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

[tex]

nachos31 wrote:

Agreed, this is a great thread!

Click to expand...

Motion for making it an annual tradition

[DMFA]

I forgot to mention - refi'd my dumpster fire of a mortgage (ARM at 4%) to a 15-yr fixed at 2.875% :-)

[Kamban]

hatton1 wrote:

I am older so different milestones as well.  I did my first Roth conversion.  I am struggling with the decision about when to completely retire.  I had planned to do it this summer when I turn 60 but………not to brag but I am close to reaching a milestone. I am close to making 1 million completely passively since transferring all my accounts to Vanguard 2.5 years ago.  Compounding is awesome.

Click to expand...

I have net worth similar to you and am a year younger. My passive income is mostly in form of distributions from investments in hotel properties where I have not control on when it will be given out ( other investors have the "want it right now" attitude) . I am curious to know the tax bracket you are in and how you went about converting your retirement money to Roth IRA. I have a SEP IRA and a traditional IRA that I may have to convert before starting to contribute to backdoor IRA. Also, I am not sure if my tax bracket will remain the same, go down or go up in retirement. Decisions, decisions.

 

[Psyched]

Congrats everyone! It is very encouraging to read of people's successes across a wide range of age, salary, etc. I think there is definitely a psychological benefit to putting financial goals and achievements in writing that helps you to stay on track and honest with yourself. Lots to be thankful for this year...

[nachos31]

Agreed, this is a great thread!

- My biggest financial accomplishment this year was completing my indentured servitude tenure and starting to get paid a real salary.

- Second biggest was convincing my spouse to keep renting this year and to try the DINK thing for a year.

- Retirement savings rate thus far of 25% of total income. I unfortunately had to avoid my 457b due to crappy disbursement rules. May start my first taxable account sometime soon.

- Did Roth conversions on all of our prior retirement accounts such that 90% of our retirement savings is in Roth space.

- Funded an HSA for the first time.

- Net worth....is getting less negative. Hopefully PSLF remains intact...

- Set up a sweet Excel document to track individual accounts as well as entire portfolio. Still have a lot of work to do setting it up, but this has been fun to do.

Congrats on all the milestones, everyone!

[Antares]

Hit 2M in retirement savings. Contributed 50K to after tax account, a yearly record for me. On track to reach 3M in net worth this year. Most importantly, I like my work enough not to need to quit before I've secured a solid retirement.

[wideopenspaces]

I love this thread! It's inspiring to read about what everyone has accomplished in the past year.

-I'm about 2.5 years out of residency. This year we'll hit a net worth of 250k.

-Fully funded 403b for both myself and my husband for the first time.

-Opened a 529 account for my 8 year old. Seems like he'll go to college as he's finally sleeping in his own bed all night!

-Had baby #2. He's only 4 weeks old, so the jury's still out on whether he's college material. Hence no 529 for him this year.

-Finished funding the 6 month emergency fund.

-Increased savings rate to 35% of total income.

-Before the end of the year, will refinance current 30 year mortgage to a 15 year mortgage to get a lower interest rate and to get rid of PMI. On track to pay off in 13 years as we've made extra payments each month this year. This is our only debt.

[MedMO]

Been living on my semi-retirement budget 6 months now, which I had test driven for over a year.  Am trying to match my shift pay to expenses but stopped my retirement contributions;  I'm just not withdrawing anything.

Started a sinking fund for my next car.  Personally, if I don't keep the money separated it'll vanish.

[Gas_Doc]

6 months out of fellowship:

- Student loans fully paid off thanks to being DINKs for 5 years

- Bought a house, put 20% down, and got a great mortgage rate (3.25% on a 30 yr fixed).

- Maxed out a Roth 401k in 6 months (though this will be the first and only year I fund it in favor of a traditional 401k in the future)

- Did my first Backdoor Roth

- Convinced my partners to switch our retirement plan away from the current high-expense ratio, actively managed provider

- No expensive purchases

[PEDs Allowed]

Just over a year out of Residency and had a big year...

- Made partner in my private practice group and began the 5 year buy-in

- Became eligible for 401k and have put 20% gross in so far

- Refinanced the house at 3.6%

- E-fund up to 6-8 months living expenses

- First Roth IRA conversion

- Joined Personal Capital and found out I am a 1/4 Millionaire!!!

 

[RogueDadMD]

--Managed to hoard cash to reach 20% down for a house when we accelerated our purchase timeframe by a year and sold our old house with a nice amount of appreciation (without using the proceeds as part of the downpayment)

--Still maxed Roth IRA x 2, 403b, HSA, and kept up 529 contributions (modest). Wife's 401k going to be a bit short because ...

--Had a third kid a couple months ago.  Wife had reduced pay for a few months while on leave, and along with that I didn't factor in the lack of contributions during this timeframe, so can't catch up all of her 401k before the year ends (her contributions were reduced significantly for several months so we could hoard cash for the downpayment and move)

--Purchased the requisite minivan to fit the family without a loan

--AVOIDED buying a ton of fancy stuff for this relatively fancy house (so far).

--Started browsing at thrift stores more regularly (thanks PoF!).  My wife is thrilled about that one... actually, she's mostly just embarrassed that I love wearing t-shirts around town that cost $1 (but I think they look like they're worth at least $8).

[DMFA]

Also recounted in Kurt Cobain's (alleged) suicide note.

[VagabondMD]

PhysicianOnFIRE wrote:

Lithium wrote:

Also TLH’d ~$44,500 (congrats POF, you win by $500 ) 

Click to expand…

Nevermind — you win! I doublechecked and was including most of last year’s harvest in that figure. My bad.

BurnedoutDoc wrote:

4) Finally joined WCI forum (today) 

Click to expand…

Glad you found us! BTW, it’s better to burn out than fade away. At least that’s what Def Leppard told me.

Click to expand...

Hmm, I thought it was Neil Young (Hey, Hey, My, My)! ?

[PhysicianOnFIRE]

Lithium wrote:

Also TLH’d ~$44,500 (congrats POF, you win by $500 )

Click to expand...

Nevermind -- you win! I doublechecked and was including most of last year's harvest in that figure. My bad.

BurnedoutDoc wrote:

4) Finally joined WCI forum (today)

Click to expand...

Glad you found us! BTW, it's better to burn out than fade away. At least that's what Def Leppard told me.

[ndayev6]

In last year of fellowship.

1. Just this month reached a 6 figure positive net worth.

2. Maxed out both Roth IRAs, HSA, my 403b, wife to company match (crummy 401k)

3. Continue to pay off 3.5% fixed student loan debt with plan on ridding in 1-2 years after becoming an attending.