Personal Financial Review: How Did I Do in 2009?
At the start of 2009, I wrote a post describing my financial goals for the year. I know that’s I’m already a few days late, but I’d like to take this opportunity to review whether I’ve accomplished those goals.
1) My Income Goal
I didn’t disclose the figure, but I wasn’t able to meet my income goal consistently. I earned more in 2009 if I compare it with the previous year, so it’s not necessarily a bad thing. Also, it’s been taking me much longer to launch my other income streams, so it’s taking a while for my additional income to make a difference.
2) Emergency Fund
My goal for my emergency fund was to save up for 1 year’s worth of living expenses. Sadly, I wasn’t able to reach this goal. So many emergencies happened this year – someone close to me needed an operation, I got sick a few times, etc. Even with my discipline to save and my existing emergency fund, I couldn’t really keep up with those emergency expenses. I still have 4 months worth of an emergency fund, but that’s less than what I started with in 2009.
3) Retirement fund.
In my post last year, this is what I said:
My retirement fund is doing okay, but every year I have a goal of how much I should set aside for retirement. Note that my definition of retirement is the time when I am no longer physically or mentally able to work. I love my work, and I want to do it for as long as I can. Also, since I don’t have a corporate job, my definition of retirement is different from the traditional definition.
With that in mind, I shifted the bulk of my retirement savings for my house savings (to build that farm house in the province). I still have money for retirement tucked away, and I plan to add more to it this year.
4) Provincial House
I’m on track with this goal. This is the goal that is not allowed to die.
5) Will
I did prepare a will, but I did not have it notarized yet. My partner and I will be speaking with a lawyer to see our options and alternatives to see what we can do to protect our relationship legally and financially.
6) Donations
I was able to donate more money this year, especially during Ondoy. This also extended to donations in kind, not just cash.
7) Passive Income Stream
I established an online passive income stream mid 2009, but my income from it is minimal for now. In the coming year I hope to make improvements to it so that I can earn more.
Summary: 2009 was a mixed bag for me financially, but it was mostly positive. There’s still a lot of room for improvement, and tomorrow I’ll be posting about my financial goals for 2010.
How about you? Were you able to reach your 2009 financial goals?
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