If you’ve been following our epic journey to financial independence, you’ve probably noticed the level of acceleration between now and last year. We’ve effectively doubled our savings rate from 20% to 40% over the course of 2016, and even pushed ourselves to save 60% in the last quarter!! Ahhh! Crazy, I know.
Crazy awesome! 🙂
Our 90 Day Frugality Challenge was so impactful that we’ve decided to continue many of the best practices throughout 2017.
I’ve put together a list of EVERYTHING we’ve done to effectively triple our savings rate from 20% to 60%, so expect to see that a week from today.
Okay, enough rambling and now onto the important part of this post:
Net Worth Q4 2016
Goes without saying, we’re a bit shocked at the progress.
We had to revise the Q3 numbers when I realized I accidentally added a credit card bill to assets instead of liabilities. Too bad the credit card company never makes that type of mistake.
Sure, we expected some level of success with the 90 Day Frugality Challenge, but I don’t think either of us expected to actually hit our goals 100%.
The big decrease in a liabilities is a great sight to see, especially since we recently accelerated our student loan repayments.
On a net worth level, we obviously benefited from the rapid increase in the stock market over November and December.
Our net worth increased in 2016 by $55,506.71!
While seeing our stocks go up has been great, the number we focus on more is our savings rate. Stock fluctuations are outside our control, so we prefer to set goals and metrics based on factors we can control, such as our day to day habits.
Our 2016 savings rate was 40.0% on the dot. Our Q4 savings rate was just above 60.0%.
If you’re curious how we’ve managed to rewire our habits, check out my recent book review of The Power of Habits. The science makes it a little bit easier to speed up the path on financial independence, but the overall happiness and feeling of security is worth it! 🙂
Okay, now for the scary part of this post. In the beginning of 2016 I listed personal goals we had. At the time, it was actually SUPER scary since the goals seemed just slightly out of reach, but that’s the point of having a goal. We want to push ourselves further.
17 Goals for 2017
While these might mask themselves as New Year’s Resolutions, what they really are, are my goals for the intermediate future.
I always chuckle a bit when I hear the stats on how 90%+ of New Year’s Resolutions fail. I figure if we want to improve an area of our lives, then what’s stopping us? It seems natural that these will succeed.
Luckily, that’s been my track record over time. Success typically attracts more success so I find it easier to hit 90%+ of my goals than to hit 50% of them.
Here are my goals for 2017:
1) Read 30m each morning
2) Meditate 20m each morning (nothing crazy, just stare at a candle and focus on my breathing)
3) Review Goals every morning for 5m
4) Visualization exercise each morning for 10m (anyone else partake in this unconventional ritual?)
5) Date night 2x each week
6) Keep making breakfast for the future Mrs. every morning
7) Sunday reserved exclusively for cooking, relaxing, working out, meditation, reading, etc. (aka NO blogging on Sundays! This is seriously a challenging one for me.)
8) Hit the gym at least every other day
9) Hit 80k in savings
10) Beat my Chicago Triathlon time
11) No video games
12) No cell phone while at work
13) Cut meat intake in half by eating more greens + quinoa, farro, potatoes, etc.
14) Review & update goals at the end of each Quarter
15) Reestablish weekly game night or at least monthly game night with larger crowd
16) Reduce coffee intake to only 1 cup
17) Place a bid to our landlord to buy our condo.
There they are! I’ll be sure to keep everyone posted throughout the year!
Also, if you prefer seeing a net worth update EVERY MONTH (like most other personal finance bloggers), let me know!
I enjoy doing my Net Worth Updates once each quarter as it helps remedy any short term market fluctuations. I also view a 90 day time span as a more meaningful period during which new habits are formed.
How was the end of your 2016? Do you have any crazy/scary/awesome goals for 2017?