2023 Goals – February Review

For 2023 goals were established following 2022 –  and I’m posting a monthly review to see how I’m doing. This gives me some accountability and provides a framework for others. Those goals are:

1. Continue to post bi-monthly articles
2. Write a series of posts on budgeting
3. Explore active and passive income streams
4. Research and plan some trips
5. Research and explore a podcast

Some of the 2023 goals are carry-overs from last year; others are new editions. Either way, I’m outlining how things are going below.

2023 Goals February Review – Continue to Post Bimonthly Articles

Building and maintaining consistency

This one is a holdover from last year. By continuing to write and publish two articles a month, I am demonstrating consistency and the build-up of this brand – it’s really that simple. Once the frequency is well entrenched, I can begin by polishing up the look here at The Wealthy Ironworker. February marked 5 years I have been at this – with some level of consistency – and I want to reinforce it. It may seem as though I am trying to build up content and to an extent that’s true, but another reason is to instill some discipline in myself.

Nevertheless, I plan on continuing the schedule no matter how busy I am and hope to have some great content by the year’s end. I have some great ideas for articles and I am really looking forward to posting several of them this year – especially since I’ve labeled 2023 the year of the budget.

This is a great segue into my next goal.

 

2023 Goals February Review – Write A Series of Posts on Budgeting

This series is something sorely needed

Why this goal? What is the reason for this particular focus?

There are a few reasons, really. First, the concept of budgeting is vital and important. IF you do not know your money in/money out scenario, you are in poor company (pun intended). CNBC reports an astounding 73% of Americans do not budget. This is the height of lunacy – well that and the fact that a “supposed expert” says it’s ok not to look at a budget.

Second, given that most do not budget makes it even more important for people to have someplace to go and review the basics. I am not an economist, scientist, or engineer – I am an Ironworker by trade. Who better to talk to those in the trades other than someone else in the trades?

Third, I am working through some budgeting things myself. We recently purchased another house and that prompted me to revisit our own budget. A house is a major expense and having two mortgages is rather daunting, to be honest. This is not the time to throw stuff against the wall and see what sticks. Rather, I plan to be intentional about crafting a budget, compartmentalizing with different accounts, and tracking it meticulously. I suspect keeping a record of this goal will be advantageous for others. I won’t get into particulars or specific amounts; instead, I plan on providing details on focus, adjustments, and how I essentially do it all.

Fourth, I am working with someone who needs to be taught the basics of budgeting – which is what I suspect many young adults need – likely the adult children of people in the trades. Or maybe it is someone just getting in the trades – or even a seasoned veteran. Whoever it may happen to be, I suspect the way I handle the instruction here is something others can model and adapt for their own personal use with themselves and/or their kids.

Fifth, for unknown reasons, there is a “fear” of budgeting people unreasonably have. The hope is that by modeling budgeting at an easy-to-understand level, some can overcome this unnatural fear of something so essential to a successful financial life. There really is no good reason not to take the time to actually create a budget. They are simple, provide a game plan, and possess the ability to really help you navigate through things.

So – now that I have outlined the above, how am I doing with this goal?

Well, I have yet to write another article on budgeting; the last one – budgeting 101 – was the first and the foundation. I’ll be building upon it with several articles (not in any particular order):

• reverse budgeting
• introducing budgeting to your children
• re-evaluating your budget
• living below your means
• avoiding lifestyle inflation
• tips to help you budget better

IF you have any other ideas, feel free to reach out and tell me. Perhaps I’ll find that it needs to be a part of the series – who knows?

In any case, I’d look for a budgeting article to drop sometime soon.

2023 Goals February Review – Explore active and passive income streams

Everyone wants more money – the question is, how do we go about getting it?

This one is another holdover from last year but deserves another look. The reasons are many but renting out a house is a large move towards passive income – and as such, perhaps I should be a little more active in pursuing this goal. What’s more, our former house I purchased 15 years ago and the mortgage is quite a bit smaller than the one we have now. This means reevaluating all things financial including the income we bring into the home. I like having margin and I have less of it now. (I feel another post idea here on margin).

So, how am I doing with this particular goal?

As it turns out, starting March 1st, my wife and I are landlords. We are renting out our old home and it is going to be a source of passive income for us – the first of many streams I hope. I’ve looked into others (like writing for someone else online, consulting, etc.) but I’ve yet to actually implement any other of these ideas. I still want to do more research into other viable options and see what’s out there.

And, quite frankly, most of my time has been spent working on our old place, taking care of all the cobwebs everyone gets used to ignoring. I suspect that happens to everyone, to be honest. Now that we have officially signed the lease and handed over the keys, we are taking some time to decompress – it’s been a hectic 3 months. After a rest, we will be working on our new place – built-ins, organizing, and planning several things. I still hope to research more options for additional income in between all of the other things life throws my way.

2023 Goals February Review – Research and Plan Some Trips

One of my favorite photos from a trip we took to Banff National Park, Alberta Canada

This one is interesting. 2022 saw me travel more than I ever have and I enjoyed just about all of it, to be honest – personal and professional. I have some trips already planned out for this year but after visiting Banff National Park in Alberta Canada this past December, I have a renewed interest in the Rockies. We typically try to visit National Parks as a family and I can say there are some very specific parks I’d really like to visit: Yellowstone National Park, Grand Tetons National Park, and Glacier National Park are the top 3 that come to mind. I would also like to revisit Yosemite National Park in the future – that is one special and amazing place. For my money, I have never come across a view that rivals Glacier Point in Yosemite in all the parks I’ve visited so far.

Each of the above takes meticulous and careful research and planning. Moreover, It’s not a stretch to say for a thoroughly enjoyable trip, each of these could be a couple of years in the making – all the more reason for some serious planning.

If I had to rate the above parks, I’d say Yellowstone and Grand Teton are at the very top. The NorthWest corner of Wyoming merits at least a week – ideally two – to fully enjoy the views afforded to those who visit. Talk about planning!

It’s funny; as I write this post, I am actually out of town – in South Padre Island Texas. Here’s what it looks like right now:

South Padre Island Texas

I’m not one to have a love for the beach – or summer for that matter. However, when I took this picture the breeze felt like spring was here already. And why wouldn’t it be: South Padre Island Texas is only about 20 miles away from the Mexican border and much close to the equator than where I’m from. With the breeze, cover from the sun, and a really great band playing some good music, it was really enjoyable.

These guys were fantastic to listen to – and the guy on the left could shred the guitar

Oh, and I can’t forget a recent trip to New Orleans, either:

It was warmer than I like, and I probably wouldn’t look to go there again (except for work) but at least I enjoyed it – and scratched another state off my list. Winning!

In any case, I’ve yet to do any real research on the aforementioned places as they take enormous planning. All things in good time.

2023 Goals February Review – Research and Explore a Podcast

Long-form conversations via podcasts have soared in popularity

It seems like everyone has a podcast these days. That’s not the reason I want to explore a podcast though; it’s more that I have a specific focus and believe in the long run that if I can get things together, it would be beneficial. What’s more, I’ve had some conversations where others asked if I had one – or planned to. They felt it would be beneficial and some assessment on my part tells me I think they are right. To be honest, this is one of those things that I do not feel like doing the leg work for but I know that if I do, I’ll be glad later down the line. I just need to find the energy, time, and space. It likely won’t be the first half of the year; I have a lot to do with moving to a new house.

This goal is one I am really excited about. Even though I am in the beginning stages, I have really bought into the idea that I can expand my reach by incorporating the podcast into the media I use. I have done some research into microphones; the quality, reason for selection, and the value they bring. IF I were to do a video podcast, the microphone would be front and center – one of the major reasons I’ve spent some time researching them. I want the quality – but I also want the aesthetics – what microphone looks the best?

It’s largely superficial I know; still, it’s important nonetheless. In the end, I have come closer to selecting a microphone. What’s more, I have also researched platforms that host podcasts; which is a major component of a successful podcast. And, I have really enjoyed the podcast format; I routinely listen to the long format when traveling long distances. Perhaps The Wealthy Ironworker will eventually be the next podcast to listen to – one can only hope. Time will tell, my friends.

Conclusion – February Review of 2023 Goals

In the end, this month is just the start; we will have to see what several months flesh out to gather a comprehensive view of things. Until then, we will have to re-assess things as they come about. In time, I’m hopeful we can assess things when time goes by.

Let’s see how things move forward – and I am bolstered to forge on, friends.