Is it just me or has this year gone by EXTREMELY fast?
Since we’re more than halfway through the year, I wanted to sit down and do a fall financial checkup.
Today that means looking through my goals for this year and checking my progress!
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Goal #1: Make money from our rental property
My husband and I bought a rental property in an up-and-coming neighborhood in Cleveland last year in June.
We took a $20,000 mortgage on a 3 bedroom/1 bathroom ranch, and then we poured quite a bit of money into updating it to code, fixing a sinkhole, tearing down the attached garage, and replacing/repairing the entire house after someone broke in and stole copper.
It has been a heck of a journey, to say the least.
But the good news is that we officially have a tenant as of August 9th AND rent that has been paid!
Now we can start paying ourselves back for the mortgage, utility, and insurance payments that we’ve taken over the past year that we didn’t budget for!
Status: Complete!
Goal #2: Buy a new home without becoming house poor
I’ve been sharing our home buying adventure with you all over the last few months.
Currently, we’re still out looking for a new home that checks all of our boxes and keeps us in budget.
In the meantime, we’re getting our current house ready to sell and making plans to use our HELOC to renovate our kitchen so we can get top dollar.
Hopefully this goal can have its own checkmark by the end of the year!
Status: Still in progress
Goal #3: Max out my Roth IRA for this year
2020 was the first year that I had ever contributed to my Roth IRA.
I have a 401K through my job, and I have a traditional IRA that I rolled over from my previous job 5 years ago- but I had never invested in an IRA outside of my job.
For 2020, I took $6,000 from some restricted stock units (RSUs) that I had been holding onto and filled up my Roth IRA.
I invested all $6,000 in VTI (Vanguard Index Funds Total Stock Market ETF), and I’m already up 10% over the last 6 months (more on why I like low-fee index funds here).
Since most of our spare cash is going towards our home improvement fund right now, I haven’t made any contributions for this year yet.
But the best part about IRAs is that I have until next April to find the money to fund it!
Status: In progress
It’s always nice to have checkmarks on your to-do list, but it really feels good to have goals moving forward and being able to see some progress this year!
What big money goals are you working on right now? Would you like me to share the steps of my fall financial checkup? Leave a comment below and let me know!
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All are really amazing money goals! There should be so much more talk about finances and saving+investing. Thanks for the recommendation.