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Financial Goals for 2017

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  • #46
    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


    • #47
      1. Work less.

      2. Enjoy more.

      3. Add 20K to each 529.

      4. As always max Roth IRA, 401(k), Roth 401(k), SEP-IRA.

      5. Reinvest dividends paid.


      • #48

        1.  Lower my effective tax rate as much as possible.

        2.  Work as little as I can get away with (I’ll still be full time, making >250k, and working more than I prefer).

        3.  Max out retirement accounts (a given).

        4.  Pay off remaining mortgage as much as possible (~$130k left, so probably can’t get there).

        5.  Continue racking up credit card, banking, and brokerage/IRA bonuses.

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

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

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

        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.

        10.  Cancel SiriusXM and find better podcasts
        Click to expand...

        How's everyone doing so far?  Me:

        1 and 2.  Probably not much change here.  I am trying to work less and trying to invest my dividends in more tax-efficient ETF's.  I plan to declutter and donate to charity but haven't gotten around to it yet.

        3.  Maxed out HSA, Roth IRA, non-governmental 457(b).  401(k) and 403(b) gets DCA'd all year.

        4.  Still have about ~$116k, but hopeful I can knock this out now that I've done most of my retirement contributions.

        5.  Gotten the Merrill+ Visa Signature bonus (up to $1000 in travel), CSR (up to $1500 in travel), and plan to use the Wells Fargo Propel World and Citi Prestige to pay the $4500 I owe in taxes.  Working on a $500 bonus in Chase checking + savings and $150 from New York Community Bank.

        6.  Started XIRR in December.

        7 and 8.  Done!

        9.  Biking to work and loving it, though waited until the snow melted.

        10.  Listening to WCI and Dough Roller (which is too basic) most days.  Will probably give Paul Merriman a try.  Need to find some good non-financial podcasts.


        • #49
          2017 so far has been fantastic. Senior resident that will hit full time job in July but so far ...

          1. Monthly income up by 35%+ since January. Will hit 1000%+ end of July.
          2. Net worth more negative due to leverage. Expect to go further negative by end of year. Oh well.
          3. Continue paying minimum on 250k student debt but try to refi it to get guarantor off the hook and become primary holder of debt.
          4. Acquire/start an eCommerce business soon.


          • #50

            1. Line up locums for latter half of 2018 (NZ, AUS, HI, maybe AK?) Preferably outpatient / no call.

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

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

            4. Build up DAF close to $250k

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

            6. Continue to downsize / minimize our belongings.

            Good luck to everybody in meeting those goals!

            Click to expand...

            End of 1st quarter update:

            1. Unlikely. Looking to be working part time or not at all by then.

            2. Done

            3. Ongoing

            4. Will happen towards year end.

            5. On the cusp, can probably check this one off.

            6. A neverending battle. Not much progress here yet.



            • #51

              1. Increase income/earnings by 10%.

              2. Max out all tax deferred accounts

              3. Increase taxable savings

              4. Get to or near, zero net worth (from deeply negative).

              5. Spend even more consciously.
              Click to expand...

              1. So far so good, but no yoy is exactly the same so any gains thus fair could mean less in months to come. will know in december.

              2. DCAing.

              3. Yep

              4. Looking possible.

              5. Yep.


              • #52

                I am the old guy here (51), but here goes:

                1. Reduce my W-2 salary by 25% (as I cut back my work schedule, hopefully in summer/fall)

                2. Earn less than my wife (for the second year in a row–woo hoo!)

                3. Start to empty my son’s 529 plans (but still max out contribution $8000, for the state tax benefit) as he starts college in the fall

                4. Double my 1099 income (from consulting and side gigs)

                5. Spend at least $10k on a trip to Europe with my wife in the fall (I am having trouble talking her into leaving the teen daughter home for the trip, not the spend part)

                6. Purchase no new shirts/pants/shorts – I have too many clothes, much unused or barely/rarely used

                7. Buy no bottle of wine for more than $30 (retail)

                8. Figure out how to use my Chase Sapphire Rewards points
                Click to expand...

                1. Part time plan in place, begins 10/1/17, for one year

                2. Hmm, she had a strong bonus year, but going part time in the fall will not be soon enough. Plus, we deferred some bonus into FY 2017. This will be close.

                3. Actually, I plan to cash flow first semester, other than perhaps a modest withdrawal, his 529 will likely have net inflows in 2017.

                4. On track, main side gig in place and working out well.

                5. Hmm, not going to happen. She is going to Israel with some friends, and Europe in the fall is out for this year.

                6. Already broke this one BUT I have purchased some more functional shirts and sold (on eBay) several shirts and gave many more away. I am net fewer shirts than I was on January 1. No new shorts or pants.

                7. Totally screwed this one up but no regrets. ?

                8. Done, piece of cake.


                • #53

                  Finally finishing training this coming June and have found a job to start in July so 2017 will be a very different year in terms of finances. Goals in order of priority:

                  1. Finish paying off undergraduate student loans (~12k) prior to completing fellowship. I started with ~$35k to begin 2016.

                  2. Open solo-401k from moonlighting money.

                  3. Roll over 403b from residency/fellowship institution into my solo-401k before I start getting the extra “administrative fee” added on since I am no longer an employee.

                  4. Max out solo-401k, 401k from new employer and HSA from new employer.

                  5. Figure out how to do this backdoor Roth IRA thing (first time I won’t be able to do direct) and max that.

                  6. Refinance remaining medical school loans (~110k) with another lender. I had done DRB refinance last year and feel that I should be able to get a better rate with the increase in income and decrease in total debt after paying off the undergraduate loans.

                  7. Aggressively pay off the medical school loans with goal of paying off before 2018 ends.
                  Click to expand...

                  Mine is written in a more of a financial "to do" list in order I want/need to complete. Here's the progress:

                  *Completed task #1 on the list roughly 2 weeks ago.

                  *I have the paperwork ready for #2 on the list and will open the account next month once I have some funds for it.


                  • #54
                    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.


                    • #55

                      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......


                      • #56

                        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!
                        Click to expand...


                        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!



                        • #57
                          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




                          • #58
                            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


                            • #59

                              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
                              Click to expand...

                              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!


                              • #60
                                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.
                                Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.