Goals/Objectives for 2020

I’ve done the goal setting posts before and gone over my 2017, 2018 and 2019 goals in previous posts. For 2019, the financial goals were all accomplished, but for the non-financial goals, it was a mix> Overall I believe I made real progress on a number of them, but probably “bit off more than I could chew.” As I stated before, as the FIRE gets you, you end up with a lot of the finances on auto-pilot, and then you really start to concentrate on what really matters.

For 2020, my financial goals reflect that we are closing in on “coming in for a landing” and need to adjust for that. One of those is that we’re going to stop contributing to the Deferred account, because when I retire, that is going to come to me in a lump sum, with a huge tax hit. After discussion, we are just going to start taking that money now, paying the taxes now, and then placing it in post-tax accounts. That way, we have the flexibility both in where to place it, and when we want to pull it out (and what tax benefits we could get from that).

Officially, I’m 6 months from my FI date, but like so many others, I’m starting to rethink actually leaving at that time. No so much because I need the funds (although that would be nice) but because I still enjoy some aspects of the work, and may not be ready to jettison it. I think what is more likely is that I’ll depart at some point, but continue to work on “side hustles” off to the side for some time.

So what about 2020?

Finance:

  • Save $28K in tax-advantaged accounts (saved over $75K in 2019 – but a lot of that was in the Deferred). 401K, and Roth IRA.  
  • Save $41K in regular accounts (compared to $5K in 2019). As I noted above, we’re going to be taking about $3K per month and sticking it in regular investing, after paying taxes on it versus putting it in pre-tax with the company’s deferred. Starting to build that bucket of funds we’ll need prior to hitting age 65.
  • Increase dividend income from all accounts to $27K/year (compared to 29K in 2019).
  • Passive income covers 30% of base living expenses in retirement, estimated at $78K per year (previously, I was using $72K, but after meetings with our finance guy and Mrs. 39 Months, the budget ended up being $78K).  My long-term goal is to get my dividend/passive income up to where it covers over 100% of my expected retirement living expenses, so my investments can continue to grow.
  • Beat net worth growth rate of 6% (it was +20.1% in 2019 with the stock market run up). This is my historical growth rate for the last 10+ years, so I want to beat my average. As I stated earlier in January, I’m expecting the market to be flat this year, since we jumped up so much in 2019.

Business:

  • While not getting a membership, I want to attend six (6) of my local real estate investors association meetings this year. I’ll probably join permanently in2021. They hold a regular monthly meeting, a monthly meeting for new investors, and a monthly meeting for my specific county. All three could be interesting.
  • Double the number of blog visitors in 2020. Last year it was a little over 6,000. I want to get at least 12,000 this year, so I need to put myself out there more (i.e. comment) and write interesting topics. My thanks to everyone who stopped by, and I try to return the favor, and comment as well.
  • Create TKD Woodworking (my side-hustle name) with an LLC, website, finance tracking, etc. Sort of a trial method for running businesses.
  • Make $1,000 in sales (not necessarily profit) on items with TKD woodworking
  • Write/publish a book on finance.  I wrote one for new graduates in 2017, but I have identified an area of the community which hasn’t been served as well in the past. Hopefully I can assist with something here.  I’ve got the first five chapters outlined/partially done, but still have a ways togo.

Personal:

  • Increase weight lifted by 10% from 2019. Was able to exceed this in 2019, need to continue to push it.
  • Average 2 hours of cardio per week, which is about what I’m doing now.
  • Backpack over 90 miles on AT (did around 80 miles in 2019). The trail that I haven’t hiked is getting further and further away, making it impossible to do weekend trips. Going to get harder.
  • Continue volunteering at Pennsbury Manor at their joiner’s shop (woodworking). Really enjoyed this.
  • Reduce weight by 20 lbs. from Jan 2019 (lost 2 lbs. in 2018). Again, I want to get in better shape as I get closer to financial independence
  • Read at least one book a month. I surpassed this goal in 2018, and re-learned the joy of reading.

Travel:

  • Visit three national parks (that is the plan, right now)
  • Visit family in Tennessee, Vermont and New York. Family is very important to me. One of the things I am looking forward to with financial independence is the opportunity to visit family more often. Need to get up to see my brother in Vermont.
  • Take a week at the shore and just relax with family. Currently planned for July, but we’ll see how many family members can come.
  • Visit Ellis Island. Still want to do this – its so close. As 50% Czech from immigrant great grandparents from the turn of the century, I believe they went through there, and I want to see it

So those are my somewhat ambitious goals for 2019. I am going to do my best to hit them, so wish me luck.

What are your goals for 2019?

Mr. 39 Months

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