How I Did on My 2008 Money Resolutions

Last year I made a series of money resolutions for 2008 and I thought it would be fun (as well as a way to hold myself accountable) to review how I did. Here are the results:

Resolution: Increase net worth by at least 12.5%.

    Result: Nope -- missed it by a mile.

Resolution: Check our credit reports for accuracy. Need to do at least once this year.

    Result: Unfortunately, I missed 2008. I need to get on this.

Resolution: Check credit score.

    Result: Did this as part of the process when we almost bought a house. Our score was great!

Resolution: Complete estate plan.

    Result: Done.

Resolution: Complete 2007 tax return.

    Result: Did it, though we had a snag along the way.

Resolution: Update my wife on our finances. I do an annual PowerPoint report each summer for her.

    Result: Did it. (And she loved it!)

Resolution: Give a good percentage of gross salary as offerings (in addition to tithing).

    Result: Completed. Here are some of the places I supported.

Resolution: Continue my major investments rebalancing.

    Result: Did this in a MAJOR way ("thanks" to the dropping market) and focused on some low-cost funds that will help both my future returns and make tracking easier.

Resolution: Look for a new home.

    Result: Did this -- and almost bought a new one.

Resolution: Earn additional income.

    Result: I'm giving myself a partial accomplishment on this. I did earn extra income over and above my job, but it wasn't any more than the extra I earned in 2007.

Overall, I got most of the resolutions completed, but the big one (net worth) missed big-time. But I made some good moves and am hopefully now set up for a great 2009.

How about you? How did your 2008 money resolutions turn out?

Comments

[Strick]

Yep, net worth was also my big loser, but I focus more on total savings for the year (income - expenditures) cause that focuses on something I have a lot more control over (income and spending), and less on the market, in which I don't want year to year results effecting how I trade (I had to face that, if you have significant investments and are a buy and hold investor, you'll always make your net worth goals in the up market years and miss them in the down on a year to year basis).

To have some kind of fair comparison of how my investment strategy is working, I just compare my overall return to the return of the Vanguard Lifestyle Fund for my expected retirement date, which I bettered slightly.

[Bill]

I'd love to see the format of the PowerPoint slide that you have presented to your wife. I've started to compile a similar presentation. Any chance you could send/post a copy (redacted as appropriate)? I'd love to hear more about how people get there spouses involved in family fiannces when they have NO interest in doing so (true for me, not sure about your situation). Great blog and thanks...

- Bill

[dogatemyfinances]

I am very interested in what was on the Powerpoint. Señor Dog is very visual, and I think he would enjoy the powerpoint as well.

[David Wynn]

I concur on the Powerpoint. Here, Youtube, SlideShare... wherever you put it it would be fun to see. :-)

[FMF]

All --

The PowerPoint isn't that big of a deal. It's a stock format with mostly bulletpoints and some charts. No graphs and certainly nothing "fancy."

My wife is an interested participant and not very tech savvy, so almost anything I put together is bound to "wow" her. :-)

[Mark]

FMF,

I'd be interested on the powerpoint as well...but also if you're updating your wife once a year on the financial situation, how do you keep her on target with your financial plan and goals?

[FMF]

Mark --

Most of her financial commitments revolve around keeping an eye on various parts of our spending (keeping them as low as possible, saving money, etc.) and she's a natural-born cost-cutter.

[Dave]

Regarding checking accuracy of credit reports, we do this 3 times a year and I can't stress enough how important it is. You just can't trust the credit reporting agencies to always be accurate. My wife had some major discrepancies in her credit report from Experian a few months ago (among other errors, they reported a false address and social security number on her report!) which has been a hassle ever since. We're getting it resolved but if we hadn't checked it it would have been a thorn in our side all year.

[threadbndr]

I agree with strick (I'm also a buy and hold type of investor). The net worth plummeting this year was a total downer - until I looked at the invested dollars (up both in total and % of income), cash postition (up) and budget variance (good in the majority of categories - still working on a few). Net Worth is just one part of the picture. (But I hope it turns around again - soon!

[uniqueme]

It would be interesting if there could be an anonymous way to do some comparisons between folks regarding their net worth (maybe broken out into retirement savings, liquid worth, equities, real/estate) and age/marital status. Maybe a blog entry and the opportunity to respond to it anonymously?

I'm 34 and newly married, and wonder how I'm "doing" compared with my peer group. I see people with less income than me seeming to spend more, and vice versa. I know the one rule of thumb is based on a multiplier of your income, but how do I know I'm saving "enough"?

My net worth is down about 13% this year.

[thomas]

Don't know if I missed it, but it would be interesting to see an edited version of this PowerPoint for your wife. I would love to do one of these for mine and am interested in what techniques you used to keep her interested.

[Big Cheese]

Uniqueme,

Go to www.networthiq.com if you want to compare net worths with people in your age range, income range, or occupation.