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EAT FASTER!!!!!! posted:1) we used to play a lot of CoD together and it makes me happy to finally find out where you post but What's up former MW goons. Maybe we can go play Hush sometime and relive of days of spamming various soundboards through XBL. GT was TraderStavros if you recall. Now my post vvvvv
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Mar 2, 2017 17:27
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| # ¿ May 3, 2024 01:27 |
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Missed the start of the year so will kick it off now. Here is where we were at on December 31. Will post an update in the next day or so. 2017 Current Figures Age: 36 Emergency Fund: $1K Current Salary $112K + 15% variable comp Monthly Savings Rate: $ - 401k $61K Retirement Accounts $91K Unvested Perf. Shares $27.5K - ~12% of my comp is paid out in after-tax performance shares that vest after a few years. First payout is 2018 529s $40K House $306K Mortgage $(202K) Student Loan $(31K) Auto Loan $(20K) HELOC $(6.5K) - Furnace/AC replacement last summer, being paid off with March bonus/tax check 0% Credit Card $(800) - Cursed impulse purchase, done with these purchases Net Worth: $265K - Excludes working capital like checking accounts Goals Increase Emergency Fund to 1 month after-tax income - $6K (on fence to include YNAB categories or not... I sock away a lot for expenses that occur infrequently like insurance, travel soccer for my son, etc.) Increase Monthly Savings rate to $250/mo (based on 2 paycheck months, leave 2 'extra' paychecks for savings/projects) Increase 401k Match to 3% by year-end - pulled out on this as we weren't saving each month and burning cash to get stability Increase taxable investment rate to 3% by year-end - Goal is to bring in some investment income that I can tap into before age 59.5 Begin Side Hustle to generate at least $250/mo in income Question all assumptions and look for opportunities to make big headway - I have some ideas that I'll share when I get them fully formed Stretch Goals Increase Monthly Savings rate to $500/mo (based on 2 paycheck months, leave 2 'extra' paychecks for savings/projects) Begin Side Hustle to generate at least $500/mo in income Increase Emergency Fund to 2 month income - $12K We have been 'budgeting' for years. But it's more like we've been tracking in YNAB since 2011 and not holding to our budget. At the end of the year my wife and I finally got on the same page and decided to start approaching our finances correctly and are already making great headway in Jan/Feb. With some different changes we have made and are about to make, on top of an upcoming raise I think we are on the brink of being able to achieve the first monthly savings goal pretty quickly.
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Mar 2, 2017 17:38
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January Update 2017 Goals Increase Emergency Fund to 1 month after-tax income - $6K - Up to $1,700 Increase Monthly Savings rate to $250/mo (based on 2 paycheck months, leave 2 'extra' paychecks for savings/projects) - Saved $311 this month! Increase 401k Match to 3% by year-end - No movement, waiting to free up more cash flow / get annualraise Begin Side Hustle to generate at least $250/mo in income Pursuing options and vetting ideas Question all assumptions and look for opportunities to make big headway - Got some movement on this that will free up >$400 a month in cash flow! Will share details shortly Stretch Goals Increase Monthly Savings rate to $500/mo (based on 2 paycheck months, leave 2 'extra' paychecks for savings/projects) Begin Side Hustle to generate at least $500/mo in income Increase Emergency Fund to 2 month income - $12K
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Mar 6, 2017 12:24
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A little late on this month, but here we go. February Update 2017 Goals Increase Emergency Fund to 1 month after-tax income - $6K - Up to $1,500 (had to pull a little to cover the overspending this month) Increase Monthly Savings rate to $250/mo (based on 2 paycheck months, leave 2 'extra' paychecks for savings/projects) - Overspent by $274 this month. Lots of family birthdays and Valentines day threw the budget off. This has not been an uncommon occurrence in our budget life. Which we need to change! Increase 401k Match to 3% by year-end - No movement, waiting to free up more cash flow / get annual raise Begin Side Hustle to generate at least $250/mo in income - Cranking up travel hacking hobby which will on average produce around $150-200 per month throughout the year after paying annual fees and other expenses. Brought in $57 this month (not included in above number, keeping all the funds internal to pay for future expenses for it) Question all assumptions and look for opportunities to make big headway - I'm certain that this will be a controversial topic, but after much deliberation my wife and I decided to repurpose our children's 529 plans to cover some of the outstanding debt that we have that is preventing us from making headway each month. By doing so, we are able to free up  $550/month which we absolutely cannot and will not use for lifestyle inflation. The main idea we had was that the stronger we get now the more able we will be able to cash flow their college if needed. The future is bright for my income at my company over the next ten years so we'll likely be able to replenish the funds anyway. It felt awkward to be continuing to pay down my own college education while struggling to save for theirs. Stretch Goals Increase Monthly Savings rate to $500/mo (based on 2 paycheck months, leave 2 'extra' paychecks for savings/projects) - Begin Side Hustle to generate at least $500/mo in income - Increase Emergency Fund to 2 month income - $12K - Looking ahead to March, this will be an interesting month. This is the month that tax returns and my annual bonus hit our budget as well as we are taking a family vacation to Disney World (60% already paid for out of my wife's side business). I put into place the cash flow saving ideas but those will really hit in April. Should start seeing aggressive saving then! TraderStav fucked around with this message at 13:16 on Mar 20, 2017 |
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Mar 20, 2017 13:13
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Not keeping up with regularly updates, but here's as ad-hoc: 2017 Goals Increase Emergency Fund to 1 month after-tax income - Up to 25%. Balancing paying down some debt and building this up. Increase Monthly Savings rate to $250/mo (based on 2 paycheck months, leave 2 'extra' paychecks for savings/projects) - At 3% of take-home. Getting to 4% will hit this goal. Each month I'm ratcheting it up while we tighten the budget Increase 401k Contribution to 3% by year-end - Completed. Like the savings, ratcheting this up each month. Begin Side Hustle to generate at least $250/mo in income - Pause on this. Work is all encompassing right now. Pay down all variable interest debt (HELOC: ~$6K) - On track, will be down to $1K at the end of the month and should be able to knock it out before year end Stretch Goals Increase Monthly Savings rate to 5% (based on 2 paycheck months, leave 2 'extra' paychecks for savings/projects) - Increase 401k contribution to 5% by year-end - Begin Side Hustle to generate at least $500/mo in income - Increase Emergency Fund to 2 month income - $12K - Wife and I got really serious about making inroads on our savings/goals. Have a lot of momentum right now.
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Oct 18, 2017 11:48
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| # ¿ May 3, 2024 01:27 |
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I'm ready for the 2018 goals thread. I sketched mine out during a meeting the other day and very happy that they're building on my 2017 goals instead of starting from scratch. What a good feeling to have the visible improvement YoY!
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Nov 22, 2017 16:51
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