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 MOD ALERT See here: http://forums.somethingawful.com/showthread.php?threadid=3599878&userid=0&perpage=40&pagenumber=3#post438922297Original post follows: ... As 2014 starts up, here's where I'm headed: * Create a budget and stick to it * Open a Roth IRA and max it out * Pay off the remainder of my auto loan What about the rest of you? Perhaps posting them publicly will help you stick to them, or something. Somebody fucked around with this message at 21:51 on Dec 13, 2014 |
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Jan 3, 2014 19:33
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| # ? May 23, 2024 11:27 |
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Max out my Roth IRA (automatic paycheck deductions already set to do this). Max out my HSA contribution for the year so I can switch back to a better healthcare plan next year. Get my "oh poo poo" fund back up to an even $20k. Up my 401(k) contributions from 8% to 10%.
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Jan 4, 2014 23:57
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I'm pretty optimistic about this year, but have two tracks I'm trying to decide between: Track 1: Pay off Debt - Pay off credit card ($4k) - Pay off PLUS student loan ($6k) - Pay off Sallie Mae loan ($12k) - Put whatever's left into savings My goal here would be to dump as much as I can from each paycheck (minus savings, rent, student loans, and food) into my credit card until it's paid off in April. Then I'm thinking I could do the same with my student loans. For background, I graduated with zero credit card debt and $60k in student loans, and paid that down aggressively for three years until it was about $21k. Then I left my job to found a startup, made a profit, and sold it in late 2012. At the beginning of 2013 I bought an existing LLC and started rebranding it. In the meantime, had to cut back a lot on how much was being put toward student loans and unfortunately put some business expenses on a credit card. While it never went over $5k, it's still not something I'd want to do. Last September after the new company was all set up and rolling along, I started working full-time with a nonprofit because getting paid biweekly is awesome. For the past few months, I've gone right back to dumping whatever isn't rent/savings/whatever into paying off my card, with no problem continuing to do that with my PLUS loan starting this spring. Since that's pretty much what I've always done, I feel like I'm back to normal and on track. Track 2: Travel - Pay off credit card ($4k) - Just pay a bit above minimum on student loans ($18k total) - Save whatever's left - Quit my day job in October (mapped out for savings, keeping fingers crossed no emergencies happen in between), travel the world, and hopefully get more advertisers? The start-up mentioned above is based entirely on travel, which I don't really get to do a lot of with my full-time job. While there's a lot I can do without leaving home for now, I also know it's a huge draw for our visitors and advertisers to have at least one person on the team on the road for a significant portion of the year. The first track will keep me from going anywhere in 2014, with a smaller amount in savings for 2015 (but still debt-free!), while the second track will allow me to save more and hit the road earlier but still retain student loan debt. We'll see, but I'm leaning toward Track 2, because what if I get hit by a bus this summer and all anybody can say is "Well she sure hated Sallie Mae?"
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Jan 6, 2014 19:55
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2013 went really well so here's to hoping for the same in 2014! Goals for 2014 1) Save 6 months emergency fund (~$20,000) 2) Save majority of cost to pay cash for our wedding scheduled for 2015 (~$10,000) 3) Get my fiancee's car to last until after the wedding (I pray regularly to the god of angry SA nerds that this happens) The last of my student loans will be paid off with my next paycheck and with that, all debt (with the exception of the mortgage) will be DONE! Can't wait to post in the incremental thread when that last $700 check goes out. It's going to feel oh so good to actually start seeing the savings accounts increase!
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Jan 6, 2014 20:25
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In 2013 my husband's income increased due to raises and overtime, and I found a great job with a decent income (we live in a high COL area, home of many DINKs). 2014 Goals: 1. Save up a six-month emergency fund (about $20k). After I got a raise in December, I set up auto-transfers to our savings account of the amount of my raise per pay-period. I really want to avoid lifestyle-creep as we progress in our careers. 2. Start contributing to my Roth IRA again. We both have retirement accounts through work, but we have let the IRAs go. 3. Take any overtime or bonuses and pay down our car loan. Grrrr I hate owing money on something that constantly depreciates.
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Jan 7, 2014 16:52
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Thanks to this thread, I went ahead and changed my 401k matching down to the bare minimum and opened a Roth IRA and maxed it out for 2013 and 2014. It took all of about 10 minutes total. I want to continue to save while my wife is in school and in 2 years we will be moving to a new home and starting a family. I guess we'll just need to stay the course and we'll be good.
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Jan 7, 2014 16:59
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I like the idea of this thread as it'll give me something to check back on and see how I do. I graduated with a BS in December (as well as turned 26 years old) so I'm currently applying for jobs and my 2014 income is going to be a function of when I make the jump to a higher paying career. Income: Ideally jumping from my current income of about $22,000/year to somewhere between $65,000-75,000, maybe more if I relocate. I've done a lot of research on the salary range I can expect and that's what I'm shooting for unless I'm in dire straights many months down the line closer to the end of the year. At that point I'd be happy with anything >$40,000. Savings: I opened a Roth IRA in 2013 and maxed it out with the poo poo sum of an inheritance I finally received a few years after the death and a small contribution from me. Realizing my old man died with nothing for savings was a big motivator to opening that account. I currently don't get any 401k contribution from my job so I'm waiting for the next one before I start that. Major expenses: 1. Student loans: $13,450. Just over half of that is in unsubsidized loans so I'll be paying those off first. I listed the total because I would really like to have my entire balanced paid off in 2014. Whether or not that becomes a reality is based on when the new job begins. I'm fine on continuing to live on my $22,000/year lifestyle and spending habits in 2014 to have it all paid off. At the bare minimum I will have all the unsubsidized loans paid off and will work on the rest in 2015 if need be. 2. Engagement ring: Price range of up to $5,000. I'm holding out on this until I get the bump in income. It's a transparent process with my girlfriend and she'll be picking out the ring. We've talked everything over and time/money adjustments can be made as necessary without any disappointment or forcing on anybody's end. 3. Honeymoon: Price TBD. I have no idea how this will pan out and what the financial implications would be. I think my family would be willing to make a big contribution towards this and my mom is a travel agent so getting deals is a breeze. I'd be willing to add anywhere from an additional five to ten thousand dollars towards this as needed. Most of this revolves around getting that sweet, sweet bump in income, but I can make changes very easily without fuss or disappointment between myself and my partner while also meeting what I've deemed the minimum goals in everything. 2014 should be my year and really be the foundation for my personal and career future and the start of some true fiscal responsibility. I've financially prepared as well as I could with my means up until this point and I'm really looking forward to doing it right rather than having to cut corners with respect to investing and planning for retirement. Hopefully I look back on this as a good plan and exceed my expectation. Either way, I'm excited as hell for this year!
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Jan 10, 2014 21:50
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0zxy posted:
Don't spend that much on a ring. I bought a second-hand ring from a friend who had a failed engagement, and paid roughly 60% of market price. My wife's ring cost less than half of what you're planning on spending, and she gets lots of compliments on it. Don't be a sucker for jewelry, especially if you've been living off of ~$16k take home.
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Jan 10, 2014 22:12
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Nocheez posted:Don't spend that much on a ring. I bought a second-hand ring from a friend who had a failed engagement, and paid roughly 60% of market price. My wife's ring cost less than half of what you're planning on spending, and she gets lots of compliments on it. Don't be a sucker for jewelry, especially if you've been living off of ~$16k take home. Yeah, same here, I still spent half of that and I bought new. I suggesting heading over to the Engagement and Wedding Megathread and ask around. Lots of good advice on how to minimize the cost of rings, get the best value, and info on decent alternative stones that can save you thousands. EDIT: Also, look at the interest rate on those student loans and see if they're worth paying off ahead of schedule. I have a bunch that are like 2%, so there's little incentive to get rid of them when there are other things you need money for. Like a wedding and an emergency fund. LogisticEarth fucked around with this message at 00:17 on Jan 11, 2014 |
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Jan 11, 2014 00:14
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Nocheez posted:Don't spend that much on a ring. I bought a second-hand ring from a friend who had a failed engagement, and paid roughly 60% of market price. My wife's ring cost less than half of what you're planning on spending, and she gets lots of compliments on it. Don't be a sucker for jewelry, especially if you've been living off of ~$16k take home. Nocheez posted:Don't spend that much on a ring. I bought a second-hand ring from a friend who had a failed engagement, and paid roughly 60% of market price. My wife's ring cost less than half of what you're planning on spending, and she gets lots of compliments on it. Don't be a sucker for jewelry, especially if you've been living off of ~$16k take home. Interesting. I'll have to head over to that thread and see what's up and send the link to my girlfriend. We have no problem spending less if we can find what she wants at a good price. She's much more concerned about how it'll look rather than how much it costs or what the cut, clarity, etc is if she can't tell a difference. As for income, my take home is the $22,000 number I mentioned which includes my tax return; however, the future job is the salary rather than the take home. I work hourly, but I've made the same wage and worked roughly the same hours for the past three years so the $22,000 is what I'm used to living on. The work is easy and the job has been very flexible with me going to school full time so I'm actually very happy making that much considering my situation. The student loans are at 6.8% on the unsubsidized loans I mentioned and I'm in a three month grace period before the first payment is due. Still, I just put $2.5k towards it the other day that brought it down to the number I referenced (the were previously in the $15k total range before the payment).
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Jan 11, 2014 01:33
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We have one main goal: Have $75,000 for a down payment on a farm we want to buy by July. We're going to cut it close!
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Jan 11, 2014 02:08
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OneWhoKnows posted:We have one main goal: Oh you tease. You'd better be over in DIY and Hobbies posting about your adventures as a Farmer Goon. There's a ton of people (myself included) who love the threads started by people talking about their unusual living arrangements and owning/running a farm definitely counts.
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Jan 11, 2014 14:26
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Pay off the entirety of my remaining four and a half grand on my 9.75% interest (!!!) student loan debt, and start working on the next largest one. Get raise, maintain current expenditure rate, put entire raise toward student loans after increasing emergency fund to three months.
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Jan 11, 2014 14:48
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Main goal for this year is to cut down on the fast food expenses. I have been going on benders that had months that would make some you faint. Other than that, do a roth and HSA contribution, and work towards building up money in a taxable account for either a house down payment or an investment property.
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Jan 11, 2014 16:20
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Now that I have a new job offer, my main financial goal for 2014 is to negotiate more money. Following that, my primary financial goal will be to not screw it up by being a lazy idiot on the job. Also want to be frugal so we can save money but I'm less worried about that, I managed to tamp down the wanton consumerism and gadget lust quite a bit in 2013. Cicero fucked around with this message at 19:05 on Jan 11, 2014 |
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Jan 11, 2014 18:49
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TouchyMcFeely posted:Oh you tease. You'd better be over in DIY and Hobbies posting about your adventures as a Farmer Goon. There's a ton of people (myself included) who love the threads started by people talking about their unusual living arrangements and owning/running a farm definitely counts. Oh, I certainly will do. I'm a telecom engineer by trade, born and raised in the suburbs of California, so it should be doubly fun(ny). There's a lot of family on my wife's side who are farmers and she's been wanting to get back to her roots and after much planning and discussion we found a farm that's perfect, so fingers crossed!
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Jan 11, 2014 18:59
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Goals for 2014: - Increase side income to six figures this coming year - Keep my day job - Buy another property to rent/develop
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Jan 11, 2014 19:41
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Goals for 2014: - Double my side-job income from $41K to $80K minimum. - Pay down the last of my own student loans by March. (This is an easy one.) - Pay down half of my wife's student loans. (This would require approximately $50K available cash after accounting for obscene interest rates.) - Either retain or lose my day job depending on which approach is more financially lucrative. (I have a severance agreement and could easily grow my side business if I wasn't stuck at work all the time, but I also make a hefty sum at day job, so it's a balancing act.) - Do not under any circumstances have a child or buy a house.
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Jan 11, 2014 20:08
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This could be the year I finally make $50k. Continue paying $100 extra on my car loan per month. By the end of 2014, I could be 6 months ahead on payments! Continue contributing 10% pre-tax to my 401(a). Continue contributing $100 per month to my Roth IRA. Increase my emergency fund to $4200 from $1100. If I move (very possible), do it without tapping into my emergency fund. These are all pretty doable. The 50k goal is a big stretch considering I'm salaried at significantly less... but try I will!
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Jan 11, 2014 20:46
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- Figure out how to rollover my 401k from my old job. It's through Great West and I can't even log into their website. - State of Oklahoma owes me $9k which I have yet to see - My 2013 taxes are going to be a clusterfuck. Probably going to hire someone to figure it out. - I have a large amount in a foreign account that is just sitting there, doing nothing. I need to get it here and invest it or something. - I have some money in my scottrade account that has been sitting idle for like, 5 years. I need to do something productive with it. - Start business
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Jan 11, 2014 23:51
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moana posted:- Increase side income to six figures this coming year Sundae posted:- Double my side-job income from $41K to $80K minimum.  What are you guys doing on the side?
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Jan 11, 2014 23:52
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Writing and self-publishing novels. Join us in the CC thread! I would find it hard to write full-time, though, I already had a bad run-in with carpal tunnel earlier this year and I don't want to injure myself.
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Jan 12, 2014 01:43
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Make reasonable progress towards retirement savings Do not quit job in disgust and blow through emergency fund looking for work Save for and purchase a used car either entirely for cash or pay off the loan within the year Absolutely do not buy tons of useless crap on Amazon and eat out constantly and wonder why nothing is left over at the end of the month
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Jan 15, 2014 05:03
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Save at least $24k again this year. Put $10k into diversified low cost funds. Sit on our 6 month emergency fund which should be complete by the end of the financial year (June). Put another $12k into our first home saver accounts to earn a free $2k bonus from our government. Keep saving an extra ~$800 into retirement superannuation every month on top of my employer's compulsory 9% contribution. Pass my practical exam at the end of the year and get upgraded to fully qualified sonographer with a subsequent slight payrise. 6 weeks PTO planned for the year end too as our delayed honeymoon/first year anniversary/belated 30th birthday celebration. Then maybe we might actually be able to decide whether or not buying property/having a baby/getting a dog is worth the effort/money or not. Right now I'm leaning towards maybe the dog being not too much of a drain on resources compared to the other two, heh.
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Jan 16, 2014 13:19
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Make $39,980 after taxes via working 45 hours a week and donating plasma eight times a month. Take advantage of swagbucks video and other "let the computer run 24/7" amazon gift card schemes. Take a class to get off financial aid probation. Max out on stafford loans in the fall and start a small business registered in a tax shelter country with the funds. Pay to have a few sites created that will be SEO viable. Purchase pallets of open box goods for resell on Ebay/ Amazon. Buy into a mobile food company in an affluent area of Alaska with the intention of getting resident status for the oil kickback.
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Jan 16, 2014 19:36
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1. Put 10% of my pre tax earnings into a savings account. I want to use this for purchasing a small retirement home which I can rent out, and use as a secondary source of income. Afterwards, I'll be using these savings for purchasing shares, with the intention of saving a minimum of $10,000 each time. 2. Put $60 per week into my superannuation account. 3. Start paying off around my student debt (HECS), which lies around $30,000. This will be taken form my pay automatically, but it still requires attention. A rough calculation showed it will be paid off in about 10 years. This isn't a big problem, as no interest is charged (though it is indexed). 4. Put $60 a week into repaying my credit card debt. Though I don't have any yet, I will be getting some. I need a cash advance to repay what I owe when I move (amongst other things). I've found a very competitive credit card that's less than half of what my current bank charges for interest, but I still need to do the fine print reading.
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Jan 17, 2014 04:23
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1: Buy a home. (1.5: Don't get foreclosed on.) 2: Get all of my poo poo together as far as wills/trusts/insurance are concerned for myself and my family. 3: Save up so that in 2015 I can go to Iceland, see Aurora Borealis, party with Björk, and eat fermented shark bits.
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Jan 17, 2014 05:27
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- Save 10k post-tax, part of which will be used for startup costs when I move to a new country/city in August. - Get a job in my new city before I move so I don't have to tap too much into savings.
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Jan 18, 2014 08:20
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- Pay off debt (achieved). - Max out His and Her RRSPs (achieved? depends on pension payouts) - Eat ~50% of TFSA contribution room (save 26k)
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Jan 21, 2014 14:22
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- Pay off $3.8k credit card - Stop buying fast food for friends/roommates - Stop eating out for lunch - Make progress paying off $23k student loan
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Jan 22, 2014 17:03
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Well, a simple set of vague goals: -find non-academic job -Max out Roth IRA for the year -pay down student loans
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Jan 23, 2014 06:20
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My main goal to reduce personal spending below 4% of investments / savings (safe financial independence line). I was about 90% there in 2013 so this shouldn't be too bad, both in terms of reducing spending and increasing assets.
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Jan 23, 2014 06:48
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Max out a Roth IRA Learn how to abuse the credit card system Come out at least in the black during my year in SE Asia
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Jan 23, 2014 07:19
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Payoff Credit Card Complete Emergency Fund Max out contribution to max match on 401k Max out contribution to Roth IRA
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Jan 23, 2014 16:48
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1)Pay $35,000 in student loans. This is a bit tricky and will depend on my bonus and maybe my wife's bonus. (Ultimate goal of all paid off before I am 30, in 27 months, which is $70k currently) 2) Save $750 a month on top of 401k/Roth investment. This will happen for sure. I am also curious how people with side income fund the time.
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Jan 24, 2014 01:48
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Must: Should: Use bonus to put down payment towards a mortgage Want to: Have enough left over to max out Roth IRA Immanentized fucked around with this message at 21:27 on Jan 29, 2014 |
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Jan 24, 2014 20:49
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-Put 2k more into emergency fund -Put 10k contributions into 401k -Put 5500 into Roth IRA -Put 2500 extra on mortgage -Put 2k into HSA -Accrue no debt
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Jan 24, 2014 21:23
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moana posted:Writing and self-publishing novels. Join us in the CC thread! I would find it hard to write full-time, though, I already had a bad run-in with carpal tunnel earlier this year and I don't want to injure myself. Is that where the goonerotica thread went? I've been meaning to give that another go now that I have a computer with a fully functional keyboard. My goal for this year is to pay off at least one of my student loans.
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Jan 25, 2014 07:37
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No, that thread is gone. A few of its old posters pop in every now and then, but that thread is entirely off-site now.
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Jan 25, 2014 16:41
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| # ? May 23, 2024 11:27 |
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Cicero posted:Now that I have a new job offer, my main financial goal for 2014 is to negotiate more money. Following that, my primary financial goal will be to not screw it up by being a lazy idiot on the job. 
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Jan 25, 2014 18:41
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