Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This year brought a lot of changes that I could not have predicted... travel and a new home. And both happened because of the generosity (and insistence) of my father-in-law.
As a consequence of the new primary we will become landlords of our condo on January 4th.
The dust hasn't settled, and won't, until next year sometime. We've had to increase our emergency savings to account for the new risk implicated in more real estate, specifically allocating money to cover ongoing expenses when between tenants. I know for a fact we will need new tenants late summer. We should never have to pay into the condo again through. It will run independently, like a business, from this point forward.
I won't be able to max out our IRAs until the middle of the year. This is my immediate focus as soon as we beef up our emergency fund and I anticipate we will have it done by the summer.
Aside from this I will stay committed to our monthly allocations: $1k goes to taxable. $1k goes to new car fund. The rest is split between "fun", mortgage reduction and travel.
If (when?) we get a stock bonus we will sell it and split between college and mortgage reduction.
No changes in lifestyle.
Travel will be regional, hopefully.. Canadian Rockies, North Cascades, Olympic range...
I really just want to sit around and read books all year. All that's required is a library card.
well, i have 1 substantial home improvement project next year. my goal is that it is the only substantial home improvement project for 2019.
i am hoping that business continues to grow in 2019 as it did in 2018 and there are no unexpected hurdles that pop up. i am hoping the market performs at 10% of greater.
I'm paying off the wife's student loans (6.5% interest) which will save us around $25k in interest payments in the long run. That extra money per month we won't be spending paying to down will be additional to be paid toward paying off our cars (for each we only owe around $10k still). We'll continue to put additional income beyond our typical budget (about 50%) into a mix of taxable investments and a higher interest rate savings account I'll be opening up. Goal is to have $180k in liquid assets by the end of 2019 (currently at $110k).
- close on home purchase (this was supposed to be happening this month but the deal fell through at the last minute so I have to start over ugh)
- pay off small amount of remaining credit card debt (have the funds to pay it off now but hoarding cash before new home)
- increase 401k contributions to 10%
- once CC debt is gone, start aggressively paying off remaining student loan debt - <$5k at this point with an interest rate better than my car or likely mortgage but just want it gone)
Sub goals:
- any purchases for new home either made in cash or if financed, paid off by end of year
- bump emergency fund up to a level appropriate for updated expenses
That sets me up to start saving for a kitchen and bath reno (estimating $25-30k), as well as some elective surgery (~$40k), which I'm hoping to be able to do in 3-5 years.
No other large purchases on the horizon - car is in great shape and doesn't need replacement in the next 5 years. Barring any unforeseen life changes (ha!!!!!), I should be good.
Sell my house for a profit of 100k+
Buy a house under appraisal and get an interest rate under 5%
No debt from the move
Pay daughter's first year of college with cash from house sell and scholarships.
Increase contributions to investment and savings accounts
Save more for travel
Keep on keeping on. Expecting to max out Roth’s by mid January, 401ks should be maxed by July, max out HSAs and FSA (for childcare) and only spend $5k more this year than last (all of which is increases in daycare expenses with the 2nd being in all year). Also looking to have about a 60-65% after tax savings rate.
Increase ROTH-IRA contributions - I've already instituted this in my online portal
Pay off house - I'll be moving to a house I currently rent out, and I have the funds to pay it off today but will be waiting till I'm actually moved in to do so
Keep maxing out my work retirement account
Keep contributing to brokerage account with the goal to pay children's future college costs from it
Not take on any debt! Only debt left is mortgage and hopefully that will be done by the end of 2019
My financial goal for 2019 is to hit the lottery and/or come into a massive windfall that allows me to retire by the end of the year.
If that somehow fails, as of this year my retirement contributions are at a comfortable level, my mortgage is my only debt, so 2019 will be building out a better strategy for my non-retirement brokerage accounts.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
