2016 has been an incredible year for us. We kicked it off with Distilled Dollar making a scary projection for the year. Read to the end to see our big goals for 2017. Before I dive into details of what our goals were, I’ll harp on one piece that we’ve accomplished: becoming worthless by the end of the year. We wanted our assets to surpass our debts and we’re happy to report in that WE DID IT!! WOO!
The long road out of debt continues, but we’re happy to be reporting a positive net worth now, albeit a few dollars! 🙂
Seeing the color go from red to black on our net worth has been a monumental feeling. The journey is far from over, but we’ve confident in our abilities to grow wealth ever since we officially combined our forces earlier this year. Our pace of building wealth is there, now we just need discipline and time to see more results.
The last piece of this post will detail our 2017 goals, but first, a recap:
2016 Results and Becoming Worthless
Our original goal was to DOUBLE our savings rate from 20% to 40%. We’ve accomplished that goal and in Q4 we even managed to TRIPLE our savings rate to 60%. Why? Because our goal is to transition from employee to investor, as soon as possible.
Many people have asked us why we sacrifice so much to gain our version of “peace of mind”. I balk at the question since frugality has helped us spend our time wisely.
Frugality isn’t a sacrifice.
Frugality is a means to gain more freedom and we’ve been taking advantage of it all year.
Given the amount of extra security we feel today, we won’t forget that lesson anytime soon.
How We Went from Saving 20% to 60% Within One Year
I’ve been seeing more requests to detail the different savings habits we’ve gone through to go from 20% to 60% savings rate.
After all, that is a VERY quick change.
It is crazy to think it would have taken us until January 2019 to save as much at 20%. We’re now two years ahead of our old curve and decades ahead of where we used to live: paycheck to paycheck.
I’m happy to say I’ve been putting together EVERY STRATEGY we’ve implemented in 2016 to achieve that result. I’m working on the post now, so expect to see it in January.
I have mentioned nearly every idea here on the blog before, but I know it will be helpful to breakdown every strategy into one article. Hopefully, when the post comes out, some people will adopt a few of the same strategies to see 5%, 10%, or more increases in their savings rate.
After all, even a 1% change can mean the difference of retiring 2 years earlier.
Goals for 2017
Now for the scariest part of this post.
In 2016 we saved a total of $50k. That was accomplished thanks to doubling our savings rate.
For 2017, we aim to save a total of $80k. This translates to making our Q4 2016 savings rate permanent across all of 2017.
We wish we could call it our “investing rate”. After all, we’re investing into our future security and buying a piece of that freedom with each paycheck.
We don’t imagine having 30 or 40 year careers climbing the corporate ladder.
Work becomes much more enjoyable when money is an afterthought.
We’re thrilled to live the lifestyle that makes us happy without buying the luxuries that tie us down.
We love to travel and spend on a few vacations each year (including one to Hawaii), but we don’t want to have luxury cars and a house we can barely afford.
2017 will be another year of exciting growth in the Distilled Dollar household and we’re thrilled to have you along for the journey.
Where do you see yourself at the end of 2017? If you don’t typically make projections or goals, what is something big you hope to accomplish in the near future?
P.S. I’ll be outlining my Blog goals in the next few weeks so be on the lookout for those. My original goals from 2016 were hit within the first few months so I might need to expand my horizon as I make 2017 goals. Thanks again for making this site a success!