Fall Financial Update

fall financial update

fall is upon us

Here is a fall financial update. It’s hard to believe that it’s almost Thanksgiving, but the weather has turned colder, the days are short, and the Holidays are upon us. Now is a good time to review personal finances and start to think about goals for the coming year.

Personal Finances

My income has increased significantly over the past year. First a promotion, then a new career. As a result, I’ve been able to ramp up both my saving and my investing rates. I am now sitting heavy on cash and am investing an aggressive amount each month.

Debt remains my mortgage only. I plan on staying out of all consumer debt from here on out. The only debt that I’d consider would be debt that produces income like a business or real estate.

Speaking of real estate, our rental cottage has performed better than expected for the year. We are now at $14,000 in rents for the year. Reviews from guests have been positive, and we have plans to do some upgrades soon.

Future Plans

We have been saving for a large remodel project at our cabin. We hope to break ground in the Spring of 2023, so we’ve been saving cash in anticipation. We are also saving for some other projects around the house, so the more cash I can save up the better. All projects will be cash flowed, so no debt will be incurred.

We have plans to do some upgrades on our rental this fall and winter as well. The largest expense will be a new roof, but thankfully the rents we have collected will be paying for that project. I’ll also be installing new lighting inside, but the cost of that will be minimal since I’m doing the work myself.

Looking longer term, my house is going to need new windows, but that might be several years down the road. We are also considering installing full HVAC in our cabin, so we don’t have to rely solely on our wood burner for heat.

Conclusion

That is my fall financial update. It’s been a good year thus far. My saving and investment rates are up, I’m sitting heavy on cash, and our rental has collected more rents than we estimated We are looking ahead to some major projects, but all of them will be cash flowed without incurring any new debt. I’m hoping 2023 will be as good as 2022 has been.

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