2023 Goals – March 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. IF you aren’t establishing goals and actively pursuing them, you are simply on autopilot. For me, 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 March Review – Continue to Post Bimonthly Articles

Building and maintaining consistency is key here

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. If you are AT ALL like me, discipline doesn’t come naturally; it’s elusive and difficult to obtain – and even harder to implement. Even so, it’s still worth pursuing and as such, I want to pursue it – and tout its benefits along the way.

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. You can start your journey with Budgeting 101 and follow up with the most recent post: Reverse budgeting and building a case for opportunity.

This is a great segue into my next goal.

 

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

This series is something sorely needed at all levels – personal and business

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 two articles on budgeting; the first one  – budgeting 101 was the first and the foundation, along with the second – Reverse budgeting – are both important and once you read them you’ll understand the aim. I’ll be building upon them with several articles (not in any particular order):

• introducing budgeting to your children
• re-evaluating your budget
• living below your means
• avoiding lifestyle inflation
• tips to help you budget better
• what do you REALLY need to live?

IF you have any other ideas, feel free to reach out and tell me. The goal, as it is being fleshed out, is to build a series on budgeting that is basic but also comprehensive. I’d like to cover multiple bases at one time while also keeping it simple. Evaluating the two articles above, I feel as though I’ve accomplished that.

In any case, I’d look for another budgeting article to drop sometime soon – perhaps in the coming month or two.

2023 Goals March 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 a continued 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. For example, our former house I purchased 15 years ago we are renting 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 in the future).

So, how am I doing with this particular goal?

As it turns out, the beginning of March saw my wife and I as 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.

March saw a break from the hectic pace of working on the old place and packing; now we are starting to look at what we need to do at our new home. We need to organize a bit more and find places for things that maybe never had a home in the first place. Plus, there have been some trips in this month that have taken my energy and focus as well. We will be working on our new place though – 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. I’m excited for what April brings – chickens and it also looks like keeping bees!

Swarm trap designed to attract bees has some activity

2023 Goals March 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 (planned trips) 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!

Moreover, I also plan to take a look at what it will take to take an extensive trip overseas; I really want to visit Iceland and the rest of the Nordic countries; preferably in winter to see the Aurora Borealis – better known as the Northern Lights. There’s a lot to see: sea villages, breathtaking landscapes with cliffs, waterfalls, and interesting architecture –  but the Northern Lights would be the highlight for me.

As far as work trips go, I have trips to Charlotte, Atlanta, Ann Arbor, New York, Ottawa, Ontario Canada, Chicago, and Nashville already in the works. Others will fill in as time goes on but successful planning to mix in personal with professional aids in long-term planning for the other trips mentioned above.

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. Where would you go if you could choose anywhere?

2023 Goals March 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 organizing things at our 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. AND I have taken steps in the right direction, here.

After a lot of research, I FINALLY purchased a microphone and headphones while playing around with recording via Audio Director – the software I downloaded on my computer. There is A LOT to learn still but I didn’t want to overanalyze and not do anything; instead, a better course of action is to dive in and correct course as things progress in this case. I have looked into podcast hosts and am still looking into what all that entails. I would expect some podcasts to drop in the coming months; sometime in the summer. I’m looking forward to it!

Conclusion – March Review of 2023 Goals

In the end, this month has seen some productivity; namely in the area of writing and the progression of the podcast. I’m getting more excited as time passes and eventually I’ll settle into a routine for not only articles published but also recording podcasts. I, like everyone else, have much to learn but you can’t make any progress IF you simply sit on the sidelines, allow yourself to merely tread water, and dig in a rut. A better course of action is for you to challenge yourself no matter where you are and continually make progress.

If you are following along, set some goals, routinely check in on them, and note your progress – or lack thereof. Otherwise, you may find yourself with what Socrates said: “the unexamined life is not worth living.”

Let’s see how things move forward – and I hope you find inspiration regardless of the stage you are in. Set some goals!