Good morning! Just a quick reminder for everyone in the UK: the tax year ends on April 5th, so make sure you use up your ISA allowance soon.
Back in January, I set some significant financial goals for 2014, and it’s time for a progress update!
Rent out the guest house? Done.
Increase Net Worth by 30%
Last year wasn’t great for this goal, but I’m optimistic and trying again for 2014. By the end of the first quarter, my net worth is up by 13%, so I’m on track! I’ve converted some investments back to cash and had a good quarter with forex trading, only counting the profits from closed positions.
Make $60,000 in Online Income
You might know from my blog’s income reports that I currently earn $3,000 to $4,000 a month from blogging. My goal is to boost this to $5,000 a month. This amount lets me live comfortably, travel when I want, and save a bit for emergencies. Once my third website breaks even, this target seems realistic. So far, January earned $3,290, February $7,063, and March $4,950, totaling $15,303. I’m on track here too, especially considering an additional 45% of Savvy Scot’s purchase price in January.
Keep Donating 10% of Online Income to Charity
Since July 2013, I’ve been setting aside 10% of my online income for charity. I’m supporting two students in my village with full scholarships to a top high school, provided school supplies and uniforms for primary and middle school girls, and started a computer class with four computers, including two donated by readers. We’re starting the computer program this week.
Turn a Profit with Land Development
We’ve almost got all the necessary authorizations to sell plots of land. The website is up, with a map and prices, and we’ve already sold some plots! It looks like we might recoup our purchase price by the end of the year.
Make $5,000 with the Guest House
The aim is to rent out rooms and make about $500 a month, totaling $5,000 for the year. This would cover our staff and utility costs, meaning we’d essentially live for free. By March 31st, I’ve made $1,970, which is 30% ahead of schedule. April is looking slow, but I’ve got bookings for May and am not expecting much during the rainy season in July-August.
That’s my update! What are your personal goals?
