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2017 thread found here. It's almost 2018, so we have a month to come up with some good goals for 2018 and a plan to make them happen. Feel free to set any goal length! Weekly, monthly, quarterly, or just by the end of the year. Here are mine: 1) Max out Roth IRA contributions of $5,500 2) Max out HSA contributions of $3,450 3) For the first time, max out 401(k) contributions of $18,500 4) Use tax return and/or annual bonus to remodel my bathroom by the end of April 5) Pay down current 5 year $21k car loan 6) Vacation somewhere not in North America (Iceland maybe?) Stretch goal: pay off car loan completely by the end of the year Non-financial goal: On pace to lose 70 pounds durning 2017 with 50 of that happening since Labor Day. Combining StrongLifts 5x5, keto diet, and 16:8 intermittent fasting, I hope to lose another 70-100 pounds in 2018.
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Dec 1, 2017 01:57
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Oh man, exciting stuff! Current Liabilities - - Approximately $380,000 of student loans all at usurious rates, but ALL eligible for forgiveness through public service and qualifying payments in 3 to 5 years. I've done the math on whether to refinance or to keep making payments in pursuit of forgiveness and it turns out forgiveness puts us way, way ahead in the long run (even if you consider the repayment taxable income which the DoE currently states it is not). - Approximately 16 months into a ($250,000 remaining) mortgage @ 3.2% on a 5/1 ARM. Decision will need to be made to try to repay in full or refinance. - Approximately $55,000 remaining in car loan at 2%. - Approximately $30,000 remaining on car 2 loan at 1%. - Tuition owed for the remainder of my MBA to the tune of about $20,000 Current Assets - - Home assessed at $280 - Cars worth $45 and $25 a piece - Retirement savings worth $240 (it was a very good year) - LOLBUTTCOIN - Emergency fund and advanced budgeted spending on-hand Net worth - - Somewhere to the tune of (50,000-80,000). This has improved somewhat from last year's figure. By end of Q1: - Pay remainder MBA tuition in full. - Begin a taxable investment account. - Document approval and payment status for student loan forgiveness. By end of Q2: - Breach zero net worth. - Acquire MBA By end of Q3: - Pursue baby 2. By end of Q4: - Our 403 (b)s fully funded. - Under 80% value remaining on the mortgage so we can refinance if we have to. Yearly Goals: - Acquire second medical directorship, commensurate pay increase and administrative time benefit. or - Leave and found a startup. Things we will not try to do: - Acquire any new debt. Stretch Goals - 457 plan launched at work. University president has agreed, uncertain of the timeline. Stretch Personal Goals - One muscle up - Thirty (30) new books read - Rower used 100 times - Cook 48 meals - Clean basement to where I would be comfortable hosting a World Cup viewing party - Write a book to self-publish EAT FASTER!!!!!! fucked around with this message at 14:36 on Dec 22, 2017 |
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Dec 1, 2017 03:18
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If this isn't your first year participating in these threads, I'd love to see some summaries of your goals achieved from the past few threads. Always good to hear success stories.
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Dec 1, 2017 04:34
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First time doing these, but I could definitely stand to be more structured about how I approach my finances. Age: big four-oh Goals: - increase monthly charity to 10% of net (currently about 5%); would like to get to 20% but baby steps and have to solve a cash flow issue - purchase condo for my sister to rent - get will and trust for my kid set up - fix years of messed up tax stuff - renovate bathroom - structure consulting business properly Liabilities: - $100K investment loan for work, will increase to up to $350K over next 5 years - commitment to donate $500K over 10 years to a college (not legally binding at this point but still) Assets: - House appraised at $1.7M - Car blue book of $130K - combined taxable and sheltered investments of $2.2M Income: - salary $350K, $175K paid in spousal and child support - unpredictable consulting income, unlikely to exceed $100K in 2018 - carried interest from our funds, don’t know how to estimate how much and when (All in CAD.)
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Dec 1, 2017 05:26
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woo yea 2018 goals thread Previous successes: Housing downpayment fund of $24,000 Maxed 401k and IRA for me Taxable brokerage savings of $6,000 Paid a bunch of grad school tuition while increasing NW Allocated money to buy a stupid impractical car 2018 Goals: Increase NW by at least $50,000 Max 401k and IRA Another $24,000 in to housing downpayment fund Max future wife IRA Pay for more grad school tuition without taking on debt. Spend no more than $22,500 on acquiring stupid impractical car
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Dec 1, 2017 13:02
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Grumpwagon posted:If this isn't your first year participating in these threads, I'd love to see some summaries of your goals achieved from the past few threads. Always good to hear success stories. For this 2018, the Roth IRA is already set up on bi-weekly deposits when I get paid, so nothing really for me to do there. I just changed my HSA contributions during open enrollment at work, so that should be on cruise control too. The only real thing I need to go in and do is up my 401(k) contribution percentage to get to the max after the first of the year. KYOON GRIFFEY JR posted:Spend no more than $22,500 on acquiring stupid impractical car DJCobol fucked around with this message at 13:56 on Dec 1, 2017 |
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Dec 1, 2017 13:52
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Whoo, just got into personal finance last year. Gonna give this a shot. 2018 Goals (most of these will be on autopilot): 1. Max 457 2. Contribute ~11k to 403b 3. Max Roth IRA 4. Max Wife's Roth IRA 5. Look at possibly buying a house this year (20-30% likely) Stretch if there is free money left over: add another 5k to house downpayment. drainpipe fucked around with this message at 21:37 on Jan 31, 2018 |
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Dec 1, 2017 14:22
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2018 Goals (Actually these start in December but whatever): 1) Start actually following the budget rather than just acting like there's $X not dedicated to bills until next payday 2) Move closer to work 3) Save up ~$2,000 in cash (roughly 1 month's cash expenses) 4) Pay off credit card that I've been trying to pay off since I first posted here in 2014 (raising [seriously last resort] emergency fund to $7600) 5) Start contributing 6% (employer match) to 401k. 6) Either build up more savings or pay off more debt (going to ask for the wisdom of goons in my thread) 6) Maybe start saving up for a car that won't be 19 years old?
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Dec 1, 2017 14:50
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DJCobol posted:Stupid impractical cars are the best car. Now pardon me while I go back to bmwusa.com and build out another M4 in Sakhir Orange that I'll probably never end up buying.  concur
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Dec 1, 2017 15:48
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drat Bananas last year posted:2017 Goals! Budget: it's only been 11 months, but according to averages I went over in several categories: Homeowners insurance: Unexpectedly high premium increase. Health insurance: my provider pulled out of Texas mid-year so I had to do a special enrollment and had a $117 increase per month for worse coverage. Sucks. Automotive: I didn't expect 3 new tires and dead battery in one year. Medical: Husband got dental insurance for the first time in a decade which allowed him to get a lot of overdue work done. Nearly $4,000 out of pocket after insurance paid some. Gaming/iTunes: No excuse, just a lot of franchises came out with games that my husband follows. Misc: We ending up owing money to the IRS after taxes this year, so I put that into the Misc category. Technically maybe it should go as a negative in the income category, though... On the bright side, we were under budget in many more categories than those, so we came out under our total annual budget. Over $300/mo on average under it, actually. We didn't do any major home renovations this year and our vacation was not international as we usually do. Stretch goal: Boss just isn't interested in providing a 401(k). We have SEP IRAs that she funds at the end of the year as a bonus, which is better than nothing. Gift horse, mouth, etc. 2018 goals will be mostly a repeat: - Keep recording my expenses - Keep to the budget I've laid out, adjusted for expected increases - Max his & hers IRAs - Increase monthly brokerage contribution by 50% Stretch goal: Remodel the master bathroom. Might even hire an interior designer to help plan it. Reverse goal: Acknowledge that while finances are important, so is my time and stress level. Will research and hire both a lawncare person and housekeeper for mowings/cleanings weekly, biweekly, monthly, I don't know yet. But I really want my weekends back. Damn Bananas fucked around with this message at 18:46 on Dec 1, 2017 |
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Dec 1, 2017 18:41
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Hella psyched about such a thread: What happened in 2017: - Maxed 401k for the first time. - Increased my salary from $73,700 to $100,000. - $20k saved for house down payment (need roughly $60k with a high 10% additional included for closing costs and first-year maintenance). - Got married. - Wife and I broke $100k combined net worth. - Budgeted out next year so we should be able to max all retirement accounts and meet goals. Assets: - $61.5k in retirement accounts. - $17k for 6 month e-fund in savings. - $20k for down payment in savings. - $12k in checking that's going to mostly become maxed-out IRAs on Jan 1. Liabilities: - $3,200 in revolving credit card debt (includes the last of the wedding costs from last month. None of this generates interest because it's all either current statement or being paid off as statement balance from last period). 2018 plan: - Max 401k + 403b - Max Roth IRAs near the beginning of the year. - Break $100k personal net worth. - Get another $20k put together towards house down payment. - Pay ~$5-7k for some optional surgery. - Change apartments to reduce rent from $14,400 a year to something closer to $12,000. - Try to convince wife to start looking at jobs that don't suddenly stop providing 403b matches, do improve her professional skillset a bit more, and aren't a hellish commute. - Possibly reevaluate our monthly budget and costs after we change apartments to see if shifting some of our e-fund towards either taxable investments or into the down payment pool makes sense given our risk comfort. Non-finance: - Finish working on this programming curriculum and mentorship by end of Q1 to feel more confident as a high journeyman/budding master instead of highly competent junior/fresh journeyman. - Get all the major design work done on my board game so I can begin the process of marketing and release before we start having kids in the next couple of years. - Maybe start learning Unity so I can tool around with making that Metroidvania I've been wanting to make. - Oh yeah, do a gently caress ton of reading on everything I need to know about home ownership and purchase so I hate myself less (or maybe just make my hate more refined?) Hoodwinker fucked around with this message at 20:07 on Dec 1, 2017 |
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Dec 1, 2017 20:01
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Today, December '17: $31,981 in credit card debt, spread across 11 accounts. Budget targets: January goal: pay off last of student loans March goal: pay off two of my smallest balance cards, and don't put poo poo back on them May goal: pay off two more cards June goal: with those smaller balances paid, hit my target payment amounts on my remaining large balances, with a little bit leftover in cash each month to use for everyday purchases (so I can avoid charging right back on the same credit accounts) Yearly goals: Don't open any new revolving credit accounts Hope that my old car's slipping transmission holds up through 2018 Set myself up to pay off enough of my mortgage so that the PMI drops off in 2019 Provide emotional support for my girlfriend to go back to school in the fall to get her RN Think about how and when I can responsibly buy a ring to lock her down Annual raise in the spring should have me nearly at or just over $50k metallicaeg fucked around with this message at 23:08 on Dec 1, 2017 |
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Dec 1, 2017 21:09
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Bought house, final down payment march 2018. Baby #2 May 2018 Goals: *Not implode economy. *Keep up savings goal of 30% of take home salary. 2017 ended with almost 45% so it might be doable. Then again I will lose my seat on the board of housing association when we move, the oldest kid will be going to kindergarden and owning a house will cost money. If we find a good tenant to live in our basement we might be alright though. *Keep growing with company, keep salary growth. *Move my rear end before I develop total dadbod. I miss the old me who could run half a marathon before breakfast and LIKE IT. The current version of me looks exactly like I imagined an at-home dad who just sits on his rear end looks. Yeah... EDIT TO ADD: *Open tax-advantaged account for baby #2. Save $70 per child per month. This is the most important thing. *Find person we like to live in our basement in order to reduce our CoL. *Have nice enough vacation. Potrzebie fucked around with this message at 22:03 on Dec 27, 2017 |
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Dec 1, 2017 22:03
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Subjunctive posted:
Oof. A record for BFC's most expensive wedding
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Dec 2, 2017 00:38
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GoGoGadgetChris posted:Oof. A record for BFC's most expensive wedding She earned every penny (including half of our assets). Every penny. Potrzebie posted:Keep up savings goal of 30% of take home salary. You’re an inspiration! Subjunctive fucked around with this message at 00:44 on Dec 2, 2017 |
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Dec 2, 2017 00:42
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I'll write these goals out in my own local currency, so you can divide the numbers by 8 to get a rough sense of scale in USD. As this is my first full year of working full time, my finances should be a little more stable. 1. Get to over negative 100K net worth. Requires saving around a 100k, as well as paying down on my rather massive (but low cost) student loans. Stretch goal: Less than 80K negative net worth. This should be possible, but will be difficult if there's a market downturn. 2. Fill up max tax advantaged space available: 25k. 3. Keep emergency fund filled at 30k. This might sound low, but I have good job security and socialized health care. 4. Take a good vacation without breaking the bank. 5. Get a side business of some sort going, to make at least 10k.
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Dec 3, 2017 17:22
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Man, you guys are doing pretty neato in the finance department. 2017: The year I unfucked myself financially, went from a 575 credit score to 750, $2k to $10k in 401k, -$11k net worth to +$22k, with just a $50k salary and some serious maneuvering of credit card signup bonuses. Nice job, me. 2018: 1. Get rid of the gnawing remainder of my debt ($6800 in credit cards, across 2 accounts, all at 0% until November 2018), once I do that, and ONLY once I do that: 2. Buy a new (used) (fun, but practical) car to replace my very lovely 11 year old Toyota Solara. Preferably cash, but my parents have mentioned being happy to finance me at 0%, so I may take them up on that. 3. Get promoted at work, which will result in a ~$10k increase. Very likely to happen, lots of room to move. 4. Extend emergency fund to $4k (currently at $2k, which is 2 months of barebones bills, gas, food). 5. Start back at school this summer to finish my bachelors so I can interview without having to explain why I have two associate's degrees and no BS. I'm the only person in my department without a master's degree, let alone any 4 year degree. 6. Laugh heartily at the reality show that is Bitcoin. Fat goal: Lose these last 30 pounds I want to lose. (Went from 315 to 231 between 2015 and 2016, back up around 245 since I stopped doing keto. Time to get back on the train) People goal: Stop being a love hermit and start dating again. spouse fucked around with this message at 02:33 on Dec 8, 2017 |
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Dec 8, 2017 01:35
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2017 Goals Met: -Maxed out 401k and 457 -Maxed the IRAs -Maxed the HSA -Maintained monthly contributions to 529 -Paid off car loan 2018 Goals that are on Autopilot: 1-Max out retirement plans (I'm just going to lump these together because at this point that's how it feels) 2-Max the HSA 3-Maintain 529 contributions 4-Keep current car to the "breaking point" (to clarify, we have 2 cars. The car loan was for my wife's newish car, so there's no worry there. My car is going to be over the 200k mark, and I have the pipe dream of it making it to 300k) BIG HARIY AUDACIOUS GOALS TIME!!! 5-Buy at least one rental property, preferably small multifamily (aka 2-4 units) 6-Dedicate 10 hours/month to side hustle with best friend 7-NON FINANCIAL: Dedicate an average of 1 hour/day to exercise 8-NON-FINANCIAL: Read an average of at least 1 book per month (superstretch: 1 per week)
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Dec 9, 2017 17:24
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2018 is a year of unknowns for me. The biggest unknown is what my salary will look like come Fall. My school district is facing a $6.5 million dollar budget deficit for next year, which could mean a lot of things. I'm a Teacher on Special Assignment, working out of the district offices, and it may be that I have to go back to the classroom - which would come with a sizable pay reduction. We're also in open contract negotiations this year, which may also mean more pay reductions... The state supreme court basically told our legislature to gently caress off and fix it - but I have little faith that will happen. So, anyway... 2017 Stats: Gross Wages: $71k (+13k from 2016) Raised net worth by: $29k (to 100k+, yay!) Saved for a House: $8.6k (total 11.2k) Increased e-fund by: $2k (total 7.6k) Contributed to Roth IRA: $2.4k Paid out for college: $3k 2018 Goals: Raise net worth by: $33k (to 134k) Save for a house: $9.5k (to 20.7k) -- If all other goals met save more here! Increase e-fund by: $2k (to 9.6k) Contribute to Roth IRA: $2.6k Pay out for college: $3k (out of pocket) These are all doable if I maintain my current pay rate - which goes through August - will need to reassess in September if things change! spinst fucked around with this message at 06:36 on Jan 16, 2018 |
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Dec 9, 2017 18:31
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Grumpwagon posted:If this isn't your first year participating in these threads, I'd love to see some summaries of your goals achieved from the past few threads. Always good to hear success stories. quote:I'm planning on 1-2 kids and FI by 45. My strategy is a bit vague right now, but it includes: I started a few side income projects: cover design, formatting for self publishers, self publishing erotica and romance. I started a few different blogs (mostly around romance book reviews, how to write romance, how to self publish) but none of them really took off and I didn't put too much time into them. Looked into starting an escape room, but it wasn't a good fit for our area. Self publishing ended up being the big one, and I wrote 25 novels and cleared just over a million in the course of three years so that we now have a net worth of $1.3M. I'm now taking a "mini-retirement" with my husband to raise our first kid. Let me tell you, being able to take YEARS off for maternity and paternity leave is incredible. Lots of writers I was friends with did even better, and some are making seven figures every year continuing to write fast and furious. It's been incredible to see, and I know that there are plenty of similar opportunities that pop up in different arenas. You just have to be willing to pour yourself into something once it turns out to be profitable. My new goals for 2018:
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Dec 10, 2017 00:15
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My brother is wildly successful as an independent artist. He pulls in a couple hundred thousand a year at this point selling his own intellectual property. I say that to put into context how loving blown away I am by this post. Great loving job!
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Dec 10, 2017 02:06
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moana posted:
That's super impressive. 2017 was a good financial year - first full year out of academia. Goals: - Max 401K, keep trying to convince wife to max her 403B - Add 30K in taxable savings - Stay debt free OR buy a house with 20% down - Limit useless spending/ sell off useless things if possible - Continue to resist temptation of risky investments like crypto Stretch: 200K Net Worth
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Dec 11, 2017 02:01
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Assets: 35k liquid 112k retirement (mixed Roth/non) 10k HSA 6k children's 529 Debts: 226k Student loans @ 3.8% 276k mortgage, 80k equity (15 year @ 3.0%) Remaining rent on broken lease: 11k Net worth, excluding house: approx -60k. As of 7/16 my net worth was approximately -220k, so the trajectory is in the right direction. 2017 changes: - Bought into my practice, over halfway there. Now eligible for 401k! - Bought new '17 CR-V for the family - Saved down payment. Do never bought - Now 2 kids in preschool, ugh Goals: - Pay off an extra $4000 per month towards the student loan, with goal payoff in 3 years. Stretch goal: Extra $5000 to payoff in 2.5 years - Increase 529 to 400/mo/child - Fight lifestyle creep tooth and nail. In particular limit house furnishing budget - Increase charity to 5% net pay - Keep my '06 Acura until my student loan is paid off. I was rightly mocked on this forum for buying this right out of school, however it has lasted 8 years with minimal repairs beyond brakes and tires. Overall a+ purchase would buy used Acura again - Maybe carry less cash? Makes me nervous
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Dec 11, 2017 22:49
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howdoesishotweb posted:Assets: Congratulations you've made huge improvements!
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Dec 11, 2017 23:18
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Assets $165k Liquid $721k Stocks/Bonds with a total gain of 165k Long Term (and some short term) $160k Roth IRA $314k in 401k Debts None Goals: - Max out 401k. Do not max out the rest of Retirement. - Consolidate funds to prepare for a house purchase. - Prepare a down payment (sales of stock will not need to be performed until time of sale) - Prepare a pre-approval with a bank. - Begin looking for Townhomes or Single Family residence (not happening). - Additionally, still take two 1week+ vacations this year. Challenge: Bay Area.
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Dec 14, 2017 02:09
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2018: Max out 401k Cash savings back to $15k (Currently $10k) Payoff second mortgage (~$37k) when taxable account hits about $240k. Taxable account right now = $220k Finish roofdeck (~$3k) Income goal: $130k New secondary income idea (old idea from ~3 years ago is being ended) Maxing out the 401k is easy. Just set my contribution and go away. Cash savings has to come from excess earnings. This is my rule for me. I could liquidate stocks to do this whenever, but this is to return to spending discipline. I've been too spendy because I bought a house and I needed EVERYTHING, and almost no matter what I spend, my networth increases because of stock gains. I should be able to bang this out in 2-3 months as long as I don't spend like an rear end in a top hat. Paying off second mortgage depends a lot on how my investments perform. This is to force me to diversify my holdings. I don't want to be so heavily skewed towards equities. It's purely psychological, but I want at least $200k in my taxable portfolio. So once I can withdraw enough to pay off the mortgage and still be >$200k, I'm doing it. I want the roofdeck by around May. So I'll need to get that savings to $15k by March. Then I can use my earnings from April/May to pay for the deck. I costed out the materials, and I'm looking at $3k, including furnitures to sit on and pretty decorations and lights to stare at. Income goal. I'm salaried but I do get overtime. If I can't generate income outside of work, this means I have to work about 240 hours of overtime and I don't want to do that. It's only one 60 hour week a month though, and we're going to be busy next year so the work available will be endless. I have a side business I started with some friends from 2013, but it was never profitable and we're closing it down in 2018. I'll never start a side business with friends again, but doing something on my own is appealing. My goal is just the idea and the effort. If it doesn't make money that's fine, back to the drawing board in a year or two.
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Dec 16, 2017 16:23
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Current assets: - Liquid - 88k (mostly budgeted for emergency fund and buying a new vehicle) - Retirement - 187k - Home - ~325k (220k mortgage) - Cars - ~12k & ~5k 2017 Accomplishments: - Maxed Roth IRAs - Met company match on 401k - Met company match on HSA - Went on a relaxing 5-year anniversary trip - Budgeted for my wife going from full-time to super part-time (8 hours a week) - Survived a mid-year layoff - Conceived baby number 2 2018 Goals: - Max Roth IRAs - Meet company match on HSA - Meet company match on 401k - 50/month in daughter's 529 - 50/month in son's 529 (once he's born) - Buy a new minivan with more than 75% cash - Help my wife make money on Etsy - Try to get at least 6 weeks of paternity (my company has no paternity leave policy). Worst case - 2 weeks off, and 4 weeks work from home. Best case - 6 weeks off with sporadic working from home when I can, but not 40 hours per week 2018 Maybes: - Finish cleaning up the basement and turn it into a play area. Not going crazy with finishing the basement, but getting carpet remnants and some cheap furniture will make it nicer - Release another iPhone app. Actually monetize this one - If my current job doesn't get better, start looking for a new one
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Dec 17, 2017 04:23
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2018 Goals: Sock away $25,000 in retirement investments (IRA + brokerage) That's all I got.
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Dec 17, 2017 20:21
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2017 accomplishments: +Somehow family increased net worth from 180k to about 265k holy poo poo  +Had a second babby, opened up 529 for it and its brother +Doing well enough at work that I'm starting to be seen as promotable -Did not lose weight. I worked out on and off throughout the year and am prettymuch right back where I started. -Did not develop a size hustle - instead focusing efforts on getting promoted. 2018 goals are a combination financial/professional/personal things that have a GWM nexus 1) Save 24k plus whatever I get from my tax return Not counting pension contributions in this figure but overall this is enough to max out tax advantaged accounts. I'm not worrying about a net worth end state this year because I'm investing for long term and corrections/recessions happen. 2) Get recommended and selected for a promotion at work 3) Finish a book every month I read a buttload of news and journals, plus technical stuff for work, but rarely make time to read a book for its own sake anymore. 4) Get (back) into shape and look good naked This will be done by 1) completing at least three rounds of an intense workout program like insanity or asylum during the year and 2) eating a big-rear end salad for at least 5 days a week. Stretch goal is to do a 2-3 backpacking trip per month once the weather gets warm and go on a hunting trip.
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Dec 18, 2017 00:28
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My 2017 goals were not met, but I still made pretty good progress, going from 95k net worth at the start of the year to 145k at the end of it. 2018 goals are a little bit different than last year - hopefully more realistic, especially because I'm purchasing a condo in a couple months. It's not exactly a great with money decision as I'll be eating a couple months' rent, but I decided I wanted to do it for several reasons, none of which is "stop wasting money on rent." -Buy condo -Add 13k in contributions to 401k -Contribute 3500 to Roth IRA -Add 2k to emergency fund -Max HSA -End year with no debt besides mortgage If I do this and the market stays steady (heh), I should end the year with a net worth around 176k.
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Dec 18, 2017 16:11
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Why not. 2017 I did: - maxed out 401ks - bought a house - got some good credit cards to churn points (kept my credit score at 750) - increased net worth from 240k to 340k - started an airbnb - obsessed over my YNAB budget - started reading again 2018 goals: - bathroom renos - kitchen reno - have a baby - keep, scan and track business and personal receipts like a motherfucker - max out IRAs and 401ks - get a promotion - increase net worth to 500k - do a better job of staying in touch with people - run a half marathon and triathlon - continue reading - score a sweet flight on points - pay off some of the remaining medium interest loans I have - write a blog once a week
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Dec 19, 2017 06:15
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2017 Goals: Technical failure of the no new debt goal, but met every other one. Grew emergency fund from $11k to $15k, dropped a student loan from $11,600 to $7500, and moved to another state for a new job. 2018 Goals 1. No. New. Debt. Period. 2. Savings: Save $15k in house down payment fund. Starting point: zero. 3. Savings: Maintain a $2k balance in medium term savings at all times. 4. Debt: Pay off my FedLoan balance (6.8% interest, $7500 balance) 5. Debt: Get NelNet loan balance < $10k (4.25% interest, $12,900 balance) Stretch Goals: 6. Save $20k in house down payment fund 7. Earn some side income
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Dec 20, 2017 00:03
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Omne posted:1. No. New. Debt. Period. Does that mean no credit card use, or no carried balance month-to-month? I’m trying to set a debt-related goal and I’m not sure how to incorporate credit card use.
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Dec 20, 2017 01:21
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The latter. I use my credit cards often, but typically pay them off every other week or so. It means no month-to-month balances on credit cards, no new cars or other debts.
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Dec 20, 2017 02:32
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Subjunctive posted:Does that mean no credit card use, or no carried balance month-to-month? I’m trying to set a debt-related goal and I’m not sure how to incorporate credit card use. Credit card use isn't Debt if you pay your statement balance in full each month!
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Dec 20, 2017 02:34
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GoGoGadgetChris posted:Credit card use isn't Debt if you pay your statement balance in full each month! I don’t think that’s what “debt” means, but I agree that it’s a good model for goal setting.
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Dec 20, 2017 02:48
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Subjunctive posted:Does that mean no credit card use, or no carried balance month-to-month? I’m trying to set a debt-related goal and I’m not sure how to incorporate credit card use. Why are you using credit cards in the first place? I only do it for the cash back rewards and better fraud/warranty protection vs my bank debit. Beyond that I treat it like cash. If you are in a situation where you are prone to accumulating debt on cards I would argue those rewards and protections may not be worth it, and forget the cards entirely.
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Dec 20, 2017 03:08
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howdoesishotweb posted:Why are you using credit cards in the first place? I only do it for the cash back rewards and better fraud/warranty protection vs my bank debit. Beyond that I treat it like cash. I use cards for fraud protection and convenience, plus the rewards. (And online shopping.) I’m not prone to accumulating CC debt, and haven’t carried any in more than 5 years, but I want to make sure my goals including holding the line on important stuff too.
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Dec 20, 2017 03:13
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All good points, and I can clarify if needed to make it easier to understand. I meant no new lines of credit that would have a balance, thus leading me to pay additional interest. No new car loans, furniture loans, carrying a balance on my credit card, etc. Using the credit card is fine, so long as you don't carry a balance (as I said earlier, I'm crazy and pay mine off every week or two).
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Dec 20, 2017 14:19
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| # ? May 8, 2024 16:03 |
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2017 Accomplishments: -Paid off wife's student loans. -Baby on the way. -Wife got a big raise. -I got a small raise. Debts: -3 years left on our 5 year car loan. Luckily it is 0% APR so no reason to pay it off sooner. -While not a debt, our rent is very high. We can afford it on our salaries (23% of pre-tax/deduction salary), but I still feel kind of dumb for signing a lease on such an expensive place, particularly since we have had lots of problems with our unit since we moved in. We have a baby on the way, so moving again isn't really an option, so we will just try to tough it out and prioritize saving for a down payment to buy a house. 2018 Goals: -House down payment. Hope to have 10% saved by the end of 2018, and 20% saved by the end of 2019. Maybe this tax bill will depress home prices in our metro area and we can reach our goal more quickly. -I would love to get a promotion in 2018, but 2019 is probably more realistic. -A reasonable chance my wife gets another nice raise.
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Dec 24, 2017 17:47
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