Happy New Year!! 2016 is now in the books, and everyone is faced (either positively or negatively) the course of charting through 2017. What will this next year hold? Are you feeling overwhelmed or extremely positive?
With each year it brings about new challenges and circumstances that we must adjust too. We can’t just sit back and let life happen. In my own life I use these goals to help me stay focused on what I’m trying to accomplish by the end of the year, and what are my ultimate 5 year goals. I’ve really enjoyed doing monthly and yearly goals, and blogging about it, because it holds me accountable. Accountable to really follow through on what I want to accomplish and tell people about my successes and failures. Hopefully you and I can learn something through these trials. With that said, here is how we finished out 2016 with our mortgage pay off countdown.
Mortgage Pay Off Countdown
Paid last month: $2415
Extra Money That Was Applied: $1107
Goal of Pay Off Date: August 2018
This past year our family backed out of purchasing a farmhouse and has been 100% focused on becoming debt free. With this focus we were able to pay off $19,500 of principal after gaining a renewed focus in May. In 2017 we have $49,000 left to go before we hit the goal line of debt freedom. The selfishness in me hopes that we could live like hermits for a year a knock out the last $49,000, but I have to think realistically. Regardless, I hope to stay the course next year and realistically knock out $25,000 in principal (or at least that is what excels tells me).
Coming into this next year I’m primarily focused on 1) developing my primary income streams (blog, AirBnB, and YouTube channel), 2), selling stuff in order to generate additional dollars to pay down debt, 3) going on a family vacation by saving up the cash, 4) develop a three week finance course at church, and 5) consolidate all our 401k/403b’s with Vanguard.
With that said here is how we finished out 2016 with our passive income stream goals:
- Pension – [2016 Goal – $1308 – made $1309 total] – the pension made it exactly! #NAILEDIT This income stream is what all income streams should be like. Set it and forget it! :)
- Peer-to-Peer Lending – [2016 Goal make $100 – made $34.86 total] – most disappointing month this past year. It is showing the my realized income level is 4.86%
- Blog Income – [2016 Goal -$6000 – made $7362] – my goal was completely exceeded for this past year, and really makes me optimistic about what is possible in 2017. It am upping my goal for 2017 and will continue to make this income stream a focus of mine.
- Two Checking Account System – [2016 Goal – $500 – made $263.00 thus far] – we fell short of our goal in this category last year, but not bad for making an extra $263.
- Schwab Monthly Income Fund – [2016 Goal – invest $500 and make $10] – I started off consistent at the beginning on the year in contributing to this, but halted all contributions after our house purchase fell through. After May we were less focused on investments and more focused on debt paydown.
- Amazon’s MTurk – [2016 Goal – make $500 – made $30 thus far] – no progress here as I focus most of my efforts on the blog and AirBnB.
- AirBnB – [made $1028 this year] – in just four short months we were able to net over $1000 and help contribute to our mortgage payoff. I have big expectations next year and fill focus a lot of my efforts in getting good reviews and provide a good BnB service.
Overall, these collective passive income streams netted us more than $11,000 of extra income outside of my primary job. It is amazing what a little intentionality can do to generate alternative passive income streams!
- Pension – [2017 Goal $1308]
- Blog Income – [2017 Goal – $7500]
- AirBnB – [2017 Goal $2500]
- Sell Stuff – [2017 Goal $2500]
- Peer-to-Peer Lending – [2017 Goal $25]
- YouTube Channel – [2017 Goal $25]
- Schwab Monthly Income Fund – [2017 Goal $10]
I have a number of family and spiritual goals too, but I’m just keeping them private for next year. Generally speaking though, I want to be intentional about giving my family specific time. Time to plan events and trips and more at being present. Can I get an amen for being present with our families?
At the end of next year I hope that I can say that I lived like no one else, so that I could later live like no one else! Here is to a great 2016 and an even better 2017!
So what are your goals for 2017? Are you optimistic about the outlook and accomplishing your goals? Leave a comment below!