End of Year Wrap Up and 2012 Goals

Hello, and Happy Holidays, folks!


Whew! It's been quite a year; I have a total of four jobs (one full time, three part time) and am beginning to make a dent in my student loan debt. By the end of this year, I will have increased my income by over 70% (compared to my one full time job). My goal at the beginning of this year was to double my income, and while that didn't happen, I am pleased with what I've managed to achieve.

As a reminder, my goals for 2011 were:

• Attempt to double my income (from roughly $40,000 from the day job to $80,000 including all of my part time and full time income. With all four of my current jobs, I'll only make around $65,000 in 2011 so I need to add about $15,000 in additional income to get there);
• Related to the bullet item above, continue to develop my online teaching portfolio in order to bring in extra funds;
• Pay down my second mortgage to such a degree that I can sell my home in the spring of 2012;
• Continue paying at least the interest on my student loans.

Here's how I did:

• Attempt to double my income: I will gross around $73,000 this year, so I almost made it!
  
• Related to the bullet item above, continue to develop my online teaching portfolio in order to bring in extra funds: I picked up an online teaching gig that should hopefully continue into 2012 - I will continue looking for realistic opportunities to increase my work in this area.
  
• Pay down my second mortgage to such a degree that I can sell my home in the spring of 2012: I changed my tactic on this - instead, I am focusing on my student loan debt.
  
• Continue paying at least the interest on my student loans: See above. I have paid off over $10,000 of the principle balance on my student loans in 2011, bringing the total debt to (finally) less than $50,000!! It hasn't been this low since before I finished graduate school in 1998!

Now, going forward, what are my goals for 2012?

• Reach a gross income of at least $80,000 by the end of 2012;
• Continue to apply for online teaching positions that will help me meet the above goal;
• Continue to throw as much extra money as possible at my student loans, with a very ambitious goal of paying it down to $25,000 by the end of 2012 (I currently owe just under $50K);
• Associated with the above goal, make sure that I have a handle on my discretionary spending - in 2011, I made more money, but I also SPENT more money. In other words, i need to keep my eyes on the prize!

So that's it! I am a numbers nerd, so I am having fun with my various spreadsheets, tracking (primarily) my income levels and sources, as well as my debt payments. I see 2012 as a challenge, but one that I'm looking forward to, as it will move me closer to my goal of getting rid of my debt!

I hope you all enjoyed a wonderful holiday and that 2012 brings you much happiness, prosperity, and wisdom!