I achieved all four of my intended financial goals for 2014, including the Version 2 and 3 Targets. Yes that's right...... I'm awesome! During my end of year review I found that I've become very strong at managing money. Once I have money in my possession, I'm very good at saving/investing it and I choose not to spend it on the normal consumer items. It also highlighted that I'm currently very average at making money. My income is above the national average (approx £30,000 per year), but it's far from strong. My 'side hustles' are making an impact, but if I was able to make more money from them, my investments, dividend income and time to become FI would all benefit from the back end.
I've decided to make 2015 The Year Of Making Money. I might be average at making money at the moment, but I have a lot of confidence in my ability to set Goals and to achieve them. If I set my mind to something, I can usually accomplish it. If I'm unable to achieve it, it's probably someone else's fault. Like I said, I'm pretty damn awesome! ;-)
My 2015 goals are across all the areas in my life, and some of them are quite ambitious for me. I review my progress in each area on a weekly basis (every Sunday). I consider what's worked, what hasn't, what do I need to do to keep on track, and then I make any necessary adjustments for the week ahead. I'll now be posting a 'Goal Update' on a Monthly and Quarterly basis on this Blog to show my progress on each area and to keep me on track.
Without further ado, grab yourself a hot drink and settle in. Here we go........
- I will earn at least £50,000 in income by 31 December 2015. I need to earn £4,166 per month, every month, to be on track by the end of the year. This month I earned £1,747.98 income. Last year I averaged £2,030.95 income between March - December 2014, so this is clearly another low paying month for me. My average Income in 2015 has dropped from last month, and is currently £1,857. This would suggest I'm not only miles away from the goal, but sounding slightly deluded with my £4,166 Target (which is getting increasingly bigger now I'm not hitting it). I said last month that I've got some bloody work to do, but that job's just got bigger! My earnings over the last quarter have decreased. To many people, that might suggest that things aren't working out for me, but it's just the line of business I'm in. I'm still positive that I can significantly increase my income this year through helping my team earn more commission at work, increasing dividends and Kindle Publishing. Will I hit the £50,000 mark? I wouldn't put my mortgage on it, but don't write me off just yet. I believe my book sales will be the most significant factor to me hitting this goal or not and that's when I consider my current salary (approx £30k a year) and Dividend Income (Goal £2,000 a year). I don't see either option significantly increasing above these totals. Therefore, Kindle will need to make me approx £18,000 this year. Can you pass me a drink? Actually, make that a double! Behind Target
- I will earn at least £1,000 per month creating and selling Kindle e-books by 31 December 2015. I want to earn £1,000 in a month by the end of December 2015. I now have 11 books that are actively selling, 9 of which selling for the most of the month. Book 10 and 11 were only selling for 2 days and 1 day respectively. I made approximately £84.75 in March. I made £43.14 in February, so I'm really pleased with this level of increase (96%). The Return on Investment (ROI) for the books The cost of the 11 books stands at £664.16 That's a ROI of 12.8% in one month. One book cost me £44.02 to make, and it's now made £44.13 in two full months. This is now a free asset for me. Every penny that rolls in from tomorrow onwards is a bonus. My best selling book 'Your First Marathon' which I recently put on as a free promotion earned £28.47 in March. This book cost me more to make (£82.95), but it's already 66% paid off. I may pay that book off next month if it has another month like March. My 4 best selling books made me £81.03 in March. If I use the average of them - 50 books (of that popularity) will earn me £1,012 per month. For a more conservative estimate, if I take the average of my 11 books = £7.70 per book per month - 50 books will earn me £385 per month. I'm still quite a way from the £1,000 per month using that figure but I'm above it using the more popular books. Splitting the difference would get me to £627, which I would be delighted with too. For April, I'm looking into making hard copies of my book through CreateSpace and selling box sets of some of the books I have. The fees for both of these options are very low and based on the work I've already paid for. The final thing I want to say about this Goal, is how pleased I've been with the speed of progression. I didn't know what to expect, but I wasn't expecting this. My dividend Income is now averaging just over £100 per month which is great in a years work. My Kindle income is closing the gap and could over take that figure next month and that's from me starting in mid-January. On Track
- I will have a ‘Freedom Fund’ worth over £50,000 by 31 December 2015. I had a great start to this Goal in January. With my regular saver payout and dividends my portfolio value went up to £30,082.66. I didn't buy any shares in February, I purchased shares in Centrica and sold shares in GlaxoSmithKline and Berkeley Group Holdings. The sold shares to raise capital for my publishing business, and this amounted to more than my purchase. The value of my shares also went down during the month, so that compounded in my overall portfolio going down slightly. No biggy though, I'm happy with the decision. My freedom fund was valued at £31,265.05 at the end of February. At the end of March it was worth £30,509.62 That leaves me with £19,490.38 to go in 9 months or £2,166 per month. That amount is more than my current average income, never mind taking into consideration my expenses. That amount has increased over the last two months so I need that money from Kindle to pull me back on track. Behind Target
- I will receive £2,000 in dividend income by 31 December 2015. I recently made a post on my Dividend Income. I received £172.36 in March. My monthly average is now £104.02 after 3 months. To hit my Goal, I'll need to bring in £167 per month over 12 months. Thankfully I've got some BIG months coming up in May and June and I'm hoping to be closer to the desired average at that point. My forward dividends still don't cover this amount at the moment, so I'm relying on bringing in additional capital (via Kindle sales) to fund more investments, to get a higher forward dividend income. Behind Target
- I will create and sell at least 50 Kindle e-books on Amazon by 31 December 2015. I want to publish at least 4 books a month as a minimum standard. I achieved this during March and I'm happy with my continued progress. I've managed to publish 11 books now and I have many ongoing. I could publish another 5 today if I wanted to, but I'm not happy with the quality of the work and want to spend some time (if I can find some!) to finish them off and get them out there. On the back of my recent FREE book promotion, I received some comments/emails from people asking me about what I do with Kindle, what process do I follow, what courses have I done, if I'm planning on writing books myself etc. Kindle is by far my most common question and comment. I plan on serving everyone with this information and offering my time/services to people that are interested in taking it seriously. The challenge I'm currently facing is making sure I'm spending time editing the books to get them published, managing my team, writing for this Blog, exploring new ideas, learning and coaching, as well trying to have a life with Lou. It's been tough. I KNOW that I'm onto something here, and there seems a genuine interest in it. I want to do it right, and that might take a little time. Please bear with me! I'm now considering doing some writing myself, under my name, based around some of the work you see on this Blog. I don't know how it's going to go, but there's only one way to find out! FIGHT! No Huw, just give it a go. I want to do this whilst still managing my team of writers and continue to publish those books. I want to know if my own work (and time spent doing it) will result in a better return than getting someone to write about a topic I'm not an expert on, but getting through a higher volume. I'm currently doing the latter and it's working for me. Launching my Marathon book on here gained a lot of interest. People were downloading it out of curiosity, not to read how to run a marathon. I want to see what a book, by me, on keeping your living expenses down or investing in DGI will do. That excites the hell out of me. Back to 50 books - Still loads of work to do, but I'm steadily getting there. Behind Target - Publishing / On Track - Creating ideas and covers
- I will become a money coach in 2015. I will have three separate ‘trial sessions’ with people I know and three separate ‘paid sessions’ with people I don’t know by 31 December 2015. I'm pleased with my progress here. I've been working with my first client, and I'm pleased to say he finally has his first book out on Amazon, with two more very close behind. I have to say, it feels amazing to have helped someone. I'm somewhat proud. He's done an outstanding job considering he's juggling a full time job and being a dad! I was contacted by another chap in Switzerland who's interested in working with me, but has too much on right now to commit. He's going to contact me again later in the year when he's worked through his current projects. Now that I don't have any clients, I'm getting my head down and working on myself (there's plenty to do there too!). I'm on track to hit this goal, but it's less of a priority than my Kindle business. On Track
- I will hit 100% of my Bonuses (three in total) for 2015. Part one done! I'm working towards the end of year target and it looks like we won't hit it this month. Truth be told, we've a little slump over the last couple of months, and I'd just be happy to get over the line and hit it now. The final bonus is based on how I perform as a manager and there are many factors that fit within it. This one is subjective, and ultimately it's my managers decision. I asked my manager, once again, during our monthly 1-to-1 how I was performing to this target, and she said she was impressed with the progress I made in the areas she highlighted last month. She actually laughed when I asked her this time. I don't think I could make it more obvious that I'm hungry for 100% this year. I just need to keep showing consistency in these areas now until August to eliminate any doubt. On Track
- I will help all 7 people in my team develop by supporting them achieve at least one personal goal – Attend a course / get a promotion / hit a personal target etc by 31 December 2015. I now have all the goals from my team, now I just have to help them! Most of them are performance related, and will take most of the year to complete so I don't think I'll be in a position to update you further on this for at least a few months. Nothing new on this front. On Track
I will enter and compete in a Bodybuilding event in 2015. I mentioned last month that I'm scrapping this goal. No further progress on making a new one yet. Behind Target
I will record my daily macro-nutrients in a nutrition diary for at least one month. As I reported last month. I managed to achieve this goal in January. COMPLETED!!
- I will squat 175kg, I will Bench 120kg, and Deadlift 200kg. My groin injury is still there, so my squat and deadlift are drifting further away. Thankfully my Bench press is increasing, so I'll take that for now. Behind Target
- I will perform a morning ritual, which lasts at least 10 mins, every weekday morning for the whole of 2015. (260 morning rituals) I wanted to complete 22 morning rituals this month, and I competed 17 in the end. So far I'm 54/62. I'm relatively happy with that. The example where I didn't do them were due to me sleeping in or having too much work to do in the morning. The idea behind them is to kick start the day in the right way. I'm much better at doing that now. The days I haven't done anything is down to be prioritising my time in the morning in another way. If my to do list is huge and I end up doing 5-10 min routine it actually impacts me negatively, as I just want to be working. I want to continue developing shorter routines for such occasions. Behind Target
- I will perform a weekly review, on the weekend, for the whole of 2015. (52 weekly reviews). I love these sessions. I haven't missed any of them, nor would I like to. I'm currently 14/14. I'm even doubling them up with my Mastermind sessions on a Sunday evening. I've been surprised with how much I've enjoyed looking back at my week and evaluating my performance. Like the morning rituals, I'll go into a little more detail on an actual blog post for those of you that are interested. I would highly recommended everyone doing these weekly reviews, no matter what you do in life. On Track
- I will have at least a date and location organised for our wedding by 31 December 2015. This is a lower priority Goal of mine at the moment. Sorry Lou. I still love you! In all honesty, I'll probably look at this goal after July/August time. Behind Target
- I will go on two holidays with Miss FFBF for at least two nights each by 31 December 2015. Not a lot has changed on this one. I still haven't taken any action on this goal. We're going to use one holiday for the UK Gathering in York in the summer - Lucky Lou! No other progress made here. Behind Target
- I will visit three long distant friends - JB, RF and JD by 31 December 2015. No progress made here. Lower priority goal and easy to achieve. Behind Target
- I will have at least one ‘guy only' night a month for the whole of 2015. (12 ‘Guy Only’ nights) Night 3 was great. It didn't start out as planned either. This month was left until short notice. I've organised the last 2, and I wanted to step back from the third one to give someone else a chance to step up and suggest what we do and where we go. Guess what, nothing happened! I took the bull by the horns and ran with it on the final week of the month and we decided to go for a drink after work in town again. Upon my short notice suggestion on of the guys in my team, said "shall we ask the girls to come along?" Girls!!!! UURRGGHH. I didn't say that. Actually I said quite the opposite. I was in a difficult situation, how could I say no and not look like a sexist ..... well, you know what. I said yeah sure, and in the back of mind I was thinking I'll need to make up for this with some double man action next month (That didn't come out right did it). You know what I mean! Anyways we had a great night an once we hit 8pm, everyone had either gone or was about to go. One gut in my team and I wanted to stay out so we decided to go for another drink. We walked into a cracking pub, which was packed, and went to look for a seat. Thankfully there was a lovely romantic table for two, with candles in a dimmed room...... and nothing else. I said "I won't tell anyone if you don't", and we took it. After I had pulled out his chair, told him how great he looked and ordered a round we started to relax in each others company. We ended up having a great heart to heart chat about life. It was brilliant. We had enough wine to be honest, but not enough to regret what we were saying or be inappropriate in any way. I was perfect....... and lets not forget, it was then officially classed as guy time. OK it wasn't official, nor was it the whole night, but I'm taking it! 3/3 on track. On Track
- I will contribute at least £250 towards charity for by 31 December 2015. I made my 3rd donation online for March. I contributed £20 towards St Michael's Hospice. I'm now up to £63.80, which is slightly ahead of where I need to be. On Track
- I will have 150,000 all time page views on my Blog by 31 December 2015. At the end of March, this Blog had 71,368 all time views. I'm bang track to hit this now. On Track
- I will consistently average over 10,000 page views a month by 31 December 2015. In March I had 11,222 page views. This is my best ever month! I just need to maintain this amount now. My recent lack of posts was a big factor in a lower amount in Feb, and my FREE book helped a lot this month. On Track
- I will publish 120 posts by 31 December 2015. (10 per month) I managed to publish 10 posts in March. This is exactly what I need to stay on track and I'm pleased with it. I might not always achieve it with everything else going on but I'll do my best. Behind Target
- I will organise two UK Gathering for FI/PF Bloggers and readers by 31 December 2015. 1 down and 1 to go. SoA Gathering was outstanding and I can't wait until the next one - York! I'm just getting the date finialised now and I'll release it as soon as possible so people can plan for it. I'll do another in Autumn for the London, South East folk, and look to continue doing them next year. On Track
I will happily start and build Email list for Blog by 31 December 2015. This is long overdue and I'm pleased to say I've finally done it. I've had a lot of requests for people wanting to receive my books when they go on promotion, and I think this is a great way to contact everyone as soon as something comes out - Just like the iWeb account opening increased from £25 to £200! I'm not 100% sure what I'm going to do with the list just yet, but it will be respectful, informative and Spam Free! COMPLETED!!
So there you have it. First quarter down. Plenty of progress and success in some areas, and next to nothing done in others. Overall I'm really happy with the progress I've made so far in 2015, especially on my Priority Goals - Kindle, Coaching, & Investing.
How was your first Quarter?!
How did you get on with your goals this quarter? What actions have you taken in 2015? Are you heading in the right direction?
Labels: Goals, Monthly Goal Update, Quarterly Goal Update