U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-18-2018, 10:28 AM
 
Location: Portal to the Pacific
5,138 posts, read 5,090,517 times
Reputation: 6343

Advertisements

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.
Reply With Quote Quick reply to this message

 
Old 12-18-2018, 10:38 AM
 
Location: NJ
24,115 posts, read 30,231,951 times
Reputation: 16002
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.
Reply With Quote Quick reply to this message
 
Old 12-18-2018, 10:45 AM
 
Location: Phoenix, AZ
1,809 posts, read 2,084,584 times
Reputation: 2795
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).
Reply With Quote Quick reply to this message
 
Old 12-18-2018, 10:48 AM
 
Location: Florida
4,359 posts, read 3,694,371 times
Reputation: 4085
The economy increase for everyone.
Reply With Quote Quick reply to this message
 
Old 12-18-2018, 11:28 AM
 
1,185 posts, read 1,141,603 times
Reputation: 996
In 2019, I have set goals of:

- 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.
Reply With Quote Quick reply to this message
 
Old 12-18-2018, 10:25 PM
 
17,666 posts, read 4,062,179 times
Reputation: 5591
my personal finance goals for 2019 is to invest in stock market more and invest in more oil wells.

Last edited by C24L; 12-18-2018 at 10:57 PM..
Reply With Quote Quick reply to this message
 
Old 12-18-2018, 10:45 PM
 
7,143 posts, read 5,414,598 times
Reputation: 5322
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
Reply With Quote Quick reply to this message
 
Old 12-19-2018, 06:18 AM
 
4,544 posts, read 4,726,731 times
Reputation: 3590
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.
Reply With Quote Quick reply to this message
 
Old 12-19-2018, 06:54 AM
 
Location: Censorshipville...
2,710 posts, read 6,262,305 times
Reputation: 1579
These are my 2019 financial goals so far:
  1. Increase ROTH-IRA contributions - I've already instituted this in my online portal
  2. 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
  3. Keep maxing out my work retirement account
  4. Keep contributing to brokerage account with the goal to pay children's future college costs from it
  5. Not take on any debt! Only debt left is mortgage and hopefully that will be done by the end of 2019
Reply With Quote Quick reply to this message
 
Old 12-19-2018, 07:38 AM
 
1,678 posts, read 550,083 times
Reputation: 3560
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.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top