The year 2022 has been off to a rough start. I’ll share some commentary about my thoughts in a future post. I wish I could blame the lack of progress on my 2022 goals on the dumpster fire that is the first half of 2022. We know that it’s only myself to blame. Let’s dive into some of the goals that were set, and how things progressing. Here are a few my 2020 Goals: Midyear Review.
Goal: Begin a Heavy Metal Money YouTube Channel
I have launched the Heavy Metal Money YouTube Channel, and started strong. I got 8 or 9 episodes up before I started to actively promote the channel. You should go subscribe, like and comment on the episodes! I’m now at about 18 episodes, and will continue to produce more content. For my 2020 Goals: Midyear Review, I hadn’t been as consistent as I’d hoped, but will be better going into the 2nd Half of 2022. After receiving some feedback and talking to others, I’m going to break down some videos into money basics. I think it’s important to setup a good financial knowledge foundation. So many resources that are available assume you have a fundamental understanding. So I want to truly start at the beginning.
Goal: Complete Draft of the Heavy Metal Money Manuscript
That’s right! I’m writing a book. What began as an idea for a financial guide book about divorce, is now beginning with my relationship with money, how I’ve learned to earn, save, spend, invest, and manage money through divorce. It will then finish up with a focus on retiring early. It’ll be a load of fun, and I have drafts of several chapters. I’ll soon be looking for an editor to help with the arrangement, continuity as well as grammatical guidance.
Goal: Play Guitar Three Times a Week
Fail. Not much more I can say about this one. If anyone has tips as to how to build a habit of playing, please share! I’ve moved my Amp and guitar from downstairs to the office. Where I see it everyday. I put new strings my guitars, I got an USB Audio input to record, and share recordings. These things were to make me motivated to play. I’ve managed to play only a few times, and would end with my frustration. Both, In being out of practice, and learning so much slower than when In my 20s.
Goal: Payoff Additional $20k in commercial debt
I have been continually pouring any positive cash flow from the rental properties towards the outstanding debt on the properties. This did become more challenging in 2022 with the impact of the Covid-19 Pandemic allowing tenants to refrain from paying rent on-time and using the Minnesota Rent Help program to assist in rent payments. This has caused delays in receiving rents that were/are due. As of July I’ve paid $13k in additional principal toward the outstanding Commerical debt. Even with the challenges we seems to be tracking tracking well for this year,
Goal: Record and Publish the Weekly Podcast, the Thrash Report
When Covid-19 caused live music to stop in 2020, I had been talking with my buddy one night about music and just bullshitting about metal and all of sudden, an hour had passed and I exclaimed, “Bro we should have a podcast! Maybe other metal nerds will wanna hang with us and talk bout music?!” And the Thrash Report was born.
We began strong and before we knew it we were 50 episodes in, then 70 episodes and we were fairly consistent posting every week. Life does get in the way, and with work travel and my buddy’s kid’s youth sports we have missed an episode here and there. Recently I’ve been doing some episodes solo while by buddy has family and work obligations. We are up to Episode 88, and I’ll like to keep going. It’s fun! While I may not have hit the weekly goal, I do consider this a win!
Goal: Generate an additional $1000/per month in Passive Income
I’ve tried a few different methods in my attempt to generate passive income. I think some I may have not maintained consistency long enough to show results. Some of these may take a long time. In addition to these other methods that we’ll go through in another post, I’ve purchase one more additional investment property thus far in 2022. It is my new Lease with Option to Buy Program. With the rising interest rates, and insane appreciation the monthly cash flow is $320/month. Not bad, but also not the $500/month we typically aim for using this program.
I’ve, also, normally increased rents upon lease renewals at the rate of approximately 2% annually. This would’ve added an approximately $230 per month. Because of the previously mentioned MN Rent Help Program, I still have tenants that are past due on multiple months rent, I’m behind on the the annual increase to keep up with property taxes, and other expenses. This comes in under the $1000/month goal I had set for myself. In an upcoming post we’ll dig in deeper an review some ways I’ve attempted to generate some additional, and passive income, and I use the term passive loosely here. Some of these were a butt ton of work or time to get started.
Thanks again for following along! How are you tracking on your 2020 Goals?