2022 Goals – April 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, February 2022 is here, March 2022 is here, and the initial post that started it all is here. The reason for this is two fold: to help keep me accountable as well as provide a model for others in the skilled trades to mimic. Sometimes it just takes a person to forge on and others will follow.

So, four 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?

April is a special month for a few reasons. First, this year it has 5 weeks in it. Second, my birthday is in this month as well as one of my kids, and third, it is the time when the garden EXPLODES with all of that which we are intentional about cultivating.

2022 Goals – April Be More Intentional

Planting like this takes time and intentionality – and it is the same with many of our goals

For this one, it’s fairly straightforward: by continuing to write on a consistent schedule I am strengthening my intentionality. To develop good leaders, intentionality is a must. To take it a step further, if you want to have a more successful and fulfilling life, you have to be intentional, simply put. There really is no way around it.

There are instances where success seems to find someone without them doing anything to earn it – and I’ve seen it, too – but for any real, measured, significant and lasting success, it takes intentionality. There really is no substitute for it. Not even natural born talent.

To that end, I have taken steps in being more intentional about the things I do – and you should too. This means more structure, more focus, and more deliberate action. More things are getting done as a result and better things are happening. Intentionality is, as I’ve said elsewhere, the key to just about everything else for me going forward.

So, what does that look like for me – and for the month of April?

This month, I have started to work out – something I haven’t deliberately done in a LONG time. I’ve also narrowed my choice of where to pursue additional educational goals – and started to map out a plan for a CSP. And, I have also been planning some extra work around the house – as well as an extensive trip coming up. All in all, the month has been a rather successful one here.

2022 Goals – April Write More

Writing provides me direction, clarity, and an outlet for creativity

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, these monthly reviews help me to realign with the initial reason I started this website in the first place: outlining ideas as to how someone can save for retirement in the skilled trades.

Of course, I have many other great articles here and try to promote them in various ways. I just recently published an article about the younger generations, technology, and the construction industry – it’s interesting to me to see just how much things have changed – and are forecasted to continue to in the coming years.

As it is right now, when you google “the pros and cons of the trades” or “talent or tenacity” or “passion vs opportunity”  or “work life balance in the trades” you will see this website listed on the FIRST page.  There are reasons for this – notably because google has metrics they track – and my content isn’t click bait: it’s substantial in nature. This lends itself to quality and that is staying the same going forward.

It will take me some time to come up with some of the articles I have in mind and many of them have substantial research components to them. And building a brand takes time. I have been at this for four years now, and I still have a lot I can do yet. In the end, it will take a mixture of tenacity mixed with talent to see this become successful – something I’m invested in.

I’ve also started thinking about various series to embark on – maybe something along the lines of a leadership series where I hone in on desirable traits. I have other ideas and the need to continue publishing quality content will certainly push me to write about things like this more.

2022 Goals – April Roth IRA

Time and money – the two we need for Roth IRA growth

This month was different here for two reasons: First, it had five weeks in it, which meant an additional week’s worth of contributing and second, April 15th marked the last day we could contribute to the 2021 tax year. So, what that ultimately means is, by the end of 2022 we could end up with more than $12,000 in the calendar year and still be within the IRS limits – IF we have the capital.

For this month, we continued to follow the plan I mapped out at the beginning of the year and deposited a total of $1,153.80 The breakdown looks like this:

April 1: $115.38 x 2 = $230.76

April 8: $115.28 x 2 = $230.76

April 15: $115.38 x 2 = $230.76

April 22: $115.38 x 2 = $230.76

April 29: $115.38 x 2 = $230.76

For the month of April we contributed a total of $1,153.80.

 

For year 2022 our monthly contribution rates are:

January 2022: $923.04

February 2022: $923.04

March 2022: $923.04

April 2022: $1,153.80

Total for 2022 year up to this point: $3,922.92

 

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). Still, we are focusing on this year alone to see how things look, adjust, and refocus at the start of 2023.

IF you are not contributing the max amount to a Roth IRA then you are missing out: not just on an opportunity to increase your retirement savings but also diversifying your retirement income. How? Because it’s highly likely that any contributions an employer has made on your behalf (whether it is a 401k or an annuity fund for those who are union) are pre tax or tax deferred – meaning you will have to pay the taxes later in retirement. By maxing out your Roth IRA you have a retirement account that you pay taxes on now so it is tax free when you withdraw it. You are effectively diversifying your retirement streams – by all metrics a smart move. Click here to learn why I chose a Roth IRA.

And, in the end, I have talked about making this part (the financial component to this website) of a greater consulting package – a good segue into my next section.

2022 Goals – April Researching Other Means Of Income

I haven’t gained much traction here, and we are four months in. I did write a piece that I will post sometime soon, exploring some ideas for building generational wealth, which I will be posting soon – and I have some ideas of turning consulting into a side gig going forward. It could take the shape of finances for those in the trades but also on how to build a successful business is also possible. I’ve thought about exploring opportunities to broaden my reach – writing for other publications and entities – but this will likely come about organically. I need to continue to build up my article/word count on a consistent basis and see where it goes.

I don’t really have any other ideas right now; I’ve been busy with other things and likely won’t have a break until May. After that, I just might increase the frequency of my articles but we’ll see how that goes.

I technically could donate plasma for some extra coin but I’m going to set up an appointment with my tattoo artist soon – I’ve got some work to get done – and I have been ruling out plasma from the beginning (Restart the clock – I had some work done ?). Still, it’s worth mentioning to others who may be reading this and are looking for alternatives. If you are ink free (for a time of 4 months), by all means donate! It’s a good way to get some side money.

2022 Goals – April Compartmentalize For Long Term Goals

I am a BIG fan of compartmentalization

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

To be honest, I have yet to really focus any serious attention here and that is due to a few reasons. I have some other expenses in the wings I need to focus on and since I have a decent amount already set aside, it has kind of fallen in the cracks. 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. Still, we just did finish our taxes and are on the same page as to what to do with our savings going forward. This is a priority for me: to have 9 months of emergency savings. It will take some time since I do not want to stop the other things I am doing – which means, it will grow slow and need additional income from side hustles. (Side note: we currently have probably around 6 months of emergency savings – you have to view emergency savings different than your normal lifestyle; you would cut things back if you had no income coming in). If you do NOT have an emergency fund with savings “for a rainy day” I encourage you to get on that right away. It is a key component to breaking the cycle of perpetual debt.

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 do not want to fall victim to paralysis by analysis – you feel overwhelmed and can’t figure out where to start – so you never do. 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.

I’m not confident this account will grow into something substantial; instead, it will likely take time to develop and extra coin should go here. As you can tell from the listing, funding the Roth IRAs are the most important financially here. The important thing here is – and if you are just starting out pay close attention – to start somewhere. Don’t get overwhelmed at the complexity of it all; instead, compartmentalize, focus on just one or two things (whatever you have the bandwidth for), and focus on accomplishing that. Then, when you feel like you have a good grasp on it, start elsewhere. One step at a time, my friends.

Build up another investment account

I love acorns!

I signed up in January and as expected, it has grown via unintentional intentionality. The robo round up platform has managed to help us save the nickel and dimes – you know what I mean: you break that $20 bill and the next thing you know, it is gone. So, when we use our credit cards (those linked to the platform), the value is rounded up and when the total reaches $5.00, it is withdrawn from the bank and placed in the investment account.

Another great feature is their chrome plug in. You download and add it to your chrome browser, and you can clearly see where Acorns has deals with numerous companies. A portion of what you spend is automatically invested into your account – likely to encourage acorn users to use those specific companies. Here’s a snapshot to show you what I mean:

In this example, up to 1.1% is invested into my acorns platform just for staying at Holiday Inn – my preferred place, anyway. Getting a portion invested into my account just for using them when I have been using them already? Talk about winning! ( I think at last I saw we look to have around $12.00 invested into our account by someone else just for staying somewhere I was going to already).

Acorns is a fantastic way to save a little at a time – something I definitely recommend for those of you in the skilled trades. Remember, every little bit helps. Again, just start somewhere.

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.

And follow I hope they do: after all the time I have spent researching and scouring the internet, much of the advice here is for those in the office and their respective 401ks. I have found very little by way of those in the skilled trades and especially those who are union. Most advisors have an erroneous understanding of what annuities are when it comes to unions – they are NOT what they think they are. Therefore, the advice and direction they need are unique – and I hope to be that unique voice in the forest as they forage on.

Wrapping up the month

April 2022 is wrapped up, a success by and large, and has given me food for thought going forward throughout the next coming months. I have some great articles in the queue and I look forward to exploring other areas to write about.

Going forward, I hope to explore additional streams of revenue in the coming months – something that will definitely be organic and fluid. I’m starting to think a class or two may be in the cards to help me develop additional portions of the website – like forms, purchasable content, or even consulting set up. This is one area where I am unsure how to proceed and think others will be able to help. As a side note, I think many who try and embark on a venture like this start out with more than they can handle instead of small steps. As a consequence, they fall off quickly.

All in all, the month was good, I’m gaining some consistency on most fronts, and those areas that I lag in I will eventually get nailed down. One thing I have going for me is that I like to write – and I am tenacious. After all, I have been at this 4 years now and building a brand takes time. And that is exactly what I’m doing.

Thank you for following along and if I can help you through this, it will have been a success.