Have you set your financial goals for the new year? I usually don’t detail my goals too much, but to track my progress and stay motivated, here’s a list of what I aim to achieve next year.
**Increase My Net Worth by 30%**
Last year, my net worth grew by 20%, which was less than the previous year. So, this year, I want to aim higher. I’m not sharing exact numbers here for safety reasons, but if you’ve followed my journey, you might have an idea. Part of this increase will come from paying off at least $20K in debt and making minimum payments on my 2.29% UK mortgage.
**Boost Blog Income by 5 Times**
Considering this blog started in 2012 and has already generated some income, I aim to make at least five times more in 2013.
**Sell My Cattle by End of March**
My cattle investment is currently one of my best income sources. Although I need funds to develop my 90-acre land, I plan to keep the cattle until at least the end of March. I’ll look for other income sources in the meantime.
**Recoup Land Investment with Development**
I’m starting to develop the 90 acres of land that came with my house in Guatemala next month. If all goes well, the sales should at least cover the cost of the land, allowing me to profit from the rest.
**Pay Off $10K Credit Card by June**
I have a $10K balance on a 0% credit card that I want to pay off without transferring the balance to another 0% deal.
**Clear a 7% Consumer Loan**
I took a 7% consumer loan for investment purposes. While it’s not “bad debt,” I prefer to pay off the remaining $9K by the end of the year.
**Visit Europe**
I plan to take a month-long trip back to Europe in May, budgeting around $2,500 for flights and expenses.
**Visit the US**
I used to criticize people who went to the US just to shop, but now I understand. Given the high cost of shipping and customs in Guatemala, it’s cheaper to fly to the US to buy a laptop and take care of visa requirements. This trip should cost around $1,500, including flights and shopping.
**In Summary**
These are ambitious goals. Coming up with $25K to pay off debt and travel, while also investing in land development and boosting my net worth, means I need to sell some land quickly. However, buyers will likely wait until the development starts, and upfront costs will be at least $25K each, including architect fees, streets, water wells, and electric wiring. Fortunately, the land is paid off, so we don’t owe the bank anything, which is reassuring for investors. We aim to price plots at around $15K for approximately 1500 sqm (over 16,000 sqft), targeting retirees and others looking to live simply under the sun. Some friends are interested, but nothing is certain until contracts are signed.
For $15K, you get a piece of land, and a basic two-bedroom house can be built for around $30K, meaning you could have a dream holiday home for less than $50K. Located just 1/4 mile from the lake and 30 minutes from the international airport, supermarkets, and conveniences, I believe we are offering a great deal. I’ll start marketing early this year.
What are your financial goals for 2013?