Happy New Year! 2025 is here and it’s time to start over. Isn’t it great to have this opportunity every year? The gym is already full of hopefuls, really full. I don’t like going to the gym in January at all. There are too many people there. I swear they must be breaking the fire code. I can’t wait until spring. There will be very few gym goers by then. Most people can’t stick to their New Year’s resolutions for long.
I have been very good about my goals. The key is to track them in a spreadsheet and update the situation every month. That way I know what goals to work towards. Today, I’m going to share some tips about goal setting. You can see my goals for 2025 after that. Check them out.
Setting goals
Years ago, I had certain expectations and set the right goals for myself. This worked well because I was able to accomplish most of my list. I find that setting expectations doesn’t work for me. I can’t achieve it and I get discouraged. My style is slow and steady. Shooting the moon is probably best for younger people, though.
Here is my approach to New Year’s Goals.
- Set achievable goals for yourself – Don’t shoot for the moon unless you have a very good record of high success. Most of us will be disappointed and give up hope.
- Make specific and measurable goals – New Year’s resolutions need to be more specific. Don’t make vague goals like saving more or eating healthier. You can’t keep track and you’ll forget about them by April. A better goal would be to maximize your 401(k). That is measurable. You also need to find a way to get there. Will you be increasing your 401(k) contribution soon? You need a plan or it will be very difficult to achieve these goals.
- Write them down and track your progress– Write down your goals and put them where you will see them. The refrigerator door is a good place for many people. Personally, I set my goals here at Retire by 40 and update the spreadsheet every month. This has worked very well for the past 14 years. I have a social audience and it gives me motivation to improve. I have made great progress with my finances and personal life since I started blogging. It’s amazing.
- Academic scale – These days, I list my goals for the New Year in terms of education. It works well. 90% are still A-. It’s encouraging and I feel happy with the result.
New Year’s Resolutions for 2025
This is my score sheet below. It’s simple and useful. I can see my progress at a glance and it’s easy to update it every month.
Financial Terms
Rent a Condo for Sale
This is my main goal for 2025. Our tenant is leaving soon. I need to fix it up and sell it. Unfortunately, this rental house did not enjoy much. The building was converted from an apartment to a condo in 2006. This unit sold for $240,000 at the time. We bought it in 2010 at foreclosure for $140,000. This was after the subprime mortgage crisis of 2008.
Today, we would be lucky to sell it for $200,000. It’s crazy because the real estate market appreciates so much elsewhere. I should have bought a single family home in 2010 instead of a condo. Unfortunately, I have never had much luck with real estate.
Anyway, I plan to travel a lot and I don’t want to be a landlord anymore. It’s time to sell.
Fix duplex for sale
Likewise, I plan to sell our duplex after RB40Jr graduates from high school. This is the duplex we live in. We need to move to southern California to be closer to family. Mrs RB40’s parents are elderly and need more help.
This year, I need to meet with the dealer and find out what we need to fix. The first thing on the list is to repair and repaint the exterior. I would be happy if we could do that at least. I plan to rent this. These days, I try to avoid the ladder as much as possible.
Withdrawing my Roth IRA
A Roth IRA is the best investment account you can have. You do not have to pay tax on the profit when you withdraw. This is great. If you start young and withdraw from your Roth IRA every year, it will be a great resource in retirement.
I have been increasing my Roth IRA contribution for over 20 years. But that streak will end sooner or later. The reason is simple. You can only contribute to a Roth IRA from income. My income is dropping like a rock and I may not get enough this year. In 2025, the Roth IRA contribution limit is $8,000 if you are age 50 or older. We’ll see if I can get enough money to get to the top level.
Track net worth and hope by +10%
I have been tracking our value since 2006. Nice to see progress. This year, I would like to see 10% gains. At this point, everything depends on the stock market and there is not much I can do to influence this goal. I’ll just keep track and keep my fingers crossed.
Health Goals
Exercise more than last year
Last year, I set a goal to exercise 3 times a week. However, I had elbow pain and had to back off a bit. The result – I exercise 120 times, 77% of my goal. That wasn’t bad, but I would like to do more this year.
Win to deny the claim
Last year, RB40Jr received a Cochlear Implant to improve his hearing. He has 50%-80% hearing in his left ear. He tried a hearing aid for years, but it didn’t help much. He can hear a little in his left ear, but he doesn’t understand speech in that case. He can’t even tell where the sound is coming from.
Recently, the FDA approved the Cochlear Implant for children. At first, I thought we could wait until RB40Jr was older. After that he can decide for himself. However, our audiologist said that the earlier you get the implant the better. If you wait too long, the brain may not be able to adapt to the Cochlear Implant.
However, he received a transplant last year. However, the insurance company denied it! They said that the Cochlear Implant is an experiment and does not improve life. This is funny. The device has been used since the 80s to improve lives. I struggle with this denial. Health insurance companies deny as many claims as possible to maximize profits. Most people are too sick to fight denial. No wonder everyone hates health insurance companies.
Happy goals
Sell my ceramic projects
Last year, I took 2 ceramic classes at a community center and had a blast. My projects are not professional level yet, but I will try to sell a few things this summer. The community center will be selling lots of art this year. I will put my name on the list and hope for the best. My ceramic projects may not sell, though. My beauty is unusual…
Can you buy any of these dishes? My price will be $18 each. Heh heh… That’s cheap for a handmade teapot.
Many dates
This year, I plan to go out with Mrs. RB40 often. If you are a parent, you know how difficult this can be. Fortunately, our son is now a teenager. We can go out whenever we want. However, I need to overcome my reluctance to leave the house in the evening. We park on the street and finding a spot is a pain at night. Wow! I’d rather stay at home than go out to a restaurant.
I plan to go out to lunch with Mrs. RB40 instead. It’s that simple. Who wants to leave home late?
Happiness level > 8
I’m a happy guy by nature so this should be easy. Life has been pretty good these past few years.
Until 2025!
That’s right! Those are my goals for 2025. I will update the spreadsheet every month in my FIRE posts. This is the key. If you don’t track your progress, you’ll forget about your New Year’s goals in the spring. What are you waiting for? Make a goal sheet and start tracking your progress.
What are your goals for 2025? Happy New Year and good luck!
*Passive income is the key to early retirement. These days, I invest in commercial properties with CrowdStreet. They have many projects throughout the United States. It’s working so well that I’m planning to sell our rental condo so I can invest more. Go check it out!
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A minimum wage is the key to early retirement. This year, Joe is investing in real estate with CrowdStreet. They have many projects all over the USA so check them out!
Joe also highly recommends Personal Capital for DIY investors. They have many useful tools to help you achieve financial independence.
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