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What are your realistic 5 year financial goals?
Posted on 3/11/15 at 10:24 am
Posted on 3/11/15 at 10:24 am
(no message)
This post was edited on 10/21/15 at 3:40 pm
Posted on 3/11/15 at 10:30 am to LSUengineer12
damn...those are some lofty goals for a 26 year old
must not have many expenses
as for mine as a 30 year old
- increase my 401k contribution by 1% each year
- max out Roth IRA
- invest more into my kids college plan
- pay off wife's car
must not have many expenses
as for mine as a 30 year old
- increase my 401k contribution by 1% each year
- max out Roth IRA
- invest more into my kids college plan
- pay off wife's car
This post was edited on 3/11/15 at 10:31 am
Posted on 3/11/15 at 10:32 am to Salmon
Well I'm set to be married in a year. Two incomes, so expenses are cut in half. That emergency fund is a combined figure, but the roth is a seperate figure.
Posted on 3/11/15 at 10:33 am to LSUengineer12
quote:
Well I'm set to be married in a year. Two incomes, so expenses are cut in half.
if it only worked that way
Posted on 3/11/15 at 10:35 am to LSUengineer12
5 years, out of debt, except for about $35k on the house, and above $100k saved for retirement.
I'm way behind on retirement, but it is what it is - I should get 2 pensions, plus SS, but my private retirement savings have a lot of catching up to do.
I'm way behind on retirement, but it is what it is - I should get 2 pensions, plus SS, but my private retirement savings have a lot of catching up to do.
Posted on 3/11/15 at 10:35 am to Salmon
5 year plan:
Max out Roth (mine and wifes)
Double my contributions in 401k
Pay off Both vehicles
Double up on Mortgage (9yrs left as of now)
Plan is to have ZERO debt at 36-37 yrs old.
Max out Roth (mine and wifes)
Double my contributions in 401k
Pay off Both vehicles
Double up on Mortgage (9yrs left as of now)
Plan is to have ZERO debt at 36-37 yrs old.
This post was edited on 3/11/15 at 10:39 am
Posted on 3/11/15 at 10:37 am to Salmon
I've read some horror stories, but her and I very much see eye to eye when it comes to financial goals, planning, budgeting, etc. etc.
ETA: fwiw we're already living together and getting a head start on that.
Like I said, these are goals. Where I'd like to be. Does it mean I'll hit them? Don't know. A lot can happen in 5 years.
ETA: fwiw we're already living together and getting a head start on that.
Like I said, these are goals. Where I'd like to be. Does it mean I'll hit them? Don't know. A lot can happen in 5 years.
This post was edited on 3/11/15 at 10:40 am
Posted on 3/11/15 at 10:38 am to sonoma8
quote:
Plan is to have ZERO debt at 36-37 yrs old.
I'd be thrilled with this! Hoping to be in that same boat.
Posted on 3/11/15 at 10:38 am to LSUengineer12
quote:
Two incomes, so expenses are cut in half.
Unless your fiance is a physician - she'll likely spend more than she brings in - particularly once she's married. She looks at her income as "her" money, my brother.
Unless you have a very solid plan and budget - including weekly (or at least monthly) reviews, money will bleed out of the accounts at a shocking rate.
But, you're ahead of about 90% of your peers - you have a plan and some idea of where you're going and how to get there - that's well over half the battle.
This post was edited on 3/11/15 at 10:40 am
Posted on 3/11/15 at 10:40 am to LSUengineer12
A 50k emergency fund? With your only debt being a mortgage?
No.
I'm 28.
I hope to be making 6 figures. I'm close now.
200k between the 401k and Roth IRA (I'm at 75k now)
Only debt is mortgage
In an emergency I would use my Roth principle.
No.
I'm 28.
I hope to be making 6 figures. I'm close now.
200k between the 401k and Roth IRA (I'm at 75k now)
Only debt is mortgage
In an emergency I would use my Roth principle.
Posted on 3/11/15 at 10:41 am to LSUengineer12
25 - will likely be married within 2 years
Get involved with REI (Either rental or flip)
20k in Roth
18k in Emergency
60k in 401k
Buy a truck with cash (currently saving)
Pay off student loans (currently 36k left)
Get involved with REI (Either rental or flip)
20k in Roth
18k in Emergency
60k in 401k
Buy a truck with cash (currently saving)
Pay off student loans (currently 36k left)
This post was edited on 3/11/15 at 10:42 am
Posted on 3/11/15 at 10:45 am to LSUengineer12
quote:
At least $50k in an Emergency fund.
This is too high - unless your monthly expenses are outrageous (in which case, fix that first) - I wouldn't set that higher than 6 months of expenses - now you should have a car replacement fund, too - and $50k, total can fund both of those. You want the car fund to, ultimately, self-generate so that you can pull $18k or so, every 5 or 6 years, to replace a car.
quote:
And I don't know what goal to set for a 401k
I think 15% of gross, total for your Roth and 401K is a good goal. And start with 401k - IF you're getting a match - say 5% is typical, but your situation may vary. So you buy 10% with 5, but only give yourself credit for 5% (the other 5% is free money) - then I would get to 10% on your Roth and not worry about the "balance" - buy shares for 40 to 50 years and worry about "the balance" in your 50s and 60s.
Posted on 3/11/15 at 10:46 am to LSUengineer12
To be technically retired. Which means passive Cashflow equal to or greater than my current expenses.
As of right now I'm on track
I could reach that goal sooner if I pulled everything out my Roth ira and 401k and put all of it in my RE and dividend stocks. BUT why pay penalties and taxes now on 401k and penalties on Roth? I'll stay diversified.
As of right now I'm on track
I could reach that goal sooner if I pulled everything out my Roth ira and 401k and put all of it in my RE and dividend stocks. BUT why pay penalties and taxes now on 401k and penalties on Roth? I'll stay diversified.
This post was edited on 3/11/15 at 10:49 am
Posted on 3/11/15 at 10:46 am to Ace Midnight
quote:
Unless you have a very solid plan and budget - including weekly (or at least monthly) reviews, money will bleed out of the accounts at a shocking rate.
maybe it won't stay this way for long, but we have a detailed budget spreadsheet broken into bi-weekly budgets. We go over it probably too often. We've already opened joint accounts, and each of us get a set amount of spending cash each bi-week in our seperate checkings to do whatver we want with. It's been running super smooth so far.
Posted on 3/11/15 at 10:49 am to Ace Midnight
quote:
This is too high - unless your monthly expenses are outrageous (in which case, fix that first) - I wouldn't set that higher than 6 months of expenses - now you should have a car replacement fund, too - and $50k, total can fund both of those.
I guess I just threw a figure out there, but currently 6 months of our expense is around 22k. Not sure where it'll be in 5 years, esp if we have kids and such. And yeah, included in that is a vehicle budget.
quote:
I think 15% of gross, total for your Roth and 401K is a good goal.
Well i'm contributing enough to 401k to get match now, and about we're both contributing about 1/2 the annual max to a roth until we build our combined emergency fund. Then we'll plan to start maxing both of our roths. Hopefully about a year/year and a half from now.
This post was edited on 3/11/15 at 10:54 am
Posted on 3/11/15 at 10:49 am to LSUengineer12
quote:
maybe it won't stay this way for long, but we have a detailed budget spreadsheet broken into bi-weekly budgets. We go over it probably too often. We've already opened joint accounts, and each of us get a set amount of spending cash each bi-week in our seperate checkings to do whatver we want with. It's been running super smooth so far.
Man you sound a lot like me. I'm also a bit obsessive when it comes to my spreadsheets. I visit and update my sheets almost everyday. Must be an engineer's trait.
What type of engineer are you?
Posted on 3/11/15 at 10:53 am to LSUengineer12
I'm ridiculously addicted to personal financial planning. I am 36, but what have found in the last few years is that it's pretty pointless to plan more than about 3 years out for me. So many things change, for good and bad, that it's essentially a waste of time, even though I really enjoy it.
Posted on 3/11/15 at 10:59 am to Ace Midnight
That's women for you. They feel the need to spend whatever is in the checking account. Oh the bills will be paid but there won't ever be much extra eAch month. They will find ways to keep spending. Plenty are bad about paying themselves first. It is what it is. Lol.
Posted on 3/11/15 at 11:03 am to Sigma
quote:
So many things change, for good and bad, that it's essentially a waste of time
I can't endorse this. You CAN plan for emergencies, you CAN plan for income variations and you CAN do 5-year, 10-year, 15-year, even 30-year planning.
While I agree that the end result is likely to be vastly different in 2050, than it looks in 2015 - but if you fail to plan, you're planning to fail.
quote:
even though I really enjoy it.
That's what we call an "evoluationary advantage" -
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