In 2024 I want to take a moment, every month, to review my financial goals and objectives for the year to make sure I am on the path to meeting my goals (or obviously altering some behavior to get there). So, I figured I would do this a few after my net worth update would be as good of a time as any.

The reason I am focusing on my financial goals is that they are more attainable on a monthly basis. As for the bigger, and arguably more important goals, I’ll do a quarterly review.

Investing Goals

  1. I’d like to start my wife’s SEP IRA contributions back up.
  2. Non-Qualified Investment Account

I have failed to complete my first goal yet. This month, I’d like to reduce her monthly contributions to the household but increase this account.

As for my second goal, I implemented and then quickly amended that goal. It is going really well, and I want to use this spot to share monthly and cumulatively outcomes and outputs.

  • $405 was used to purchase ETFs
  • $500 was moved to Cash Accumulation
  • $550 to Long Term Debt Repayment

This process has solved my itch for daily active movement. I am absolutely love it right now! The different amounts represent actual moves made. At the end of the year they should relatively be equal.

Real Estate

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

HELOC IS DONE. I can’t express how happy this move has made me. At the end of it’s life I was being charged 8.5% in interest. It was very unlikely I am going to hurdle that rate in the market, and it moved the needle on operation C.R.E.A.M. By adding $400/mo or $4,800/yr in the plus column!

Similarly, I have started adding to cash at a rapid pace. I am not sure I am going to get to an amount that allows me to put a down payment on a new property, but I have to start somewhere. In addition, The Wife and I decided to even start looking for a rental property turn retirement property on the west coast of Florida – but this is so early in the process I don’t want to get ahead of myself.

Personal Finances

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.

HELOC done. I am hoping by the end of the month so will be any credit cards that are being paid off slowly. I have attacked my student loans pretty aggressively paying down 9% in January, and I am hoping to make an even bigger move in February. This will clear up about $250/mo. These two will represent an after tax increase in my family’s monthly nut of $7,800 and I am just getting started!

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.

Absolute fail. I tried to use one of those car insurance aggregators and it was a total nightmare. This month I will check with some of the bigger direct providers to make sure there isn’t a better deal out there. I did audit my hosting of a few websites and found I was severely overpaying, but the amount saved isn’t much to get excited about.

I am hoping in March to review every major expense to make sure they are optimized.

Overall it was a pretty good month for my financial goals and objectives.