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

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  • #61
    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.



    • #62
      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


      • #63
        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


        • #64
          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


          • #65
            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!



            • #66
              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.


              • #67

                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.


                • #68
                  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.


                  • #69


                    • #70
                      Great thread!

                      I'm 5 years out of residency, dual income, no kids (wife non-physician)

                      This year I:

                      1. Refinanced our house that we've been working on restoring for the last 4 years at 4% interest rate.  We were able to pay off 77K in high interest rate student loans with the proceeds from the refinance (interest rates of my student loans were 6.8-7.25%!).   We now have a 300k mortgage on a 550k house, so it feels pretty good knowing we successfully completed this project and saved ourselves some interest on student loans.

                      2. Saved up a $20,000 emergency fund

                      3. Paid off an additional 44k in high interest rate student loans by working A LOT of extra shifts at the hospital.  It feels really really good.  I still have one more loan of 39K at 6.8 that needs to go, but I'm already well on my way of having enough for that in the next few months.

                      4. Maxed out contributions to my 401K and Backdoor Roth.  Only managed to put 10k into my wife's 401K, but opened a backdoor roth for her as well.

                      5. Quit my job that was making me miserable and found a new job that is going to be a lot less stress, so very excited about that.  I am in between jobs now so I am only working as an optional status at my old job and part time at my new job until I start full time in June or July.

                      My net worth was in the negatives last year at this time and its now positive at around 150K.  Its been a good year!


                      Goals this year: Continue to save.  Hike the John Muir Trail in June before starting full time again


                      • #71

                        I still have one more loan of 39K at 6.8 that needs to go,
                        Click to expand...

                        Why haven't you refinanced this loan to a lower interest rate?


                        • #72
                          Well, really I should have refinanced all of my high interest rate loans when I started residency.  One of the many foolish mistakes of my younger years.  Should have, could have, would have.  Oh well, trying not to dwell on the past.  But, I'm realistically only 3 or 4 months away from paying it all off, so it seems pointless now.


                          • #73
                            I love reading everyone's financial achievements!

                            We are a dual MD family- I am 2 years out from residency, working only 4 days per week and no call, husband will finish his cardiology fellowship next June and start his first real job in August. We have 3 kids and nannies who work about 40 hours per week which is our biggest expense after student loans. We have never carried debt other than student loan debt but it is/was massive....

                            2016 achievements for us:

                            -Net worth was -344k on January 1.... It will be -166k on Dec 31! That is the biggest increase in net worth we have ever had in a year

                            -We paid off about 80k on our student loans (still have a combined balance of 450k at a variable rate, currently 2.7%)

                            -We saved a 20% down payment for a house in a great school district, close to where both of our jobs will be, and we are excited to move once my husband finishes his fellowship.

                            -Retirement accounts were maxed again for the third year in a row (2x 18k in 401k/403b, 2x Roth IRA)

                            -Max'd our HSA and will continue to save it as another retirement account

                            -Still did a couple of fun vacations with the kids - a week in Cali visiting family and a week at the beach on Cape Cod


                            Lots of goals for 2017: Max out retirement (again), open a taxable account, buy a house, have another baby, and let my husband start carrying most of the burden of paying our bills


                            • #74
                              DINK, new to forum, inspired by these posts!  2.5 years left in fellowship. High cost of living area, hard to save as much as others here!



                              Achieved 450k net worth, cut down student loans (0% from family) 120k to 60k

                              Totaled ~300k in MMA- to be used for house down payment (currently renting at 4.5k/mo)

                              150k in taxable investments- low fee ETFs

                              Wife's 401k with ~75k, mine with ~20k


                              Our plan for 2017 is to max out 401k, roth ira, start HSAs, increase MMA to 350 (should cover 20% of any house around here for post-fellowship) before committing remainder to taxable investments (saving rate has been ~30% of after tax dollars).




                              • #75
                                WCICON24 EarlyBird
                                PGY-2 here...28 years old, married with 2 kids.

                                Financial things I accomplished in 2016

                                • Paid off student loans in August (!)

                                • Opened 401k and contributed up to the employer match

                                • Opened up and maxed out spousal Roth IRA

                                • Read most of the posts on this blog, Mr. money mustache, and read Bogleheads Guide to Investing.