2012 Resolution Update

As some of you may recall, I shared my 2012 financial resolutions early in the year. Since we're rounding out the last month of 2012, I thought I'd give you an update on where I stand:

• Expand my gap if possible. I didn't do the complete review of Quicken I wanted to "find" extra money, but I didn't add a lot of needless spending either, so I'll give myself an "incomplete" on this one.


• Review my investments. I did do this, but not in the way I thought when I wrote the post. Instead of review and rebalance my stocks and bonds, I instead entered the world of real estate investing. After a failed attempt at buying and a few other rejected offers, I purchased my first place And not to spoil the surprise or anything, but I'm closing in on place #2 as well. :)


• Make major purchases. Our scorecard: 1) trip to Caribbean -- done, 2) new furniture for the living room -- not yet, 3) another potential trip -- will be taking one early next year, 4) a new bed -- yep, 5) advanced landscaping -- not yet, we decided to wait another winter to see the situation with all the trees.


• Update retirement plan. I actually worked through my retirement numbers twice this year. Once was early in 2012 when I re-did them based on the guest post How Much Income Do I Need For Retirement? The second was in the late fall when I did some projections factoring in rental real estate income.


• Consolidate charities. I have done quite well on this one. I have (for the most part) avoided the $10 here and $25 there charities and am concentrating my dollars on a handful of bigger gifts. The one you all already know about is my $25k Red Kettle Challenge.


• Invest in my career. The biggest way I've invested in my career this year is in expanding my network. Through two new volunteer opportunities (I run a committee for one organization and am on a committee for another organization) plus an existing one (where I am board president) my network has expanded greatly. And as they say, it's better to build it when you don't need it...


• Update my will. I haven't done this, but it's been a bit on purpose. I'm guessing the new U.S. budget/tax laws will impact estate planning, so I didn't want to update my plan just to have to turn around and update it again.

In addition to these tasks which were stated at the start of the year, I have made one additional move of note: I increased my umbrella insurance to $4 million. With the addition of rental properties, I think it's prudent to make this move.

How about you? Did you have financial resolutions this year? How did you do compared to your goals?

Comments

[DPF]

I actually did pretty well with my goals for the year, after thinking about and looking back at what I set out to do at the beginning of the year.

It's interesting how I had been really thinking lately that I'm behind where I want to be, and that I need to accelerate progress. It simply took going back and looking back to where I was earlier in the year and what I set out to do, before I realized that you know - I actually accomplished some goals quite well this year!

Sometimes it takes going back and revisiting prior goals to give ourselves a break and be happy with progress!

[Lance@MoneyLife&More]

My only big resolution was to get a new job which I completed early on. I did start my side gig this year which I have always wanted to do but never really set a goal for. It has been a blast!

[Jake]

@FMF-

It would be really cool to see what your typical schedule looks like. With so many activities/work/investment/blogging that you do, it would informative to see how you balance everything.

Thanks,

[retireby40]

I rolled over my IRA after I quit my job. I also took the opportunity to rebalance when I rollover. Those are the big things. Next year I need to update our will and one other thing I can't recall right now.
2012 was a busy year.

[John S @ Frugal Rules]

While not truly a resolution, we had a goal of starting our own business and be on firm enough ground to be able to do so. Thankfully that's been accomplished and things are looking good so far.

[JayB]

My financial resolution this year was to take advantage of the downed housing market and purchase my first home. I successfully did so in May 2012 and am aggressively paying it off. My plan is to have it paid off in full by 2018.

[FMF]

Jake --

There's not really a typical day, but it's generally like this:

Up
Work
Swim
Work
Blog
Work
Home
Blog
Event (like BB for son)
Home
Bed

But there are tons of exceptions for lunches, volunteer activities, weekends, and so forth.

[MC]

Like JayB, my financial resolution this year was to exploit the low mortgage rates and the probable continuation of the mortgage interest deduction. I sold my small paid off home, took out a large mortgage, and purchased a large new home in the most desireable neighborhood in town. I'm investing the rest of the equity conservatively, but even so I come out at least full percentage point ahead on the money because of the interest deduction. Maybe more if my marginal tax rate increases which I expect it will. I wouldnt try this most places, but in my city real estate is still a solid investment so I figured why not? We will see how it turns out...

[elb]

Pay down $100K of (investment property debt), max 401ks. Met.

We keep it simple, next year is the same thing.

[Bo Manry]

I'm in a unique situation, at least I think I am. My goal was to double my bank account. I didn't quite get there, but it did grow by 75%, which isn't a bad result.

[Jeffinwesternwa]

Kept saying I was "going to spend more money in 2012", being single and with no blood siblings, I figure dying close to broke at age 100 is a nice goal :), ..alas, I did help some close friends out and spend a little more but, my net worth increased more. Guess I need to create more needs? It's tough after a life of being careful amassing about $2.5M in liquid net worth by my mid 40's..

[FMF]

Jeff -

Want to adopt me?

[Jeffinwesternwa]

:) If your feamle, single and svelt /active... you can stand in line :)

LoL

[Kim@Eyesonthedollar]

Paid off the credit cards and bought a rental property. Pretty satisfied for the most part. I am still in awe of your red kettle challenge. What a great thing to be able to do!