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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Financial Goals 2016: Saving for babby's first SA account
 
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Tyro
Nov 10, 2009
 I didn't post in the 2015 goals thread but we did exceed our goals for 2015 which were to pay cash for the wedding and honeymoon, fully fund our retirement accounts, pay $20K extra towards student loan principal, and increase long term savings by $12K.

2016 Goals. In order of importance.

1. Continue to max both of our 401Ks and IRAs
2. Pay off wife's student loans entirely (approx $50K)
3. Increase long term savings (eventual house fund) by $12K
4. When buying new car this year, borrow no more than $20K and overall spend no more than $30K
5. Increase emergency fund by $5K to $35K
6. *IF* I buy a motorcycle this year, pay cash.

Stretch Goals:
1. Increase long term savings by $25K
OR
2. Pay cash for the new car

Tyro fucked around with this message at 14:29 on Dec 22, 2015

* # ¿ Dec 21, 2015 13:32
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# ¿ May 3, 2024 06:06
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Tyro
Nov 10, 2009
 Well my wife who is the primary earner lost her job and is probably switching gears to work for a startup for like $20K a year + equity. So our household income has gone down by over 100K and our goals have radically changed.

Tyro posted:


2016 Goals. In order of importance.

1. Continue to max both of our 401Ks and IRAs Continue to max my 401K, and both of our IRAs. Contribute what we can to a solo 401K for her.
2. Pay off wife's student loans entirely (approx $50K)
3. Increase long term taxable savings (eventual house fund) by $12K - This is now a stretch goal, as any "spare" money will probably go into the above solo 401k
4. When buying new car this year, borrow no more than $20K and overall spend no more than $30K Hold off on new car
5. Increase emergency fund by $5K to $35K Maintain e-fund at current levels
6. *IF* I buy a motorcycle this year, pay cash. No motorcycle.
* # ¿ Feb 27, 2016 15:15
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Tyro
Nov 10, 2009

Jeffrey of YOSPOS posted:

That seems like a pretty raw deal, especially if she's not getting founder-level equity.

She is. :)

* # ¿ Feb 27, 2016 16:58
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Tyro
Nov 10, 2009
 We are having a kid this fall, so priorities shifted a bit. Luckily I have enough annual and sick leave that I can take 2 months of paid leave. However, that means I'm having to set aside a chunk of money to cover the projected negative cash flow from the lack of overtime for that time.

I feel pretty good about where we are right now. I just hope we can keep up the momentum on my wife's student loans.

Tyro posted:

2016 Goals. In order of importance.

1. Continue to max both of our 401Ks and IRAs Continue to max my 401K, and both of our IRAs. Contribute what we can to a solo 401K for her. On track
2. Pay off wife's student loans entirely (approx $50K) Making good progress, but not sure if we can knock it all out this year
3. Increase long term taxable savings (eventual house fund) by $12K - This is now a stretch goal, as any "spare" money will probably go into the above solo 401k Used this money as down payment for new car - see below
4. When buying new car this year, borrow no more than $20K and overall spend no more than $30K Hold off on new car Due to the kid, we did buy a new car, staying well within original goal guidelines
5. Increase emergency fund by $5K to $35K Maintain e-fund at current levels good here
6. No motorcycle. Still good here

Tyro fucked around with this message at 14:28 on Aug 14, 2016

* # ¿ Aug 14, 2016 12:14
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Tyro
Nov 10, 2009
 Congrats Moana!

* # ¿ Aug 19, 2016 16:31
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Tyro
Nov 10, 2009

Nail Rat posted:

Next year will be better, I hope.

I hope so too, dude. That is awful. Best of luck working your way through everything.

* # ¿ Oct 25, 2016 14:05
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# ¿ May 3, 2024 06:06
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Tyro
Nov 10, 2009
 Huge year for us, wife lost her job, then became a cofounder of a startup and we had a kid. So we didn't reach all our goals but I feel really good about where we ended up with all the changes.

Tyro posted:


2016 Goals. In order of importance.

1. Continue to max my TSP, and both of our IRAs. Contribute what we can to a solo 401K for her.
SUCCESS. Maxed all including hitting wife's Solo 401k employee contribution limit

2. Pay off wife's student loans entirely (approx $50K)
FAILED due to household income dropping dramatically at the very beginning of the year. Paid down to ~$29k.

3. Increase long term taxable savings (eventual house fund) by $12K - This is now a stretch goal, as any "spare" money will probably go into the above solo 401k
I consider this a mixed success. We saved up the money (on top of filling the solo 401k) and then used it as a down payment for the new car.

4. When buying new car this year, borrow no more than $20K and overall spend no more than $30K
SUCCESS. Due to the kid, we did buy a new car, staying well within original goal guidelines

5. Maintain e-fund at current levels
SUCCESS.

6. No motorcycle.
SUCCESS. I scratched my motorcycle itch by working on and riding a friend's bikes.
* # ¿ Dec 19, 2016 16:48
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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Financial Goals 2016: Saving for babby's first SA account