Monday, March 21, 2011

How Am I Doing?

It's been a while since I've updated my blog, partially due to work, and partly because of life. Now that I finally have some free time, I'd like to pick it up again. To start off with, I think this would be a good opportunity to assess how I'm doing in my life goals and priorities, a la Suze Orman style (whose show segment name I borrowed for the title of this post). To that end, I'll rate myself in the areas that I believe contribute most toward my happiness: health, career, finances, and relationships.

1. Health: A+
Physically, I've never felt better. I've remained in peak physical condition for the past four years, maintaining a body fat percentage in the 6-8% range. I've managed to achieve this result through a steady regiment of healthy diet and exercise.

2. Career: A-
I've been fortunate that my career has been pretty stable through this recession that seems to be affecting everyone else. I'm in my ninth year at my current job, and things are going well enough that I don't envision leaving my employer anytime soon unless they decide to relocate me elsewhere. While my work isn't in the pursuit of my real passions (and I have no delusions about why I'm doing this job: for the money), it remains challenging enough that I still find it interesting. My goal, though, remains to save enough so that I can quit the rat race early and do something more personally fulfilling (related to nutrition, fitness, personal finance, travel, or volunteering).

3. Finances: A
I'm very comfortable with my finances right now. Granted I make a great living, so I have no excuse to feel otherwise. Still, I think I'm doing better than the majority of my peers in this area. I'm spending approximately 1/3 of my gross income, paying 1/3 toward income taxes, and saving the remaining 1/3. The majority of my spending is related to housing related expenses and food, most of which I can (or choose to) do little about at this time. I've established my 8 month emergency fund. In addition, I have enough vacation time accrued at work that would pay out an additional 6 months of expenses should I lose my job, so I feel pretty secure about my ability to sustain my current lifestyle for a while if necessary.

I'm fairly certain, however, that the values for my real estate portfolio in my NetworthIQ profile have declined significantly since the last appraisal, but I'm still well above water even at Zillow's bargain basement estimates. My mortgage is at a reasonable 4.5% (fixed 30 year) rate, and the monthly payment is small enough that it's unlikely I would feel pressed to sell any time soon. My plan is to stay put until the market recovers, at which time I'll decide whether I want to downsize into something smaller.

My retirement accounts have continued to grow thanks to the recent bullish market and ongoing contributions. According to a few retirement calculators I've played with, I could stop contributing right now and still have enough to sustain my current lifestyle at normal retirement age (65), however I plan to keep maxing out my 401k and ROTH IRA so that I can afford to retire much sooner.

4. Relationships: C
This is one area that remains very much a work in progress for me. I've been so focused on my other priorities that I've neglected this important part of my life. While I do have some close and meaningful relationships, everyone is busy these days, and I'd like to increase the number of quality people in my life. I used to think (naively) that because I am so capable of taking care of myself, I didn't need that much from others. That attitude carried over into my personal relationships, and caused me to not be selective as I should have been in choosing partners. I've made my share of mistakes in pairing up with people who were emotionally immature, not ready to be in long term relationships, or lacked relationship integrity. However, this is one area that I am actively working on, and hope to improve upon.

Overall: B+
I feel I am doing pretty well at this point, and my life is progressing in the right direction. I'm optimistic that I will be able to address those areas where there's room for improvement, and achieve even greater happiness.

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