Much like taking a step back to work “on your business” rather than in your business, these types of posts give me a moment to reflect on what I want to accomplish over the next year. I always take a two-pronged approach when preparing my goals and objectives. The first is to think about an overarching theme or quote, and, the second is to break my life down into bite-sized pieces so I can think about measurable goals for myself.
In the back of my mind, I always assumed I would be a business owner, either through my relationships in finance or through law, and the exit of that business would satisfy most of my retirement needs. However, with the clarity I have received through negotiationas with my day job I have learned that may not be the case…and that’s okay! Instead, it is now my responsibility to pivot and plan for that.
It is with that lens I want to take a look at the following categories:
- Professional Career & Law Practice
- Real Estate
- Personal Life & Family
- Personal Finance
My 2024 Goals and Objectives
Professional Career / Law Practice
Last year I wrote,
Over many conversations (and drinks) The Wife and I came up with the following plan:
- Understand the ins and outs of a standing offer to join a law firm and head up their Trust and Estates practice.
- With that information, I plan on approaching the partners to have a discussion about my current compensation package.
- After everything is on the table make a decision.
Amazingly, despite some large zigs and zags, I pretty much followed this plan! With it, I ended up with a much more fair compensation schedule. Part of that deal is to slow down practicing law which leads me to the following goals and objectives for 2024:
- I would like to close out current cases and not replace them with new ones immediately! Right now I have too many open cases with a few people expecting to retain me. All good things, but it has to slow down for both my sanity and to honor the deal I made with my new boss. As such, my goal is to spend A LOT less time practicing law.
- My second goal is to get back into reading both finance and law trade magazines. I have specific time set aside where I limit stop ins to my office, I am going to partition an hour of this time to reading both legal and financial material.
- My third goal is to emotionally embrace the idea that I am not going to own a traditional business. This one probably isn’t particularly measurable, but I am almost there so 360 days from now this should be an easy check mark.
I think I could get to a place where I have a few law clients with deep relationships that are mutually beneficial to both parties.
Qualified / Retirement Accounts – My 401(k) hit an all time which is very different than when I was going into 2023. Notwithstanding, my goal is simply to make sure that I am at the current match (I think I may be a bit low after my recent raise). In addition, I’d like to start my wife’s SEP IRA contributions back up.
Non-Qualified Investment Account – My dividend growth portfolio funded by naked puts is easily my favorite financial asset. My goal is to hit $60/day of net income with the goal of increasing it to $70/day in Q3. In addition, I am hoping to stick with my 4 tiered approach to handling the income from this account wherein 25% goes to a concentrated long term purchase, 25% goes to ETFs, 25% to pure cash and 25% to speed up deleveraging.
Currently, I rent out my old home. I am constantly looking at zillow and other sites for opportunities but with current interest rates I do not know if this will happen any time soon. Notwithstanding, my goal is to pay off my very expensive HELOC, and start to build a cash position that will act as a rental property emergency fund.
In addition, I would like to keep searching for that next purchase.
Any and all decisions I make in the above categories are done so which puts my family first. I know I could make more money if needed, but one of the reasons I chose the path above is that it gets me home at a normal time with a lot less stress than practicing law.
For my family, I have three goals
- Be a little be more patient and understanding when it comes to my daughter’s hobbies. I spend so much time and energy dealing with my son’s sports and hobbies because they are in line with my own.
- Continue to work with both kids on their homework. Not only do I believe that it helps them academically it provides time spent together working towards a goal.
- Plan a trip for my wife and I without the kids.
Currently, I feel the fattest and out of shape that i have in a long, long time. It is time to make some changes:
- I wrote it last year and I am going to write it again. Get in bed before 12 on those nights I am just sitting home anyway.
- Start some type of work out plan. It doesn’t have to be perfect, but I need some type of structure and routine. As I write this I am thinking about joining f45.
- Regularly (2 – 3 times a week) jump in the cold plunge I purchased.
This year is all about cash flow for me. First, I want to take care of some leverage that is a drain on my monthly cash flow. This includes my HELOC, any 0% CCs and then either my solar loan or my remaining student loan.
Second, I want to audit all my recurring expenses and determine if they are efficient. The first on the block is my car insurance, then after that will be reviewing all my accounts and main amex to start to “reunderstand” what is going out every single month.
The clarity I have been given has me really excited for 2024. I am not exactly pumped at the outcome, but I can live with it knowing I get to control so many other parts of my life going forward.
I am so excited about 2024!