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
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.
1. Go from minus 2 commas net worth, to minus 1.
2. Finish the house remodel (and move into it!)
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
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)
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.
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.
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)
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.
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)
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.
I can see how intimidating this thread and forum can be at times Here I was thinking I’m doing an outstanding job of living below my means (unfortunately too extravagant to claim I’m living like a resident anymore) by saving 50% of gross And now I learn there are those targeting and almost reaching a savings goal of 60% of gross. I guess i have a new target for next year
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
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