Financial Goals for 2017

[Lithium]

Lithium wrote:

1.  Lower my effective tax rate as much as possible.  Doing the best I can, but the tax code is the tax code.

2.  Work as little as I can get away with (I’ll still be full time, making >250k, and working more than I prefer).  I've cut back slightly.  May cut back dramatically next year.

3.  Max out retirement accounts (a given).  Getting there.  I have to DCA throughout the year.

4.  Pay off remaining mortgage as much as possible (~$130k left, so probably can’t get there).  Likely getting this done.  If not I'll get within 10k.  Bigger challenge is getting the house ready to sell.

5.  Continue racking up credit card, banking, and brokerage/IRA bonuses.  I've frozen my credit and decided these aren't worth the hassle any more, except maybe the brokerage bonuses.  Though I may change my mind when I have to start paying for flights again.

6.  Start tracking total return through XIRR (better late than never?).  Done.

7.  Compile and scan all the HSA receipts into my computer.  Done.

8.  Transfer my HSA account to Saturna or another lower-fee custodian.  Done.

9.  Get off my lazy rear and bike to work more, even in the cold and snow.  Try to make my 2008 Civic with 100k miles last at least another decade.  I've gotten lazy recently, but the Civic is still only at 106k.

10.  Cancel SiriusXM and find better podcasts.  Cancelled.  I only really listen to podcasts on the bike.

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Newest goals:

sell the house and get a nice, but not exorbitantly priced rental

reach 500k in retirement accounts (currently at 478k)

learn more about independent contracting - finding the best gigs, negotiating, and dealing with taxes (especially out of state)

[Kamban]

Antares wrote:

4. Make up purchases of >$30 bottles of wine by reduction in purchases <$30

6. Contribute 15K to 13 yo daughter’s college acct outside of 529 to avoid repeating the excess accumulated in first child’s account (which occurred because of merit scholarship received)

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I found some of the $6-9 wine bottles at Costco were as good as the $30-50 ones.

Finding the perfect line between too much 529 contribution and too little is a tricky thing. With college expenses skyrocketing and merit scholarships for well off kids becoming rarer than hen's teeth, I settled on $250K as the undergrad / grad money to be in a 529 plan at the start of college. If it exceeds that, I plan to pay the rest from my account.

[Antares]

Exceeded my major financial goals already. Still working on the non-financial, but now see those as aspirational rather than vital...

 

(1. Reach 2.25M in retirement accounts

2. Reach 3M net worth

3. Contribute at least 50K to taxable account

4. Make up purchases of >$30 bottles of wine by reduction in purchases <$30

5. Convince Suburu to lease me a new wrx early as I will exceed allotted mileage (lease is deductible for me)

6. Contribute 15K to 13 yo daughter’s college acct outside of 529 to avoid repeating the excess accumulated in first child’s account (which occurred because of merit scholarship received)

7. Better deal with emotional withholding of 5% cash in investment accounts to become fully invested)

 

 

[PhysicianOnFIRE]

PhysicianOnFIRE wrote:

1. Line up locums for latter half of 2018 (NZ, AUS, HI, maybe AK?) Preferably outpatient / no call. Changed plans. Working part time now, instead.

2. Like many of you, Max out the usual (401(k), 457(b), HSA, Backdoor Roth x 2) Done

3. Continue funding taxable account and 529s x 2. Ongoing

4. Build up DAF close to $250k Have about $40k to go. Have given to hurricane relief lately.

5. Exceed 30x anticipated annual retirement expenses in retirement funds. Done

6. Continue to downsize / minimize our belongings. Slow Progress

Good luck to everybody in meeting those goals!

-PoF

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[Scarftheverb]

Hit my goal for the year a little early! I'm not broke!--for the first time since 2008 when my spouse started school we have a positive (barely) net worth.

I'm in my last year of residency, my wife in a high earning non-medical field ($300k+). We still have a little over $200k in student loans (down from ~$350k), but have been maxing out two 401Ks, backdoor roth's, and an HSA and putting whatever is left (after admittedly too much spending) at the student loans. Our assets finally passed our liabilities sometime last month. Hoping to knock the loans out within a year or two of residency graduation. Thanks WCI and followers for all your insight--would be at least $100k in the red still without the book and this site!

[adventure]

Vagabond MD wrote:

The year is almost 3/4 complete, and I am going to bat about 50% on my goals.

How is everyone else doing? Perhaps we should have a mea culpa thread in late December.

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adventure wrote:

1. Go from minus 2 commas net worth, to minus 1.

2. Finish the house remodel (and move into it!)

 

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1. Done. Net worth is +. (Should have read 2 to 1 commas of debt).

2. Not done (but moved in!).

[VagabondMD]

The year is almost 3/4 complete, and I am going to bat about 50% on my goals.

How is everyone else doing? Perhaps we should have a mea culpa thread in late December.

[Zaphod]

Gasemup wrote:

1.  4.5 years into practice, I hit 1050k in net worth (including equity in house, not including 529) at the end of 2016.  Wife going part time sometimes soon.  Maintain savings so I hit 2M sometime in 2020.

2.  Organize investment accounts better

3.  Start real estate investing

 

 

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I dont get your graph. How come it moves by less than a 100$ per month? That seems strange and too small for an attending.

[CM]

My goal is always to save > 50% of gross income. We're way ahead of schedule, but 401K and 457b contributions are front-loaded.

We may end up saving > 60% of gross this year, unless we buy a nicer house and pay selling and moving costs.

[KidneyBoy]

KidneyBoy wrote:

First-year fellow (and the Mrs., non-medical) here:

 

1. Max contributions to our IRAs

2. Make at least $30k in moonlighting income

3. Have a combined emergency fund of $50k (at ~$20k so far) in high-yield savings, once built up start contributing at least 25% of income to 403b (no match)

4. Pay minimum for IBR/PSLF student loans, if any legislative changes to how much is forgiven, will consider refinancing and more aggressively paying these down

5. Move out of Bank of America to Schwab

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1. Halfway there.

2. Not even close. The community hospital where I moonlight hasn't had many schedule openings early this year. Though in April I'm scheduled for three shifts.

3. Using that emergency fund right now for our huge tax bill this year (I was uninformed and should've paid estimated taxes given that most of my fellow salary is from a T32 grant and not taxed upfront).

4. No change.

5. Done!

[ENT Doc]

Great post.  Nice to see everyone's goals.  Mine (in no particular order):

1.  Max out new 529 while continuing to max out the other.

2.  Help my wife cut her business expenses in half with new business model.

3.  Invest >35% gross income (not including 529s)

4.  Hit $1M net worth

5.  Help at least 10 young servicemembers get out of debt or get them on a plan putting them on that trajectory.

6.  Going along with #3, reduce expenses (monthly budgeting with my wife, eliminating cable, etc.)

7.  Tax loss harvest (should the need arise) for the first time

8.  Do our own taxes

[Gasemup]

1.  5 years into practice (2011-2016), we hit 1M in net worth (including equity in house, not including 529).  Wife going part time early 2018.  Goal to maintain savings so I hit 2M sometime in first half of 2019.

2.  Organize investment accounts better

3.  Start real estate investing

 

Addendum: chart is in $1000s.  updated Apr 2018

 

 

[Shamwow]

Shamwow wrote:

1. Get above zero net worth!

2. Eliminate car debt  (and never go into car debt again!)

3. Pay off $70,000 of debt principle

4. Max out 403(B)

5. Have a nice family vacation 

Good luck to all!

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Progress!!

1.  DONE!!!! I'm a few thousand dollars better than broke!!!

2.  1 car done next month.  The other should be close by the end of the year, but I may focus paying down other (higher interest) debt first instead...

3.  On pace for about $60,000 - need to roll up sleeves!

4.  Automatic payroll deductions - on pace!

5.  Colorado spring break was amazing!

Great to have a place to track/stay accountable!

 

[Aj]

1. Max out retirement accounts


2. Get rid of old clothes – donate to charities


3. Declutter (home, financial accounts etc.)


4. Review and update estate planning / wills etc


5. Chip away at mortgage with double payments


6. Put 10% towards taxable account


7. Make time to work on personal projects

1) Funded 4 x Roth IRAs; 401K is ongoing

2) Not yet done!

3) Ugh!  Begun, but not enough.... 

4) Begun....but the process has slowed.  Need to pick it up.

5) Revising plan - adding an extra payment per quarter (done)

6) Done! (for the first quarter)

7) ....... needs work.
I'm glad you started this thread....... having a little reality check.  Need to get working......

[PaperChaser]

Starting residency in July so my goals are small.

1. Consolidate loans and apply to REPAYE -

2. Max out Roth IRA

3. Build small emergency fund of 3k

4. Read 2 personal finance books.