Father Sez

From and to parents - parental advice to our children on personal financial management and life.
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Posts Tagged ‘review of goals’

How did I fare in my 2008 goals?

Friday, January 2nd, 2009

Though I have written quite a bit about my 2008 goals in this blog, I have not really listed all of them. I suppose like many of us, I am a little shy about revealing all. Anyway, now that 2008 is drawing to a close, it’s time to write about how I fared. 

First, the biggest failure of them all……though maybe all has not been lost 

This refers to my most audacious goal for 2008. It was to bring this blog to a readership level of …mumble, mumble …readers a day.  I have failed and failed spectacularly in this goal. I wonder what I must have been smoking when I wrote this post way back on the 31 December 2007. 

On the other hand, this blog has done wonders in improving my communication with my elder two girls. I write about whatever I want to pass on to my girls and they read it in their own time, when their minds are a lot more receptive. (The younger ones have no interest in the blog unless maybe if the article is something specific about them). 

At least I think I have now found my rhythm for maintaining this blog. The blog’s value in promoting communications with my elder girls makes it something I’ll continue for quite a long while. 

The lesser goals…..

Not too bad, three out of four. I am still not good with Photoshop, though I have played around with the program a couple of times.  

The children’s financial education 

I have also written about educating my children on the two most important pf lessons that I had learnt in my life. One was for my two elder girls to have a peer group with an interest in personal finance. I don’t think I have succeeded in this very much. Though they do read some of the fine pf blogs that I pass on to them, I don’t think the idea has gained the kind of traction I would like yet. 

The second was for them to “pay themselves first”. This is progressing quite well. The elder girls have to save a portion of their income upfront, and the younger ones have to do the same with their allowances. In addition, the younger three have kept their bargain of maintaining an accounting for their expenses.  

Helping my elder children secure jobs they would like I wrote a series of posts on this. I am pleased that this goal was substantially achieved. My eldest girl, however, left the job after a couple of weeks and she is now intending to do her Masters in Psychology. In the meantime she is working as an apprentice with a Counsellor and is also teaching an autistic boy.

Other goals – not specifically declared in this blog   

On health matters, I had privately written down wanting to start a regime of exercising that I should adopt. The results have been very poor. It has been more on/off, on/off.  I had also wanted to learn and practice Chiqong. This has not been done either. 

Financially, we did manage to meet the biggest goal, i.e. to sell our rental house and pay down some of our loans.  The goat farm was launched during the year as planned. I had also wanted to convert the family car to NGV. I did not do so more as a result of procrastination than anything else. Now with the fuel prices down again, it does not look all that attractive a ROI anymore.

Career wise, I had written in my goals list that I would on the 30th of June 08 talk to my boss on flexible hours so that I could spend more time with the family. It did not quite work out that way. I resigned with mutual agreement on the 18 June 08 and now have all the time I need to spend on the family.  

Well, 2008 has not exactly been a roaring success. Still it has been a very significant year in my life to date. My mother passed away during the year. And for the 1st time, I am no longer a rat, running the never ending treadmill we call the rat race. In return I have had quite a number of anxious moments on how I would continue putting food on the table and keeping a roof over our heads.  

I am reviewing (yet again) my thoughts on mind mapping my way to retirement that I wrote about in a 2 parter in May 2008.  For the time being I am following my own advice and God Willing, 2009 should prove better.

I have made my goals for 2009 and will write about some of them soon. 

PS: As I wrote this post my thoughts went back to all the earlier years when I reviewed my enthusiastically made and left unmet goals. I am even more convinced that starting this blog has made a major, major difference in my life, and is helping me in no uncertain way to turbocharge my transformation. I feel a lot more accountable now and God Willing, this will spur me more in 2009.  

A review of goals set for 2008 - Educating my children

Sunday, February 3rd, 2008

I have been inspired by some of the pf bloggers doing a review of their 2008 goals, now that about 8% of the year has passed us by now.

And the goal under review is “Imparting to my children the two most important  PF lessons that I have learnt“.

a) Goal 1

 

To get my elder girls to join a peer group that has pf as a core subject.

 

My idea was for them to start reading the pf blogs. Over time, hopefully the useful advice given(especially since they are mainly real life experiences) will have some effect on them.

 

The good thing is that the two elder girls are reading my blog and also the links that are being provided. The both of them have occasionaly commented on my blog.

 

They have also told me that Mrs. Micah’s mom is cool. The eldest once sent me a text message saying that she had read and commented on “Millionaire Mommy sumthing sumthing”

 

I have also forwarded them some of the oustanding career tips that can be found in Free Money Finance

 

Some of their friends are also reading my blog. This is a very promising step.  

 

I think this goal is being on its way of being achieved.

b) Goal 2

Teaching the younger children to “pay themselves first”.

In late November 2007, the two younger children signed allowance agreements with their mother. (I signed as a witness). They would both receive weekly allowances, they had to save at least 10%, and maintain accounts of their allowance.

This has gone on well for the past 2 months. Somethings to note:

 -  the boy just had two entries in his accounts ledger everyweek, the receipt of the allowance and the out to his piggy back. Basically he spent zero. It seems that he had stashed away the cash gifts received during our festive holidays and was spending them.  His mother and he have agreed to bank in this stash and we should now be better able to track his spending.

- Nana, (our fourth girl), is a little more lavish. She maintains the 10% (in fact, it is a lot more that 10% savings), but she also spends on stationery etc. I have talked to her about her seemingly lavish ways. I have to see how this develops. Nana also had her stash and this has also been banked in.

The weekly ritual of them presenting their accounts books for inspection and getting their allowance has had an effect on our youngest girl. She gets her allowance daily. I think she is also a little more careful with her spending, because my wife says that I am not giving her enough.

Anyway, she has also asked for a bank account and this has also been done.

In conclusion, I think this goal is progressing well. 

I like the way, D4L has weaved a story around the pf lessons to his children. I must do the same. Perhaps something from the “Richest Man in Babylon”.

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