23 Goals for 2023 End of year Check-In
As this year comes to a close, I find myself revisiting the 23 goals I set for myself in my "23 Goals for 2023" blog post at the beginning of this year. Along the way, I provided a mid-year check-in to update you on my progress, and here we are now, at the end-of-year check-in, evaluating how far I've come and what I've achieved.
2023 turned out to be more challenging than I anticipated. While I didn't quite accomplish all 23 goals I set, I managed to achieve the more meaningful ones. As the year unfolded, I had to prioritize certain things over others. It's been a year of growth, of learning to appreciate the small things, and understanding the true essence of wealth – family, health, and simple moments of joy.
"Happy are those who dream dreams and are ready to pay the price to make them come true." — Leon Joseph Cardinal Suenens
As this year comes to a close, I find myself revisiting the 23 goals I set for myself in my "23 Goals for 2023" blog post at the beginning of this year. Along the way, I provided a mid-year check-in to update you on my progress, and here we are now, at the end-of-year check-in, evaluating how far I've come and what I've achieved.
2023 turned out to be more challenging than I anticipated. While I didn't quite accomplish all 23 goals I set, I managed to achieve the more meaningful ones. As the year unfolded, I had to prioritize certain things over others. It's been a year of growth, of learning to appreciate the small things, and understanding the true essence of wealth – family, health, and simple moments of joy.
Read at least 23 books in 2023: While I fell short of this goal by only three books, considering where I was six months ago, I'm content with my progress. I read 20 books this year. You can see all the books I read this year here - consider joining my book club so we can read together each month.
Commit to working out 2-3 times per week: Scheduling workouts became a challenge, but it's an area I plan to improve upon.
Run a 10K: Unfortunately, this didn't happen, but it's on the list for 2024.
Maintain a 7-figure practice/business: My practice sustained its status, despite not experiencing the growth I anticipated. Nevertheless, I found different kinds of growth, not just financial.
Re-commit to date night with my husband once per week: Though not every week, my husband and I found other ways to stay connected, making our bond stronger.
Schedule a CEO day once per month: While I faced difficulty sticking to this, I acknowledge the importance of these days.
Go to church at least one Sunday per month: My spiritual growth was a highlight of the year, attending regularly (not just on Sundays) and deepening my faith.
Complete the Wharton Masters Business of Orthodontics-AAO Program: Completed, although its direct impact is yet to be seen.
Be more active on the Board of the DC Dental Society: Actively engaged throughout the year and plan to continue for 2024.
Drink more water (4-6 cups/day): Continual progress in this area. I have found keeping a bottle of water near at all times increases the chance of drinking more regularly. Example: a glass/bottle on the bedside table.
Increase my blogging & candle company income: Notably, my blogging income saw tremendous growth.
Do one family/kid-friendly activity per week(end): Managed to fulfill this, enriching family life which was of great importance to me this year.
Spend 1000 hours outdoors: A rough estimate, but we did spend ample time in nature.
Try a new restaurant every month: The adventure of exploring new cuisines continued, although this did not happen every month.
Find ways to give back to my community: Planning for increased involvement in 2024 both locally and overseas.
Do continuing education (CEs) once per month: Completed at least 30 hours of CE this year.
One spa day per month (self-care): Regular self-care days, although slightly less frequent than planned.
Book at least four trips and two "real" vacations: Unfortunately, some trips didn't materialize.
Gain a new skill: Personal growth achieved through acquiring new skills mostly in my professional life.
Get more sleep: Conscious efforts made towards better rest. I plan to track this next year,
Pay off debt: Substantial progress in financial discipline made.
Learn one new recipe every month: This fell by the wayside, reconsidering for the next year.
Shop with more small businesses: Continued support for local and small businesses.
Reflecting on this year, while it was not without challenges, I'm grateful for the lessons learned and the progress made. My appreciation for life's simple joys has grown immensely. As I enter a new year, I carry forward these lessons and focus on what truly matters.
Thank you for being a part of my journey. Let's continue to inspire each other as we navigate the path of personal growth and self-improvement. What are your goals for the upcoming year? Let's embark on this journey together, encouraging and supporting one another along the way. Cheers to new beginnings and the promise of a fresh start!
23 Goals for 2023 Midyear Check-In
At the beginning of this year, I wrote a blog post titled "23 for 2023" where I shared my 23 goals for the year. I firmly believe in the power of goal setting as a means of self-improvement, and I am excited to provide you with a midyear check-in on my progress. Remember, research shows that writing down your goals increases the likelihood of achieving them. So, let's dive in and see how far I've come!
"Happy are those who dream dreams and are ready to pay the price to make them come true." — Leon Joseph Cardinal Suenens
At the beginning of this year, I wrote a blog post titled "23 Goals for 2023" where I shared my 23 goals for the year. I firmly believe in the power of goal setting as a means of self-improvement, and I am excited to provide you with a midyear check-in on my progress. Remember, research shows that writing down your goals increases the likelihood of achieving them. So, let's dive in and see how far I've come!
1. Read at least 23 books in 2023: I have completed 8 books so far. Usually, I would have already read about 13 books but a few other things have taken priority this year. While I'm not on track to reach my target just yet, I plan to devote more time to reading in the coming months.
2. Commit to working out 2-3 times per week: I've managed to workout at least once per week. I will have to schedule the workouts to improve on this.
3. Run a 10K: Training for a 10K has been a challenging but rewarding journey. I was scheduled to complete a 10K on May 21st and had to miss it for an impromptu meeting out of town. My goal is to find another 10K before the year is out.
4. Maintain a 7-figure practice/business: My practice/business has seen steady growth and is on track to meet this goal. I've implemented effective strategies and continue to strive for success.
5. Re-commit to date night with my husband once per week: Carving out quality time with my husband has brought us closer together. We've managed to maintain our weekly date nights, making our relationship a top priority.
6. Schedule a CEO day once per month: This goal has provided me with invaluable time to focus on strategic planning and long-term goals. I've successfully dedicated a day each month to be the CEO of my life.
7. Go to church at least one Sunday per month: I'm grateful to have attended church regularly and nourished my spiritual well-being. I have found a church home and not only attend EVERY Sunday but on several days throughout the week (online). It has brought me a sense of peace and fulfillment.
8. Complete the Wharton Masters Business of Orthodontics-AAO Program: I have completed this program! The knowledge gained has been invaluable.
9. Be more active on the Board of the DC Dental Society: I've actively participated in board meetings, contributing my expertise and ideas to benefit the dental community. It's been an enriching experience so far.
10. Drink more water (4-6 cups/day): Staying hydrated has been a challenge. I forget some days but it has been steady progress.
11. Increase my blogging & candle company income: I've implemented various strategies to grow my blogging and candle company income. I have seen tremendous growth in my blogging income this year. While I've seen some progress in the growth of my candle company, there is still room for improvement.
12. Do one family/kid-friendly activity per week(end): Spending quality time with my family has been a priority. We've enjoyed numerous activities together, creating lasting memories.
13. Spend 1000 hours outdoors: Embracing nature has been rejuvenating. I've spent considerable time outdoors with the family and plan to do a lot more this Summer whether it's hiking, picnicking, or simply enjoying the fresh air.
14. Try a new restaurant every month: The culinary scene in DC is unlike any other. Exploring this has been a delightful adventure. I've managed to try several new restaurants, expanding my palate along the way.
15. Find ways to give back to my community: Volunteering and contributing to my community have been incredibly fulfilling. I plan to increase my involvement slowly over time.
16. Do continuing education(CEs) once per month: I've attended valuable continuing education courses, broadening my knowledge and staying up-to-date in my field. So far I have only done the mandatory ones but hoping to carve out time to do some more this year.
17. One spa day per month (self-care): Monthly spa days have allowed me to recharge and prioritize my well-being. I have missed a few months but this is my reminder to schedule them in advance.
18. Book at least four trips and two "real" vacations: I've successfully booked two trips, and one real vacationing I'm currently planning the remaining two trips and vacation. I may be able to swing an additional vacation this year. The anticipation of these adventures brings me joy.
19. Gain a new skill: Learning new skills is an ongoing process, and I've been actively pursuing personal growth. I'm excited about the progress I've made and the skills I've acquired.
20. Get more sleep: Prioritizing sleep has positively impacted my overall well-being. While I still have room for improvement, I've been making conscious efforts to ensure I get adequate rest.
21. Pay off debt: I've made significant progress in paying off my debts. By adhering to a disciplined financial plan, I'm steadily moving towards my goal of financial freedom.
22. Learn one new recipe every month: I have done a terrible job here. Re-evaluating.
23. Shop with more small businesses: Supporting small businesses has become a conscious choice for me. I've actively sought out and purchased from local entrepreneurs and black-owned businesses knowing that my contribution makes a difference.
Midyear Check-In Reflection:
Reflecting on my progress thus far, I'm proud of what I have accomplished. However, I also recognize areas where I can strive for improvement in the second half of the year. Regularly assessing my goals helps me stay accountable and motivated.
I invite you to share your progress and goals for 2023. Together, let's continue working towards our dreams and creating the lives we envision. Remember, it's never too late to set new goals and take steps towards achieving them. Stay tuned for the end-of-year update on my 23 for 2023 goals!
What are your 2023 goals? Let's inspire each other on this journey of personal growth and self-improvement.
Retirement Planning for Young Professionals in 2023
If you’ve been a reader here for a while you know that financial development is one of my favorite topics, especially when it comes to retirement planning. It is never too early (or late) to start saving towards your retirement! The past several years have made saving and investing a bit challenging but if I had any advice for a place to park what little money you may have left over for investing, it would be in a retirement account.
2023 RETIREMENT CONTRIBUTION LIMITS
If you’ve been a reader here for a while you know that financial development is one of my favorite topics, especially when it comes to retirement planning. It is never too early (or late) to start saving towards your retirement! The past several years have made saving and investing a bit challenging but if I had any advice for a place to park what little money you may have left over for investing, it would be in a retirement account.
It is no secret at all that we are heading into a recession, if we are not already in the middle of one. The US government is trying to tighten up to decrease spending across all boards to combat our current inflation crisis. This could mean higher prices for goods and services which will trigger less spending but we could also see a smaller amount left over on our paychecks. It is imperative now more than ever to dump whatever money you may have into a safe place like a retirement fund. Now is not the time for gambling and high risk, in my opinion.
When speaking of saving for retirement, it is very important to have some knowledge of compounding interest to fully understand the benefits of starting early. This post will cover some retirement basics, contribution limits and what to do with extra money should you find yourself so lucky.
I must remind you that retirement planning is a long term investment. In most cases you will not be able to access these funds until around age 59 1/2 without severe ramifications (taxes + penalties). So, if you are investing and need to access your funds sooner than this, you may have to think of other types of investments. Take a look at other investment vehicles here, here and here.
There are many different accounts and plans available and choosing the right one is very important as they each have different benefits and advantages, especially when it comes to tax planning. Here are a few to help you get started:
Simple IRA (Savings Incentive Match Plan for Employees)
For the year 2023, participants can make employee contributions of up to a maximum of $15,500 per year if you are under 50 years old and $19,000 if you are older than 50. This is a retirement plan that is usually available to self-employed individuals, however both employee and employer contribute to this account. Contributions are non tax deductible.
Traditional IRA
Anyone can open a traditional IRA account - but honestly, if you are a dentist or physician (like most of my colleagues are), then there really is no use for this type of account. During residency you have the option to open a Roth IRA (more on that below) because your lower salary allows you to stay within the income restrictions. Later as you start your career and your salary increases you will most likely surpass the income caps and will have the ability to deduct your traditional IRA contributions. However, it’s worth understanding as it forms the framework for all other types of retirement accounts. A Traditional IRA is set up by you (not an employer) and the maximum contribution to this type of account is $6,500 if you’re under 50 years old and $7,500 if you’re older. The contributions are tax deductible and grows tax-free. If you withdraw the money prior to age 59 1/2, there will be ramifications of a 10% tax (penalty) as well as any income tax which would be owed on the money. After age 59 1/2, you just have to pay the income tax based on your tax bracket at that time. At age 70, you will be required to start withdrawing part of the money each year, the “Required Minimum Distribution (RMD).” This is age based and starts out at about 3.6% and increases to about 8.8% at age 90.
Roth IRA
I absolutely love a Roth IRA. However, there is a contribution income limit. If you make more than $153K (single) or $228K (married), you cannot contribute to a Roth IRA. However, there are ways to get around that with Roth IRA conversions, which we will discuss in a subsequent post. Anyone with earned income can open a Roth IRA and contribute up to $6500 per year. If you’re over 50, those limits are raised to $7500 per year.
The reason I love a Roth IRA is because you contribute with after-tax money, but it is never taxed again! You don’t pay taxes on capital gains and dividends as the money grows, and it comes out tax-free in retirement. You generally can’t access the money before age 59 1/2, but unlike a 401K or Traditional IRA there are no required minimum distributions beginning at age 70.
401K
If you are an employee of a company and your employer offers a 401K retirement plan, there’s absolutely no reason why you should not be participating. It is even more important that you participate if said company is offering a match. A match is basically free money! Do not leave free money laying on the table. The contribution maximum for the year 2023 is $22,500 and the great thing about a 401K is that you are investing pre-tax dollars. The not-so great thing is that when you go to retrieve your money (after age 59 1/2), you will be taxed on this (unlike with a Roth IRA).
If you're an Independent Contractor (not a W2 employee), you’re considered to be “running your own business.” In this case, you can also make an employer contribution of 20% of your net income up to $55,000.
SEP IRA (Simplified Employee Pension)
If you have your own practice, a SEP IRA may be a good option. This allows you to contribute 25% of your business profit or $66,000 per year, whichever is less. The contributions are tax deductible, and investments grow tax deferred until retirement.
IF YOU FIND YOURSELF WITH SOME EXTRA CASH, HERE’S WHAT YOU CAN DO WITH IT:
Fund a Traditional Brokerage Account
Traditional brokerage accounts don't offer any sort of tax benefit for the money you put in, unlike IRAs and 401Ks. However, they offer flexibility in that you can withdraw funds at any time and for any reason. If you decide to retire early, like my husband did, you can use the money in your brokerage account to pay your living expenses. There are no income limits associated with funding a brokerage account.
Fund a Health Savings Account
HSAs are funded with pre-tax dollars, like traditional IRAs and 401(k)s. Withdrawals can be taken at any time, and they're tax-free as long as they're used to pay for qualified medical expenses. Any money not used immediately can be invested, just like in an IRA or 401(k). If withdrawals are taken for non-medical purposes, they will be subject to a 20% penalty.
However, once the contributor reaches the age of 65 funds can be accessed for any reason without being penalized. At that point, your HSA can serve as a general retirement savings account.
This is not a comprehensive list of retirement vehicles but certainly a great place to start. Everyone, as early as possible, should start contributing to one of the above. Speak with your financial planner or accountant for more clarification about which plan is best for you. If you need more info on this visit, the IRS website. Hope this helps in getting started.
