Lanny’s Q2 2016 Goals Update

6 Months are officially in the books and we are nearing the July month end.  2016 is flying – some highs and some lows, but all are experiences to learn from, that’s for damn sure.  There has been a lot of progress, set backs and steps taken forward in order to achieve goals, have a balanced life and new experiences.  I set lofty goals back in December of 2015 for my 2016 year and the first 6 months/half year should provide a solid indication if I am on track to achieve the goals established, let’s see the big update!

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2016 Goals Re-Cap

Given this post – this helps me tremendously get back on the path in case that I have steered off of it somewhat or help keep me on the golden brick road to the 12/31/16 end goals.  Below are the goals that I had established in December for this year, as a way to re-cap what I wanted to accomplish:

  1. Projected Dividend Income at $8,000
  2. Keep Trading Costs Below $100
  3. Make 3 Trades > $3,000
  4. Monthly Plan Expenditures: Switch from Verizon, Reduce Auto Insurance to $70/month, Change Internet from AT&T
  5. Make $2,000 extra payments towards Mortgage in 4 quarterly installments
  6. Sell 3 Items on eBay
  7. Go on a Trip

Phew, that’s a mouthful above and fun seeing that I kept it to a solid 7 goals, very similar to 2015.  From just reading them I know that the monthly plan expenditures are hard and the projected income is always a beast to take down, given that I missed the mark in 2015 (UGH!).  One thing that always helps the monetary goals is – Saving over 60% of your income each and every month, but sometimes life happens.  Enough of the rant here… how the heck am I doing in relation to these goals??!

June 30, 2016 Goals Progress

  1. Projected Dividend Income at $8,000:  Currently, as of July 16, 2016, I am sitting at a projected $7,167 in dividend income.  From my Q1 post, this is actually up $385 in just a 3 month time frame, which is fricken awesome; as an annualized $385, is over $1,540 – aka, enough to bridge me over $8,000.  I had a record breaking June Dividend Income month, which lit my portfolio on fire with dividend reinvestment.  Further, I received my company sponsored 401(k) match for the year – giving a nice jolt to the forward income.  This will start to spring more, given my new part 1 strategy for investing going forward, something I am INCREDIBLY excited about (please check out that link!).  Conclusion: Cautiously On pace to meet this goal.
  2. Keep Trading Costs below $100:  With my purchases that had a trading fee of Target (TGT) during June and the first quarter purchases ADM in January and then a whopper of T. Rowe Price (TROW) in February – my trading costs are EXTREMELY low at this point.  My total trading costs are sitting at a dismal $20.85 – which is AWESOME!  With those 3 purchases – the total was $8,158 and the costs as a % then was 0.255% aka – negligible (3bp tick up from last quarter).  I still would have to spend $79.15 more or make 11 more trades.  Given how the trend has gone, my new strategy that takes more capital – that won’t happen more than likely.  I would say I am doing very well here in this realm. Conclusion: On pace/more than likely to meet this goal.
  3.  Make 3 trades > $3,000: As we knew from my post on why I want to make larger purchases for investments – and with the two Q1 purchases mentioned above – I am still at 67%; with cash on hand to make one more of these to fully reach this goal.  Conclusion: On pace/more than likely to meet.
  4. Monthly Plan Expenditures: Well, well, well.  To start, we all know that I switched from AT&T (T) a month back to WOW! network provider.  My new internet is $10 cheaper and more than 5x faster, it is amazing.  For Verizon Wireless (VZW) cell phone switch – I am a mere 7 days away from performing the switch.  Even though my employer pays my phone service bill, I am switching to Google’s Project Fi Network – which charges $20/month for the line and $10/GB usage, which will credit me on my next bill if I use less than the prepaid amount.  VERY excited for this.  Lastly – my auto insurance was recently reduced at the end of April and I am currently at approximately $65/month = success.  Conclusion: On pace/more than likely to meet this goal.
  5. Make $2,000 extra towards the Mortgage: Currently I have chipped in 3 $500 payments and am halfway towards this goal.  I made 1 on 1/1, another on 4/1 and most recent payment on 7/1.  I am 75% there and seem to be breezing through this goal.  However, with capital taken into the new strategy, it may add a very minimum future amount of difficulty to reach, we’ll see.  The BIG debate always is do you either pay off the mortgage or invest, something I’m always curious on individual’s feedback.  Are you doing something similar?  Conclusion: On pace/more than likely to meet this goal.
  6. Sell 3 Items on eBay – 0 so far and failing in this category.  I have donated quite a bit of clothes and have some clothes to sell as well.  Once I activate the new phone on the new service – I’ll be able to do more of this.  I believe August/September I’ll be more active.  Conclusion: Failing to meet this goal.
  7. Go on a Trip: Cha-Ching!  Luckily – my wonderful girlfriend was able to fly me out to Burlington, Vermont as part of her work program at no cost.  I spent 3 days approximately there and went to a few fun restaurants, a brewery tour, did karaoke (no videos to be released haha) and had a fun time in the early part of busy-season.  Secondly, we also went to Punta Cana for a week that started on 4/29.  We have now been on two big trips and are thinking of making a third in the fall to Washington DC.  We shall see, but should be fairly easy to do.  We have a bucket list for Akron and Cleveland things, that we’d also like to get through.  So far, so good and has been fun!  Conclusion: Already Reached!

Overall Q2 2016 Goal Conclusion

So where do I stand overall?  If I want to be at the 75% mark of my dividend income goal by Q3 – I need to add approximately $460 (reduction of 11 to hit 50% from last quarter) the remainder of this quarter alone.  Which could happen with the new strategy I am on, dividend increases and at least 1 big purchase I’d like to make.  I could get there – there’s also the wonderful tool of dividend reinvestment that I love, which will help me accomplish this feat.  Further – I need to get my eBay game in order, and I may even cancel my fitness monthly subscription, because I see a HUGE reduction in the number of times I’ve used it this summer.  Additionally, with the new strategy, the dividend from the mutual fund I invest in at work should be fairly large in Q3 – and should aid from the DRIP of that.  Overall, I am cautiously on pace to achieve my goals I would say for 2016!

Thanks everyone – how are you all fairing up in your annual goals?  Falling behind, ahead of the pack or staying the course?  Need any help getting back on the horse?  Thanks again everyone for coming by, please leave comments, feedback and suggestions below – they are MORE than appreciated.  Good luck and keep crushing it!

-Lanny

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22 thoughts on “Lanny’s Q2 2016 Goals Update

  1. Hey Lanny,
    All good goals and glad to see you have or will hit most by the year end. I recently switched some things around to get my trading costs to $0. You have to have a minimun and I moved from ING/Captial One to them.
    Cheers,
    DFG

    • Mark,

      Thanks for the comment here as well. The dividend goal is going to be the big challenge, almost due to just the yield I’ll be investing into because of my new strategy to battle taxes. However – reinvestment and dividend growth are strong on the back end typically for me. It’s tough to predict out there, the one thing I can control – what I spend my money on and how much I save. Here we go. What did you transfer to, if I may ask? As I’m with ING/Cap One currently.

      -Lanny

    • RM2R,

      Thank you very much. Almost now 7 months down, with July coming to a close, which is wild. Cannot believe this year. So crazy how fast time goes when you are insanely busy. You wake up and are in the middle of summer. Keeping the goals in focus will be more on the front end now, more than ever. Excited for the challenge.

      -Lanny

  2. Having well defined goals is great. Even better when you have a plan in place. Stating your goals publicly helps keep yourself accountable to achieving them. It sounds like you are successfuly setting yourself up to achieve your goals. Keep up the good work and thanks for sharing!

    • More Div,

      I agree – having it down on paper, in the community, etc.. definitely keeps my head on the targets. It’s funny – I am essentially on pace for most of them, but with that new strategy – the dividend goal may be harder, as well as the $500 extra mortgage payment. Guess what? I’m going to bust my ass to try haha. Thanks again MD, talk soon.

      -Lanny

    • Pollie,

      Thank you very much. We’ll see, right? Few challenging one’s up ahead and need to keep my eyes a little on the keen side, eh? This quarter I almost want to call the make or break quarter, as if I don’t succeed this – the last 3 months will be VERY hard!

      -Lanny

  3. Hey Lanny!
    congrats on doing so much in this first half of the year! I admire how you found ways to travel while being able to save money and accelerate your mortgage payment. Good job!

    Mike

    • Mike/DG,

      Thank you for the stop by – it is weird seeing that a lot has already been accomplished in the 6 or so months for the year. What’s funny is how little we reflect on the lessons learned and steps taken along the way. Today, for instance, was really a deep research/analyzing-based day, and not even for stocks, but for additional “strategies” to have freedom sooner, of course. Can’t wait to post more about it. Thanks DG, talk soon!

      -Lanny

    • ZJ,

      Thank you so much! Need all the support I can get haha. I need to sell some personal assets like clothes and what not to bring in some side hustle cash ASAP. Think this will be easier once I switch to my new phone, that is just staring me down! Looking forward to the challenges, that’s for sure.

      -Lanny

  4. Did you really just say fun during busy season? You must be very lucky! Great progress as always on your goals I am sure you are going to meet all of them with surprisingly Ebay being the most challenging! Love how you are travelling and paying down your debt so keep up the great first half of the year performance.

    • Stefan,

      Haha, I use the word fun loosely.

      I need to get on the eBay/Craiglist asap – should start feeling/seeing some movement this upcoming weekend and, luckily, I’ll be home to ship out whatever is needed.

      It’s tough, a lot of curveballs thrown into the chains that you can’t control, and man, it’s just been hard. Thanks for keeping me motivated, this is the all-telling year…

      -Lanny

  5. Definitely think you will make your $8k target. No doubt in my mind there. Keep it up!

    Curious to know how I get added to your guys’ blogroll? Cheers!

    Passive Income Dude

    • Dan,

      Thank you – we’ll have to keep checking out the site and add you to our monthly income list, welcome to the community! Looking forward to the steep steps the upcoming few months, that’s for sure. It’s going to be “hella” difficult.

      -Lanny

  6. Looks like you’re on pace to hit most of these so far which is good. I like the idea of setting goals and might do the same myself next year but I have to figure out what kind of goals I want to set!

    • TitMB,

      Thank you for the motivation! Honestly, it’s going to be so hard haha, it’s funny even thinking about it.

      You should definitely take time to think about it. There doesn’t even need to be that many, even 2 or 3 would be phenomenal. Something to keep your eyes focused on the big things you want to knock out.

      Thanks again and good luck!

      -Lanny

    • P2F,

      Thank you very much. I need all of the motivating factors I can get right now, that’s for damn sure. I tell you what – it feels like a mountain to me, but I will try to continue to climb, that’s for sure, I’ll be working hard at it, no doubt.

      -Lanny

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