2017 Q2 update – goals and resolutions

At the beginning of the year I posted my 2017 goals and resolutions.

At the end of Q1 I posted my 2017 goals and resolutions – Q1 update.

The Q2 update is long, long overdue (in fact, Q3 is almost over!) The Q2 update is a mix of huge successes and total, abject failures.

Financial Goals

Goal 1 – Increase net worth to $4M

This was undoubtedly the biggest and most important goal I set for 2017. We started the year at $3.36M. As I’ve noted before, success towards this goal was completely dependent on closing a single large deal at work.

I’m happy to report that the deal was closed and, as reported in my Net worth report for June, 2017 our net worth crossed the $4M mark.

At this point I’m going it’s possible (although unlikely) that we could hit $5M by the end of 2017. I don’t expect any large chunks of money at work, so this would completely depend on how the stock market performs for the rest of the year.

Result: SUCCESS!

Goal 2 – Pay off second mortgage

As of the end of Q2 we hadn’t received all the money needed to pay down the second mortgage. However, the commission from the big deal means we’ll have the money and the second mortgage will be paid off in Q3.

Result: On schedule

Goal 3 – Generate passive income of >$60k

As of June 30th we’d received $29,854.73 in passive income. Given that we’ll almost certainly make a few additional investments over the course of the year and can likely rely on a few dividend raises, I think it’s safe to say we are on schedule to meet this goal.

Result: On schedule

Goal 4 – Research another real estate investment

I’ve done absolutely nothing towards this goal. I need to dig into the various real estate startup companies, (RealtyShares, etc.) to see if I think their business models are viable long-term.

Result: No progress

Physical Goals

Goal 5 – Deadlift 400 lbs

Goal 6 – Get body fat down to 10%

Complete and utter failure on both counts. My body fat percentage is unchanged and I’ve done little to no deadlifting this year. I blame this on work travel and other family issues, but these are just excuses.

I need to rethink and then recommit to these goals.

Result: No progress

Personal Goals

Goal 7 – Take and pass the CFP exam

I took and passed the CFP exam in June!

This was probably the second most important goal I had for the year (after Goal 1). This was a huge accomplishment for me and the culmination of about 3 years of work.

Result: SUCCESS!

Goal 8 – Close largest deal in company history

The deal ended up being broken into two pieces, but I managed to close the deal by the end of April. Perhaps more importantly, I got paid on half the deal by the end of Q2, with the second half payable in July, 2017.

Result – SUCCESS

Conclusion

As I said at the beginning of this article, this has been a mixed bag. The good news is that I’ve either completed or am on track to accomplish the most important goals I’d set. The bad news is that the other goals have been total failures. Here are the goals:

Completed:

  • Goal 1 – Increase net worth to $4M
  • Goal 7 – Take and pass the CFP exam
  • Goal 8 – Close largest deal in company history

On track:

  • Goal 2 – Pay off second mortgage – On track
  • Goal 3 – Generate passive income of >$60k – On track

No progress:

  • Goal 4 – Research another real estate investment
  • Goal 5 – Deadlift 400 lbs
  • Goal 6 – Get body fat down to 10%

At this point I think that by the end of the year I’ll complete goals 1, 2, 3, 7, and 8. Goal 4 is possible if I allocate ~10 hours to doing the research.

It’s possible that I could succeed at either goals 5 or 6, but not both (as they are somewhat mutually exclusive and there’s not enough time left in 2017 to accomplish them both).

Questions for you

What goals and resolutions have you made for 2017? Do you make financial resolutions? Personal? Is there a category or type of resolution that I haven’t thought of?

How’s your progress been on your goals?

2 thoughts on “2017 Q2 update – goals and resolutions

  1. Hey,

    I first stumbled across your blog last month when I was scouring the web for information about LLC vs Umbrella Insurance. Thank you for the great article that helped me feel comfortable relying on Umbrella instead of taking the risk of loan-adjustments that could result if I place the prop in an LLC!

    I like how you use this blog as a way to keep yourself accountable and help others make decisions. I find myself in a similar financial situation as you – I rely on chunky bonus income which can be 0-10x my salary. Also, I’m a Bay Area resident!

    Great job thus far in 2017! REI is very tough in Bay Area right now, but Realtyshares has been essential in diversifying my RE exposure.

    1. Thanks for the kind words. I’m glad the article on an LLC vs an umbrella policy was useful to you. I’m always surprised when I read advice from people that everybody should create an LLC to hold their real estate. The reality is that for the average retail investor it just doesn’t make sense.

      A bonus of 0-10x your salary is VERY chunky. Could you tell us more about the general industry you’re in and how your bonuses are calculated?

      Do you hold any real estate in the Bay Area? That’s been an absolute rocket ship for the last few years, but it seems awfully expensive right now. If the next downturn manages to soften prices up there I am thinking I might want to make an investment up there.

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