- Save 20% on the income. I would like to follow financial advice on an index card and save 20% of your money (Currently this is around 12%. I will try to save any extra bonuses I receive and trim some of our expenses.
How am I going to save 20%:
- Accumulate $10 K a year (tax deferred contribution) in the private pension fund – equivalent of 401(k) , $10K to the tax efficient account.
- Accumulate $4 K of them towards long term house maintenance and make two additional monthly payments on the mortgage.
Financial goals have been complete in full. I saved additional money towards pension fund ($17 K vs. $10K before the tax relief or $21K after receiving tax relief).
– No changes. Keep investing in the pension/retirement fund. – The easiest goal for 2019. Complete. I did not get distracted and kept on investing in the retirement fund. Which is now $52K USD after three years.
- Develop additional income source in full, potential reward about $2,000 a year. Target sites to be developed in full this year. – This has not been done. There are many excuses but a few good ones.
- Regular monthly updates. – Complete. This is happening.
- To cover 6 themes on financial independence, including mortgage one. – Covered four (67%) “Opportunity cost”, “Mortgage”, “Enough wealth”, “Family budget”.
- Read 12 books from the list.
- Publish the books reviews.
- Corporate finances to study in detail.
This has been not very good. I gain some unique insights into corporate finance as part of my role on the job but underpinning knowledge gains by reading the books lagging.
- As long as the savings goal is made I do not mind the rest. Aim to stay under previous year budget. –
- Be happy. Run 1,000 miles during the year. BMI at 26.3 by December. Loose 2.5 pounds a month. –
Running wise it was worst year on the record. I only ran 250 miles or once a week 5 mile run. This needs to be changed following year.
Overall, I completed my immediate the most pressing goals, but to break through financial independence ceiling I need to do more home work and self-studying. As a foreigner I am not receiving equal benefits as my colleagues working in the same roles. “Equal pay” concept does not apply in the European Union.
Instead of using my time wisely I discovered an old computer game, which still has is adepts in online battles and spent 60 hours playing in 2019. This is such a waste of time, although very pleasurable.
How was yours 2019 year? Did you achieve what you wanted? What were the challenges and how did you overcome them?