2017 plan for debt, giving, income, and net worth. (December Monthly Challenge)

List your goals for 2017 in the following areas and how you plan on achieving them.

You can give specific numbers or be general if you want.

Join the How Do I Money Facebook group to participate in each monthly challenge.

Here’s our 2017 goals:

  • Debt: 100% debt free. We should have our 2 students loans GONE by the end of December. Caught up on last years taxes by either the end of Dec or Jan. (At this point we will be debt free but still a little behind on 2016 taxes. We should be all caught up on that by April.)
  • Giving: Our goal for 2017 is $300/mo to our church (up from $250/mo for the past several years) And to continue “random” giving of around $50/mo to things like Go Fund me accounts and other giving opportunities that we feel the need to give to.
  • Income: Double it. That’s a pretty big goal but that’s the point. We want to think BIG so our actions follow. If we don’t reach this goal it’s okay, this is a goal that is supposed to make us think and act in BIG ways. Actually reaching this goal isn’t really the point. The point is to TRY to reach it.
  • Net Worth: Increase by at least $15,000.

What are your goals and how do you plan on reaching them?

-Derek

 

6 Responses to "2017 plan for debt, giving, income, and net worth. (December Monthly Challenge)"

  1. Emilie Burke   December 17, 2016 at 3:58 pm

    Debt: Pay 20K of debt off in 2017! This will mean all my credit cards and all my student loans, leaving me with only my car loan (which I took out in November 2016) to conquer in 2018. This will require diligence and commitment, but I am committed!
    Giving: Double my giving to the organization that I do the bulk of my giving to. There is one organization (outside of my church) where I give most of my money. I hope to really step that up in the next year.
    Income: 10x side-hustle *PROFIT* in 2017! Yes, 10x! This year I really set the foundation for making money on my side-hustling. Looking at my over 2017 profit, I want to 10x it in 2018. I have successfully laid the foundation for that this fall and winter and plan to crush it!
    Net Worth: Increase net worth by 25K! Between paying off debt and my automated 401K contribution, I can definitely do this!!

    Reply
    • Derek   December 17, 2016 at 5:00 pm

      Wow, those are some great, great, great goals. Love that you are thinking big and doing the work to make it happen.

      Reply
  2. Elle   December 23, 2016 at 7:41 am

    Debt: I think we’re in the same boat Derek (so excited to be rid of these loans – come on 2017!). For 2017, the debt we’ll be dealing with is our mortgage. The goal is to send an extra principle payment (~$200) each month.

    Giving: We’d like to give more towards local schools through DonorsChoose.org. We’re looking at one class project a month.

    Income: I’m going to double my income this year. I’m being extra difficult because I’m planning on working less hours LOL. My plan is to focus on a few big projects that address a specific need.

    Net worth: With paying down the mortgage and ramping up our retirement contributions, we’re shooting to increase our net worth by $20k.

    Reply
    • Derek   December 23, 2016 at 12:55 pm

      Love it Elle.

      Wow, an extra $200/mo will crush your mortgage quickly.

      Carrie and I also plan on doubling our income AND working fewer hours. I’m soooooo guilty of spending too much time on stuff that won’t ever produce an income. I need to remember that I can still help people with their money AND be profitable at the same time. Like you, Carrie and I are both planning on focusing on specific projects that address a specific need.

      Good luck to you! I’m excited to see what you do in 2017!!

      -derek

      Reply
  3. Marie   December 26, 2016 at 6:47 am

    I stumbled across your website and have been enjoying looking around. 🙂

    Debt: I’ve paid off about $50K in debt in the last two years. I expect to pay off the last of it this year. That will be everything (student loans, cars, credit cards, house projects, etc.) except the mortgage.

    Giving: This is an area I have been pondering a lot lately. I haven’t been giving anywhere near as much money as I feel like I should have. My goal is to up this substantially, but I haven’t yet set an amount.

    Income: I started a part time side business in 2014. By 2016 I had quadrupled 2014’s side business income, and brought it up to equal my full time day job (salary only, not taking benefits into account). In 2017 I am working to increase it another 50% this year. My ultimate goal is to have the freedom to retire early from my day job (I’m eligible in five more years) if I wish and do the side business full time.

    Net worth: To be honest, this is something I haven’t thought about at all. Your blog (and the free spreadsheet I downloaded – thank you for that!) have put it into my head as something I should be tracking. So my first goal is to figure out what my net worth is, and my second goal is to work on increasing it by 10% this year. I don’t want to set too aggressive a goal until I figure out what’s involved in growing it.

    Reply
    • Derek   December 26, 2016 at 12:53 pm

      Marie-

      Wow, this is just all so scrumptious. I could just eat it!

      You’ve paid $25k in debt each year the past two years? Just imagine when you can start investing that $25k/year. (You will *literally* be a millionaire in 20 years with this money alone, not counting any of the other investments you have.)

      Giving, in my opinion, “completes the circle.” It’s just one way to extend and connect your finances to the rest of the world.

      Way to go on the side business!!! That’s NOT easy.

      Let me encourage you to find your net worth by the end of THIS WEEK. My guess is it will take you less than one hour if it’s your first time and from then on it will take ten minutes. (I suggest doing it once a month!)

      My prediction is that once you start tracking your net worth more things will start clicking and you’ll love tracking it and watching it grow!!!

      Please, please, please keep us updated on your progress.

      Reply

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