What are your savings goals? (payments, business, balance, wealthy)
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I paid cash for a new car 14 months ago a year earlier than my original plan. It took me a bit to restore my emergency fund. I'm in the land of road salt so 8 years is about the limit for owning a car. My next car will be right before I retire.
That's pretty good and shows planning and discipline on your part. Since I will have to pull from savings too, I hope to do the same when my car kicks the bucket.
Update: We got the overseas job offer and it changes my goal a little. We ought to be able to save $100k each year. We should be able to build our retirement portfolio in 10 years, so before we each hit 50 and not 55.
So let's see... 18k on each 401k, then 50k after tax, so about 86k... Of course not considering the different tax treatment of each for this quick reply.
So let's see... 18k on each 401k, then 50k after tax, so about 86k... Of course not considering the different tax treatment of each for this quick reply.
And how do you think about those goals -- savings as a % of gross or net; or wanting to be at $x amount by a certain age; or some other way? And how old are you and how have those goals evolved over time?
For me the "easy" goal (as in "obvious" goal but not easy to accomplish) is maxing out the 401k to 18k. Outside of that, not sure how to set goals and it becomes a matter of -- whatever is in the account after bills are paid becomes savings. I suspect others have more formal savings plans and I'd be curious to hear about them.
I've maxed out my 401 for many years now... I'm now paying off the condo (working on numbers, but want it done in 3 to 7 years... from time of purchase). I'm due a lot of raises at the end of June this year so I need to wait on exact numbers (I have a general idea of where things will fall, but I want to wait)... that "extra" money will go toward the condo.
I'm starting to spend a lot of money on travel and generally enjoying life. I'm getting to an age that I want to spend more time out instead of working until I can't go and can't enjoy life any longer. Seeing my retirement goal being "way ahead of schedule" certainly eased my mind and allowed me to put more money into other activities and balancing things out.
I'm way ahead of the game when it comes to savings and will semi-retire at 57. I will retire from my main job and keep my online ventures, I predict. Even if money does not flow from the online businesses, I'm still in great financial shape. I have several different streams of income... I'm hoping all workout as it should (and calculated it should).
My biggest worry in retirement, right now, is my tax rate and how to negotiate that. Do I setup shop in FL or some other place that does not have state taxes? My other concern is how does retirement look? How do I want to spend my years? Move outside the US for while (six months in US, six out)? Live near family? Live near friends? Stay in DC? Move to another city? I have a while to worry about those things though.
I need to redo my will... it is out of date. I keep talking about that. Some people who I thought would be okay have "flamed out" as they got older. Sad.
Financially I'm good right now... need to just keep doing what I'm doing. I spent a lot of time three or four years ago setting everything up... took me almost a year to do that!!! But I'm rewarded now with everything pretty much on auto-pilot. It is an odd feeling to have things workout the way you hoped. I've worked hard and sacrificed so I feel deserving... (if I dare say that )
We have no mortgage or other debt. We max out our 401Ks. We invest and/or save everything my husband makes living off my income alone. We have a MMF with 3 years of living expenses in it. I know that's more than suggested, but since the hubs is a 100% commissioned salesperson it makes sense to us to be well protected. We have another account that's for things like home repairs, travel and major purchases. I keep setting a goal for it, exceeding it and then increasing the goal. I'm sure at one point we'll spend some of it, but for now I just enjoy seeing the balance.
Current goal is to be able to take few years, half decade off to raise kids when I get pregnant without having the need to return to work for financial reason. Now if I had babies and hate being home all day I might run back
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