What up, for the first time in 2015!!!! Comin' atcha' like a freight train, or maybe like a train wreck, is Old School's breakdown of how December went.
First I hope everyone had a Merry Christmas and New Year. I know in the Old School family we kept it pretty lighthearted and fairly non-consumeristic. I think that even though we do a good job next year I would like to cut out presents all together from most of my family. I still want to get my mom and dad something, but as for the siblings, cousins, and grandparents we are done. I don't mind giving small appreciations of our affection that we make, but I personally don't want to receive any food presents next year. SERIOUSLY! I probably ate my weight in candy and chocolate and this is not good for my body at all!
NET WORTH UPDATE:
Mint says my net worth is currently...
That is a difference from last month of...
That is not a huge number, but it is a number that is positive and we are headed once again in the correct direction!
Let's take a look at those accounts shall we...
1. Emergency Fund $6,263.21
2. Checking $179.55
3. Chase Sapphire Preferred - $463.27
4. Wife's Card - $4.99
5. Mortgage - $161,259.88
6. Wife's 401k $12,363.09
7. My Roth $526.32
8. Wife's Car $9,222.00
9. My Car $ 2,500.00
Not a ton of movement. We added some more cash towards our savings goal and are getting close to the 7k mark which is where I want to be. That will continue to be my goal for my emergency fund until we hit it. We always invest money every month into our retirement, but the market did dip a bit and we lost a little. Oh well, good time to buy:) Life continues and now I will share some goals...
1. Savings: Obviously we are a little closer to our 7k goal in the emergency fund. Over all I want to be at 10-15k, but one step at a time, eh?
2. IMRF Goal from last month was partially a success. I found out I have about $800.00 sitting out in no man's land, but I did nothing about it. I need to dial up my guy (always wanted to say that), and get him to help me with a transfer form to my 403b or my Roth. I think if I roll it directly over I can avoid paying taxes, so that is the goal currently.
3. Side hustle nation has officially closed its doors for now. I found it too time consuming and non profitable to buy and re-sell. I feel like a failure but I also feel good. Normally my side projects go to complete waste but since I was writing about this and keeping track of numbers I didn't lose any money and managed to spark other ideas for the future and speaking of the future...
Indeed I usually just set monthly goals but now I want to take some time to record yearly goals. Since this is the first January the Old School blog has seen I figured that it would be a great time to record some yearly goals. This will help keep me honest and focused throughout the year.
There is no place like college to rack up some debt and get an advanced degree! This year I plan on continuing my education and starting my goal of receiving my masters in human counseling. This is a long program and could take me up to FIVE YEARS to complete. So to make it more manageable lets break it down...
1. Get accepted into masters program and apply like crazy for schoolarships, grants, and tuition assictance!
2. Begin to learn another language, probably mandarin. O.k. So I stole this one from Financial Samurai. It seemed like a great goal to have and since I may or may not adopt a child (in the future) who speaks mandarin I would want to be able to speak it as a culture thing. I also believe the ability to speak mandarin is just plain cool.
1. Pay down the mortgage to $140,000. I know that we have interest working against us but I am determined to get this monkey off of our backs sooner rather than later. House debt is our number one anchor and the sooner we are rid of this loan the better.
2. Contribute at least $3600.00 to my 403b and $2600.00 to my wife's 401k. This is not a lot of money. This number needs to increase. However, I wanted to set a goal that we could achieve and I know we can achieve this goal. Call it a cop out, but everyone needs a win or we get down. If we reach this goal early we will just set a new one for the rest of the year anyways, so suck it haters;)
3. Don't go overboard on house expenditures: House debt may be our biggest exspence but some times we go overboard on buying things for our house. We need to take on projects as cash flow allows and not hamper our other goals. On the other hand we also need to make sure we get some important projects done this year i.e. basement finishing, window well covers, gutter guard, driveway paved, patio finished, trees planted, and garden started. We should not try to accomplish all of these tasks, but maybe a few for the year would suit us well. I'll write about this as we do them and give a detailed $ break-down.
4. Use my 1k in my flex spending: I don't have to use all 1k (becuase 500 rolls over), but I do want to make sure I use at least $500. I think that sometimes I neglect to go to the doctor, but maybe having the money already set aside will encourage me. This year I will have to visit the doctor, eye doctor, and dentist (at least twice for the dentist:) I'm sure that $500 shouldn't be a problem.
1. Love my wife and the Lord more: I know that most people with a spouse or who are spiritual probably list this as a goal. I NEED to list it or it won't get done. I think that I can achieve this goal by spending more time with both daily. One feeds from the other and I really want a successful and happy marriage.
2. Read at least 10 non-fiction books. The best way to improve myself is to obtain more knowledge. One of the best ways to obtain more knowledge is to read non-fiction books.
3. Run a marathon: Not sure if this is going to happen, but I figured I'd throw it up here and see if it encourages me to do it.
4. Continue this blog for the entire year with at least one post per month: It is going to get pretty hairy soon (especially if I get accepted into the master's program). I may have school work, coaching, teaching, and house stuff on my plate plus all my other goals. I don't want to push Old School aside, but when it comes down to it blogging is just a luxury. Even now my wife is hollering at me to spend some time with her.
I gotta go, but I'll catch all you on the flip side!