Hi Cait, thank you so much for your (yet again) inspiring email. I am grateful for sharing your "thinking" process, your authenticity and honesty. On top of my financial task list is how to work out the annual rent increases for our rental homes - which is our main income. I find it challenging and feel conflicted with existing tenants since market rents have shot up and I am aware of financial constraints for some of my tenants- by the same token, I need to take into consideration our financial capacities, especially since property taxes have gone up 50%. Overall I want ease and financial security!
Isn’t the point of being mindful/aware of your money so that you can be flexible when needed? I would love to hear more about your “lean” years because that is a direct reflection of your high earning years, and something that isn’t talked about nearly often enough.
My big financial goal of the year is to find a new job. Increasing my income would be great, but the purpose of finding something new is to bring back enjoyment, curiosity, and motivation to my working hours. As I have no clue what direction I want to go, this feels overwhelming.
My primary financial goal this year is to work out how to feel physically safe(r) with money. This doesn't have to do with a dollar amount, or an investment strategy, but with my feelings and thoughts around money.
I am here for all the personal finance stuff, Cait! 👏🏼👏🏼 I miss those PF blogging heydays but I digress...
I love how you mapped out what you would like to have happen. Also, Spain? 😃 That sounds absolutely amazing!! Can’t wait to see what photos you share from your travels and all the amazing food that you’ll have! 💛
I love sharing resources, so here is one for you (if you already don't know about it). Athena Mellor and family (Ramble Co - https://rambleco.co.uk/shop) have a Lake District Hiking Guide (and pretty awesome YouTube Chanel). It's always fun to plan trips with great guidebooks.
I can see a collective resurgence this year around personal finance topics, conversations, writing. Feels like everyone is hungry for it and asking similar questions!
Financial Goal for 2024: Work as a pediatrician for 6 months/year in Oklahoma so I can afford to live off-grid in frontier Alaska for the other 6 months.
I definitely have a lot of sensory events I'd love to experience this year so instead of tracking everything, I've started tracking bills and savings only. I focus more on how I feel and want I really need or want to accomplish not just this year but every year. I'm surprised it's helped with my intense need to mindlessly spend. Still writing down the reflections prompt you shared all those years ago :)
Regarding more hiking is something I also want more of! I spoke to a friend about how much I loved my 8 year old leather hiking boots, not many insoles are leather and she suggested I get them resoled. I asked around and eventually found a very cute old shoe repair store called Evans. $350 was a big purchase but it was well worth it! And I also made some amazing memories with my mother picking them up walking around the old arcade in Melbourne.
I finally added goals to my Invoices/Jobs spreadsheet, and it's helped me think larger picture instead of just sheer panic at making enough money. Goals include:
I fell down the FIRE rabbit hole 2015/2016 (which led me to your podcast!). By the time the book came out, I was well versed in American FIRE. I had a reasonable interest in money/finance products in the UK just from growing up here and taking an interest in my money, so the book contents weren't totally new to me, but it was still really nice to see all the concepts / ideas etc (FIRE, but also pensions and finance in general) that I'd been reading about on American blogs explicitly laid out in UK terms!
I haven't re-visited in a while, so I can't remember if there is anything that will be particularly dated, but the broad strokes should still be true! Good luck with the 2024 Goals. :)
Hope you're now feeling well during these dark dreary winter days :-)
In reading your plans for this year, I was thinking that I should add another few tasks to your list (if you hadn't already thought of them). These are quite important (imho).
(1) Creating / revising one's will is most definitely wise but it's only as good as whom you pick to be the executor/executrix of your will. And of course, (as you probably know), you also need to find someone willing to be your Power of Attorney. Maybe you've already decided on who they will be and have asked them if they would be willing to take on that important responsibility when the time comes. If not then that would be a first concern.
(2) The 2nd important task that I would suggest that you might wish to consider is related to your plans to manage and increase your income. There is an old saying that states that a patient never tries to be his own doctor and nor does a defendant never try to act as his own lawyer. Rather they hire experts to represent their interests/needs. With that said, it would be a good idea to seek out a wealth management advisor to help you out. Of course it's important to choose the right kind of advisor - not one that just wants to earn a commission by getting you to buy his/her company's financial products but rather choosing an advisor strictly for his/her knowledge and experience, as well as guidance on what type of products that best meet your investing risk tolerance. Yes - investing, simple savings is not enough. The earlier one starts the better since compounding over time is your best friend.
I have adopted all of the above over the years and I think most people should do so as well (unless of course they were born into filthy rich families to begin with) :-)
As to my 2024 financial goals -
My wealth accumulation goals have already long been set in place and so I just monitor their performance and make slight corrections, if/when needed. My new financial goals relate to additional spending. This year I plan to budget for $$$ that I will be giving to help out for my mom's care as well as $$$ to help with my grandkids' educational expenses.
I’m away for Feb/March but available for Wainwrights in April/May! Let’s make it happen in 2024?!
I too plan trips at beginning of year to have things to look forward to. I have this app countdown calendar that I love to use.
Hi Cait, thank you so much for your (yet again) inspiring email. I am grateful for sharing your "thinking" process, your authenticity and honesty. On top of my financial task list is how to work out the annual rent increases for our rental homes - which is our main income. I find it challenging and feel conflicted with existing tenants since market rents have shot up and I am aware of financial constraints for some of my tenants- by the same token, I need to take into consideration our financial capacities, especially since property taxes have gone up 50%. Overall I want ease and financial security!
Isn’t the point of being mindful/aware of your money so that you can be flexible when needed? I would love to hear more about your “lean” years because that is a direct reflection of your high earning years, and something that isn’t talked about nearly often enough.
My big financial goal of the year is to find a new job. Increasing my income would be great, but the purpose of finding something new is to bring back enjoyment, curiosity, and motivation to my working hours. As I have no clue what direction I want to go, this feels overwhelming.
My primary financial goal this year is to work out how to feel physically safe(r) with money. This doesn't have to do with a dollar amount, or an investment strategy, but with my feelings and thoughts around money.
I am here for all the personal finance stuff, Cait! 👏🏼👏🏼 I miss those PF blogging heydays but I digress...
I love how you mapped out what you would like to have happen. Also, Spain? 😃 That sounds absolutely amazing!! Can’t wait to see what photos you share from your travels and all the amazing food that you’ll have! 💛
I love sharing resources, so here is one for you (if you already don't know about it). Athena Mellor and family (Ramble Co - https://rambleco.co.uk/shop) have a Lake District Hiking Guide (and pretty awesome YouTube Chanel). It's always fun to plan trips with great guidebooks.
I can see a collective resurgence this year around personal finance topics, conversations, writing. Feels like everyone is hungry for it and asking similar questions!
One of my goals this year is also to earn more money and pay off debt. I want to start feeling abundant instead of 'just getting by'.
Stretch bands are good for strength training and travel much better than dumbbells.
Financial Goal for 2024: Work as a pediatrician for 6 months/year in Oklahoma so I can afford to live off-grid in frontier Alaska for the other 6 months.
I definitely have a lot of sensory events I'd love to experience this year so instead of tracking everything, I've started tracking bills and savings only. I focus more on how I feel and want I really need or want to accomplish not just this year but every year. I'm surprised it's helped with my intense need to mindlessly spend. Still writing down the reflections prompt you shared all those years ago :)
Regarding more hiking is something I also want more of! I spoke to a friend about how much I loved my 8 year old leather hiking boots, not many insoles are leather and she suggested I get them resoled. I asked around and eventually found a very cute old shoe repair store called Evans. $350 was a big purchase but it was well worth it! And I also made some amazing memories with my mother picking them up walking around the old arcade in Melbourne.
I thought I'd share this helpful trip for blisters incase anyone is also interested. I will definitely be purchasing some trekkers wool: https://www.trailhiking.com.au/gear-reviews/trekkers-wool/
I finally added goals to my Invoices/Jobs spreadsheet, and it's helped me think larger picture instead of just sheer panic at making enough money. Goals include:
- set up the Shangrilogs woodshop store by April
- start a fund for the upcoming baby by June
- max out our IRA contributions by September
- pay one extra mortgage payment by October
I'm not sure if your financial to-do list was "find out more about" or if you've done that, and the list is "go and do it". However, if you were looking for find out more, try Reset by David Sawyer (https://www.amazon.co.uk/RESET-Restart-Unconventional-Retirement-Careerists-ebook/dp/B07GPJD8L6/).
I fell down the FIRE rabbit hole 2015/2016 (which led me to your podcast!). By the time the book came out, I was well versed in American FIRE. I had a reasonable interest in money/finance products in the UK just from growing up here and taking an interest in my money, so the book contents weren't totally new to me, but it was still really nice to see all the concepts / ideas etc (FIRE, but also pensions and finance in general) that I'd been reading about on American blogs explicitly laid out in UK terms!
I haven't re-visited in a while, so I can't remember if there is anything that will be particularly dated, but the broad strokes should still be true! Good luck with the 2024 Goals. :)
Ugh this is an excellent reminder that I still need to do some of this stuff!
Hi Cait,
Hope you're now feeling well during these dark dreary winter days :-)
In reading your plans for this year, I was thinking that I should add another few tasks to your list (if you hadn't already thought of them). These are quite important (imho).
(1) Creating / revising one's will is most definitely wise but it's only as good as whom you pick to be the executor/executrix of your will. And of course, (as you probably know), you also need to find someone willing to be your Power of Attorney. Maybe you've already decided on who they will be and have asked them if they would be willing to take on that important responsibility when the time comes. If not then that would be a first concern.
(2) The 2nd important task that I would suggest that you might wish to consider is related to your plans to manage and increase your income. There is an old saying that states that a patient never tries to be his own doctor and nor does a defendant never try to act as his own lawyer. Rather they hire experts to represent their interests/needs. With that said, it would be a good idea to seek out a wealth management advisor to help you out. Of course it's important to choose the right kind of advisor - not one that just wants to earn a commission by getting you to buy his/her company's financial products but rather choosing an advisor strictly for his/her knowledge and experience, as well as guidance on what type of products that best meet your investing risk tolerance. Yes - investing, simple savings is not enough. The earlier one starts the better since compounding over time is your best friend.
I have adopted all of the above over the years and I think most people should do so as well (unless of course they were born into filthy rich families to begin with) :-)
As to my 2024 financial goals -
My wealth accumulation goals have already long been set in place and so I just monitor their performance and make slight corrections, if/when needed. My new financial goals relate to additional spending. This year I plan to budget for $$$ that I will be giving to help out for my mom's care as well as $$$ to help with my grandkids' educational expenses.