Our 2014 Financial Goals

Our 2014 Financial Goals

mb-201312billscoinsLast week I wrote about our household’s financial performance.  Having beat our goal of a 17% net worth gain by a few percentage points, I set our sights on what our goals are for 2014.  I love this time of year as others post their goals, not just to see the goals themselves, but to see the priorities and also the reasoning behind their goals.

As such, here are our goals!

  1. As seamless a transition as possible between my ‘old’ and ‘new’ employer – I will be working at the same job doing the same thing, even sitting at the same desk.  But, our work is being in-sourced as the organization has decided to bring most IT services in house.  My salary is staying the same, but there will be adjustments across the board.  Benefit deductions will change.  We will go from receiving 24 paychecks a year to 26.  The offerings for some things, like life insurance, may need to be supplemented.  Added together, this will present enough changes so that I’ll have to make some changes to how I track things on a detailed level.  I’m hoping I can get through this relatively stress free.
  2. A modest gain in our home value – According to my estimates, our home went up 5.6% in 2013 after a 6% gain in 2012.  I’m thinking that things will start to level off, so I’m hoping for a modest 2% gain in 2014.
  3. A 20% decline in the value of our cars and camper – I think this one speaks for itself.
  4. A 10% gain in our trading account / personal investments – I don’t think that the stock market will continue its rally anywhere near the extent that it has the past several years.  I don’t think we’ll be headed toward a recession, I just think the market will take a breather.
  5. A 5% increase in cash savings – If nothing goes wrong, then we should be able to beat this pretty easily, but as I learned when I got stuck with $2,000 in costs between a new dishwasher and car repair bills last month, it’s best to plan conservatively and anticipate the worst.
  6. A 12.5% gain in the value of our retirement funds – Again, I don’t think the market will give too many gains here (though I hope I’m wrong), so I think this would come primarily from contributions.  My transition in employment will actually result in getting an employer match, something I haven’t had in a few years, something which will definitely help toward this goal.
  7. A 6.6% reduction in debt – If we make the regular payments on our mortgage and student loan payment, this is what I estimate the reduction will be from our current balance.
  8. This would result in a 13.6% net worth gain – If all of these things come out exactly as estimated, our net worth would go up by 13.6%.  This would be a big cut from the 27% and 25% gains we’ve seen the past two years, but I think it’s time to start setting our expectations a little more conservatively.

That’s it.  I’d love to say that we’re going to do something big like ELIMINATE ALL DEBT or MAKE $500,000 IN THE MARKET but things are a little less exciting than that.  In the end, we’re still working hard to increase our assets and reduce our debts as we work slowly toward building stability, financial independence, and wealth.

I’d love to hear your goals.  Share them in the comments below or point me to your site, if you’ve also written a blog post outlining your goals.  I wish success for us all!

18 thoughts on “Our 2014 Financial Goals”

  1. Nice set of goals! I’ve just done my own “goal post” for 2014 over on my blog, but admittedly some of mine are a little bit more on the exciting-not-realistic side (like have my freelance income equal half – or all of – my current day job salary). But sometimes it’s fun to dream!

    I like that many of your goals are not only very realistic but measurable, too. That will make it simple and easy to evaluate your progress!

  2. Great set of goals! My wife and I are working towards paying off our credit card debt from home renovations. We hope to completely pay it off in 2014.

    I’m also hoping to get more overtime hours at my job in 2014. The overtime pay is a huge bonus for us and will help to eliminate our debt much sooner.

  3. We posted our own goals for 2014 today, too! Overall ours are less financially focused and more focused on maintaining a positive attitude and healthy lifestyle in the year ahead.

  4. I like the percentage based goals. I started plotting my goals out for 2014 and will post them later this week. I want to be realistic and actually achieve them this year!

  5. I wish I could say that our home was appreciating….unfortunately the housing market where I live has left home prices mostly stagnant. It’s STILL worth less than we paid when we built it 10 years ago! As for my goals for the new year…I’d really like to pay attention more to our investments and make our money work as hard as it can….just grow, baby!

  6. Worthy goals across the board.

    Mine are a) double the daily exercise quota; b) send off the revived novel to an agent; c) finish the how-i-lost-30-pounds-in-6-months-without-hardly-tryin’ book and publish it as an e-book; d) keep up somehow with the clients; e) figure out how to get a life. If that’s possible.

  7. It looks like 2013 was a very good year for you, and your expectations for 2014 are realistic. The 20% decline in the value of cars and camper shows why it is not good to use credit to purchase a vehicle.

    • I actually have a post going up next week with some personal goals. I tend to avoid those simply because I think goals are something that should be set and follows based on need and circumstance, and not a calendar, but I guess I figured I’d give it a shot this year nonetheless.

  8. Great list of goals there. I love how they’re definitely on the quantifiable side! That’s also cool you’ll be getting an employer match again as free money for retirement is always good. 🙂 I’m publishing my goals in about a week or so, but ours are mainly continuing to plug away at growing our business and ramping up retirement saving.

  9. Your goals are so specific. That’s great! According to everything I’ve read about goal setting, that’s how they get achieved. Not with ELIMINATE THE DEBT! ELIMINATE ALL THE DEBT!!! (Although it’s fun to think of yourself saying that in a grandstanding voice – maybe that was just me ;o)

  10. Nice set of goals, quantifiable so you can hold yourself accountable. I too have put such a list together, though I haven’t put up a similar post. Nonetheless, I’m a huge believer in goals and am quite excited about this time of year 🙂

  11. Nice set of quantified goals. None seem unreasonable, but some you’ll definitely have a lot more control over than others. Best wishes for 2014.

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