Ah, the new year resolutions! No, I do not really do those, but I believe it is always useful to set some SMART (specific, measurable, achievable, relevant, time-bound) goals for yourself.
In this post I will check how did I do on my 2017 goals and set some for the new year.
1. Reaching EUR 170k Net Worth (PASSED)
Looks like I really underestimated the possibilities here. As you might have read in my 2017 financial overview, we ended the year with EUR 226,033. That is nearly 33% over the target! I’m very happy, but at the same time looks like I need to be a bit more strict when setting the 2018 goals.
2. Buy Our First Investment Property (PASSED)
Probably this was the most important goal of all and yes, we did it! In October we have closed the deal and just after two weeks the new tenants have moved in. Everything is going well since and we are very happy with our choice.
3. Reaching a Portfolio Value of EUR 55k (excluding real estate) (PASSED)
I am not sure anymore why I wanted to exclude real estate here. 🙂 But the point is that this goal has also been met. Our portfolio value without real estate was EUR 56,135 on 31st December 2017.
4. EUR 1,600 Dividend Income in 2017 (PASSED)
This was very close, but this goal has also been met. Our 2017 dividend income (including the withholding tax deduction was EUR 1,649.23. I was not sure that we are going to meet it, due to the fact that we had to sell some shares in order to finance part of our real estate purchase.
5. Receive the First “Paycheck” from Google (FAILED)
Looks like I am not doing really well on monetizing the website. This is mainly because I did not even put too much effort in it. During this year I will probably rethink this whole AdSense thing and might even remove the little flashing ads you see every now and then.
6. Improve the SEO of The Road to One Million and Reach 20k Page Views in 2017 (FAILED)
I did some SEO improvement and more and more traffic is coming from Google searches. At the same time it is still far from 20k per year; it has only reached the 15k range.
7. Having 1,000 Twitter Followers (FAILED)
What did I tell you about following me on Twitter? Well, nothing, and probably this is also part of the reason why this goal was failed. Not by too much though; I finished the year with 921 Twitter followers.
8. Sell the First Item on the Amazon Affiliate Site (FAILED)
For more details, please see a full post about How I Failed With My Amazon Affiliate Site
9. Reaching EUR 500 Affiliate Income from Amazon (FAILED)
I have missed this target by EUR 500 🙂
10. Write My First Guest Post (PASSED)
Double passed. I have made two guest posts; you can check them out below:
As you can see the real financial goals were all met, the ones around the blog(s) not that much. It is no surprise. Blogging is a very time consuming things and I have quite limited amount of time these days in order to put even more effort in improving the blog’s SEO, be more active on social media etc.
But now let’s see my 2018 goals, which will be more restricted around finance:
1. Reaching EUR 6,000 Passive Income
EUR 6,000 is double of the 2017 figure, therefore this might look like a too optimistic goal. Nevertheless I believe it is still achievable. The majority of this increase is hoped to come from the reduction of the rental apartment related expenses. More specifically, the reduction of the mortgage payments.
As I already mentioned in the article about how to calculate cash on cash return, once we work down our mortgage to home price below 85% again, our interest rate (and hence the monthly payments) will drop about EUR 200 per month.
I am hoping it to happen around the middle of the year, therefore this would mean around EUR 1,000 extra net rental income in 2018.
2. Achieve a Below 85% Loan to Equity Ratio on Our House
This goal is self explanatory in light of the previous point. We are planning to achieve it in two (+1) ways:
- Home improvement – this will obviously be a cost, but it will also be reflected in an increase of the market value
- Paying extra towards the mortgage – the amount will depend on the market price increase caused by the above point
- +1: General increase in the property prices – this is totally outside of our control and I am not expecting a huge increase of property prices in the Netherlands during 2018. The market is already very hot and trees don’t grow up to the sky either.
3. Reaching a Portfolio Value of EUR 150,000
This would mean a 28% increase in a year. Plus reaching 15% on the way to one million. Still early in the journey, but things should speed up as we are growing our portfolio.
4. Reaching a Net Worth of EUR 285,000
This would mean a 26% increase during 2018. The gain would come from the increase of the portfolio value, the increase of the house price and reducing our debt via mortgage payments.
5. Spending More Time with Family
I dropped all the blogging related goals and set this one instead. At the end of the day this is the ultimate goal isn’t it? Also in terms of financial independence. I will not focus anymore on SEO, but use the time freed up to spend it with the ones around me.
Of course it doesn’t mean that I will give up blogging, I will just keep it naturally and take it easy.
Dear readers, did you set any goals for yourself? What are those and how did you do in 2017?
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Disclaimer: This post or any other information on the site is not intended to be and does not constitute financial advice or any other advice. I am solely sharing my idea, plan and progress on financial independence and early retirement.