Financial Goals 2015 - Well done, everybody!

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Financial Goals 2015 - Well done, everybody!

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

Financial Goals for 2015:

- Sell my house
- Continue to make six figures with writing
- Continue to max out IRAs, HSAs, and solo 401ks

# ¿ Dec 14, 2014 07:43

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# ¿ May 11, 2024 16:07

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

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?

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:

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

# ¿ Dec 14, 2014 18:51

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

Edgar Allan Pwned posted:

My goals are pretty basic, as I do not know a ton of finances.

0. Get a job
1. Learn to budget
2. Pay off CC debt (1,500)
3. Work on longer term debt (I guess student loans? I also have medical bills, but I'm meeting with someone to determine the lowest I can give without being hassled)
4. Create an emergency fund

So do I just come back to this thread in a year and see which ones I actually did?

No, you should post in the budget thread and make a concrete plan to do all these steps. Just waiting a year to see what happens isn't going to get you anywhere. What kind of job are you looking for? Have you posted your resume here for feedback?

# ¿ Jan 9, 2015 19:41

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

a shameful boehner posted:

Can you explain how you're making six figures with writing?

Sure, there's a few goons over in the Creative Convention self-publishing thread who are making a more than decent living at it. If you're interested, come post there! Basically I wrote 7 romance novels last year, had a couple breakout hits, and I plan to expand my catalog by writing 12 more novel-length works this year since I quit my day job. Woop woop for not wearing pants!

Don't get me wrong, it's loving difficult work, creative work, and you have to dedicate yourself to learning how to market your books if you want to do well. You can't write whatever you want, you have to write to the market. I'm not planning on writing as a long-term career, Amazon is way too fickle for that. Sometimes I have $5k months, sometimes I have $30k months, and the income is super variable.

My goals in the next few years:
- 2015: write my butt off, save six figures, sell my expensive house., buy a house with the profits
- 2016: semi-retire, start a family
- 2017++, depending on how soon book royalties dry up: head back into the ~~ever-lucrative~~ field of education (I actually have an interview tomorrow for a part-time position teaching robotics and STEM stuff because dang it, I can't get the education bug out of my rear end :v:

)

This past year I had $250k income and $40k expenses not including the mortgage. So I'm hoping by the time I have to get another job, my mortgage is gone and my work doesn't have to be well-paying to cover my expenses. It's a gold rush now though over at Amazon, so I'm making hay while the sun shines. Hope that helps, please feel free to PM me with more questions if you'd like to try your hand at it!

# ¿ Jan 12, 2015 07:59

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

Rick Rickshaw posted:

I'll be your Fabio for your covers if you'll give me 10%.

I charge $100-$200 for covers for other authors. If you send me Fabio pics that I end up selling as covers I will give you half of what I make, but you're not getting your grubby hands on my book royalties

# ¿ Jan 12, 2015 18:56

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

If I didn't have mad cover design skillz I'd be worried, BRING IT BITCHES

# ¿ Jan 12, 2015 19:51

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

Congrats to everyone getting closer to their goals!

moana posted:

Financial Goals for 2015:

- Sell my house
- Continue to make six figures with writing
- Continue to max out IRAs, HSAs, and solo 401ks

- ON TRACK House is going up for sale in a week
- ON TRACK First quarter will be 55k, second quarter will likely do much better.
- ERRR PROBABLY I just maxed them out for 2014, will probably wait to do the same for next year's tax filing for more flexibility.

# ¿ Feb 23, 2015 01:04

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

Congrats! This sounds terrible, but does the 529 get refunded if you end up not being able to have a kid?

Also, update: I sold my house!!! SO excited to be done with it. Now to find a new, more expensive house

# ¿ Jun 12, 2015 18:52

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

Holy crap, that is awesome!

# ¿ Jul 2, 2015 03:29

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

So sorry to hear that, bb. Condolences on your loss. And well-earned congratulations on your first three goals.

# ¿ Sep 19, 2015 16:49

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

Claverjoe posted:

Maui, gonna hike that crater, spend some time in a cabin and go stargazing in a (hopefully) clear sky, then go be the stereotypical Hawaiian tourists and do beach-y stuff.

Do Sliding Sands down and the switchbacks up, it's much nicer. Are you staying in the crater at the switchbacks cabin or somewhere else?

Here's my copy paste for Maui:

If you're anywhere near Lahaina, both of the ends of town have cheap dinner options. Spanky's bar is a fun sports bar at the 505. On the other end of town, a new pizza place just opened up and has ocean views with super cheap good pizza. Thai Chef is cheap and BYOB, so hit up Foodland for a bottle of wine before going there. Star Noodle is another good option. If you want fancy and more expensive, Mala's is good if crowded. Pacific'o is probably the best expensive dining on that side of the island.

For snorkeling, Airport beach is always awesome. I think the real name is Kahekili beach but everyone knows it as airport beach. Black Rock at Kaanapali is also good snorkeling. If you want to swim with turtles, there are always a couple around at the bay here: https://www.google.com/maps/place/H...2abf1fa9ee6c9f8
Or if not, they're just over at Napili bay, one bay to the right. They are big and old and very friendly. You can park on the street and walk through the Honolua condos to get to the bay. The best access point is on the right of the bay if you're looking out to the water. You go over some bushes/caution tape and can enter down on the rocks. A bit tough but totally worth it.

Little beach is the best for boogieboarding and smoking weed, it's also the naked beach so be forewarned!

# ¿ Nov 29, 2015 07:19

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# ¿ May 11, 2024 16:07

moana: Jun 18, 2005; one of the more intellectual satire communities on the web

moana posted:

- Sell my house CHECK
- Continue to make six figures with writing CHECK
- Continue to max out IRAs, HSAs, and solo 401ks CHECK

Congrats to everyone kicking rear end and taking names.

# ¿ Dec 16, 2015 04:14

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Financial Goals 2015 - Well done, everybody!