Sunday, 1 January 2023

New Year's Resolutions for 2023 and review of 2022 NY Resolutions

Review of how I did re my 2022 NY 'resolutions' went, and what to do for 2023:

1. Keep working in my full-time job (i.e. hope that I don't get retrenched). TICK. Another year, another dollar. At least I still had my full-time job (which made applying for the investment property loan possible). DW also went back to FT work (which also helped with the loan application - she isn't on the investment property title, but agreed to be on the loan application). So, the same resolution for 2023 (ie. don't lose my job or I won't be able to afford the repayments on my investment unit).

2. Complete my margin lending and SMSF specialist courses from Kaplan TICK. Did the courses. Still haven't heard from my broker-dealer group about having these added to my advisor profile. I don't expect to advise any clients to use margin lending (not with current interest rates and market prospects), but ASIC has done a 'reality check' and decided an SMSF *can* be cost-effective with less than $500K in super (is now minimum $200K - which seems more in line with actual SMSF admin/audit costs eg. approx. $1K pa via eSuperFund etc.)

3. Work on my PhD research/training. FAIL. WSU didn't accept my application to enrol as a PT PhD student (wanted me to enrol in the MRes coursework degree first - which would take 6 yrs PT and cost another $30K or so in fees). I'm still waiting to hear from ACU regarding my application to enrol there (I'll chase them up next week when the admin team might be back from holiday close-down period).

4. Complete the courses required for CFP and CFA certifications. FAIL. I confirmed I only have to do one course (and the exam) for the CFP, but haven't enrolled yet. If I'm not doing a PhD (yet) I'll probably enrol in Q2 to do the CFP course and sit the exam mid-year.

5. Get some paying clients for my financial planning business. FAIL. My 'warm prospect' went cold and I didn't do any 'cold calling' during 2022. So I'll start do an hour or two of 'cold calling' after work on the days I don't do some DoorDash deliveries (should be 3-4 weeknights each week). Should be able to make 5-10 calls x 4 days = 20- 40 calls per week. Theoretically that *should* result in 1-2 appointments for a free initial face-to-face meeting each week, and *maybe* one client being on-boarded each month. If I can add one client per month during 2023 I might be able to start covering the fixed costs of my business. (I don't mind 'working for free' but paying to be a registered financial advisor when I don't have any clients seems a bit of an expensive hobby).

6. Continue with my regular savings plans into various investments (an investment bond, gold and silver 'depository' account, and superannuation salary sacrifice). TICK. But I've cut out my regular savings plans and cancelled my superannuation 'salary sacrifice' as I'll need the cashflow to cover the repayments on my investment property loan (which will be negatively geared).

7. Lose excess weight and do more exercise. FAIL (again). I actually put on a bit of weight working from home and not going to the gym for the past few months. I've started doing Doordash deliveries again (which at least gets me to do a bit of walking) and will start going to the gym regularly (I am paying gym fees every fortnight, so should make use of the gym!). Having spent $10K on a deferred lifetime annuity that won't pay anything unless I live past my 100th birthday might help motivate me ;)

8. Waste less time on computer games and  TV/streaming. FAIL. I did a lot of binge watching during 2022 (I also spent a lot of time watching updates re the Ukraine war), so for 2023 my 'resolution' is to spend a few hours each day after work either doing Doordash deliveries (on the busy nights Fri-Sun) or making some 'cold calls' to local phone numbers (Mon-Thu).

Overall, quite similar goals for 2023 as I had for 2022 -- but I'll aim to achieve more of them this year.

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