confronting a major fear)
Refine writing technique/skills
Find a business reporter mentor

Personal:
Read every day
Be around for my newborn nieces and spend more time on family stuff
Propose (properly) to my girlfriend
Increase the following of our animal sanctuary page
Work on being a better and more supportive partner - be present at quality time

 

Agreed with this. I feel envy (borderline awe) a lot of the time for people who have skills I wish I had. But I also know they come from hard work and there's no point hating someone for putting in the hard yards! It is inspiring to see people doing well .

 

Jan, just give Kate McClymont a buzz in your office and I'm sure she will offer you the mentorship of the century.

Assuming she's not to busy if she is lucky enough to snag a gong for Australian of the Year.

 

I am a massive fan of hers.

 

Jan, feel free to send an email to Kate saying some anonymous person on the Internet (of which there are probably millions, but I'm a little more articulate) is incredibly humbled by her perseverance and fortitude in the face of malfeasance, corruption, thievery and wickedness directed to the common and honest citizen.

Kate McClymont is the honesty warrior that protects the ordinary voter from the evils of organised crime and vested interests, and she should sleep easy every night knowing that the average citizen has her back.

And Fairfax should not only give her, and probably Linton Besser, and a number of other close colleagues a decent pay raise, but actually go harder budget-wise on the news and current affair department, as there are no longer any Democrats to keep the *******s honest.

And Jen, feel free to cut and paste this post to Kate M as I'm sure there are numerous posters who feel grateful for her contributions....and would love to hear her reply.

 

Sell our old PPOR (currently an IP)
Buy interstate to diversify
Get my BJJ Blue belt
Sell down individual shares and buy more LICs!
Take the family on its first O/S trip - Vancouver / USA
Get back to a 180 bench

 

I'll pass it on . I feel the exact same way.

 

Help more people towards their goals.
Become a better person.

 

Via Kate:

Can you tell that person that they made my day and I am very grateful for the message!!
Thanks so much for sharing that with me.

 

Jen, that's gold. I'm chuffed.

Thanks,

Ted V.

 

+1, she's a legend and I'm honoured to have an autographed first edition of He Who Must Be Obeid.

 

Continue snapping up sites in Asia.
Increase fund size.

 

I wouldn't recommend Acorns

Tax nightmare

 

I'm not sure the logic in your link applies in Australia. I could be wrong though. In any case, what I've now found is the dividends you get off such small amounts is negligible.

 

It applies if you sell. Say you buy 60 acorns in a year. At the end of the year you sell them. Someone needs to work out the capital gain on your acorns. To do that you would need to add up the cost of each acorn, then deduct any fees and make adjustments for automatic rebalancing. It is far more complex if you sell half your acorns.

If you can DIY, that's great! If you pay an accountant to do it, you may be in for a hefty fee. The fee could be a lot higher than the dividends you received.

 

We're 1/12 of the year in. I expect people are already hitting their targets

 

I'm not

My news years resolutions are going fine. My PI goals are not.

1) finish the reno. Well, I got most of the retic done. Inside is the issue. I have not finished the tiling in the bathroom, have only painted ceilings in 4 rooms and have not started the walls

2) build a townhouse. I haven't finished pre-start but the slab is down... and it's got a nasty crack running from one side to the other side and down both sides. Not. Happy. Jan