2018 update / 2019 goals
Last July I posted my Q3 2018 goals. Today is 13 Feb 2019. If anyone is left reading, you haven’t missed an update, that really is 7 months of blogging inactivity. And a re-read reveals that it’s not just blogging inactivity, but lack of action with many of the goals themselves too. Aaargh!
So, what happened? There are many reasons, but life got in the way.
I want to be financially independent, but I still face a few more years of working ahead of me. I’ve been checking out options for a career change, which hasn’t as yet happened, but the checking has been time-consuming. I’ve work-shadowed, I volunteered lots of weekends and evenings, and I got a new qualification. I’ve continued with my cat-sitting business. I kept working at my normal job. I went on holiday and had some weekends away. I had other priorities. I got out of the habit. I was bored and lost interest.
Were the goals a complete waste of time?
I still earned some extra income with the cat-sitting. I gained 12 new clients last year, which was more or less on-target, and had lots of repeat business. I completed my first tax return, so know how much profit I made.
We have a new kitchen, which I love! I finally worked out exactly how much it cost. While I’m not sure I’d say it’s worth every penny – it was far more than I think a kitchen should cost – it’s transformed our everyday lives.
I’m sort-of on-top of our finances, shopped around for cheaper car insurance and breakdown cover, and know how much we have saved.
However, I didn’t address any of the ‘big picture’ questions, namely where on earth am I on this path to financial independence? On the one hand, it probably doesn’t much matter. I know I’m a way off yet. On the other hand, it would be very nice to know just what impact the day-to-day toil is having.
It’s a new year though, and I’m full of good intentions.
Here are my goals for 2019 (many roll-over goals from 2018…)
- Work out the minimum pension pot I need. What is the minimum income I could live on now and when retired, and how much is there still to do?
Some specifics to do with the cat-sitting:
- Invest my profits. So far, I’ve left the income in a bank account or, worse still, spent it. I should have invested while the markets were falling, and a top priority is to shift the money to my equity ISA.
- Get more clients. Another 12 this year, one a month?
- Work out what difference the extra cat-sitting income, once invested, is likely to make to my early retirement goal.
- Earn some passive income. Cat-sitting is not very lucrative, and not at all passive. I only earn when I’m physically working and I’m running out of hours in the day. I’m reconsidering buy-to-let, having dismissed it before.
- Write fiction. It’s a new weekly habit, but I’m starting to at least put pen to paper regularly.
- Better (financial) habits. I plan to spend 30 minutes a week on my finances. It might not sound much, but I’m hopeful this will make a difference in 2019. I tend to have periods of inactivity, followed by a redeeming blitz, but it’s probably not the best way of getting anything done!
- Consider whether my self-censorship linked to privacy concerns (I blog anonymously, but am still worried about being ‘found out’), and detesting social media, is really conducive to successful blogging…! If I’m paying for self-hosting I should probably put a bit more effort in, if only for financial reasons. I’ll see how it goes this year…