Author Topic: 2017 Financial Goals - Peach Fuzz Edition  (Read 15127 times)

neo von retorch

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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #150 on: July 03, 2017, 11:57:48 AM »
Last year, I maximized my 401k, bought a house and then paid the mortgage down to eliminate PMI, and moved the rest of my investments from Betterment to Vanguard.

In 2017:
* Increase net worth by $85k (add to investments, dividends/market value gains, debt reduction; do not track "real estate values.")
* 6 month check-in - net worth increased by $45k by June 30

I'll have to think about other goals as we go!

3 month check-in: Net worth increased by just over $30k! We're ahead of schedule... but I'm somewhat at the mercy of the markets. We'll see what the stocks do over the next 3 months.

My goal now is to sell my baby-face truck and get a fuel-efficient car... since I have 2% loan on that, the debt shows on my balance sheet (but not the car.) So if I make the switch, we'll see a ~$14k bump in net worth just from that!

6 months in.

Truck sold but updated wife's car and went a little higher on my own. Still up $46k in net worth, slightly higher than goal! Expect a good chance of hitting our exceeding my year-end goal!


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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #151 on: July 03, 2017, 12:21:25 PM »
Doing great on spending, terrible on income goals. Oops.

Really looking forward to this year, after the chaos that was 2016 personally & politically.

Financial Goals 2017
  • First and foremost and hardest: grow the business so it's enough to live and save off of. Earn $60,000 total between W2 job ($27,000) and business ($33,000). Almost guaranteed not to happen at this rate unless my kickstarter does spectacularly
  • Live on less than $20,000 for the year, including medical premiums (2016 with two weeks left: $17,559) - on track
  • Max out Roth IRA. - maintain mild hope I will accomplish this, currently have contributed $1000, at current income rate will not happen
  • Contribute $10,000 to a Solo 401K. - not happening, only making ~$25,000 or so for the year
  • Reduce overall alcohol-related spending from 2016 (Total spending for 2016 was $854.43, which is $71/month). - So on track, spent an average of $7 per month mainly on sparkling water, have not drunk alcohol all year
  • Reduce overall fitness-related spending from 2016 (Total spending for 2016 was $829, which is $69/month). - on track, but barely (gym initiation plus new shoes)
  • Continue to track expenses & publish monthly reports. - on track
  • Travel on trans-siberian railway and in Russia/China for 3 weeks without spending >$1000. - on track
  • Stop spending business expenses out of personal accounts/cards. done
Bikes, bowie, and business: using glitter to double my net worth by 30 the journal- with 40 less pages than the old journal!

<$25,000 income, 20% savings rate, traveling from Dublin > Shanghai by ferry/train this September.

My personal finance podcast for millennials (and those who love them)


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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #152 on: July 05, 2017, 11:20:09 AM »
First half of the year results. Some pretty big life changes like becoming the sole provider while my partner goes back for more schooling will make my original goals unrealistic for the second half of the year.

Goal 1: Maintain a 60% savings rate using the definition of (pre-tax savings + matches + post-tax savings + debt repayment)/ (gross income +matches - taxes). This year I had an average of around 45%, but I've received a raise and will get 401k matching next year, so hopefully can bump this up
Half Year Results: 58.5% for first half of year. Decreasing this goal to 40% for second half of year.

Goal 2: Reach 75K in net worth by EOY. I'm starting Jan with about a 16K net worth.
Half Year Results: Currently at 51.8K, so I'm about 5K ahead of plan

Goal 3: Pay back at least 24K to my mother, who helped pay for grad school.
Half Year Results: Paid back 10K this May. Revising goal to 20K for the year instead of 24K

Goal 4: Donate 1% of net income. As someone who has only haphazardly donated in the past, I want to determine what causes I care about and start getting in the habit of donating more regularly.
Half Year Results: Not doing so great at this. Currently at 0.5%. I think I'm okay with that for the year


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Re: 2017 Financial Goals - Peach Fuzz Edition
« Reply #153 on: July 13, 2017, 12:59:26 AM »
1. Reach 100k net worth by September 2017 (stretch goal), or else by November 2017 - Almost at 91k! This looks quite doable now :)
2. Continue to fill up retirement accounts to the max. Less than 20% left!
3. Reduce monthly grocery+household supply bills to CHF800 or less. Mostly on track.
4. Create an optimized four week meal plan, ideally reducing spending to CHF600-700
5. Bike to work 3 times (i.e. all times) a week instead of 2 times. Never take the car to work! Except for January this was achieved. Also it is way easier now with the new job.
6. Change car insurance on time, check for cheaper health insurance
7. At the end of 2017 check if better index funds have become available somewhere - Found a new, cheap way to invest.

Half-year update:
As expected, the new job helps a lot with savings. So quite on track for the 100k goal!
Regarding the meal plan, I've scrapped that goal. Trying to create a meal plan was zero fun for me, and nobody in the family likes eating according to a meal plan (including me). So for the moment this is off the table.