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2015 goals - a little ambitious but if I save as well as I did this year doable. My pre-tax income was $135k in 2014 and should be around $145k this year depending on bonus. I think my goals are achievable on $135k though. 1) Max out Roth 401k ($18,000) 2) Max out Roth IRA via backdoor contribution ($5,500) 3) Max out HSA (about $2k pre-tax dollars since my employer contributes the rest) 4) Establish emergency fund of $20,000 (currently have nothing as I plowed all of my money in 2014 year into maxing all my retirement accounts and paying off my $35k student loan - $20,000 represents about 8 months living expenses if I'm frugal or 6 months if I'm not). I have bulletproof job security for the next 1.5 years so the lack of emergency account was an OK tradeoff in my opinion 5) Establish a taxable investment account at vanguard of $10,000 for index funds to further save for retirement 6) Save up an extra $5,500 at the end of the year so that when Jan 1 2016 comes around I can immediately max out IRA again instead of waiting Note: I do Roth contributions on the 401k since it allows me to effectively tax shelter more dollars and that is my #1 goal. I'm in 28% federal marginal bracket now and may consider switching over to regular contributions when I hit 33% bracket, but will probably keep doing roth. I'm 23 now which helps the Roth vs pre-tax 401k math a lot.
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Dec 24, 2014 19:52
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| # ¿ May 11, 2024 13:15 |
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District Selectman posted:Back up to $178k. God drat it I will make it to $200k this year !! You should be glad when stocks go down: Warren Buffet: "But now for the final exam: If you expect to be a net saver during the next five years, should you hope for a higher or lower stock market during that period? Many investors get this one wrong. Even though they are going to be net buyers of stocks for many years to come, they are elated when stock prices rise and depressed when they fall. In effect, they rejoice because prices have risen for the "hamburgers" they will soon be buying. This reaction makes no sense. Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices."
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Oct 16, 2015 13:58
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Swingline posted:Goals 1) Max out Roth 401k ($18,000) - DONE 2) Max out Roth IRA via backdoor contribution ($5,500) - DONE 3) Max out HSA (about $2k pre-tax dollars since my employer contributes the rest) - DONE 4) Establish emergency fund of $20,000 - Decided to keep it at $5,000 and instead plow money into investments, see below 5) Establish a taxable investment account at vanguard of $10,000 for index funds to further save for retirement - Contributed $45,000 instead 6) Save up an extra $5,500 at the end of the year so that when Jan 1 2016 comes around I can immediately max out IRA again instead of waiting - DONE Overall exceeded goals by ~$20,000
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Dec 31, 2015 19:29
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