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Mar update 2020 Financial Goals:
2020 Personal Goals:
Like everyone else, things are weird right now. I'm middle management at a consulting firm, so I am ready for the axe to drop. We have an e-fund that would last 8-10 months, though, so if I were to get the boot, I wouldn't be too stressed. Our biggest client right now is a large health insurance company in the US, so I think they'll do better during this pandemic than most companies and keep us employed.
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Apr 1, 2020 16:31
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hot cocoa on the couch posted:Feb update: Things are pretty hosed but being a student not reliant on working income I'm actually in okay shape. I'm most worried about not being able to get a job in September and my siblings who live with me having the same issue, so income will be a problem in maybe 6 months but right now it's okay. March update: 1. I'm not gonna get to go rallying for at least 4-5 months, maybe for the whole year depending on the state of the world and my job prospects  2. Savings is down to $2,500, I had to use my tax return to offset the income I never received from my sister and buy a new set of tires for my truck. Yeah, so my sister lied for some reason about having a job so not only did I not get any money from her for the 5 weeks she was "working", but also I was paying for daycare needlessly. Pretty annoyed with her but financially it wasn't too big an impact. 3. In May when I receive my scholarships/funding I'll still be paying off my CC, gonna defer the $1,800 consumer loan until just before it begins accruing interest in January because of the uncertain state of the world/finances. 4. Degree is absolutely out at this point, now I'm just hoping I can get a job lined up in September. I'll be receiving some incomes from the Canadian government as part of it's CERB bill even though I'm not working, basically because I'm a low income single parent. I'll be using that to beef up my savings in May (to about $5,500 my budget says), so between that and the CC I should have a pretty comfortable buffer in case I can't get a job in September. Ideally my siblings would find work or one of us would qualify for some kind of regular income from CERB or what it may evolve into, but I'm not holding my breath for that. Hoping for the best, planning for the worst right now. hot cocoa on the couch fucked around with this message at 17:58 on Apr 1, 2020 |
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Apr 1, 2020 17:55
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Pipistrelle posted:March Update: Lol I got furloughed 3 hours after making this post. I’d love to get back to these goals, but for now I guess here are my new goals: 1. Don’t get the covid/die 2. Help my boyfriend not get covid/die 3. Walk the dogs everyday 4. Do yoga everyday 5. Don’t use all of my emergency fund before working again
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Apr 1, 2020 20:19
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2020 Responsible Goals: - Max 401k (Just registered, let's see how it jibes with my expenses) on track - Max ROTH IRA (DONE) - Invest what I can now that my potential down payment/emergency fund is stable We live in the endtimes so I'm making sure I have enough cash to float my unemployed relatives for the forseeable future. Investing will be solely w/my retirement accounts this year. - Spend < $50/mo on alcohol On track! - Spend < $40/mo on games I blew it, but I'm stuck indoors so gently caress it 2020 Fun Goals: - Go on a vacation hahahahahahahahahahahahahahahahahah - Pick up a new hobby Knitting up a storm 2020 Non-Financial Goals - Get to the gym 3+ times per week hahahahahahahahahahahahahahahahahah - Keep up with personal log 50/50 on this one - Furnish new apartment (Need: New Couch, entertainment unit, dining set. Want: 2 new rugs, shelving. Chores: Hang all wall stuff, curtains, finish unpacking misc still-boxed items) Doing great! Not as great as I should be though - Don't die on track
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Apr 1, 2020 20:58
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Pipistrelle posted:Lol I got furloughed 3 hours after making this post. I’d love to get back to these goals, but for now I guess here are my new goals: apply for that unemployment ASAP if you haven't already edit: sorry to hear you are furloughed, that fuckin sucks
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Apr 1, 2020 21:34
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DJCobol posted:Updated 2020 Goals: Pretty much! 
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Apr 2, 2020 03:16
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KYOON GRIFFEY JR posted:apply for that unemployment ASAP if you haven't already Yeah it’s the first thing I’m gonna do tomorrow. And no worries, that’s what emergency funds are for!
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Apr 2, 2020 05:08
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New goals! Don't die Don't infect anyone to death
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Apr 2, 2020 05:30
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howdoesishotweb posted:2020: After an amazing Q1 COVID has tanked our business ~75%. Q2 we will barely make payroll, and I foresee going into work with little to do. Business will (hopefully) pick up Q3/Q4 once quarantine is over, maybe this can be salvaged. Not sure if I’ll pay more mortgage this year, I’ll probably dump extra into VTSAX if we’re still recessioning. quote:Non-financial: gently caress 2b and 3, 2 kids now homeschooling with my wife who is not enjoying it.
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Apr 8, 2020 12:41
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2020 Financial Goals (March Update) Yes, I am way behind on getting to this update. March was obviously a crazy month. I got furloughed on March 23, then called back to work on March 26. I am in sales of injection molding machines and robotics; and it turns out this type of equipment is in high demand for PPE manufacturing. Somehow this possibility was lost on our management team, now April is slated to be our best month in a few years. Needless to say between business being totally crazy, working from home with a wife and two kids, I haven't been reading much SA. I did end up changing my strategy a bit. I had some inherited AT&T stock from my grandfather which I sold, not the best timing but I've had this since 1999 so I still made some decent money, Onto my March 2020 update, all numbers are from March 27, 2020: - Increase cash/emergency fund to $38,000. UPDATE: Currently at $23,540 - Fully fund both mine and my wife 2020 Roth IRA's. Mine will be fully funded by June, wife's in November. UPDATE: My IRA will still be fully funded in June. We may back down on fully funding my wife's this year. With my 401k, my fully funded IRA, and a $40/week contribution to my wife's IRA we are still putting 15% a year into retirement accounts - Deposit $50 / week into a "fun" money taxable account invested 100% into VOO. Currently stands at around $10,100. Thinking about long term, fun goals for this money. Hawaiian vacation in 2025? Still rocking and rolling. UPDATE: I'll continue to do this through this correction / crash / apocalypse. - Pay off our second vehicle. Currently $7,200 @ 4.25%. On track, am making the minimum payment until December, then paying off the balance, which should be $4,500, in December - Increase net worth to $358,000 Decided that this was not the best metric, since so much is tied to market performance, but I'm shooting for this anyways. This continued situation makes this unreachable. No worries, I'll just keep chugging along. Current assets are: $23,540 in cash $49,064 in taxable investments $407,294 in property (real estate and vehicles) $47,899 in retirement accounts (401k + Roth IRA's) Total = $554,797 Current liabilities are: $6,765 (@4.25%) for a car $1,285 in credit card (paid off every month) $1,020 on iPhone upgrade program $260,141 on my mortgage (@3.75%) Total = $269,275 Net Worth = $285,522 (-$20,483 from March 1, 2020) 2020 Personal Goals - Take two consecutive weeks of vacation. I am very fortunate and have 7 weeks of PTO, which I never actually use. Planned for one week of family vacation in August. Remaining time is to be determined - Do 100 consecutive pushups. Currently at 15. Haven't really focused on this at all, probably still around 15 - 20. UPDATE: Working from home has resulted in me doing at least 50 pushups a day between work tasks. - Read 50 books. Read 53 in 2019, but I still feel that 50 is enough. Read 5 books in March, I will probably end up reading ~75 books this year [/quote]
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Apr 21, 2020 12:57
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2020 Goals: Current State -  - My student loans: 170k, eligible for PSLF in 3 years. Currently 0% interest, no payments until September. - - Mortgage on a 15 year fixed at 3% - Emergency Fund Funded. Financial Goals for 2020 - - - Max out Backdoor Roth IRAs for me/wife: 12k Done - Put at least $6k/month in to a taxable account. Upped this to $7k/month, and have been on track since the beginning of the year. - Save money for our next car Almost fully funded, although I'm going to keep saving to increase our emergency savings. - Continue maxing out our 401ks/457s - On autopilot - Continue maxing out our HSA - On autopilot - Annual recertification of PSLF in September New Goal: Figure out if I want to change jobs in the middle of a pandemic, which would immediately result in 1/3 salary increase, potential for 2x my current salary, with the caveat that lol jesus christ is now really the time?
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Apr 21, 2020 14:02
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DrNewton posted:I tried joining in mid 2018, but gave up after a month or so. So this year I hope to contribute more. So I have my student loan down to $10900. I was paying $250 to $500 a month. I do not have to pay the next 6 moths, and it is interest free! So I am putting aside as much money as I can so that when October rolls around, I can start paying it off in large sums instead of the $250. I might even take a risk in the fall and pay it off completely as my net worth is now 2K above my debt! *thank you CERB and one hell of a tax return that was not expected* I really have gotten into the habit of tracking my expanses again on YNAB. Though I still need to work on impulse buying (mostly junk food for when I go to the movies). Thanks to this quarantine, I am saving a LOT of cash, and when I did budget extra for fun money (to buy art supplies and puzzles!) and strangely getting much more happiness out of it.
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Apr 21, 2020 19:34
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Weird month. We had a local outbreak so non-essential shops and services were closed for most of it. My card also expired and for some reason the new one they sent me had a different number, so I had to go around updating everything which was annoying, especially the ones that I forgot and just silently stopped instead of telling me. On the other hand my job remained secure, and the 2% annual CPI adjustment in our agreement isn't affected by actual CPI, so that's nice. I'll review the budget when the 'real' raise comes through in July. Overall income was down though because I don't get paid during the two-week term break. [*]Keep to the new budget/save $1200+ a month/spend less on junk food: I didn't keep YNAB up to date until just now, so that was useless. I didn't reach the saving target, but average for the year is still >$1200/mo. I probably spent way too much on junk food again but I haven't itemised the receipts yet. Big red X for this one. [*]Net worth of $85K: things are bouncing back faster than expected! Up to 74K from 71 last month and 73 two months ago. Combination of retirement funds recovering and spare salary. [*]Local/sustainable purchases: everything non-essential was shut, and I wanted to reduce outings, so I had fortnightly trips to the big supermarket and a few online purchases. Hopefully the local shops survive now things can re-open. [*]Get value from health insurance extras: Couldn't go to the dentist, didn't want to go to the optometrist. But I'd only save $10/mo if I dropped it, apparently? I'm sure when I do get my teeth checked it'll cost me a lot more than that. [*]Make use of my subscriptions: not really, but like I said it was a weird month. [*]Start planning for retirement: I'll increase my salary sacrificing once working from home is over, sometime this month.
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May 1, 2020 03:35
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2020 Financial Goals (April Update) I've revised all of my 2020 goals to be a bit simpler and reachable considering the current environment (in addition to simplifying my overall strategy). Goals for 2020: - Increase emergency fund / cash to $25,000 - currently on track - Save 15% of our gross income into tax advantaged accounts (9% into my 401k, max out my IRA, remaining into my wife's IRA) - on autopilot - Pay off my wife' car - I have all payments scheduled to pay this off by the end of the year. Current assets are: $24,695 in cash $55,093 in taxable investments $416,918 in property (real estate and vehicles) $88,084 in retirement accounts (401k + Roth IRA's) Total = $584,790 Current liabilities are: $6,132 (@4.25%) for a car $991 in credit card (paid off every month) $1,020 on iPhone upgrade program $259,150 on my mortgage (@3.75%) Total = $267,293 Net Worth = $317,497 (-$1,794 YTD / +$21,360 from March 31, 2020) 2020 Personal Goals - Take two consecutive weeks of vacation. I am very fortunate and have 7 weeks of PTO, which I never actually use. Planned for one week of family vacation in August. Remaining time is to be determined - Do 100 consecutive pushups. Currently at 15. Haven't really focused on this at all, probably still around 15 - 20. UPDATE: Working from home has resulted in me doing at least 50 pushups a day between work tasks. - Read 50 books. Read 53 in 2019, but I still feel that 50 is enough. Read 3 books in April, I will probably end up reading ~75 books this year
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May 1, 2020 12:58
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Doccykins posted:2020 finance goals - No consumer Debt - £79k - £5.4k thanks mostly to an inheritance which I dumped into the ISA - Back to £97k Personal Goals are being dumped on by lockdown... Haven't run for a week or so because I've been so busy with work and taking my government allocated exercise as a walk instead to keep me sane. Strange year.
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May 1, 2020 14:18
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Apr update 2020 Financial Goals:
2020 Personal Goals:
My boss showed me the raw company financials this week, and we're actually on track to do better this year than last year with most of our additional revenue coming during the lockdowns. I'm less concerned about my job at the end of this month than I was last month. We still probably won't open the office back up until the end of May, and daycares remain for essential workers only, so I'm gearing up for another month of work-from-home-with-kids.
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May 1, 2020 22:21
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 April Update 1. Increase net worth from 173k to 205k. 167.7k  2. Increase emergency fund from 12k to 14k. 13.1k 3. Contribute $3.1k to Roth IRA. $1040 4a. 4b. Also I appear to have bought a house at the absolute peak of the market. Ah well. I like it, and I'll be here for awhile. Currently spending all my money on furnishings. Woo! New Goals to replace 4a and 4b: 4. By the end of 2020, have made at least 1 extra mortgage payment. ($1240) Stretch goal: 2 extra payments. ($2480) 5. Pay at least 25% extra on each car payment through 2020. 6. No non-auto or mortgage debt in 2020.
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May 8, 2020 17:26
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"spinst" posted:Failed! I bought a house!
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May 9, 2020 00:48
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moana posted:Condolences Thank you for your sympathy.
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May 9, 2020 04:06
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Who knows where the real estate market will be in 20 years (or whatever), but I don’t think you should look at a primary residence as an investment.
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May 9, 2020 21:59
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my buy and hold post tax account is back in the green 
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May 19, 2020 08:20
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Doccykins posted:my buy and hold post tax account is back in the green Aha 2020 (and covid) are still young. We’ll see what happens when the second or third waves hit this fall and winter.
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May 19, 2020 12:20
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Alright I guess it's my turn to be that guy itt and ask what I should do with all this extra money. I have all the basics covered. 6 months of living expenses in rotating CDs, maxing out my 401k, contributions to my HSA have put me at the point that I can hit multiple years of max out of pocket, and I have an extra 15% of principal payments going to my 15-year mortgage payments each month. I still have a large sum of money coming through at the end of each month and I'm basically at the point where I don't know what to do with it. I'm considering upping my mortgage payments with the idea of paying it off entirely as soon as possible- as eliminating my largest monthly expenditure will make the rest of my life way easier. However I don't want to put all of my eggs in that basket, but the problem is I don't know what else to do with the money. My current 401k contributions should have me more than prepared for retirement, so I'm not sure if I want to start putting the money into long term investments, but even if I did I don't at all feel comfortable with making any investments until we return to some semblance of sanity. I guess I'm looking for ideas for additional financial goals? 
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May 21, 2020 17:28
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How much higher do you want stock prices to be before you're comfortable buying?
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May 21, 2020 17:44
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aint nothin wrong with paying off your mortgage if the rate's high enough
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May 21, 2020 18:33
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GoGoGadgetChris posted:How much higher do you want stock prices to be before you're comfortable buying? Like I said my 401k is already in the market. If I'm going to be making short-medium term investments I'm in no way comfortable with how anything is going right now. KYOON GRIFFEY JR posted:aint nothin wrong with paying off your mortgage if the rate's high enough For the time being my plan is to put half of my excess each month into the principal and the other half into my high yield savings. Eventually I'm going to be sitting on enough for another down payment for a house so I'm trying to work out some sort of goal to work towards.
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May 21, 2020 21:06
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PIZZA.BAT posted:Like I said my 401k is already in the market. If I'm going to be making short-medium term investments I'm in no way comfortable with how anything is going right now. I can already tell that a trip to the Long Term investing thread is in order! Is your plan specifically to save up for a down payment on a second house? Or are you saying that before too long you will have saved up that amount of money, and want to find a good use for it?
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May 21, 2020 21:19
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Yeah I'm more looking for another financial goal since everything I need is pretty much covered.
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May 21, 2020 23:25
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PIZZA.BAT posted:Yeah I'm more looking for another financial goal since everything I need is pretty much covered.
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May 21, 2020 23:30
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Are you also maxing out a Roth? Do that next.
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May 22, 2020 01:55
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SlapActionJackson posted:Are you also maxing out a Roth? Do that next. I contributed while I still could but I'm over the income limit for that now
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May 22, 2020 02:24
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PIZZA.BAT posted:I contributed while I still could but I'm over the income limit for that now
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May 22, 2020 02:27
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Ok assume that I'm an idiot when it comes to this stuff. I thought that past the income limit it was an either/or situation. And since the 401k allows me to contribute way more that seems like the better option. Is that not right?
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May 22, 2020 02:34
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PIZZA.BAT posted:Ok assume that I'm an idiot when it comes to this stuff. I thought that past the income limit it was an either/or situation. And since the 401k allows me to contribute way more that seems like the better option. Is that not right?
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May 22, 2020 02:36
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Specifically, "backdoor roth" is the magic phrase to google.
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May 22, 2020 02:36
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Ooooh. Yeah I've heard of those but my mind immediately blanked it out because as soon as things start veering away from the very simple and straightforward investing strategy I have I assume it's a bad idea. I'll look into that
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May 22, 2020 02:41
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PIZZA.BAT posted:Ooooh. Yeah I've heard of those but my mind immediately blanked it out because as soon as things start veering away from the very simple and straightforward investing strategy I have I assume it's a bad idea. I'll look into that I do recommend you head on over to the long-term investing thread with further questions. It's a more trafficked thread and you'll get much more information in there. Hoodwinker fucked around with this message at 02:50 on May 22, 2020 |
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May 22, 2020 02:42
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Cool. So I guess going forward I'm making larger principal payments on the mortgage, backdoor roth, and putting a rooftop patio on my place. Excellent. I like this. Thanks, thread!
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May 22, 2020 02:57
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hot cocoa on the couch posted:Things are pretty hosed but being a student not reliant on working income I'm actually in okay shape. I'm most worried about not being able to get a job in September and my siblings who live with me having the same issue, so income will be a problem in maybe 6 months but right now it's okay. Didn't really do an April update on May 1 because I was crazy busy with school and had no idea what was going to happen moneywise. I'll do an early May update instead of both April + May because everything just fell into place the last few days. 1. Next rally event is slated for June 20 2. Got my scholarships, and Canada implemented a new funding program for students which is very generous for me. Savings is currently at $5k, will be able to increase that to $10k by the end of the semester I think! 3. CC is  paid off!!! This is a huge accomplishment for me, I haven't been credit card debt free since probably 2011? Consumer loan I'm still sitting on because I'd rather build up my savings a bit in light of the current financial uncertainty, and it's not accruing interest. Feeling like I just took a big step forward on the road to debt freedom though, really I only have my student loan now.4. I applied anyway and was accepted to the degree program. Still don't think it's financially prudent to go right now  . Next years goal will be to pay down the student loan as aggressively as possible (maybe entirely?) and then think about going back for another 2 years to obtain my degree. It all depends on what field of engineering I go into really.Now I need to find a job for September. Only once I do that will I feel secure, the global financial situation still has me feeling nervous. I took some big steps forward this month though and feel great.
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May 22, 2020 03:28
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| # ? Apr 29, 2024 03:59 |
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E:f;b Look into a backdoor Roth if you don’t have a traditional IRA. Either dump into VTSAX now or keep everything HYSA until the market dips to where you want to buy. If you’re buying for the truly long term the volatility of the last couple months shouldn’t bother you. There’s never anything wrong with paying down a mortgage, it’s just the yield is a little lower. It’s a good feeling having a monthly bill wiped away
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May 22, 2020 04:29
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