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Why are you buying a second rental home with a very low emergency fund total, several debts, and a new baby that hasn't yet been budgeted for?
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Dec 16, 2015 17:06
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| # ¿ May 2, 2024 15:17 |
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Simpler goals this year due to not needing to move and not needing to get married: -Max 401k. -Max my and my wife's IRAs. -Max my HSA. -Pay off personal loan I took out to sell the underwater condo(we'd be 100% debt-free after this!). -Add 2,000 to emergency fund. stretch goal: -Add 5,000 to house down payment fund (this would be the start of said fund, at the very end of the year). If we do this, net worth should move from 61k to 120k(assuming the market goes neither up nor down, which will not happen). Nail Rat fucked around with this message at 16:32 on Dec 18, 2015 |
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Dec 16, 2015 22:42
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There's no deadline on adoption.
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Dec 18, 2015 01:26
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Q1 update: -Max 401k. On pace! -Max my and my wife's IRAs. On pace! -Max my HSA. On pace! -Pay off personal loan I took out to sell the underwater condo(we'd be 100% debt-free after this!). $12,000 out of 26,000 paid off. On pace!! -Add 2,000 to emergency fund. Not started. stretch goal: -Add 5,000 to house down payment fund (this would be the start of said fund, at the very end of the year).Not started. In light of how ahead of the game we are with the loan repayment, I'm changing the house down payment fund stretch goal to $10,000.
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Mar 30, 2016 21:56
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Q2 Update: -Max 401k. On pace! -Max my and my wife's IRAs. On pace! -Max my HSA. On pace! -Pay off personal loan I took out to sell the underwater condo(we'd be 100% debt-free after this!). $16,000 out of 26,000 paid off. On pace!! -Add 2,000 to emergency fund. Not started. stretch goal: -Add 10,000 to house down payment fund (this would be the start of said fund, at the very end of the year).Not started. I'm feeling pretty good about achieving even my stretch goal after making it a bigger stretch goal in the last update, but we'll see. Having needed to take out a $32k loan just to move out of my condo last summer, it's nice to see that loan go (just barely) down to four figures. Nail Rat fucked around with this message at 15:48 on Jun 13, 2016 |
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Jun 13, 2016 15:36
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Congrats on FIRE/second career as a parent! Q3 Update: -Max 401k. On pace! -Max my and my wife's IRAs. On pace! -Max my HSA. On pace! -Pay off personal loan I took out to sell the underwater condo(we'd be 100% debt-free after this!). $20,000 out of 26,000 paid off. On pace!! -Add 2,000 to emergency fund. Not started. stretch goal: -Add 10,000 to house down payment fund (this would be the start of said fund, at the very end of the year).Not started. I don't think I'll quite hit the stretch goal, but I should be able to at least hit the original stretch goal of $5,000. Additionally, net worth just hit $100,000 so that's something! It was about -$45k at the start of 2013.
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Aug 19, 2016 14:57
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Nail Rat posted:Q3 Update: Changes in goals due to surprise divorce after only 14 months. GWM (that it didn't come later), BWL (that I now have to work through all this emotional baggage)? I dunno. -$15k to 401k. -$4000 to IRA. -Max HSA. -Pay off personal loan. -Finish year with over $10,000 in savings. Next year will be better, I hope. Just trying to keep some cash aside for paying her off so she doesn't go after my 401k or HSA.
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Oct 24, 2016 22:48
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Thanks for the words of encouragement earlier guys. Good news is looks like my wife will accept a settlement of only $6k cash (being a very short marriage, it's not really worth her time and money to try to fight to Its not the end of the year I wanted, but after I sell my car I should be sitting at about 98k net worth at the end of the year, when I had a personal net of 51 at the start. Wouldn't be a bad outcome for a year with a divorce as part of it 
Nail Rat fucked around with this message at 21:19 on Nov 12, 2016 |
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Nov 12, 2016 21:17
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u wan gently caress posted:I got surprise divorced instead of doing any of that so I guess I am just happy to be debt free with $3k in savings and non-suicidal. Sup surprise divorce buddy. Hope you were able to hold onto your own retirement funds
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Dec 12, 2016 21:37
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Maybe turning gay would be GWM. Final goal update...the divorce went smoothly (retirement accounts intact except for a 4 figure 401k loan to pay the settlement and legal fees), but I got the smallest bonus I've ever gotten at this company. You win some and you lose some. -$15k to 401k. Done - will be about 15,300 before matching. -$4000 to IRA. Done -Max HSA. Done -Pay off personal loan. Done. Considering this started the year at over $26k, happy about this. -Finish year with over $10,000 in savings. Well it'll be more like $9k, so close. All in all personal net worth went from $51k to $95k by years' end. Year didn't shake out as well as I wanted it to, but I guess it's hard to complain about that end result given the circumstances. 2017 should be even better, because while the divorce gave me a short-term hammering, it's actually very good for my cash flow. Also I *would* have hit the 10k savings goal but I just booked a flight to Ireland in the summer with one of my best friends, who's from there. We'll be crashing at his childhood home, so GWM comes from BWM. Nail Rat fucked around with this message at 15:27 on Dec 16, 2016 |
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Dec 16, 2016 15:05
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May be getting a bit outside the scope of this thread, but...what are your monthly expenses if you (reasonably) cut to the basics to do what you need to do while studying? I'd say keep at least that times three in cash savings. Especially as you have such a low interest rate on the student loan, you really only need to worry about paying off the credit card by June.
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Dec 16, 2016 17:10
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I went ahead and did it as the 2016 version didn't really have any OP aside from the OP's goals, so I figured I could do the same. If someone wants to do a different one with more content in the OP, fine with me though.
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Dec 16, 2016 20:16
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| # ¿ May 2, 2024 15:17 |
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pig slut lisa posted:stuff Congrats on all that stuff, god drat! The way you crushed even the stretch goals is the best part.
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Dec 19, 2016 16:34
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