2022 Goals – February Review

If you are new to this website, this year I have set up some goals for 2022 and they are:

1. Be more intentional
2. Write more
3. Max out our Roth IRAs
4. Research other means of income
5. Compartmentalize for long term goals

January 2022 review can be found here and the initial post that started it all is here.

So, two months into the year, how am I doing with my 2022 goals? How does my intentional planning look, various goals written down to focus on and formulate a plan of attack?

2022 Goals – February Be More Intentional

For this one, it’s fairly straightforward: by continuing to write on a consistent schedule I am strengthening my intentionality. For my part, Intentionality is at the heart of everything: if you are not intentional about what you are doing you’re just treading water; on autopilot and simply not maximizing your time/life.

Perhaps you are fine with that. I’m not. I’m not ok with things just “happening to me;” instead, I want to steer the ship as much as I can. And there is a lot we can do to help out on that front.

To that end, I have taken steps in being more intentional about the things I do. This means more structure, more focus, and more deliberate action. The results? More things are getting done and better things are happening. I don’t want to steal any thunder from the below sections but suffice it to say that the intentionality I’m bringing to 2022 has a natural flow into the rest of the goals.

2022 Goals – February Write More

This one’s easy: I am certainly achieving this goal. The end of the month consists of these reviews and at least one more post per month helps me reach it. What’s more, I have some great ideas down the line I’d like to see fleshed out. I don’t want to tip my hat too much here, but I do have plans to eventually monetize this website AND look to offer some sort of coaching/consulting in how to build a next egg/retirement if you are in the skilled trades. I know so many of my brothers and sisters who could use some intentionality and a road map for a better quality of life that I want to pull on that thread at some point in the future.

And, after all, building a brand will constitute writing more. Winning!

2022 Goals – February Roth IRA

For this month, we continued to follow the plan I mapped out at the beginning of the year and deposited a total of $923.04 The breakdown looks like this:

February 4: $115.38 x 2 = $230.76

February 11: $115.28 x 2 = $230.76

February 18: $115.38 x 2 = $230.76

February 25: $115.38 x 2 = $230.76

For the month of February we contributed a total of $923.04.

For year 2022 our monthly contribution rates are:

January 2022: $923.04

February 2022: $923.04

Total for 2022 year up to this point: $1846.08

As you can see, we are on track to max out our Roth IRAs for this year (and every year going forward – which is the ultimate goal). We’re still depositing to our 2021 year total and will continue to do so until April 15 – the tax deadline.

This is something EVERYONE in the skilled trades can and should do. Again, intentionally planning and executing it has to be at the core for success – but there is no doubt in my mind that EVERYONE can do this action item. In all likelihood, this will be part of my consulting piece in the future: mapping out for others and their personal situations.

*Click here for why I am a fan of Roth IRAs and think everyone should have one.*

2022 Goals – February Researching Other Means Of Income

Another month gone by with limited success in this area. I do think I have an idea on putting together a consulting package designed to help those in the skilled trades map out a financial plan where savings/retirement are concerned; after all, the original reason I started this website was to discuss savings and retirement options for those in the skilled trades. A modest fee for a plan that others can follow is something I want to pursue down the line.

As far as other leads, I don’t really have any. I have been looking online but as I said last month, the internet is full of get rich quick schemes and I have limited time – just like everyone else.

Plasma is, of course, still out of the question – for me, anyway. If you are reading this and are contemplating on how to earn some extra coin then plasma is a great opportunity. Just so long as you don’t frequent the tattoo parlor (like me) you should be fine. It’s hard to argue with a potential $7,000 or more in a year.

I’ll keep forging on and see what manifests.

2022 Goals – February Compartmentalize For Long Term Goals

This section is fairly comprehensive, as it has layers to it. In this section, I detail:

1. Build up my emergency/opportunity fund more
2. Build up another savings fund
3. Build up another investment account
4. Build up custodial accounts for each of my kids (UGMA/UTMA & Roth IRA)

I’ve said this before but I prefer to compartmentalize – it helps me to keep things straight. Keeping various accounts separate for various reasons helps me to organize things – intentionality at play, here. That being said, I have been focused in growing each of the above and a breakdown follows.

Build up my emergency/opportunity fund more

I have yet to really focus on our Betterment emergency/opportunity fund. My attention and energy has been with the various other goals here – and therein lies the beauty of compartmentalization: I know exactly how I am progressing in each of these goals.

Build up another savings fund

Now, I have set up a small automatic deposit to another checking/saving account I have, utilizing it as another e/o fund. The amount is small but you have to start somewhere; you eat that elephant one bit at a time. Currently, I am transferring $10.00 a week into it for a year in total of $520.00. The goal, as outlined last month, is to develop this account into a possible larger vacation/opportunity fund.

Build up another investment account

Last month, I signed up for Acorns – the round up platform that helps people invest. I’ve always liked the platform and took the plunge beginning of January 2022. And it has done exactly what I expected: the investment account has grown via intentional unintentionality. It hasn’t reached $100 yet but for unintentionally saving as purchases are rounded up, it’s a nice option for us. We have an automatic amount per week of $5.00 going in it too; it’s not much but it’s not wise to dismiss what small amounts can do over time. My suspicions are that by the end of the year, we will probably have around $600 + in it. I’ll take that.

Build up custodial accounts for each of my kids (UGMA/UTMA & Roth IRA)

It takes money – and time – to grow a sizeable nest egg

This is another area I hope to inspire other skilled tradesmen to adopt. One of the best things you can do for your kids is to educate them on financial literacy – setting them up with the best possible chances as they move into adulthood. The next best thing is to start saving for them as early as possible. Fortunately for us, we are doing both.

We have chosen to open and deposit UGMA/UTMA accounts for each of our kids and deposit a modest amount in it per week (currently, it is $5.00 per kid). These accounts are at Acorns and when the kids turn 21 (the age my state says a custodial account is to be turned over), they will have some money to make a down payment on a house/pay for school/whatever they need/want. Obviously, the hope is to educate them with fiscal responsibility and they make responsible choices. To that end, our yearly goal from automatic deposits is $260.00. Extra coin will eventually find it’s way in it – the first $1,100.00 are tax free, after all. Again, compartmentalization and starting small.

The Custodial Roth IRA accounts are not on a weekly basis; rather, they are when the kids have earned income – and chores don’t count. Things like walking someone’s dog, yard work, etc. I had initially planned on doing it on a weekly basis – but to ensure I don’t tread on the IRS, I’ll keep an Excel spreadsheet when they have earned income and continue saving. There are income qualifiers and rules that I’m not detailing here; instead, I plan to detail it in a separate post – perhaps part of a consulting/building generational wealth for those in the skilled trades package. Sometimes, it just takes one person to forge a path to inspire others to follow.

Wrapping up the month

February 2022, for the most part, has been a success. I have kept up most of the goals I set out at the beginning of the year, have generated some new ideas I believe I can capitalize on in the future, and feel charged for March. Success breeds confidence, after all.

So, if you need to start somewhere, to further yourself and your family, I believe the best place is with yourself and intentionality. You HAVE to be intentional to find lasting success; it will not just fall into your lap. Moreover, you have to be intentional to set your kids up for success too; that is giving them the absolute best chance at a bright future. Lastly, you have to be intentional so you do have retirement just happen to you. Instead, it is far better to actively plan for it now.

So, what are your goals and how will you go after them? Map it out and forge ahead!