What's your current major financial goal?
- Thread starter entremet
- Start date
My goal is 58 so i can withdraw from roths til social security.
wife is a teacher. shell teach in her 60s
Pretty much all of the above. I just got a job offer recently that will require my family to relocate, so I want to continue saving up for a down payment on another house to add to whatever we get from selling ours.
Continue to pay down debt (no interest on my student loans for months has been wonderful for paying down the principal), and help my wife with her retirement since she's unemployed and my 401k is maxed out.
We'd love to set up a vacation for our five year wedding anniversary next year, but don't see that happening at this rate with COVID. Fortunately we did the dream vacation for our honeymoon.
Continue to pay down debt (no interest on my student loans for months has been wonderful for paying down the principal), and help my wife with her retirement since she's unemployed and my 401k is maxed out.
We'd love to set up a vacation for our five year wedding anniversary next year, but don't see that happening at this rate with COVID. Fortunately we did the dream vacation for our honeymoon.
I'm going to be pretty close to my retirement when my salary hits six figures, but considering next year is my 20th year, I guess it'll come sooner than expected. We're pretty comfortable currently and working to pay off the mortgage earlier than projected.
My dream is to have all the pieces in place to transition from my career into a hobby- focused second career/ retirement. It's starting to happen but it's been a lot of extra work. I hope to wrangle in family to help run things if it gets big enough.
My dream is to have all the pieces in place to transition from my career into a hobby- focused second career/ retirement. It's starting to happen but it's been a lot of extra work. I hope to wrangle in family to help run things if it gets big enough.
Mine was to get out of debt and pay off all of my outstanding credit cards. I already accomplished that about a month and a half ago!
I don't think I'll ever be able to retire; not on a teacher's salary. I guess I'd just like to not die at work.
No one is this rich.
No one is this rich.
Pay off my wife's grad school loan (almost done!). Then just keep socking back what we're socking back. Eventually would like to buy some rural land, but where depends on this next election. I'd probably look in a different country if things go south.
To retire at one point, and to buy property I guess.
I know this doesn't fix anything, but teachers should be paid like doctors.
I know this doesn't fix anything, but teachers should be paid like doctors.
I bought my house a few years ago for a ridiculous amount of money (but a deal compared to the state of the market), but I've had to replace a number of things. After installing a roof and solar panels, I'm now getting ready to install a new furnace/heat pump, hot water heater, and Aeroseal the ducts. That will set me back about $25k.
My current financial goal is for next summer, to move out of my efficiency apartment and into an (albeit tiny) house, and have enough money saved up for all moving expenses and rent deposit and furniture etc with $20k in savings on top of that. I'm at about $16k right now.
In my mid-30s and I've hit a lot of my goals.
We are homeowners, salary is where we want it ($210k+ / household). Childcare is free right now so we are able to bolster our investment portfolios as well.
Next goal is for my mid-40s:
Shift from just investing excess income to what I consider true "wealth generation". Own rental properties, etc. Need to make sure my kids can go to college & we can retire nicely at 65.
We are homeowners, salary is where we want it ($210k+ / household). Childcare is free right now so we are able to bolster our investment portfolios as well.
Next goal is for my mid-40s:
Shift from just investing excess income to what I consider true "wealth generation". Own rental properties, etc. Need to make sure my kids can go to college & we can retire nicely at 65.
Just finally signed up and got approved for this myself. I feel guilty having to ask for it but god dammit I've explored all my other options. Getting $150/month for food will be a huge help. Rent still isn't getting paid in full the next 2 months, UI for me isn't even $100/week.
As to the topic on hand, before all my finances got eaten up over the last 6 months, I was just trying to increase my 401K contributions. Yeah that never panned out.
Have a short term and long term one, and a 'maybe' one
short term - save deposit for my next car. This is entirely being funded by savings made due to not commuting since March, so train fare, car parking and savings from not buying expensive lunches etc. I've saved around £4k so far (was more like £5.5k but built a new gaming PC so..)
longer term - pay mortgage off a bit faster. As savings interest rates are so shit we are diverting some of our regular savings each month into overpaying. Our mortgage let's us draw on it if necessary so it's low risk. I wish I'd done this sooner
maybe - I'd like to extend the house to build a kitchen/diner but that likely needs to wait until the mortgage is done. It's a nice to have rather than a pressing need
short term - save deposit for my next car. This is entirely being funded by savings made due to not commuting since March, so train fare, car parking and savings from not buying expensive lunches etc. I've saved around £4k so far (was more like £5.5k but built a new gaming PC so..)
longer term - pay mortgage off a bit faster. As savings interest rates are so shit we are diverting some of our regular savings each month into overpaying. Our mortgage let's us draw on it if necessary so it's low risk. I wish I'd done this sooner
maybe - I'd like to extend the house to build a kitchen/diner but that likely needs to wait until the mortgage is done. It's a nice to have rather than a pressing need
OP
OP
Nah. Don't feel guilty. The heartless bastard Mitch McConnell has been holding any second stimulus hostage, includng helping states and expanding UI. This is something that almost all economist say we need, including Republican economist, but Mitch is playing politics.
Paying off my student loans and then never going a penny in debt ever again (except possibly a mortgage).
Trying to figure out how to buy a house. The problem is, I own a condo, but it has dropped in value by like 25% over the last decade. I have it like 50% paid off, but I'm still not sure I'm willing to take the 25% loss to sell and have a down payment on a new place. So the other option is save for another down payment on the house and rent out the condo, but my city has a very high vacancy rate, so if I want to rent it out right now, I'm barely going to cover off my expenses....so I'm thinking, just sell the condo, take the hit, use that money as a down payment on a house, which should be cheaper now than it was 10 years ago too, and just have the one mortgage to deal with.
There's no good answer here. I've talked it over with realtors and my accountant, and most of the advice I'm given is just "If you want a house, sell the condo and buy the house. You can afford it.". But then I have other people telling me that "You don't want a house because you work too much already and don't have time to maintain a house", which I get too, but I work fucking hard, I make a decent living, and all I really have to show for it is a tiny ass condo and a head full of grey hair.
The other option is, just stick it out with the condo, pay it off in a couple years, and then have a lot more deposable income to put towards more frequent vacations, or even a summer cottage or something, and maybe have more money to put towards an early retirement.
Basically...I don't have a plan. I wish I did though.
There's no good answer here. I've talked it over with realtors and my accountant, and most of the advice I'm given is just "If you want a house, sell the condo and buy the house. You can afford it.". But then I have other people telling me that "You don't want a house because you work too much already and don't have time to maintain a house", which I get too, but I work fucking hard, I make a decent living, and all I really have to show for it is a tiny ass condo and a head full of grey hair.
The other option is, just stick it out with the condo, pay it off in a couple years, and then have a lot more deposable income to put towards more frequent vacations, or even a summer cottage or something, and maybe have more money to put towards an early retirement.
Basically...I don't have a plan. I wish I did though.
Send money to vtubers.
But seriously, the big life events have been taken care of in recent years (house, wedding, baby), and at the beginning of the year we sold our old house and bought a new one which we expect to stay in long term/forever. Our accounts were pretty drained after that purchase, so it's mostly been about saving and building up reserves this year. We still need to buy/replace a few pieces of furniture as well to complete the house, and we need a new dishwasher.
Our cars are paid off, and my student loans were close to being paid off before the pandemic hit and were put on auto hold, so those are not a big deal. My wife's student loams are essentially going to be a long term anchor, but maybe they'll be forgiven eventually. In terms of actual goals I just want to increase our 401k/retirement contributions once we feel more comfortable with our savings situation.
As far as more fun goals, at the moment I just want a new TV and PS5 in the game room. Probably will rebuild my PC next year as well. Nothing too crazy really. We had plans to travel to Europe this year as we had some euro cup tickets, but obviously that didn't happen.
But seriously, the big life events have been taken care of in recent years (house, wedding, baby), and at the beginning of the year we sold our old house and bought a new one which we expect to stay in long term/forever. Our accounts were pretty drained after that purchase, so it's mostly been about saving and building up reserves this year. We still need to buy/replace a few pieces of furniture as well to complete the house, and we need a new dishwasher.
Our cars are paid off, and my student loans were close to being paid off before the pandemic hit and were put on auto hold, so those are not a big deal. My wife's student loams are essentially going to be a long term anchor, but maybe they'll be forgiven eventually. In terms of actual goals I just want to increase our 401k/retirement contributions once we feel more comfortable with our savings situation.
As far as more fun goals, at the moment I just want a new TV and PS5 in the game room. Probably will rebuild my PC next year as well. Nothing too crazy really. We had plans to travel to Europe this year as we had some euro cup tickets, but obviously that didn't happen.
Increase salary.
Finish grad school and ensure debt is zero.
Continue contributing as much as I can to my 401k, for as long as I'm lucky enough to stay employed to do so (currently at 15%, trying to get to 20% affordably - maybe next year).
Continue keeping my credit card debt at, or as close to, zero as much as possible.
Keep saving up as much as I can so I can get that downpayment for a house or condo here.
If I can do some combination of these things, I'll feel well set for the long run - however long the world affords me.
Finish grad school and ensure debt is zero.
Continue contributing as much as I can to my 401k, for as long as I'm lucky enough to stay employed to do so (currently at 15%, trying to get to 20% affordably - maybe next year).
Continue keeping my credit card debt at, or as close to, zero as much as possible.
Keep saving up as much as I can so I can get that downpayment for a house or condo here.
If I can do some combination of these things, I'll feel well set for the long run - however long the world affords me.
- pay off student loans
- pay off mortgage (possibly. Depends whenever we decide to move to a new house)
- and retire by 62/63ish
should all be possible. My wife and I are fortunate to have close to two years in monthly savings if we need it, but we also live well below our means.
- pay off mortgage (possibly. Depends whenever we decide to move to a new house)
- and retire by 62/63ish
should all be possible. My wife and I are fortunate to have close to two years in monthly savings if we need it, but we also live well below our means.
That's what I'd like to do but I haven't figure out how to calculate insurance which is absurd.
If the Dems take the election, file a new case for pursuing disability. If Murphy's Law shit doesn't happen again this time, hopefully then my bestie and I can once again live a life free of relentless money worries.
Trying to put as much as I can in an index fund, as well as funding my 401k at a decent percentage. not sure what I'll use the index fund money on precisely, but I have the vague goal of putting a down payment on a house in the next 5-7 years.
Right now, save up 4 ~ 5 years of living expenses.
I'm at about 2 years right now.
I should be there at the end of 2021, hopefully. Once I get there, I'm thinking about quitting my job and doing a "trial run" on retirement for about 6 months.
I'm at about 2 years right now.
I should be there at the end of 2021, hopefully. Once I get there, I'm thinking about quitting my job and doing a "trial run" on retirement for about 6 months.