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Happy December everyone! It's that time of year again where we start planning all of the goals we are totally going to meet in 2024! If you're anything like me, putting your goals anonymously out into the world for all to see gets you motivated to actually complete some of them. (It's the imagined accountability to internet strangers that does it. Once again I've stolen the OP from threads past, and many thanks to LanceHunter for the thread title. I'm pretty bad at making threads and being OP so if there's any info you feel needs to be in this post let me know, otherwise cry havoc and let slip the dogs of war for 2024! Tips for a successful financial year
2023 2022 2021 2020 2019 Incremental Improvements Thread for small win inspiration Also there is this interesting video from youtuber CGP Grey, if having goals following the SMART principle outlined above doesn't work for you. Perhaps having a general theme, at least for the personal goals, may help you?
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Dec 3, 2023 04:15
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if you haven't participated in this thread before!
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Decided to stick my goals in a separate post this time. Financial Goals - Contribute Tax Return or 2k to IRA. I'm gonna palm slam some cash into my neglected IRA this year, either with my tax return or 2k, which ever I can spare. - Save money for house. My $250 a week isn't going to change from last year if I can help it, but maybe I'll only note when I add bonus funds over the on pace schedule? - Beg for raise in March. March will be for sure a year since my last raise and since you have to beg for them in my company it'll be time. But.... - Solid Contingency Plan. I have little faith in the continued health of the small company for which I work and I need to decide if I want to continue in my current field or go back to school and if so, for what? Personal Goals - Make a Cabinet of Curiosity/cull subpar artifacts. I've collected too much stuff and am trying to declutter a lot of it through the lens of "would I put this on display in a cabinet and show it off?" I don't have space yet for an actual china cabinet to do this with but I can start preparing for that goal now! - Play and Beat all DS and 3DS games. I've got like 6 DS and 3ish 3DS games left to play. I'm hoping calling out specific consoles will help me stay focused on actually beating games. The only problem is like half of them are long rear end RPGs... - Watch all of my Urusei Yatsura blurays. Same specific plans here. The DVDs I have left are all TV shows, so I'm going to think of them in terms of finishing series this time out. - Play more board games/engage more with people. I've got plenty of board games collecting dust, and I want to get back to interacting with my friends and family more (I curl up in front of the computer by myself too much). Hopefully this won't turn out like my "hang out with friends more" goal did in 2020.  I will probably also keep track of the amount of books I've read out of 5, but don't have a specific goal as I'm largely caught up on my to read stack, unless Christmas gifts change that for me. - Finish a sketchbook It's been far too long since I've finished a sketch book from end to end with some meaningful sketches. - Get back into jewelry making. Another thing I've neglected for too long. As always the overall here will be to finish my existing projects, jewelry or not though. -Travel goals. I have 3 to 5 short day trip/out of the way things I'd like to do and I'd like to do at least one of them I think. Start small on this. I'm pretty sure I've bitten off more than I can chew again, so we'll see what gets accomplished or dropped or changed from this list. Plenty of them are contradictory to each other again so that will be fun.
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Dec 3, 2023 05:18
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stickied this until, say, sometime in the new year godspeed goons
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Dec 3, 2023 16:22
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I’ve never shared my goals publicly before. I love reading the old threads. They’ve been educational and motivating, and I hope I can do the same for someone. The largest change I anticipate this coming year would be purchasing a home. I have quite a few goals because I think the interaction between them will make me more disciplined: 1. Increase emergency fund to $10,000. Currently at about $7,650. 2. Reduce private student loan to less than $10,000. Current balance: $18,300, about 3.5% interest. Yes, I know this is less than inflation/HYSA/target funds, etc. I know. But I hate, hate, hate paying on this every month, and if I do the minimum it will be another 4+ years. For various reasons, I want to be more aggressive. I pay the minimum on my federal loans due to PSLF. 3. Contribute average of $150/month to Roth IRA. I have a 401K and contribute a total of 15% between me/employer/match. 4. Rollover 401K balance from previous employer. 5. Invest at least $1,000 in S&P 500. 6. Net worth >$120,000, excluding potential mortgage. Currently about $78,000. Not sure I can achieve this one because there is too much depending on investments. 7. Keep grocery/toiletries/beauty spending to an average of $350 or less per month. 8. Save $3,200 for trip by April 15th. Currently at $2,350. 9. Continue to save at least $400 per month in house-specific fund. I'm almost to my current goal, but whether I get a place or not I need to keep saving to be prepared for unexpected costs. And, if takes way longer than I think, saving more should get me either a better monthly payment or a better place. Edit: Adding personal goals: 10. Read 40 books. 11. Work out 15 times per month. 12. Practice piano 1.5 hours a week. It's very little, but I am at 0 for past several months. Hannot fucked around with this message at 00:49 on Dec 4, 2023 |
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Dec 4, 2023 00:40
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Like last year, I'll post this draft now and edit it until the 31st if I change my mind or have a better idea. Then it will be locked for 2024... (FINAL EDIT: Locked-in for 2024.) Financial
Life
LanceHunter fucked around with this message at 04:28 on Dec 28, 2023 |
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Dec 4, 2023 17:22
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I don't know if I should be heartened or dismayed that so many of us are hoarding money for eventual house down payments.
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Dec 4, 2023 18:58
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Turbinosamente posted:I don't know if I should be heartened or dismayed that so many of us are hoarding money for eventual house down payments. I feel really lucky that homes are still decently affordable in my city, especially when I look at others of comparable size in my state. They have doubled for the most part over COVID, but they were super cheap anyway, which I don't think is going to last even five more years. It's added a bit of urgency to buying, but not extremely so. Part of me feels that I should be content to rent and save a bit more, but I have been planning for two years and it's really only possible because of a raise I got this year. Which isn't even isn't that much more, despite being nominally a good amount, thanks to inflation. Are you going for 20% down? That's been my goal but if interest rates fall more I might go for 15%. I really admire everyone being diligent about this in places where the market's been crazy-crazy. Already have a couple minor revisions to my goals after playing with my spreadsheets -- not too different, but realized particularly that the net worth goal is just not sensible when I'm talking about purchasing.... I really feel like just knowing it's ON THE INTERNET will help me be steady. Thanks for making the thread!
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Dec 10, 2023 19:22
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Hannot posted:Are you going for 20% down? That's been my goal but if interest rates fall more I might go for 15%. I really admire everyone being diligent about this in places where the market's been crazy-crazy. TBH I am going for as much as I can spare for house buying, but the idea is to have 20% and a bunch more for the inevitable repairs that crop up when you first get into a new house. I only started seriously saving last year so I am nowhere near having that amount necessary, but I hope to have enough in 2-3 years and have the pipe dream of the market calming down by then. And no problem! Having the thread for 2023 did help me immensely; especially the monthly update posting. It pointed out which goals weren't helping me and directly informed what I want to do for 2024. I've kinda gotten ahead of myself and started switching to next year's goals, but I'll still be making a wrap up post for 2023 in the old thread. Still questioning if I made too many media consumption goals again this time around, and whether I should make the decluttering goal less specific to my collections. There's only so many mistakes there I can eliminate, but some could use a second pass. If anyone is wondering what the deal with the collections obsession is, it's because it's probably the biggest "waste" of money I have right now and is the easiest thing to change in my budget.
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Dec 10, 2023 20:16
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2024 Financial Goals 1. Contribute full amount to 401(k) 2. Set aside max amount for 2025 IRA 3. Set aside $1,200 for vacations 4. Figure out what to do with extra money - This is the first year that I think this might be possible, so I need to figure out what I want to do. I'm going to look into an active brokerage account, but I need to figure out the details. 5. Help Mr. Pipistrelle set up an IRA - Carry over from last year 6. Re-evaluate goals in July 2024 Personal Goals 1. Read 20 books 2. Read 2 career related books 3. Finish 2 crafting projects - I want to replace phone browsing with doing crafts. I have a small cross-stitch project to start, and I’d like to take up knitting. 4. Work out 15 times a month - I'm trying to be more active, hopefully writing this one out will help keep me on track 5. Use standing desk everyday - Same as above, I want to be more active and I'm sitting way too much while working. Hopefully this keeps me on track. 6. Close unused accounts - I have some random 401(k) and HSA accounts that I've moved money out of, just need to close them now 7. Get a will Edit: Goals locked-in 
Pipistrelle fucked around with this message at 00:44 on Jan 1, 2024 |
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Dec 17, 2023 16:18
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Well, 2023 certainly could have been worse. Getting laid off in February and then again in November wasn't too good for morale, but it didn't ruin me financially, thank goodness. At any rate, trying to set goals when I'm unemployed is...something. I'm going to do it anyway, because gently caress it. I don't see myself going jobless for that much longer (hope I didn't jinx myself there), so fingers crossed and I'll keep my goals relatively modest. Financial - $30,000 emergency - $10,000 travel - $7,000 bills - $3,000 random apartment stuff (bedding, curtains, appliances, etc.) Since I don't plan on moving this year, I'll focus more on saving. Personal - get new bras - throw away empty boxes 
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Dec 21, 2023 21:05
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Buy a house.
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Dec 21, 2023 21:18
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Just finished the yearly rebalance, so figured I might as well. Current State - Mortgage on 30 year fixed at 2.875% Financial Goals for 2024 - Max out Backdoor Roth IRAs for me/wife - Max both of our 401ks/Mega Backdoor Roths - Put 15k/month in to brokerage account - Put 3k/month in to savings - Fund Baby Evil's 529 with an extra 20k - Increase net worth to the next million Non-Financial Goals: - Read 1 book/month - Increase FTP to 4.1 w/kg
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Dec 24, 2023 22:35
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I'll assume it's kosher to list primarily non-financial goals, thread title notwithstanding: - Get a will. - Read two books a month (take that Dr. Evil) to resolve primary backlog, 0/20. - Complete indexing and stable long-term organization of: = hardcopy file archive (three cabinets remaining, approx. 0/20 feet). = electronic file archive (still need to create a manifest, these are all over the place. This is in tension with digitizing appropriate hardcopy files above). = email archive, 0/5 remaining years to process, and new presort rules. = internet bookmark archive (Primary set 0/200, secondary 0/800, tertiary ~0/2000 divided across 10 systems, quaternary/subset org and maintenance sets will need a new manifest after finishing the first three). = after completing primary reading backlog, finish book index and evaluate collections for cutdown, 0/7. - Move to larger place in lower CoL area. - Bank account transfer. - Set up CD purchase. - Lose 25 pounds, 0/25. Posting goals: - Complete Shockley project by assigned date March 1. - Review books for TBB 0/20. - Restart antivaxx bookshelf with Deer book summary. - Continue antivaxx bookshelf with Kennedy book summary. - 2023 Kellies OP by January 15. Discendo Vox fucked around with this message at 10:13 on Jan 14, 2024 |
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Dec 25, 2023 07:39
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Discendo Vox posted:I'll assume it's kosher to list primarily non-financial goals, thread title notwithstanding: It is, most of my goals were non financial last year and I wound up OP to both the 2023 and 2024 threads  The major things that changed financially for me year to year there was realizing house buying isn't going to happen as fast as first anticipated and that I may have neglected my IRA... for... like... five years so I have a few more financial goals this time. Hanging around in BFC more and reading the retirement/investments thread is definitely making an impact on me and my thoughts regarding my money.
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Dec 26, 2023 14:57
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2023 was good, thank you market for ending up with a higher NW than when we started. I don't actually know what we spent because I wasn't tracking it through the year and apparently Mint is gone now? What are you all using to track income/expenses? (don't say by hand, Amazon pays me for every country it services and I'm not doing it by hand) Goals for 2024: All year: - Read 120 books - Set up at least one dinner party/game night with friends each month - One date night each month - Substitute teach for 10+ days Winter: - Finish final touches on music room (acoustic art, hallway floor, acoustic curtains) - Get quotes for remodeling the kitchen - Install shelving for the pantry Spring - Do a pumpkin-heavy garden - Finish remodeling the back bedroom (buy furniture, repaint) - Spring cleaning - Paint the back of the house Summer - Stain the deck - Powerwash and paint the front concrete - Redo the outside area to be more of an art zone - Run neighborhood Sunday night bonfires - Have a kickass 40th birthday party Fall - Have a kickass 10th anniversary celebration - Go balls to the wall for Halloween decorations - Get Christmas stuff done in November
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Dec 29, 2023 02:02
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These threads are great! They helped me save up for a house down payment, start contributing to a Roth IRA, etc. I wish I could find the first thread I participated in - I think my net worth was like $20k. I'm thinking it must have been 2014, since I started using YNAB in the fall of 2013. 2024 Goals! 1. Raise net worth by $361k to $405k. 2. Increase emergency fund from $20k to $22k. I know I said I wouldn't continue this one after $20k, but I am starting to think about money for caring for my parents as they get older. I don't think I'll need it for 5 to 10 years, but I want to be ready... 3. Open a 18 month CD in Feb. 2024, fund with a minimum of $5k. So - I figure I can start stashing some of that extra money in CDs? I opened one in August, I figure I can get three going so one matures every 6 months. 3. Open a 18 month CD in Aug. 2024, fund with a minimum of $5k. 4. Make one extra mortgage payment. 1.16 extra payments made. Goal met. 5. Contribute a minimum of $5.8k to Roth IRA. 6. Stay at or under my Eating Out budget for 9 out of 12 months. Bringing this one back since I failed miserably last year. 7. Lose 15 pounds. I have lost about 10 pounds between Oct and now, so am feeling motivated to continue. 8. Read 12 books.
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Dec 29, 2023 17:31
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moana posted:2023 was good, thank you market for ending up with a higher NW than when we started. I don't actually know what we spent because I wasn't tracking it through the year and apparently Mint is gone now? What are you all using to track income/expenses? (don't say by hand, Amazon pays me for every country it services and I'm not doing it by hand) YNAB + Toolkit for YNAB extension though I am flirting with Fidelity Full View since it's free
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Dec 29, 2023 18:54
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I'll likely tweak these a bit as the year goes, but here's a start. 2023 Financial Goals
2023 Personal Goals
Good-Natured Filth fucked around with this message at 20:30 on Jan 2, 2024 |
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Dec 30, 2023 15:46
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2024 Financial Goals
2024 Personal Goals
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Dec 31, 2023 16:13
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same goal as last year: buy a corporate bond and hold it to maturity
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Jan 1, 2024 03:00
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Happy New Year, all. ~final goals~ Hannot posted:
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Jan 1, 2024 20:24
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KYOON GRIFFEY JR posted:
Congrats on the upcoming baby! If you hadn't planned on it, come join us in the Parenting thread. There is a big collection of goons parenting a wide range of ages in there (infants to college-aged) and a solid amount of collective goon "wisdom" on troubleshooting kids. As a parenting book reco, I've enjoyed the "New Father" series by Armin A Brott. It's originally from the early 2000's, so there are some outdated viewpoints on technology and the ostracization of stay-at-home / involved fathers isn't as pronounced nowadays as he makes it out to be. My wife liked the "What to Expect" series, but I found them to be overly dense in information. Good-Natured Filth fucked around with this message at 22:22 on Jan 1, 2024 |
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Jan 1, 2024 21:55
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Happy New Year goons, it's never too late to make resolutions and positive change! Had some good stuff happen so far, and I'm choosing to call my impending car repair a holdover from 2023's bad juju. I'm more mad that I'll probably have to dip into the house fund to pay for it, but I at least have money to do it.
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Jan 1, 2024 22:08
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2024 Financial Goals 1. Maintain veterinary fund at $4000. Jet, my cat, has heart disease and will likely have at least one more cardiac event this year. The e-vet visit will be expensive, since I didn’t get insurance for him when he was young. So my goal is to always be ready to fully pay off any of our trips to the ER in 2024. 2. Max out 401(k). I am of the nature to grow old. I cannot avoid growing old. I must prepare. 3. Investigate backdoor Roth. Assuming I'm employed at my same MAGI for this entire year, I can't contribute to my Roth IRA for TY 2024. I should see if it makes financial sense to go through the back door this tax year. 4. Set up my sister’s finances and associated accounts. I’m worried about her dentistry career and her financial security. I can’t do much about her career prospects, but I can at least guide her finances. 5. Start new 2024 budget. My approach to budgeting has historically been very slapdash, and I only just recently understood how to properly use a credit card with YNAB. I'll use my 2023 reports to inform my 2024 budget, but I'll archive the old one. 6. Spend less than $100 combined on snacks and takeout/delivery per month. Holy poo poo food is expensive now. Until wages and salaries are rightfully raised to match, limit the money I spend on them. Also, I've been indulging way too much and way too impulsively, sooo yeah. (TODO: Add more.) 2024 Personal Goals 1. Care for my cat. I mentioned my cat earlier - he's my most important charge, and he's senescing. Although he's in good spirits and has a respectable amount of energy for being more than 14 years old, he still has heart disease and either IBD or small cell lymphoma. He probably will not see 2025. So we're going to make this the best year ever. 🖤 2. Fix birth certificate. My family is going to file for Italian citizenship via jure sanguinis, but my birth certificate has clerical errors and inaccuracies that need to be amended first. Unfortunately, that birth certificate is in a completely different state than the one I live in! That will require filing a case with both my local and birth state courts and city halls, and it's going to be a huge pain in the rear end. But this is blocking the rest of my family from Italian citizenship, so I need to get this done. I've got the documents, I'm just waiting on some remaining clerical work from the lawyer I've been working with before I can file. Wish me luck, everyone  3. Return to my low-carb, time-restricted feeding diet. Good lord have I fallen off that bandwagon. I've gained a sizable amount of weight thanks to impulsive snacking and choosing sugary treats and alcohol for hits of dopamine (to stave off stress and depression). This year, I need to get back to doing two things: minimizing carbohydrates (i.e. stop eating sugar, bread, chips, crackers, chocolate, etc.) and limiting my meal hours (i.e. only eat between 12PM~8PM and stop raiding the office mini-kitchen). 4. Reassess career. Now that I've spent over two years on this project at my job, I think it's time to move on. I'm not happy on my current team, and I'm also uncertain about the company at large. And, uh, whether I'll still be working there by the end of the year. On either my or their terms. I've also been insanely burnt out and dissatisfied with the work I do, and have lost my confidence and self-respect as a software engineer. I'm uncertain of my future career prospects as well, so I want to do something that makes me feel like I'm actually fuckin' learning and growing. 5. Make one song per week. I want to make music, get good at making music, and enjoy making music. I have hella brainworms about making music, and 2023 was a thoroughly unproductive year in that sense. Therefore, I need something to keep me accountable and force me to get over my blank canvas anxiety. So I signed up for WeeklyBeats 2024! It's meant to "encourage musicians to be productive, creative, and have fun", so god willing this will get me to stop fearing the creative process. Especially since my output is expected to be over one minute in length, and fully complete rather than a snippet or WIP. (This is a lofty fuckin' goal, considering I have zero musical training or production education. We'll see how much of this I get done.) 6. Add structure and schedule to my life. ADHD has hosed over my adulthood. I can't organize, plan, or schedule for poo poo. I don't feel productive, creative, or diligent. I wish I was someone who was more organized and put together, and knew exactly what to do with their time and energy. So I'm going to try and be more like that person. I...honestly don't know how to do this, other than leaning on my calendar and to-do list for everything. But I'll try to figure something out! (TODO: Write actionable items for this.) 7. Meet people. 2020 was going to be my year!!! I would turn 30 years old and become a Normal Well-Adjusted Adult!!! And then COVID happened. And we all got quarantined for almost 2 years. And now it's been almost 4 years since my 2020 resolutions and I'm somehow even more isolated and alone. I'm starting to feel my age - if I don't make more and stronger friends, and soon, I'm hosed. I need a stronger social net, and I need it now. 8. Practice guitar every MTRF and follow a practice plan. I like guitar, but so far I've just been plonking around on it like an idiot. So when I look over to it, I feel bad about how little progress I feel like I've made and start avoiding it. I need to practice guitar regularly, even just for 30 minutes at a time. And I also need to follow a plan or course as I do - I have no idea what I'm doing! (And I want to get good enough to go back to my old teacher, who I stopped going to because I felt bad that I couldn't keep up.)  Okay, this one’s a lofty goal. How about going in on Wednesdays again...? (TODO: Add more.) 2024 Financial Un-Goals 1. 2. (TODO: Add more.) Pollyanna fucked around with this message at 23:27 on Jan 2, 2024 |
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Jan 2, 2024 01:07
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Even though I changed things so much partway through last year that most of my goals were no longer relevant, I'll try again. This time, with simpler goals 2024 goals Financial - Get my combined house and emergency fund to €20k and keep it there Currently €10k (emergency), €5750 (house savings) and €2967 (house checking) and I'll keep paying utilities and house work from the checking account so I'll just need to fill the house savings account up to 7k and then pay into the checking account whatever I spend each month, so it's probably going to be at not quite €3k at the end of the month like it is now. - Make €1800 or more worth of extra mortgage payments In preparation of my current interest rate expiring in 2030 for two parts of my mortgage. For now, this is happening automatically, with €150 per month going to the loan part with the nearest rate change date. - Contribute €200 per month to my tax advantaged retirement account Still doing this automatically. - Build up my non tax advantaged brokerage account to at least €58k More if possible, depending on the market, obviously. Once I have €100k (not this year lol), I'll start allocating more money to the mortgage instead. The brokerage balance is currently at €43200. House - Finish the last remaining work from last year's renovation Some finishing work to be done, and wood paneling on one living room wall. I'll probably meet with the contractor next week, after a few months of doing nothing about the renovation. - Get a washer and dryer And get them installed, which means I'll have to sacrifice my separate shower and move my shower into the bath tub. I used to worry about accessibility for resale value, but since it's up a flight of stairs, no seniors are going to buy my apt. Other - Finish reading 20 books (up from 13 last year) - Finish writing my small breakfast cookbook - Do some exercise every day, even if it's just a set of situps or biking to the office EricBauman fucked around with this message at 22:12 on Jan 2, 2024 |
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Jan 2, 2024 16:08
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Good-Natured Filth posted:Congrats on the upcoming baby! If you hadn't planned on it, come join us in the Parenting thread. There is a big collection of goons parenting a wide range of ages in there (infants to college-aged) and a solid amount of collective goon "wisdom" on troubleshooting kids. Thanks! I'll be sure to stop by. I did not care for "The Expectant Father" by Brott - can't really recall why at this point, it was one of the early books I read. Did "What to Expect," the Emily Oster stuff (hilarious econ brained poo poo but some useful stuff), "Bringing up Bebe" (interesting, Druckerman is an annoying narrator), and "Brain Rules for Baby" (which I liked quite a bit).
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Jan 2, 2024 16:27
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2024 Financial Goals
2024 Personal Goals
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Jan 2, 2024 18:03
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Financial Goals 1. Pay off half the pool loan. Currently at $29,786. Stretch goal: under $10k. 2. Emergency Fund > $20k. Currently at $15,992. We dipped into it for some pet emergencies. 3. Save $2k per month. Split between brokerage and savings accounts. 4. FINALLY start a Roth IRA via backdoor. Keep kicking this down the road. 5. Max 401k. Personal Goals 1. Read 25 books. Hit 26 in 2023, but keeping this consistent as my new job will likely take up more of my time. 2. Play 25 rounds of golf. 21 rounds last year, so looking to add ~20% more rounds. And hopefully lower my handicap. 3. 200 workout days. Hit 170 workout days last year, defined as working out at least 30 minutes. 4. Book trips to Singapore and London. These will be the two big ones this year, with a few smaller ones mixed in.
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Jan 2, 2024 20:06
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Pollyanna posted:9. Go into the office more often. I've gotten too used to work-from-home days. And despite my commute currently being absolute garbage, I still think showing up in person every day is worth it - cause then I'm less likely to be hated or laid off! Right!? I take it back. Holy poo poo I hate commuting. gently caress you Boston.
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Jan 2, 2024 23:26
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Pollyanna posted:I take it back. Holy poo poo I hate commuting. gently caress you Boston. 
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Jan 2, 2024 23:32
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Pollyanna posted:I take it back. Holy poo poo I hate commuting. gently caress you Boston. Pro tip do not go in on Wednesdays. What’s your commute?
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Jan 3, 2024 02:11
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Malden Center to Kendall. I’m sure there’s worse commutes, but I’m just sick as hell of this one.
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Jan 3, 2024 03:16
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Pollyanna posted:Malden Center to Kendall. I’m sure there’s worse commutes, but I’m just sick as hell of this one. That’s a pretty annoying one, though. Not a lot of good transit options and it’s a lovely drive. This is an awful city to commute in.
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Jan 3, 2024 03:23
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KYOON GRIFFEY JR posted:Thanks! I'll be sure to stop by. I did not care for "The Expectant Father" by Brott - can't really recall why at this point, it was one of the early books I read. Did "What to Expect," the Emily Oster stuff (hilarious econ brained poo poo but some useful stuff), "Bringing up Bebe" (interesting, Druckerman is an annoying narrator), and "Brain Rules for Baby" (which I liked quite a bit).
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Jan 3, 2024 19:15
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1. Survive another year at place of employment 2. Spend money on all health issues with no limit for this year out of HSA 3. Max out 401k, After tax -> Roth transfers and HSA transfers for th eyear. 4. Increase personal ratio of (emergency money + investment acct + checking account)/loan of house to 0.4 5. Move finance plans forward with girlfriend I would like tech to be more stable this year but I don't really have control over that. Instead my goal is to be able to allocate enough investment savings to the house (not paying mortgage early) such that in an emergency I can decrease the size of the mortgage. Especially with an interest rate of 2.5%.
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Jan 8, 2024 23:22
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ntan1 posted:Instead my goal is to be able to allocate enough investment savings to the house (not paying mortgage early) such that in an emergency I can decrease the size of the mortgage. Out of curiosity, what sort of emergency do you imagine that would require you to prepay your mortgage? It seems like if anything you would have the opposite problem (needing to borrow against home equity).
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Jan 9, 2024 02:32
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Life changes or loss of job/revenue stream. I work in a paritularly high paying industry that may or may not be sustainable and mortgage sizes are quite large to match. I would like the maximal financial freedom to make lifestyle changes while not being restricted by income. As a result, mortgage debt still is a risk. Borrowing against home equity makes less sense because is an even larger amount of money to pay back. After all, a house is supposed to be a place to live, not an investment property.
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Jan 10, 2024 09:35
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Even to me, the world's most debt-averse human being who paid down a 1.9% car note early in late 2019 (oops), trying to pay down your ultra-low-interest mortgage early in a crisis seems like, the opposite of what you should do. I get that you want to still be able to cover the mortgage in the event of job loss, but why attempt to prepay it? Even if you have a big chunk of money set aside for prepayment, if you put that money in a treasury ladder right now you're earning like 2.5% real with zero risk and you can just keep paying the mortgage on time from that pile of investments.
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Jan 10, 2024 14:17
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Why do you think that I want to prepay it? The argument that you are making presupposes that treasury rates would be 2.5% many years down the line and that investments at that specific point are immediately going to have 2.5% return YOY for those specific years. But of course if finances allow I'm not going to pay down the mortgage. However, if salary isn't sufficiently high at that point, then there are certain conditions which would make sense for paying down a mortgage faster. Sometimes, goals in life may not involve winning on every single investment. Anyway, this is the financial goals thread so lets switch discussion back to that.
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Jan 11, 2024 22:02
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| # ? May 2, 2024 13:06 |
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Laid off then I had the trip of a lifetime in Japan last year. Spent about $3-4,000 of my severance on it. Number 1 is get job for this year. I have about 3 months left of unemployment insurance before dipping into my $57,000 cash emergency fund. This should last me about 1.25 years at our current spending. Then max the Roth. I don't know where my savings options are after that. Everything else is in stasis, but I think I'm going to be conservative with my maxing savings until I'm another year into paying unemployment. I'll do any match from future employer, but probably keep everything else liquid. If anything I'm pretty much at 100% of my part of a down payment if I don't touch what's left of the e-fund. My partner is hiking the Appalachian trail this year so it's his year for us. I have one job interview and potentially another lined up. I really hope it doesn't drag on for a whole year. Total assets to start this year ~$333,000 with ~$250,000 for retirement. 30 years to ride on it 
cheese eats mouse fucked around with this message at 11:28 on Jan 15, 2024 |
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Jan 15, 2024 11:24
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