What are your financial goals for next year (2018) ?

[Re3iRtH]

What are your financial goals for next year? Lets make it a great one and crush it!

I'll start :

1) $4000 in net passive monthly income from real estate

2) Start my first moonlighting gig for extra income

3) $1M in real estate equity

4) $1.5M in net worth

5) Visit 2 new countries in 2018

6) Read 35 or more books

7) Find a professional to do my taxes so I could focus on other things!

Bonus #8) Marry another doctor?  :P

 

[Peds]

This thread might just turn into humble brags.

[Re3iRtH]

Really.. How can you humblebrag about something that hasn't happened yet?

[AR]

Re3iRtH wrote:

Really.. How can you humblebrag about something that hasn’t happened yet?

Click to expand...

Here's one for you:  Increase net worth to $20 million*

...

*Purely for illustrative purposes.  Not an actual goal of mine

[AR]

Re3iRtH wrote:

What are your financial goals for next year? Lets make it a great one and crush it!

I’ll start :

1) $4000 in net passive monthly income from real estate

2) Start my first moonlighting gig for extra income

3) $1M in real estate equity

4) $1.5M in net worth

5) Visit 2 new countries in 2018

6) Read 35 or more books

7) Find a professional to do my taxes so I could focus on other things!

Bonus #8) Marry another doctor?

Click to expand...

Re: #7

How much time do you actually spend on your taxes? I find that the majority of time is spent actually gathering all of the info and documents.  This is something you're going to do whether you have an accountant or not.  The process of entering them into turbo tax takes very little time.  Unless your tax situation is really complicated, it's probably not worth the cost.  Moreover doing your own taxes gives you better insight in how to plan things in such a way to minimize your tax burden in the future.  This is something most accountants are not that helpful with.

[Re3iRtH]

*Increase net worth to $20M.

That is not humblebragging OR bragging. Just sounds like a lofty goal, or someone who has read 'The 10X rule' book.

[AR]

Re3iRtH wrote:

*Increase net worth to $20M.

That is not humblebragging OR bragging. Just sounds like a lofty goal, or someone who has read ‘The 10X rule’ book.

Click to expand...

You said goals for the next year.  How much does someone have to have this year for that to be realistic?

[ENT Doc]

This thread last year was a bit more wee-received!  I think these goals are highly personal.  Not sure the actual benefit to putting them down on this forum vs your own personal documents.  Regarding net worth, I think rather than a target it would be more meaningful for people to have goals of net worth addition (derived primarily from savings rate), since the total net worth is determined by forces they can't control.

[SValleyMD]

I like these posts as I'm amazed at how disciplined the wci community is.. makes me really realize how much better I could do. So I say brag away!

[Veiled]

I'll post for personal accountability reasons:
1) Interview for fellowships with a budget of 3K, using miles earned on CC bonuses to decrease expenses (and get accepted for fellowship, but that's not really a financial goal)

2) Fully fund a Roth for the second year in a row.

3) Turn my speaking income into a sole proprietorship (really have no idea how this works)?

4) Pay down 10k of student loan principal

[VagabondMD]

1) Legally, pay less in income tax (measured in dollars).

2) Work less, travel more (already slated). Donate professional responsibilities and the accompanying income to newer and younger colleagues in my practice while providing financial support to those in the service industry in other towns and countries.

3) Increase net worth by 5% (excluding home/property value, 529s, DAF).

4) Increase side gig 1099 income by 25%.

5) Get a single paid speaking or writing engagement for a non-clinical topic.

6) Use 529 resources to pay for 100% of son’s second year of college tuition/room/board (first year was mostly cash flowed).

7) Stop making charitable contribution to Hospital. Increase charitable contribution to homeless/needy.

8) Have budget conversation with wife.

9) Have at least one paid meeting with a financial advisor.

10) Add no new investment positions (other than in Robinhood “fun” account).

 

PS Tried my best to minimize humblebragginess.

 

[Dicast]

I can't anonymously humblebrag on a forum dedicated to increasing financial awareness/net worth of physicians? I'd have a problem if it was over on SDN or somewhere that the expected population was different.

Goals for 2018:

1) Increase net worth to over $800k from over $500k on $550k annual income.

2) Finish paying off wife's student loans.

3) Avoid making large car purchases or obtaining other large depreciating assets.

4) Increase charitable giving.

5) Only spend on what truly matters. (Why did I even buy golf clubs this year? I only played 3 times.)

6) Explore passive income possibilities.

 

[FIREshrink]

Spend 30 nights in a tent or my trailer. It’s a financial goal because I already spent the cash on the trailer so I better make it worthwhile!

[CM]

.

[NJDoc]

Vagabond MD wrote:

) Work less, travel more (already slated).

Click to expand...

This is my only safe space for humblebragging , but I will avoid it.

1) Reduce debt on home and car.

2) Continue savings per plan.

3) Continue to trim stupid expenses in an empty nest home..ie) just dropped the land line.

4) Research and execute on new commercial real estate investment.

5) Try to get the wife on board with the concept of budgeting.......

6) Read, research and talk to all of you about a side gig/next avenue as I transition out of a full time surgical specialty.

7) Pay more down on major trip to Antartica, and book another major trip to somewhere.

8) Resist the URGE TO BUY A BIGGER BOAT!