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I'm in a very good financial position going into next year due to all the work I'm picking up, but I don't think it's sustainable long term. I'm hoping I can keep the second job throughout the year, but maybe it makes sense to front load the savings so that I can still hit my goals if I drop it halfway through. I've kept our spending to a level that's supported by just the first job, but we'd have no spare cash for saving and investing if I dropped the second job - I know it's all the same, but it just feels different, you know? Financial Goals: Continue to max out my 401k Support my spouse to max out her 401k Support my spouse to set up her private practice full time Cut our discretionary spending back by 5% ($150/month) Personal Goals: Take better care of my physical and mental health Upgrade my first job (job search, interview, etc.) Publish something
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Nov 29, 2022 17:01
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| # ¿ May 22, 2024 18:33 |
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Tibalt posted:Financial Goals: It makes me nervous to have a large installment payment like that which could be tricky to pay off if my financial situation changes, so I'm going to pay off the loans in the first half of the year and help my spouse max out her 401k in the second half. It'll also save on the interest, which should offset any missed gains from investing late. Plus we're not retiring any time soon anyway.
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Dec 19, 2022 16:03
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Financial Goals: Continue to max out my 401k On Track Help my spouse set up a retirement solution Waiting on this Pay off at least half of home renovation loans. Loan has increased, but still on track Personal Goals: Take better care of my physical and mental health ...We'll see Publish something On Track Well, some things are going well - I negotiated a 35% raise for job 1 that'll be effective in April, so that's a big step taken care of. We also cut back on discretionary spending by quite a bit. The less good news is that my spouse was fired from her job before she had the private practice set up, so ready or not, I'm supporting her move to full-time private practice effectively immediately. The home renovation budget has also ballooned by 30% after we made decided to expand the scope of the renovation, which I don't regret but has put a lot of extra pressure on us. But, I'm still on track to max out my 401k, and while I'll need to figure out a retirement solution for my wife, that can wait until she's settled in and the practice is up and running. We'll probably go with a traditional IRA and set up some automatic payments. And while I'm certainly feeling like money is tight at the moment, that's going to go away once I'm not trying to fill the hole in the renovation budget, my raise goes into effect, and I get my annual bonus. Lots of time between now and the end of the year, and all the goals are still easily achievable.
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Mar 2, 2023 02:04
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MEIN RAVEN posted:Sticking my nose in here, but when I ran a practice I was lazy and did the trad IRA route and the tax benefits were garbage. In hindsight, a solo 401k is 1000% better and is available to her if she can prove she’s running her business. Just something to look in to!
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Mar 2, 2023 17:11
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Financial Goals: Continue to max out my 401k On Track Help my spouse set up a retirement solution Waiting on this Pay off at least half of home renovation loans. On Track - 88% paid off Personal Goals: Take better care of my physical and mental health On Track Publish something On Track Pretty happy with how this month went. Without going too heavily into the details, I've taken some big steps for my health that I'm pretty proud of, so I appreciate that this post let me reflect on what I've done this last month. The private practice is coming along nice, I'm hoping that she'll be able to start working by June at the latest. Her unemployment has been in limbo for two months, which is a little unfortunate and put some strain on our finances, but I'm still hopeful. As for the home renovation loans, we've been keeping roughly on track and I think we'll start making some real progress once my pay raise kicks in this month. Honestly I've been a bit frustrated lately because it felt like I wasn't making an real progress, so taking the time to look back and see how far I've come since last month was something I needed.
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Apr 3, 2023 03:18
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Financial Goals: Continue to max out my 401k On Track Help my spouse set up a retirement solution Waiting on this Pay off at least half of home renovation loans. On Track - 86% paid off Personal Goals: Take better care of my physical and mental health On Track Publish something On Track Not a lot of change from last month. Paying our taxes didn't give us a lot of space to pay down debts, but at least I'm still moving in the right direction. Hopefully I'll make a little bit more progress in May.
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May 1, 2023 20:24
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Financial Goals: Continue to max out my 401k On Track Help my spouse set up a retirement solution Waiting on this Pay off at least half of home renovation loans. On Track - 83% paid off Personal Goals: Take better care of my physical and mental health Off Track Made some changes to how I had our loans set up, which should save money and make things a little more flexible in the long run. The private practice is still waiting on most of the insurance companies to certify and approve, but she's going to start seeing her first patients this week. Published something, so that's one goal down. The only unfortunate news is that my insurance company hasn't agreed to a deal with the local HMO, so all my doctors and specialists are about to be out-of-network starting on July 1st. Not really sure what we're going to do about that - starting over with a new team of doctors is a bit intimidating for me and my spouse, but not sure what we're going to do instead.
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Jun 3, 2023 23:45
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Financial Goals: Continue to max out my 401k On Track Help my spouse set up a retirement solution Waiting on this Pay off at least half of home renovation loans. On Track - 82% paid off Personal Goals: Take better care of my physical and mental health Off Track I almost forgot about this thread. The home renovation is going ahead and might actually be wrapping up, which would be great if it actually happened. We've been going through this process since last year, and I'm just really, really tired of not having a kitchen. Our contractor is great but I'm convinced that he's not good at project management, and this project was just a little bit too big for him without someone to keep him on task. As I mentioned, the budget increased after we made some big changes like raising the ceilings. I didn't have to take out any additional loans to pay for the extra work, but between paying for that and supporting my spouse after she was laid off, I haven't had much money to spare on paying down the loans. Well, I'm finally over that hump, and I think in the next month or two I'll be in a position to pay down the loans and build up some momentum. My insurance provider and my doctor's health network managed to reach a deal, so I don't have to change doctors. That said, I need to get another appointment set up. But, one less thing to worry about even if I'm not quite back on track yet.
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Jul 11, 2023 17:30
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| # ¿ May 22, 2024 18:33 |
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Financial Goals: Continue to max out my 401k On Track Pay off at least half of home renovation loans. Off Track - 74% paid off Personal Goals: Take better care of my physical and mental health On Track In an attempt to get the home renovation over the finish line, we hired a second contractor to handle the floor tiling and to help our first contractor. It didn't increase the budget too much, and helped speed up the progress significantly (a frank conversation with the contractor where he admitted that he was taking other jobs on the side because he felt bad asking for the rest of the money before the job was completed also helped). I don't think I'm going to hit my goal of paying off half the home renovation loans unless I pick up the pace significantly in the final months of the year, but I'm still happy with getting a third paid off. Between my spouse's layoff and the increased budget for the renovation, I'm still happy I've been able to pay off as much as I have. That said, my wife's practice has really taken off and she's already started a pretty significant amount of income. She's still waiting on the first round of payments from the insurance companies to come through and paying off a lot of the start-up costs that accrued over the year, so we're still on just my income for the moment. There's a lot of uncertainty and the holidays could be expensive, but I might be able to pull it off.
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Sep 9, 2023 19:22
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