Well I’m sure I’m not the only one that’s fairly glad to see 2020 coming to an end. Although it’s not been all bad – it’s been quite the roller coaster and although the world has changed quite drastically, it’ll be nice to have 2020 behind us. In an attempt to reflect on 2020, I wanted to put together a post on how things ended up! 

2020 Financial Resolutions

I pulled up one of my early 2020 articles to look back and see where my head was at. Arguably my head was in a pretty similar spot – both very thankful and hopeful for the future. Looking back specifically at my 2020 financial resolutions, they were actually fairly bland and poorly defined – haha! My actual goals were to ‘attempt to max our retirement accounts’ – well I failed but got close with my 401(k), “increase net worth” – which we did – 25% growth in our net assets this year, and “continue being a landlord” – check! 

Although they weren’t particularly specific, I’m pleased to see our growth and progress financially in 2020! 

Personal Reflections 

One of our big challenges in early 2020 (pre-COVID) was our living situation. We had a great house but a pretty bad neighbor situation involving a very loud dog. After pretty much taking all legal options we could, we decided to “YOLO” and make a drastic change by moving. It just wasn’t worth continuing on like we were and ultimately we wanted to be happy. After a TOUGH few months having our house on the market and looking for a new one – COVID hit. With even more uncertainty – we almost gave up – everything came together and we essentially got our dream house in a neighborhood we really wanted to move, and were able to sell our old house and buy a new one on the same day – and were able to move. It was super touch and go there with COVID on TOP of selling and buying a house and everything that comes with that process but super thankfully we pulled it off! 

The housing situation aside, 2020 was really special for us as a family in another sense. COVID essentially brought everything to a screeching halt and all of a sudden, we weren’t busy or felt like we were just running all around 24/7 without good rest. Working from home has been an incredible blessing as my commute went down from 1ish hour coming home to the time it takes me to walk from my upstairs office downstairs to see Mrs. Money and BabyMoney Finance. The amount of family time we’ve gotten this year is so incredible and honestly prior I would have said that family was most important, but my actions didn’t necessarily reflect that, but now they do! 

Although COVID took a lot of things from us away in 2020, it also gave us the opportunity to try new things, or to focus on less things! 

Financial Reflections

2020 was quite the year for mine, and probably your personal finances as well. It’s funny how after blogging about personal finance for 7, going on 8 years there’s still plenty of things to learn. A lot of what I have learned and planned for was put to the test! 

The first big reflection I had was around our emergency fund. Of course it had been drilled into my head the importance of having one; 3-6 months worth of expenses set aside, but did I really think I’d need it one day? Well, spring 2020 rolls around and I was suddenly super thankful for that cushion. Fortunately Mrs. Money and I did not get laid off, but we both knew plenty of friends that were – either temporarily or more permanently. Of course the thought crossed my mind of one, or both of us getting laid off, but I was reassured knowing that we’d be ok for at least a few months! 

The second big reflection was around long-term investments. I know that my retirement and other investments are going to have ups, and downs throughout the years but that in the long-run I expect to see them grow in value. March and April really put that to the test, as the market dropped drastically. It wasn’t a surprise seeing it drop, as basically the world economy was coming to a standstill. I had a choice to make – whether to bail and go all cash, or stick with it. I did have a few friends and colleagues hit the panic button, but I decided to stay in. Surprisingly, in May and June things really start coming back on the stock market, and in a big way. Had I sold and tried to get back in – I would have ended up losing money paying higher prices to get back in. Was I nervous? Of course! Did I second-guess myself? Quite often. However all-in-all I stuck to what I knew to be true about how it’s better not to jump in and out, and it paid off for me! 

Blog Reflections 

I will confess that I lost a little steam this year with the blog. I’m about to celebrate my 8^th anniversary of blogging – which is pretty nuts to think that for the past 8 years I’ve been posting once or twice a week (except for 2 weeks that I missed) about my views, ideas and thoughts on personal finance. I’ve had big aspirations for the blog and of course wished big things for it. Truth be told my readership and views have for the most part remained the same for the past few years. I’ve tried all sorts of different strategies to get more attention or views, all without lasting success. I am thankful to have had sponsored posts on the blog from time to time, as it’s nice to a) pay the hosting fees and b) have a little big of extra money for takeout or other fun purchases. 

It kind of feels as if I’m a parent realizing my kid won’t be a professional athlete or a pop star, but I’ve actually come to terms with the blog being what it is. I’ve had a positive impact on many readers, and I’ve gotten great feedback from many of them. Perhaps I’ll never be a top personal finance blog, but that’s ok! I’m still doing it for the same reason I started 8 years ago doing this – to learn and share my thoughts on personal finance! 

Summary

2020, it’s been an incredible ride. I don’t think I’ll sign-up to ride this roller coaster again and although my life has changed in many ways and that it won’t be back to ‘normal’ maybe ever again, I’m both ok with that but also ready to move on from here!