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Financial Goals for 2017

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  • #76

    Yes, some of the people on this forum would also fit in well with Mr. Money Mustache.
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    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.


    • #77


      • #78
        2017 goals:

        1.  buy a multifamily:  fail

        2.  increase side hustle by 25%:  success

        3.  pay off student loan:  fail (I'm a lot older than most of you folks here, so big FAIL)



        cant wait til 2018!


        • #79
          I hope to:

          1. Maximize retirement accounts (we do this regularly) - DONE

          2. Better understand my expenses – we do fine, but I want a little more granular data - Tracking expenses this year

          3. Work and earn less – although I still enjoy my work, having achieved FI, it is time to work a little less - Short staffed and not working less enough

          4. Purchase another investment property - DONE

          5. Continue to travel - It has been a good travel year.


          Four out of five is not bad!!


          • #80

            MMM does all of his own routine home maintenance, and everything that normally requires a general contractor. He rides his bike to the grocery store–in the winter. He won’t spend $10 on a trinket:
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            I've read all of his writings, and I've also learned a little from him and think there is merit to many parts of his philosophy.  However my goal is not to be him.  I'm frugal and/or cheap.  He's that plus more resourceful.

            However everyone has their own skillset.  I also take care of a lot of medical things for my kids that for others require a visit to a general pediatrician or a specialist or the ER.  On rare occasion I've even saved a visit for myself or wife (not common though as I'm a peds ER doc as I try not to cross into adult medicine outside of requirements at work).

            However I'm not sure where paying for landscaping for out of town in laws originates.  Is that a thing?  And if your parents live overseas, then paying for them to fly to visit you internationally may make sense.  However MMM seems to fly a LOT from what I can tell -- air travel is not somewhere where he is saving the planet.

            I buy Tazo chai mix from Costco so I can make my own chai lattes at home.  But I drive a gas powered car to get there.

            Once I eliminate my mortgage and no longer have daycare costs I would breach the 50% gross/75% net savings mark if I "save" all of that money (daycare is expensive, so is the mortgage), however once eliminated some of that will at some point go towards things kids in college (so just like daycare) and some may be going for things like helping my parents or my wife's parents whatever, as they are getting up in age.  Some may go towards a nice vacation.  Some will be invested/saved.  I have no idea how much will go where at this point.

            MMM has done a great job limiting expenses, primarily by having 1 kid and apparently no family that he wants to help in any way.  That's a great choice in terms of the monetary outlay.  If we had stopped at one kid we would probably be able to "retire" in a few years also.  Total income would be significantly higher (wife would probably be working full time), total expenses significantly lower, without impacting QOL.

            I don't have a dog and don't particularly want one, but my wife/kids are dying for one.  We'll see what happens.  I've made different choices.  His method of shaming people works for some things, not for everything.  His charitable donations (like PoF's) are phenomenal and he does a lot to help in non-traditional  ways, so there are definitely things to be learned from him regardless.

            An alt-brown look at medicine, money, faith, & family


            • #81

              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 ☺️
              Click to expand...

              Everyone here comes from different backgrounds, lives under different circumstances with different responsibilities and unique levers to push/pull in their financial lives. What I learned from this thread (and others on this forum) is that there are some things that other docs do that I could do to further optimize my financial life.

              While I am competitive by nature, like many docs, I have other outlets for competition and am not concerned that many here earn more, save more, have more, do more, etc. It is important to live a financial life that is true to one's own self and not benchmarking yourself against MMM, WCI, fellow forum members, bloggers, gurus or anyone else.


              • #82
                Well I looked back to see what my goal was.  I was supposed to decide if I wanted to retire on my birthday.  I failed because I am still working!  As Vagabond has said this forum sometimes gives out some good pearls that you can apply to your own life but try not to benchmark yourself.


                • #83
                  What would vagabond do. Keep it simple stupid.