Next-Level Financial Freedom: 2022 Year in Review

Sometimes, you won’t hit every goal mark. But the journey still taught you nonetheless. That was the lesson learned last year. For 2022, I wanted to culminate in taking my financial mindset to new heights. I even wrote about it at the start of last year. It was time to step my game up. I said to myself, “Each year, there is a new financial focus, but the long-term strategy is still constant.” The focus of 2022 was simple: eliminate debt, stack the coins, and still make room for investing! Let’s take a look at how I did this year.

$2,000 in total investments — COMPLETE

The power of a personal portfolio and 401(k). Even with debt elimination and increased savings being at the top of my financial priority, it’s important not to overlook the power of investing. I allocated a part of my budget for semi-monthly investing, DRIP, and using the 401(k) employer match to achieve this goal.

$500 emergency fund — COMPLETE

This goal was pretty quick to achieve. I just wanted to get into the habit of making sure I built a safety net for myself in case I got into a jam. I think no matter what your financial priority looks like, you should always prioritize making an emergency fund (I personally like to call it a solution fund but will use the common phrase for this blog). Always have a backup plan!

Create an HYSA fund — COMPLETE

This was the very first goal I completed on my list. It was important to take that next step. Earning interest on the money you save is always a good thing. I read great reviews on Marcus by Goldman Sachs and decided to give it a try. I’m glad I did! At the time, the APY was 1.20%. Thanks to inflation, the APY increased to 3.0%.

2022 $1,500 side hustle income — MISSED

This goal fell short by a little over $300, the yearly total amounted to $1126.98. I think what impacted the outcome of this goal was about getting acclimated to my work schedule and deciding the take a break from content writing between Q3 — Q4. Content writing is my primary side hustle but between my schedule, writer’s block, and life in general, I thought it was best to take a break and get back into writing whenever I was in the mood to curate. I do aim to resume my writing on a consistent basis…and hopefully, before ChatGPT takes my hustle away (insert laughing emoji).

$3,000 in student loans paid for in 6 months — COMPLETE

I do not love having student loan debt, but I do love the effort I’ve made in 2022 to get my debt amount to go down. Seeing that number get smaller brings me a sense of confidence and achievement. Not only did I pay $3,000 in six months, but I also closed two student loan accounts and paid off a total of $7,815 for the 2022 year!

Land a 9–5 job — COMPLETE

Ten months later, I’m still thriving in my project management position. Thriving so much, I’m not even going to wait for a promotion. I’m currently putting in my application for new roles related to my career. Last year, I was blessed to be able to land a full-time job and get back on my feet. Provided me with more stability, new skills, and of course, a paycheck. Now, it’s time to aim for bigger and better opportunities!

$3,000 in a travel fund — COMPLETE

Completed and worth every penny! A 5-day trip to Las Vegas was phenomenal and highly needed. Well, the cost wasn’t! Inflation impacted the travel industry so everything from plane tickets to restaurant visits was higher than the trip I took to Vegas in 2021. To prepare for the goal, I really put my focus into saving aggressively for the trip, roughly $250 a paycheck between June through August.

The net worth of -$30,000 — MISSED

All my effort fell short at the close of 2022. $1,620 was the difference. Between the stock underperforming in the wake of a looming recession and President Biden’s federal student loan forgiveness plan being halted by the courts, I couldn’t complete this goal in time. You win some and you lose some. I’m not too upset about it because I did come a long way. At the start of 2022, my net worth was -$46,370. At the end of 2022, it was -$31,620. The progress is still a win in my book!

Sometimes you won’t hit every goal mark. But the journey still taught you nonetheless.

I’m happy about the progress I made. It was a massive step in my direction toward financial freedom. The numbers matter of course, but it’s the progress made and knowledge attained that’ll stay with me the most.