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!

Infrequent update. . . .

If you're wondering where I've been in the last six months, I picked up another job, which has just about stretched me to the limit. I'm working a LOT but am also making a nice dent in my student loan debt, though I've still got quite a ways to go. Here's where I was the last time I checked in with you all:

Debt Reduction Progress
Second Mortgage Debt: $31,400::::$26,257 84%
Student Loan Debt: $61,762::::$56,387 91%
Primary Mortgage Debt: $167,500::::$158,016 94%

And here's where I'm at now (focusing primarily on student loan debt):
Second Mortgage Debt: $31,400::::$25,888 82%
Student Loan Debt: $61,762::::$51,881 84%
Primary Mortgage Debt: $167,500::::$156,757 94%

Little by little, I'm getting there; and since I picked up a new job in late spring/early summer, hopefully my student loan debt will decrease even quicker over the next year. About 20% of my payments are going to service interest only right now, so that's a bit frustrating, but that number will also decrease as my balance goes down.

I have no idea when I'll have a chance to update again, but will try at least every couple of months. . . .

I hope you're all continuing to survive the recession (that supposedly ended two years ago)!

Pseudo-advice. . .

I am naturally drawn to those '10 best. . .' or '20 best. . .' of whatever, whether it be '10 best places to retire' or '5 best cities to find a job', or what-have-you. I'm not sure why I love them so much but they catch my eye and my mouse click at the same time.

Here, though, is the most idiotic 'best of' list I think I've ever seen: 100 Best Money Moves.

The vast majority of these "money moves" involve some form of consumerism, whether it's purchasing the 'best' video camera, obtaining the 'best' rewards credit card, or buying a $350 thermostat to 'save' money on heating and cooling. It's absolutely maddening that marketers are basically advertising to us by pretending to give us money advice!

Here's some advice, and it's free: Save more money. Pay down debt. Avoid ridiculous consumerist 'best of' lists.