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Financial goals you've achieved this year (2016)?

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  • NaOH

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  • MaxPower
    Lots of inspiring stuff on here. I'll bite. Just over 2 years out of fellowship.

    - Refinanced 15 year mortgage from 3.625% to 2.875% but auto-debiting same amount as previous payment so will have it paid off in 12.5 years (basically keeping the term the same, just paying less interest over time)

    - Paid down student loan principal almost $80k and should be able to knock out the remaining $130k this upcoming year (with help of productivity bonus coming in January)

    -Maxed out 403(b) and 457 again for second year

    - Maxed out HSA again for second year

    - Back door Roths for wife and me

    - Started taxable account (totaled 5% of gross salary this year, aiming for 10% next year)

    - Contributed to kids' 529 accounts up to tax benefit amount

    - Paid off car loan for wife's car

    Looking forward to having student loans paid off this year ($340k total) and being able to devote that income to increase investments or more aggressively pay off mortgage.

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  • MochaDoc

    Changed jobs so commute went from 1 hour to 15 minutes
    Click to expand...

    Mr. Money Mustache would be so proud. Congrats on the drastically reduced commute time. I can only imagine the resultant psychological benefit.

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  • Drsan1
    Changed jobs so commute went from 1 hour to 15 minutes

    Refinanced house to a 15 year mortgage with interest rate of 2.85% (was a 30 year mortgage at 4%... was 8 years into it)

    Payed off all debt except mortgage and student loan

    Maxed out 403b 457 and IRA for the first time ever

    Found Physician on FIRE!!

    Continued to learn ways to better my finances by reading books and blogs and listening to podcast. This has truly been my best year thus far and I owe it all to finding WCI last year which opened my eyes and led to that hunger to find knowledge. I ultimately have to thank the initial Advisor/Insurance guy that gave me terrible advice which led to further research on my part.

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  • NJFP
    Refi'd to 15 yr @ 3.125%, paying extra principal each month so that mortgage will be paid off as soon as 12 year old graduates HS

    Maxed 401K for first time!

    20% savings rate

    Net worth hit 400K

    Earned extra 20K working per diem hours for previous employer

    Churned $1200 in free travel from credit card sign on bonuses

    Tracked expenses for one full year--next year cutting out restaurants!


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  • Ronason
    3 years out of fellowship. Single doc income. 2 kids.

    -Maxed out solo 401K from 1099 moonlighting income
    -Maxed HSA
    -His and hers backdoor Roths
    -Significantly increased 529's for both kids
    -invested in 2 surgery centers but liquidated some from my taxable account to do so
    -Ate into my 200K practice buy in which is a 5% loan
    -only other debt is home mortgage which unfortunately I will have for a while

    Plan to increase my savings % next year - the buy ins hurt me on my number this year

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  • TigerRad
    Strong work all around. I don't usually contribute, and much prefer to loiter, but I have been inspired by the crowd.

    3 years out of fellowship (2 doc family, both finished in 2013):

    - finished off student loans for both of us

    - finished off car loans (sub 2% rates, arbitraged against muni bond fund interest to save lump sum cash)

    - transitioned to full partner with full share distributions (which are being claimed by my wife to finally furnish our house with something other than our med school/residency furniture)

    - will cross $500k net worth right around the end of the year

    - saving around 35% of gross income and 50% net, aiming next year for >40% gross (inspired by POF's "live on half" and using a modified version of his savings calculator/spreadsheet)

    Goals for next year:

    - finish estate plan and update wills

    - consolidate old brokerage accounts

    - use distributions and anticipated real estate windfall to superfund 529 accounts

    - add baby #2

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  • JumpToTheMoon
    1) Graduated medical school and started earning money as a resident

    2) Maxed out my 2016 Roth IRA contribution

    3) Paid off a small student loan from undergrad worth ~7k

    4) Started building a 3-6 month emergency fund using an Ally Savings Account

    5) Consolidated my federal loans from medical school and began RePAYE early (i.e., I skipped the full 6 month grace period)

    6) I bought disability insurance from MetLife before they went out of the business

    7) Used Mint and USAA to organize close monitoring of spending habits and account balances

    8) Found a very cheap ticket to London for a spring wedding of a family friend

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  • docinabox
    3.5 years out of fellowship.

    Saving about 48% of gross.

    Crossing $1M net worth this year ($100k at the start of 2014).

    No loans except mortgage on primary home which will become an investment property once we move next town over.

    DI and term life ins in place

    529s maxed out

    401k's his and hers

    back door roths his and hers


    taxable acct with tax loss harvesting

    small amount in realtyshares


    set up a donor advised fund and find a good accountant as I use turbotax and feel like I might be missing some deductions.


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  • RocDoc
    Taxable accounts reached 3.0 mil this year. The taxable accounts themselves are enough to fund our expenses with less than 3% withdrawal rate. My husband and I are 53 and 52 so we don't want to access our 401ks or Roth IRAs yet anyway.

    I'm still enjoying my physician work. Seeing the patients and helping them and interacting with the other doctors and staff still gives me a big sense of satisfaction and happiness. My financial situation has allowed me to negotiate a good work schedule which helps to keep me enjoying the work. My husband is not enjoying his job quite as much as he used to but he knows he can leave and retire whenever he wants.

    A section of our house flooded in April which was a terrible experience but our flood insurance was great and fully paid for losses and repairs. With strong encouragement from my Dad, I decided to try and do a lot of the home repairs myself. I probably read too much MMM. My husband and girlfriends initially thought I was crazy to take on these repairs. But my elderly father (my Mom and Dad live with us) seemed very happy and excited about the idea of me doing the repairs and he wanted to help. The whole repair process turned into a real social activity. My Dad mostly supervised but he loved that he and I were spending so much time together working on something he felt was important. He really helped a lot with advice and moral support. My Mom and Dad also loved that my curious girlfriends kept stopping by for coffee to watch the repairs and although most just visited and talked (often for hours to my parents delight) some even started helping and enjoying themselves (and bragging to their husbands about their new skills.)

    Our flood insurance allowed us to retain the unspent money since we'd done so much of the work ourselves. At Thanksgiving Dinner, (in our beautiful repaired home) I gave my Mom and Dad a check for all the remaining insurance money. It was over $80,000. My Mom and Dad normally won't take money from me but in this case, my Dad agreed to take it because I told him I couldn't have done the repairs without his encouragement. My parents haven't figured out exactly what they'll do with the money yet but they are having so much fun thinking of things. That was a big financial milestone for me, to be in a position where I could do something like that for my parents (and think of something we could do together that I could get them to accept it.) I think I owe one to MMM for this as I have never done much home repairs until I read his blog. MMM would still face punch me because I don't bike much at all.

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  • bean25
    Second year of five year surgical subspecialty residency. Married with no kids

    Finished paying off student loans ~30k remaining

    Signed up for own-occupation disability insurance.

    Fully funded roth IRAs for spouse and I.

    Contributed to my and spouses 401ks up to the match.

    Fully funded an HSA for the year.

    Saved or invested ~50% of our gross combined income this past year


    Goals for next year: sign up for term life insurance, save for a used car, increase roth 401k contributions, try to develop an entrepreneurial mindset (unlike some of the resident financial bloggers, I don't think I'm smart enough to make this work in residency but we'll see)

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  • lucas
    Had our 3rd child and started his 529 (now paying more to our 529s than we get tax credit for.  Grrrrrr..... :evil: )

    Sold our boat (too small for the 5 of us now).  I paid 5K for it 6 yrs ago on ebay and sold it for $4350 on craigs list......lovely  :P

    Paid off our second car, a certified used (took out the 2.9% loan and paid it off in 9 months).

    Paid large bulk back to buy-in and student loans (low rate @2.75%).  Only about 100K left....

    Put away >20% adjusted gross toward retirement

    Refinanced mortgage to 15y @ 2.875%

    Surpassed 500K net worth a couple months ago

    Goals for next year - get this child sleep trained, pay off remainder of student loans, adjust to a rate of 35% adjusted gross toward retirement once these loans paid, buy a bigger boat (used)

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  • Basicazz
    Rather than stocks & bonds, DW and I have primarily gone the real estate route.

    We will close on our 19th rental SFH this month.

    I looked a little closer at my disability policy after reading some blog posts on this website and learned that it wasn't own-occupation like I thought.  It was really expensive and seemed to really only give me 2 years of own-oc coverage, so I dropped my crappy disability policy last month.

    Crunching the numbers, DW and I should be FI, so I went ahead and dropped my term life insurance policy as well (held by the same insurance company). It feels good knowing they won't get another dime from me and I'll have thousands more to invest next year.

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  • emp2b3
    I agree with everyone else that this is an inspiring thread and that it is great to hear from people at all stages of their career and even retirement.

    - First full year of employment post-fellowship allowed us to eliminate our student loan debt (although we were both doing PSLF I had too many concerns about the longevity of the program and the interest rate is crazy)

    - Achieved our goal of 35% gross savings rate of base salary for retirement (similar to Physician on Fire's live on half challenge)

    - Got our legal affairs in order with the planned arrival of our first child soon

    - Opened a donor advised fund via Fidelity; it is very easy to do and the automated grants have actually been a nice time saver as it used to be an ordeal to update various charities of our new address and billing information every time we moved

    Best wishes to everyone in the coming year!

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  • jhwkr542
    I really like reading these, congrats to everyone!  Mine:

    1. Graduated fellowship and signed on with one of the last remaining private, physician-owned groups in town (very stable job as well)

    2. Found WCI website and started the long process of educating myself financially

    3. Made adjustments to my life as a result of #2

    A.  Paid off car loan because it's stupid

    B.  Started maxing retirement accounts (educated in time to understand the implications of my wife getting access to a 457b at her academic job on top of her 403b)

    C.  Got disability insurance

    D.  Transferred savings to ally account

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