Goals 2017 – Accountability and Chutzpah!

Gentle Readers,

I am not typically into resolutions, but I think that financial ones could be helpful in focusing me and so I will try them this year. Last year at this time, I did not have this blog or the goals the blog has led me to pursuing. I was ignoring my money and figuring that student debt would constrain my choices for life.  That’s unpleasant to consider.

In April of 2016 I began this blog, and I was in debt to the tune of -$151,728. Focusing on my money had my debt diminish to -$146,049 by year end. That’s an increase of 3.74%. I had hoped to do better than that, but was not anticipating so many medical expenses. Explicit goals are said to be helpful. Let’s give it a go.

2017 Achievable Financial Goals for ZJ Thorne

  1. Pay myself from my business at least a nominal amount every month. If I get one client a month to cash-flow properly, I could pay myself $500/m before taxes.
  2. Finish contributing to my 2016 IRA ($1340 to go)
  3. Increase my Emergency Fund to $1000. ($691 to go)
  4. Pay off Credit Cards ($5785).
  5. Fully fund 2017 IRA ($5500 to go)

This is $13,316.  That is $256.07 a week or $1109 a month for all of these goals. I have until April 15 to finish contributing to my 2016 IRA. It and the emergency fund will be my first priority. Then I will shift to paying down my credit card. The 0% balance transfer ends in July. If I cease spending on my credit cards and pay them off in 6 months, that would be $964.17 monthly. Perhaps this is attainable. If July through December is dedicated to funding my 2017 IRA, that is $916.67 a month in contributions.

My current gig is scheduled to last until mid-February, and we are supposed to continue with unlimited overtime until then. It is possible they will extend beyond February. We won’t know for some time. Our industry shifts rapidly. It is not uncommon to be told at 2 pm that your gig ends that day. Staying gainfully employed is helpful to achieving these goals.

The big goals are even grander and dependent upon finding a gig utilizing the skill I’ve been mastering. If I do that, I can double my pay for some gigs. If I do that, my goals can become enormous depending on how long a gig at that rate could last. These goals are too big for one year, but they are in my mind. Luring me.

2017 Stretch Goals for ZJ Thorne

  1. Get my Emergency Fund up to $5000-$10000 ($4691-$9691 to go).
  2. Save up a down-payment of $15000-$30000 ($14981-$29981 to go).
  3. Spend $5000 on my brokerage account.
  4. Pay off the smaller student loan in a fell-swoop $45000.

What are your goals for 2017?

Net Worth Week 15 – Dental Pain Edition

Gentle Readers,

There’s been a slight setback in my finances due to some pain issues I’m trying to take care of.  It’s been a physically painful week in my house. I had my semi-annual dental cleaning and learned the reason for some of my jaw pain – I have a new wisdom tooth that is stuck inside for the next six months at least. My chronic, undiagosed back pain also grew much worse. My physician won’t even look at the body parts I complain about so I’ve been pursuing some alternative healing methods. I have an acupuncture and massage appointment this weekend to try to help with this pain until I can find a new doctor. This will cost me roughly $100 because I’ve found places I trust that give really good deals. Hopefully my back approves. I miss being able to run. My girlfriend misses me not being in constant pain.

I initiated a balance transfer on the 15th and it went through today. My old Barclay Card missed me and offered me zero percent financing until next July. I intend to pay it off before then, and it will be a lot easier when it is not earning interest. Thank you, to YETInvesting for talking me through the process and encouraging me. Hopefully this will help my debt reduction process.

I would be delighted if you read my entry to win a trip to FinCon. I’d love to meet y’all.

I still love Earnest and credit them with my ability to conquer some of this debt.

Date 7/1/16 7/8/2016 7/15/2016 7/22/2016
Joy 1099 1099 1099  1099
Travel 323 323 323 323
Down Payment  19 19 19 19
retirement  21 21 21 21
health  45 45 45 45
Moving  31 31 31 31
EF  2002 2002 2002 2002
Business  1 1 1 1
Bed  .29 0.29 0.29 0.29
Life  1929 863 746  897
IRA  9580 9653 9894  9908
Brokerage  324 329 335  337
CC (largest)  0 0 0  -4791
CC (longest)  0 0 0  -529
Rewards Card  -5675 -5247 -4862  0
SL 1  -102482  -102258 -102374 -102489
SL 2  -45112  -45010 -45062 -45115
Earnest  -9328 -8878 -8897 -8915
-$147222 -$147006 -$146678 -$147156
  .35% change .14% change .22% change  -.32% change

Have medical issues ever set you back financially?