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 Monthly updates have started popping up and I see no reason to discourage them. Feel free to update the thread as you see fit. It's not a requirement for end of year celebrations/failures though. moana posted:..someone make a new thread for 2015. I haven't made goals yet or I would. This is now the official thread for any financial and/or career goals for the 2015 year. I'll start things off with some current figures: Currently at a revolving debt load of $-12k (all credit cards) Yearly post tax income of $39k for 2 people (married) Monthly expenses $2.6k including mortgage and no car payments. Current savings totals, $1.2k including one months pre-buffered expense budget. 401k held at max 4% match until debt reduction occurs (26yo total, $17k between us.) 2015 Goals: 1) Pay off 2 credit cards @ $4.4k and an additional $2k in the final card (remainder of 8k) 2) Save an additional $5.8k for a $7k savings total 3) Release (now partially) completed Android game ---If successful, release iOS version 4) Take on $7k in additional freelance web development clients 5) Don't spend any money in a casino unless it's on drinks with free music root of all eval fucked around with this message at 01:54 on Mar 2, 2015 |
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Dec 14, 2014 05:38
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Holy howling hell, 39k for post tax income? Impressive. *Edit* I thought that was per month. Oops. my goals: Pay for wedding ~5k (her parents insisted on paying a huge chunk of it) Pay off credit cards: ~5.4k (should be a lot less after I get my move reimbursement) save up for another car ~5k Pay down student loans ~20k start retirement account (grad school sucks for that, and I've only just got a good paying job) Income: 3.9k per month Expenses: 2k per month (rent, utilities, food, fiancee's utilities) Hope to get some side cash from doing after hours work for a startup, fixing up the place for my landlord for rent considerations, plus possibly renting out my place during the Masters golf tournament. The Dipshit fucked around with this message at 12:07 on Dec 18, 2014 |
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Dec 14, 2014 05:48
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My goals are: to increase my net worth by $20k in the next year. to convert some net worth to income producing investments totalling $40k additional (including the above goal). The aim behind this is to increase my passive income and diversify my investments. My revolving credit on the house will end up being leveraged more but to a comfortable level, allowing some buffer in the emergency fund. 2014 was really the year where I've changed everything around to invest as I don't need more material possessions at this point.
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Dec 14, 2014 05:49
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Financial Goals for 2015: - Sell my house - Continue to make six figures with writing - Continue to max out IRAs, HSAs, and solo 401ks
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Dec 14, 2014 07:43
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Claverjoe posted:Holy howling hell, 39k for post tax income? Impressive. I'm a dope :p root of all eval fucked around with this message at 08:24 on Dec 14, 2014 |
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Dec 14, 2014 07:58
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BossRighteous posted:Oh hush, lol. We all have to start somewhere. quote:Monthly post tax income of $39k for 2 people (married) 
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Dec 14, 2014 08:17
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Cicero posted:That would put you at well over half a million gross, annually, which would indeed be impressive. hahaha oops, editing
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Dec 14, 2014 08:24
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Here's what I recently posted in the incremental improvements thread:pig slut lisa posted:Thankfully I didn't come close to bottoming out. In addition to the above, my wife will be starting a postdoc in the fall that will pull in somewhere between $45,000 and $60,000 (as opposed to the approximately $20,000 she gets as a PhD student). So here are my financial goals for 2015: -Max out both Roth IRAs and my 457(b) -Have wife begin contributions to 403(b) at new postdoc in the fall -Increase frequency of grocery shopping trips made by bicycle instead of car, especially between April and October -Keep home alcohol purchases below $50/month
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Dec 14, 2014 09:47
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Awww yeah sons, I'll quantify this poo poo this time. I have some weird cash flow, so I am listing goals for the end of this year and next year separately: I get a minimum of 30% of my total comp as a one-time bonus payout at the end of the year, which this year at minimum is $39k. Goals for end of this year: Right now, I'm tracking to receive a pretax payment of $50-55k. Rebuild emergency fund - $10k in an Ally high-yield Pay off car loan - $17k remaining @4.2% - this is my only debt Squirrel away up to $5k for vacation and skiing Rest (if there is any) to misc investment account/housing down payment fund During 2015 before 2015 one-time bonus anticipated net monthly income (incl 401k witholding) $5580/mo anticipated total monthly expenses $3380/mo Goals: Max out 401k - $18k Roth IRA - $2k Misc investment/housing downpayment fund - $5k I should have enough to hit goals and have a grand or so left over, plus the money I get back from the govt. SHOULD.
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Dec 14, 2014 13:10
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Thanks to Slap Me Silly's prompting, I'm back to thinking about goals and what to do with our money. Goals for 2015 1) Get through our wedding in May without taking on debt (~$3,000 left to spend) 2) Pay off the new wife's new to us car (~$15,000 left to pay) 3) Start saving for retirement again #3 is going to be the tough one to figure out. I currently have just shy of $200,000 in my 401k. I'm on the fence one whether I want to start maxing the 401k out again or use that money to purchase a rental home. We'd be treating the rental home as a retirement investment meaning that profits from it would be going directly into an IRA but contributing to a 401k is just so much easier and less scary. Thankfully we have a bit of time to figure it out but for some reason the idea of being a landlord really appeals to me.
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Dec 14, 2014 14:12
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moana posted:Financial Goals for 2015: I know this is the wrong thread but I'm assuming you're 100% self-employed? Are you contributing to and maxing out a SEP-IRA (20% of your gross up to $52k) as well as contributing to a Solo-401k? Or is there a 20% of gross income limit of the IRA+401k combined and you've just spread it between the two?
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Dec 14, 2014 16:40
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I'm going to set a 2015 goal to hit $175k in non-retirement liquid assets by the end of 2015 
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Dec 14, 2014 18:41
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fruition posted:I know this is the wrong thread but I'm assuming you're 100% self-employed? Are you contributing to and maxing out a SEP-IRA (20% of your gross up to $52k) as well as contributing to a Solo-401k? Or is there a 20% of gross income limit of the IRA+401k combined and you've just spread it between the two? http://www.getrichslowly.org/blog/2013/06/06/sep-ira-vs-self-employed-401k/ http://www.obliviousinvestor.com/sep-vs-simple-vs-solo-401k/ edit: well now I'm confused, I'm not actually sure what kind of IRA I need for next year. I think I can just do a regular IRA on my own separate from my solo 401k, is that right? moana fucked around with this message at 19:17 on Dec 14, 2014 |
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Dec 14, 2014 18:51
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Background: I just accepted a job offer in a school district in a more desirable part of the state, to start in August, I'll be moving in July. The new area has a slightly higher COL, mostly that I'll have to eat an extra 75 - 100 in rent a month.  Currently working on Masters. Still in my first semester, got awhile yet. 5k Emergency Fund is complete! Car Loan with ~11k remaining. 7.5 months ahead on payments right now. No student loans as of yet. No credit card debt. Take home is ~2.5k/mo Goals: Continue paying an extra $100/mo on my car loan, at least until I move. Save up enough to cover moving costs (I have $1k so far) without dipping into the e-fund. Save up enough for a couch and bed frame, as I don't want to take mine. No credit card debt! No student loans! (Which means I need $3k saved by Oct. '15).
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Dec 14, 2014 19:00
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TouchyMcFeely posted:I currently have just shy of $200,000 in my 401k. I'm on the fence one whether I want to start maxing the 401k out again or use that money to purchase a rental home. We'd be treating the rental home as a retirement investment meaning that profits from it would be going directly into an IRA but contributing to a 401k is just so much easier and less scary. Thankfully we have a bit of time to figure it out but for some reason the idea of being a landlord really appeals to me. A single rental house is a high-risk investment, and if it's part of your retirement portfolio it could really reduce your diversification. There are a lot of ways you could set this up, what approach are you eyeing? Purchase it inside or outside of the retirement account? Contribute how much to the retirement accounts otherwise? Etc. In other words, what are the compromises you'd be making?
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Dec 14, 2014 19:50
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slap me silly posted:A single rental house is a high-risk investment, and if it's part of your retirement portfolio it could really reduce your diversification. There are a lot of ways you could set this up, what approach are you eyeing? Purchase it inside or outside of the retirement account? Contribute how much to the retirement accounts otherwise? Etc. In other words, what are the compromises you'd be making? My thinking is that I hold off on contributing to the 401k until I have saved enough for a 20%-30% down payment. Once I have purchased the rental home, I would want to save $5,000-$10,000 as an emergency fund specifically for the home. This would likely come from a combination of profits from the rental and money that would otherwise be contributed to the 401k. Once I have the house along with the house's emergency fund I would max out the 401k contributions again. Any profits from the rental home would then get dumped back into the mortgage on the home to get it paid off as quickly as possible. Then, once the mortgage is paid off any profit would be used to either save up for another property or put into a retirement account. Our current nest egg isn't going to be touched for this venture. We would just be holding off on further contributions until the rental home is up and running. edit: We'd be looking at a 401k contribution pause of 2 years or so.
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Dec 14, 2014 20:16
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moana posted:Yep to the first as of this year, no to the second. Both me and my husband are self-employed, and we both have solo 401ks - you can contribute both as an employer and employee to a solo 401k, so $17,500 + 20% of net income with a cap of $52k. I'm trying really really hard to save up since we're thinking of having a kid in the next year or two, and I'd like to be able to take a couple years off without worrying about retirement savings. With the amount we're making now, the solo 401k was the best option, also we can take loans from it if we need to. YMMV but if you are saving a high percentage of your income I think a solo 401k makes the most sense: Honestly, I'm always confused about it but I've gone to a handful of different CPAs over the past couple years and they all told me to go with the SEP-IRA and max out 20% of gross. My wife and I make too much to contribute to Roth-IRAs (why in gently caress's name is this a rule?). I own my own consulting business and she works, but we file jointly. My Financial goals for 2015: 1) Find an accountant that I trust and who knows their poo poo. 2) Get the emergency fund up to $20k. 3) Begin building a taxable investment portfolio. 4) Never visit a casino again and keep the gambling reserved to the stock market.
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Dec 14, 2014 20:36
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fruition posted:4) Never visit a casino again I'm stealing this one.
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Dec 14, 2014 21:06
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2014 was one of those best of times, worst of times years. My emergency fund took a big hit. I pillaged my middle-term savings. But I also wrapped up a divorce and got a better job. So onwards and upwards. 2015 Financial Goals 1. Rebuild cash reserves to include: 18k Emergency Fund (currently $2,832) ; 5k Middle-Term Savings (currently $1,006) this is what I call generic savings for possible house, new car, etc; 1k kept in the worthless savings account tied to my checking account, intent being to not touch my emergency fund again. This is there now, goal is to keep that throughout the year. 2. Max Roth IRA and HSA again. 2014 ended up being the first year I did both. This year, these will be funded by direct deposit each pay period. 3. Increase net worth to 110k (currently 80.1k). This should be the outcome of the above plus finishing divorce debt, by my calculations.
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Dec 14, 2014 22:25
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Background: DINKs age 32, no debt Annual pre-tax retirement savings $62K (His 401k + match, Her 403b and 457b) Annual post-tax savings $51K (His and Hers Roth IRAs + $40K to investments) Goals: The main goal of 2015 is not to lose too much savings momentum with a baby coming and my career changing (postdoc ending, going for faculty jobs now). 1. Maintain maximum funding of 401k + match, 403b, and Roth IRAs 2. If I don't have a job starting fall 2015, pick up a lecture or two to max my 457b 3. Decide where we're going to save for college and begin 4. At least $30K to investments. Don't spend too much on the baby, future us, PLEASE!
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Dec 14, 2014 22:44
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2014 was an interesting year for me. On the positive, I increased my income from $80k to $90k via promotions and merit increases, I paid off all of my remaining credit card debt and used them responsibly for day-to-day purchases, never carrying a balance. I paid cash for trips to Chicago, NYC, a MacBook and a road bike. On the other hand, I didn't add to my savings and at the end of the year I financed a new car. Oops. Current Status $90k pre-tax salary 8% contribution into 401k, 3.5% company match ($42k balance) $5k emergency fund So, for 215, my goals are: 1) Save $10k 1a) Prioritize that so my emergency fund grows from $5k to $10k 2) Make double-payments on my highest interest student loan 3) Max out a Roth IRA 4) Make some side income 5) Continue to avoid credit card balances and increase 401k contributions to 9% Omne fucked around with this message at 21:38 on Dec 18, 2014 |
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Dec 14, 2014 22:50
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Baja Mofufu posted:Annual pre-tax retirement savings $62K (His 401k + match, Her 403b and 457b) Holy moly, how is it even possible to legally get $113k a year into retirement funds?!
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Dec 15, 2014 01:19
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District Selectman posted:Holy moly, how is it even possible to legally get $113k a year into retirement funds?! 401k (or 403b) + 457 =17.5k + 17.5k = 35k Then add whatever company match The IRAs are 5.5k×2 = 11k The last 40k is not "retirement funds" in the way the rest is because it doesn't have the tax adavantages, but seriously that's impressive 
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Dec 15, 2014 01:45
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Goals for 2015: Monthly post tax/HSA/401k contributions income: 2200. Partner is at 1800. Find job closer to home OR, once lease is up in September, rent a slightly cheaper place that isn't 28 miles from work. (we pay $1200 a month for 1 bedroom + den + garage...not bad in Denver area, but it was a compromise made when my partner worked on the extreme north end of town and I worked on the extreme south end. Things may be changing on that front soon for both of us). Increase 401k contributions to max match of 5% when I get raise in March if still at current company. Quit smoking. Quit date set for January 3rd. Good for health and pocketbook. Lock up both credit cards and try not to use for entire year, doing a debt snowball to pay off one ($900 balance) entirely and get the other one (5k balance) cut in half. Live on 2k of my salary. Save the rest. Doesn't sound like much, but seeing as I pay pretty much all the bills except for 1/2 the rent, and the phones due to partners insane student loans, it's a reasonable goal.
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Dec 15, 2014 02:19
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I'm going to set the bar a little higher this year. 1. Continue to avoid eating out during my lunch break at work. 2. I'm going to attempt to max both IRAs and my wife's 401k this year. I believe I can do this because our expenses are so much lower than they used to be. 3. Get healthier. A healthy body is a happy wallet. I've been doing some light exercises (admittedly half assed) but I'm eating much better than I used to. At the minimum I would like to get a simple routine together and lose a little weight unless I start lifting heavy weights. I'm currently 188 lbs down from 195.  4. Learn to cook. Right now I can cook but only easy things that aren't really exciting. Being able to cook will mean my desire to eat out will be lower overall and It will be healthier too. It's a great skill to have. I may update this list later. I want to improve myself a lot this year. Yes I realize that 3/4 are kinda related but I like to eat. Sephiroth_IRA fucked around with this message at 02:53 on Dec 15, 2014 |
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Dec 15, 2014 02:49
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balancedbias posted:401k (or 403b) + 457 =17.5k + 17.5k = 35k Yep, the pretax accounts are 3 x $17.5K ($52.5K) plus my husband's annual match and a bit of deferred comp ($9K). I actually forgot about my annual deferred comp ($3K) so the total there is $64K, making the total into retirement accounts (+ Roth IRAs) = $75K. balancedbias has it right about the $40K going into a taxable brokerage account. We're saving pretty aggressively to try to make up for the fact that we were both in grad school until age 28.
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Dec 15, 2014 03:02
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Apparently the 401k max will be 18k in 2015
Sephiroth_IRA fucked around with this message at 03:31 on Dec 15, 2014 |
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Dec 15, 2014 03:29
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dbl post.
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Dec 15, 2014 03:30
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Goals for next year, by priority: - stick to the new itemized budget. Shuffle money between categories as needed instead of pulling money out of savings. - save up deposit for move - collect old deposit from annoying roommates after move instead of avoiding the issue because they're too annoying, seriously it's a lot of money and I owe some of it to someone else - pay off smallest loan - double e-fund to 8k - start some kind of retirement savings, either 401 or IRA, do some research self - attack the highest interest loan and at least half it - restock the etsy store and try to at least cover my hobby expenses there Bring it year of the sheep!  oh and: don't start smoking again! eta: just set all my loans to autopay every month and discovered that all but one of them gets a .25% interest reduction as a result. already making progress! fuzzy_logic fucked around with this message at 04:28 on Dec 22, 2014 |
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Dec 15, 2014 03:51
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2014 took me from -1k net worth to 29k net worth and saw my assets all grow considerably. 2015 will be different because I'm getting married and looking to move out of a condo that is 15-30k underwater. I can't live there any more. I've wanted to move for five years and 3+ hours of commuting a day and being an hour's drive from all our friends is killing us. Still: -sell the condo and move to the city -add 3k to emergency fund(this will make it 6-7 months) -contribute 6k to 401k -contribute 5500 to IRA -contribute 3350 to HSA -finish the year by paying off the loan I'll doubtlessly need to sell the loving condo If I do all this, my net worth will move from about 29k to about 71k and I'll be poised to max the poo poo out of everything starting in 2016. Also my fiancee makes so much less than me that we'll get a giant refund in early 2016.
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Dec 15, 2014 05:17
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In 2014, my net worth jumped from $85,000 to $125,000. I made a more conscious effort to save money this year than in previous years. I also started investing money. In the past, I usually hoarded the money in my checking account. The 2015 goals: - Increase net worth to over $175,000. It'd be nice if I can hit $200,000 by the end of the year. - Max out 401k, Roth IRA, and HSA - Remain debt free - Retain emergency fund of $75,000 and any dollar past that point gets moved into taxable investments or some other way of making money instead of sitting in the account. - Diversify my income. I want to make sure that I make money from more than just my full time job. I want money coming in from multiple sources. I just don't know quite yet what I will be doing to achieve this goal. - Set up a budget. I can't make my ideal #1 goal otherwise.
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Dec 15, 2014 05:42
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The main goal is to pay more money toward our mortgage than we paid last year (5% loan). We want this loan paid off entirely in under 10 years.
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Dec 15, 2014 05:53
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KYOON GRIFFEY JR posted:Awww yeah sons, I'll quantify this poo poo this time. I have some weird cash flow, so I am listing goals for the end of this year and next year separately: Realized that I will be well over the Roth IRA income limit this year. I will switch that money to housing downpayment fund. Goals: Max out 401k - $18k Misc investment/housing downpayment fund - $7.5k
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Dec 15, 2014 12:50
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Baja Mofufu posted:Yep, the pretax accounts are 3 x $17.5K ($52.5K) plus my husband's annual match and a bit of deferred comp ($9K). I actually forgot about my annual deferred comp ($3K) so the total there is $64K, making the total into retirement accounts (+ Roth IRAs) = $75K. Ah, I missed that last $40k being a private account. Whatever though, indeed, great job!!
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Dec 15, 2014 14:07
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2015 will be one of the most expensive years for us. We have a newborn and in February we'll have two kids in daycare to the tune of $1200/mo. Our daughter is already on some pretty expensive formula, diapers for two kids, etc. adds up really quick. My main goal is to mostly just stay afloat and not spend more money than we make. 2015 Financial Goals
I'm also hoping to work less in 2015, it's been a very busy year for me and not bringing my work home with me will be a wonderful change of pace. dreesemonkey fucked around with this message at 20:23 on Mar 3, 2015 |
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Dec 15, 2014 14:43
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2014 was good, but not great. Gonna see if I can't improve this year. 2015 Goals: Increase my gross income to $75k. Add at least $15k to my 401k and max my Roth IRA. Somehow decrease my housing expenses, either by moving or otherwise compensating my current landlord in some way. Maintain a girlfriend without driving her nuts with frugality Maintain good grades in school; B or higher gets me back 100% of tuition costs! edit: This is a stretch goal, but add $10k or more to savings. I'll be mentally and financially ready for a house purchase by 2017, I think. Not a Children fucked around with this message at 15:17 on Jan 5, 2015 |
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Dec 15, 2014 16:11
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2015 Goals: - Save $10k towards new house fund. - Max out Roth IRA for wife and self. - Take advantage of matching contributions for 401k. - Stick to new budget - Reduce stress levels and amount of clutter in the house.
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Dec 15, 2014 16:31
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One income, one kid 2015 goals - - Actually start budgeting - Buy more stuff at Costco and actually eat leftovers to save money on food - Eat out only once a week - Add $100k to the house down payment fund Daremyth fucked around with this message at 20:57 on Dec 15, 2014 |
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Dec 15, 2014 17:29
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Salary is currently $36,000/yr gross. 2015 Concrete Goals: - Pay off remaining $6,850 on my private student loans in 6-8 months instead of my currently projected 13. - Do not break my 18 month streak of increasing my total net worth every month - Obtain a net worth of at least $0 including retirement accounts. (Currently -$15,530) - End 2015 with at least $15k liquid assets. 2015 Fuzzy Goals: - Maintain emergency fund and various reasonable savings goals I am already allocating money to. - Fund Roth IRA OR begin over-payment on Federal student loans. I don't think I can feasibly do both. - Save up and move out of my uncle's house. Complicated because this involves some life decisions I haven't made yet. - Save up and go on vacation to finally visit my brother in California, because I have been intending to for seven years and it's about drat time I actually do it. - Find additional sources of income. 100 HOGS AGREE fucked around with this message at 23:14 on Dec 15, 2014 |
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Dec 15, 2014 23:06
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Looks great. Let me help you zoom in on the low-hanging fruit:100 HOGS AGREE posted:- Find additional sources of income. What are you doing now, and what options do you see for branching out?
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Dec 15, 2014 23:42
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