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

[MochaDoc]

jfoxcpacfp wrote:

My advice wouldn’t change one iota. It’s the total package that matters.

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I hear what you're saying. I'll dump the under-performing stocks, as suggested.

[Jenn]

- maxed possible Roth IRA contribution based on husband's beer money postretirement job (but wish I got a little earned income, and at <$11/hr husband's hobby job DON'T want him to earn $13K this year just so I can do spousal Roth)

- passed milestone of 23 yo paying back the few $K we loaned her for moving costs (a few months after starting her job as a rocket scientist)

- started investigation of whether to relocate to Gulf coast with a week long stay there

- realised we won't and don't want to live ONLY on husband's pension checks and budgeted for 2%/year from savings for play money, but only used about 1.5% total and that was to replace a vehicle.

- Transferred kid's CD money for college from poor paying Credit union to better paying bank and added some of our money towards this.

- reviewed GI bill/ yellow ribbon program and have hopes kid won't cost more, wherever she goes, than 23 yo did at State. (wondering if State U also if we should pay it ourself and save GI bill for grad school?)

[IDinOH]

Congrats to all! This is a fantastic post. There should be a collective sense of pride.

This year we:

Made twice what I ever thought I would

Had our second child

Refinanced our house to a 15 year fixed at 2.875

Made good, albeit a little late, on a promise to upgrade my wife's engagement ring after 10 years and two kids...frivolous I know, but totally worth it.

Am only a couple thousand away from the two comma club.

So much to be thankful for. When colleagues whine the "good old days" and spout discontent, I think lists like this remind me that I am incredibly fortunate to be paid well to do something that I love.

[gasdoc]

Cool thread for sure...will be nice to come back and check it 5 years down the road.  Fun year for us as well.  Just turned 39:

 

Paid the house off this summer and we are now completely debt free (student loans paid off last year).  Feels strange not throwing thousands and thousands of extra income towards it anymore.  Can't wait to see what savings rate will be with no debt.

Reached investment asset value @ 2.3 mil

Changed jobs from community hospital practice to new ambulatory group that does not have call/weekends (probably the biggest achievement

[jfoxcpacfp]

MochaDoc wrote:

jfoxcpacfp wrote:

Good for you, drinks on the house! Sounds like your focus paid off.

Thanks. It really did.

We have something in common – I usually pay penalties every October, too (but my clients don’t!!!)

Good to know I’m not alone here. 

Only keep the above stocks if you would buy them again given what you know. Otherwise, that is what you are doing, in effect: remaining invested in what you have already said you wanted not to own instead of selling and making a better investment. Waiting to “see what happens” ties up your money from being used more productively.

The problem is these stocks weren’t educated choices so making the decision to sell or hold follows the same uneducated logic. The majority are dividend stocks so despite decreased price share, I still receive some dividend income. This muddies the water for me a bit. I understand what you’re suggesting though.  

My advice wouldn't change one iota. It's the total package that matters. Would you hold on to a rental property that you overpaid for just because someone pays you rent? Why wouldn't you want to invest in another property that both pays rent and has the potential to increase in value?

[MochaDoc]

jfoxcpacfp wrote:

Good for you, drinks on the house! Sounds like your focus paid off.

Thanks. It really did.

We have something in common – I usually pay penalties every October, too (but my clients don’t!!!)

Good to know I'm not alone here. 

Only keep the above stocks if you would buy them again given what you know. Otherwise, that is what you are doing, in effect: remaining invested in what you have already said you wanted not to own instead of selling and making a better investment. Waiting to “see what happens” ties up your money from being used more productively.

The problem is these stocks weren't educated choices so making the decision to sell or hold follows the same uneducated logic. The majority are dividend stocks so despite decreased price share, I still receive some dividend income. This muddies the water for me a bit. I understand what you're suggesting though.  

Click to expand...

 

[paramount]

Still in Residency, Wife just graduated

-Paid off 12k private student loan,

-Saved 20k

-Survived First baby being born/first 6 months of life (harder than financial success)

-Purchased Disability Insurance for wife and Life insurance for both

-Shed non-essential monthly subscriptions (hulu gone,  hbo gone, etc)

 

[Carlos]

this is a great post:

this year (3 years out of fellowship):

- We saved a little more than 20% of gross

- We bought our first rental property (we already payed 75% of it)

- We got Net worth  above "$ 0.00"

- We started our first taxable account

[GXA]

Congratulations on everyone's achievements!!  This is a truly impressive thread.

This year we:

Probably achieve FI (still a little uncertain how much the kids will cost through high school and college)

Refinanced to a 15 year mortgage

Debt-free other than mortgage and investment properties

Established and made a significant contribution to a donor advised fund (just did this - thanks for the encouragement Physician on Fire)

Splurged a little on a corvette   

[Craigy]

Had a baby whom I will raise to be a doctor who can support me financially.    :lol:

Willed the fed to keep rates low so my wife's variable rate student loan didn't increase too much.    8-)

Lucked out with a new FEMA flood map which reduced my flood insurance by a few hundred this year (no joke I got a check in the mail from my mortgage escrow, when the ************************ does that ever happen).    

But mostly just paid off a lot of debt through scheduled monthly payments.

My 401k shows I'm up about 23% this year so that's nice, just wish I had a bigger balance to begin with.   :cry:

Oooo and to copycat Gas Doc above, convinced my firm to switch to a lower cost 401k advisor and vanguard provider.  Fantastic.

[DrMoneyTails]

I'm on my last year of fellowship. Started really tracking my expenses after our wedding in April 2016

- increased our net worth from 17k to 40k, and on track to end the year at around 45k

- paid off all of our wedding costs (including engagement ring x2 and wedding band x2)

- paid 12k in student loan debt

- saved 20% of our take home pay

- signed my first ever attending contract!

[YSH]

1. slated to max out solo 401k (keeping my fingers crossed for any late year disasters)

2. refinanced our mortgage, already paid off >1/3 of non jumbo loan, new amount will make dumping extra chunks into principle easier.

3. learned enough basics for diy investing and so far the majority of my portfolio still in the green (tho, this is probably not related to me alone, but I will take it)

4. emergency fund, disability, life insurance- all done and still appropriate for our needs

 

 

[Sneezy]

1. Net worth >2M.  Am 51 and annual expenses around 100k so getting within sight of financial independence. In fact, could retire now if I wanted to and was willing to move to a LCOL area

2. Funded 15 year olds 529 such that if it appreciates 6% real it will pay for 4 years at expensive private college (I figure you don't want to overfund, so I go to this point and then recalculate every 6 months).  19 year old is already in expensive college and I need to save ~24k more to have that funded.  Saving 2k/month so that should be no problem

3. Resisted temptation to prepay my 2.75% 5/1 ARM figuring I'll make more investing it

4. Total savings ~40% net/50% gross income including maxing out 401/403/catch up and lots of taxable

[EM_INDY]

We've been fortunate to make a lot of progress toward our financial goals this year. Now 3.5 yrs out of residency I paid off my student loans in June (peaked about $200,000). Maxed 401k psp, wife's 403b, wife's 401a, hsa, backdoor Roth's, put 20k in defined benefit plan and contributed to 529 up to state tax credit. Crossed 500k net worth. Agreed to buy house (close in 3 weeks) putting 20% down and getting 15 yr mortgage at 2.875%. Welcomed twins to the world (maybe not a financial achievement but extra motivation to keep our finances in good shape!) I feel very fortunate to have a rewarding job that compensates me so well financially. I'm also grateful for this site and this community of like minded people that support and nurture each other's financial well-being!

[MochaDoc]

Congrats to you all on your financial accomplishments, big and small.