2024 Financial Goals - Six Month Update

Summary

In this reflective video update, the speaker discusses the challenges and progress made on financial goals set at the beginning of the year. While plans to organize a storage unit and complete car maintenance faced setbacks, significant strides were made in addressing car issues and filing tax documents. Despite struggling with income stability and reliance on gig work, the speaker achieved the goal of securing a job that offers housing and a steady income, marking a positive shift in their financial situation. Looking ahead, they outline new strategies for managing expenses and working toward debt reduction, expressing hope for a more stable future.

Takeaways

• 😀 The speaker has experienced significant life changes, including being homeless and moving multiple times, affecting their financial stability.
• 😀 The main project for the year was to organize and possibly reduce their storage unit size, which they found to be less overwhelming than expected.
• 😀 Progress was made on car maintenance, with key repairs like replacing tires and fixing a coolant leak, but new issues like a cracked radiator arose.
• 😀 The speaker has struggled to complete their taxes for previous years due to disorganization from moving and storing documents in different places.
• 😀 The goal to earn less from gig economy apps was not met, as the speaker relied heavily on apps like DoorDash and TaskRabbit for income in the first half of the year.
• 😀 A significant goal was achieved when the speaker secured a job with a fraternity that provides housing and some meals, improving their financial situation.
• 😀 Moving forward, the speaker plans to prioritize organizing tax documents and catching up on taxes while reducing reliance on gig work.
• 😀 Financial goals for the second half of the year include saving a portion of income from the new job and gig work towards debt repayment and savings.
• 😀 The speaker has potential opportunities for additional income through furniture assembly gigs and possibly hiring contractors in different cities.
• 😀 The speaker intends to make regular updates on their progress and goals, using videos as a way to stay accountable and engaged with their audience.

Q & A

What was the primary goal set at the beginning of the year?

The primary goal was to focus on a year of catching up, with the main project being to organize and possibly reduce the size of the storage unit.

What challenges did the speaker face regarding their storage unit?

The speaker initially planned to work on the storage unit throughout the summer but found they had a limited timeframe due to moving for a new job and realized that the situation was not as dire as they had anticipated.

How did the speaker address the deferred maintenance on their car?

The speaker made significant progress by replacing two tires, fixing a coolant leak, and ultimately replacing a cracked radiator and doing other necessary maintenance.

What issue arose with the speaker's car during the maintenance process?

The car began to overheat due to a cracked radiator, which required additional repairs that were prioritized over the initial deferred maintenance.

What was the status of the speaker's taxes at the time of the update?

The speaker had not filed their taxes for 2021 or 2022, but had filed for an extension for 2023 and was able to locate some necessary tax documents to prepare for filing.

Did the speaker meet their goal of earning less income from gig economy apps?

No, the speaker did not meet this goal, as they ended up relying heavily on gig work due to challenges in finding stable employment.

What significant change occurred in the speaker's employment situation?

The speaker secured a job with a fraternity that provided housing and a stable income, which was a major success in achieving their financial stability goals.

What are the speaker's plans for managing their income moving forward?

The speaker plans to reduce reliance on gig work, allocate 10% of their income toward savings and debt repayment, and focus on getting their finances organized.

How does the speaker plan to organize their tax documents?

The speaker intends to bring their tax documents to their new apartment, organize them, and identify what else they need to complete their tax filings.

What is the speaker's outlook for the remainder of the year?

The speaker is hopeful that the stability from their new job will allow them to make significant progress on their financial goals and overall life organization, with plans to review their progress at the beginning of 2025.