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

[docnews]

First fill i401k/HSA/bdRoth then finish student loans. That's all and that's plenty.

[mitochondria]

These are the actual goals that my wife and I have set for 2018.  We are both in our early 50s:

Goals for 2018

1. Maintain Cash Reserves


2. Maximize Roth 403b Retirement Contributions


3. Optimize 457b Pre-Tax Deferred Compensation


4. Maximize the Health Savings Account


5. Create and build a Medical Savings Account


6. Build Charity Account Balance to $3,000


7. Lower mortgage principal to $100,000


8. Regularly invest a small portion of paycheck every month ($500/month)

Specifics

1. Maintain cash reserves to $75,000 [Equals 6 months reserve]


2. Total retirement Roth (403b) contribution potential per year would be $49,000 [$18,500 + $6,000 catch up = $24,500 each for wife and I in 403b](Protected Asset).  I will contribute to Roth 403b and wife will contribute to Roth 403b.


3. Total 457b contribution limit potential per year would be $49,000 [$18,500 + $6,000 catch up = $24,500 each for my wife and I in 457b](Protected Asset)(Decreases tax burden) Note- I will be able to maximize his 457b contributions to the limit. My wife will attempt to optimize her 457b contributions based on her salary.  She does not make enough to maximize her 457b after maximizing her Roth 403b.


4. Begin a Health Savings Account and maximize contributions to $6,900.  We will not use any funds from our HSA to pay any medical expenses until we are over 65 years of age.


5. Create and build a Medical Savings account that will cover all out of pocket expenses from our Health Savings Account. Target will be $5,400


6. Build charity account balance to $3,000

Secondary Goals if funds allow

1. Make mortgage payment every month and pay down principal to $100,000 (Home equity is a protected asset).  Note- If every mortgage payment is made in 2018, then the mortgage balance will be approximately $113,655.  If an additional $2,500 contributed per quarter, then this will bring the principal down to $103,655 by the end of 2018.  Thus, will need to some how make another payment of $3,655 in order to reach $100,000


2. Regularly invest $500 every month.


3. Contribute to traditional IRA (both my wife and I)

[DrMoneyTails]

Financial goals for 2018:

1. Pay off remaining of car loan and become debt free

2. Max HSA and 401k

3. Save down payment for house

4. Buy a house and leave debt free status

5. Travel more

[Arkad]

Pull the plug and retire in early 50s and don't look back. Medicine has been a great career but the increase in rules, regulations, EMR, etc have taken all the enjoyment out of it.

[Antares]

FIREshrink wrote:

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!

Click to expand...

Nah, it’s a sunk cost. Don't do it unless it’s fun for you!  

[Complete_newbie]

Biggest goal: Reach 60k/month income (combined with wife).

[FIREshrink]

We do close to 15 in a tent so we r looking to add weekends and a couple week long trips in the trailer. Ski and snowshoe weekend, summers at the beach and so on.

[Sneezy]

1. Save more than I spend

2. Complete a 50 mile foot race

3. Read 50 books

4. Get my spouse more up to speed on where we are and what to do if something happens to me

5. Make less money than I did this year (and work less!)

[Re3iRtH]

Thanks everyone for sharing! Some great motivation there.

Would anyone else like to contribute on this?

[ITEngineer]

NJDoc wrote:

 

8) Resist the URGE TO BUY A BIGGER BOAT!

Click to expand...

9) Buy a bigger boat an invite your PA friends over to enjoy it 8-)

[Craigy]

Save down payment/build a house/sell old house.

[kingsnake]

take more vacation next year...and otherwise just keep the ball rolling.

[White.Beard.Doc]

Financial goals for 2018 for an active later career MD.

1. Continue to invest aggressively in stocks and bonds every month. ( I have this on autopilot.)

2. Maintain the current level of investments in cash and cash equivalents without increasing it. (The current level of the market scares the heck out of me and it feels like there is nowhere to hide, so I have 10% of my net worth in cash equivalents which I could live on for years if two bad events occur simultaneously, the market tanks and I lose my income.)

3. Deleverage by aggressively paying down remaining debt on investment real estate to further increase monthly passive income.

4. Pay off remaining mortgage on primary home slowly over 5 years, rather than quickly given the post tax effective mortgage rate of 1.48%, allowing me to maintain a very high level of liquidity.

5. Go on two more amazing international trips with spouse/family.

6. Spend some money on enhancing fencing for the gardens at home to keep out the aggressive deer, to grow more food, and to allow a new chicken coop that will keep the foxes out.

7. Keep mountain biking every day to maintain a clear head and a healthy body so that I can continue productive work for some more good years.  Skip morning bike ride in the woods only for a heavy downpour or a critically important early morning hospital meeting, limited to a maximum of one meeting per month.

[Lithium]

1.  Track annual spending for the first time

2.  Max out everything, build up taxable accounts

3.  Read ten investing books

4.  Fix up House and yard

5.  Sell house unless new tax bill changes the capital gains rules

6.  Bike everywhere within 25 miles.  Get into mountain biking

7.  Travel more - two international trips, 400 mile bike ride, and at least three camping/hiking trips in the nearby national parks

8.  Figure out what to do with all the credit card rewards I've built up

9.  Work as little as I can get away with

10.  Move Roth IRA from Scottrade to Merrill Edge for $300 bonus

11.  Continue decluttering, sell stuff I don't need online or donate

[bravotwozero]

Max out 401k, backdoor roth and HSA accounts.

Save up money for a 100% cash buy on a house. Amazing what you can do once the student loans are gone..