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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 10:35 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 10:40 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 10:53 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 11:06 am to LSUengineer12
I'm 31
Pay off main residence, 120k
Additional 120k to 401k, roth, 529, and Brokerage
Pay off Real Estate Investment 40k remaining
Additional Real Estate Investment and/or Business Partnership.
Maintain Emergency Fund at 50k
Pay off main residence, 120k
Additional 120k to 401k, roth, 529, and Brokerage
Pay off Real Estate Investment 40k remaining
Additional Real Estate Investment and/or Business Partnership.
Maintain Emergency Fund at 50k
Posted on 3/11/15 at 11:25 am to LSUengineer12
32 years old
In 5 years hope to be settling into our forever home, not sure if we will build or buy
Max Roth for wife and I, as long as we are eligible
10% to my 401k
Wife has state retirement
In 5 years my oldest will be 15, and I still haven't really put much thought into college funding, and it scares me.
In 5 years hope to be settling into our forever home, not sure if we will build or buy
Max Roth for wife and I, as long as we are eligible
10% to my 401k
Wife has state retirement
In 5 years my oldest will be 15, and I still haven't really put much thought into college funding, and it scares me.
Posted on 3/11/15 at 11:35 am to LSUengineer12
I'm 29. In 5 years I want to:
Have 150k in 401k, 50k in Roth, 25k in HSA and 25k in dumb savings.
Have the remaining 50k in student loans paid off.
Be making at least 115k/yr.
Purchase 3rd home. (Purchasing my 2nd this year.)
Have enough to keep the 2nd and use that as rental income... may still keep the first, I'm working on the numbers right now, but if I want to keep the 2nd eventually it makes more sense to keep this current home as a rental too. I've heard it's worth the effort after you have 3-4 rentals. I have about 55k in equity though, so selling now with go a long way to knocking off the student loans.
Have 150k in 401k, 50k in Roth, 25k in HSA and 25k in dumb savings.
Have the remaining 50k in student loans paid off.
Be making at least 115k/yr.
Purchase 3rd home. (Purchasing my 2nd this year.)
Have enough to keep the 2nd and use that as rental income... may still keep the first, I'm working on the numbers right now, but if I want to keep the 2nd eventually it makes more sense to keep this current home as a rental too. I've heard it's worth the effort after you have 3-4 rentals. I have about 55k in equity though, so selling now with go a long way to knocking off the student loans.
Posted on 3/11/15 at 11:36 am to LSUengineer12
500k in retirement accts. Retirement pproperty found and purchased.
Posted on 3/11/15 at 12:04 pm to LSUengineer12
Simple, continue to grow my net worth. Since i started tracking in 2011 my CAGR is 22%. Can't expect to maintain that much growth, but anything over 14% or so will be ok.
Posted on 3/11/15 at 12:30 pm to LSUengineer12
If I can have a net worth of around 300k at 30, then that seems like a good goal.
Life changes things though - MBA debt takes 100k out of that number, marriage would take a dent for the ring, and kids drastically would change the scenario.
I honestly do not need a 5 year plan. I save at huge rates and can wrap my head around the current 12 months much easier than try to predict life on a time horizon that is arbitrary and will see major life changes happening.
Saving around 30% of gross income is where I would like to stay.
Home ownership is not on my plate right now and I like the flexibility of renting.
Life changes things though - MBA debt takes 100k out of that number, marriage would take a dent for the ring, and kids drastically would change the scenario.
I honestly do not need a 5 year plan. I save at huge rates and can wrap my head around the current 12 months much easier than try to predict life on a time horizon that is arbitrary and will see major life changes happening.
Saving around 30% of gross income is where I would like to stay.
Home ownership is not on my plate right now and I like the flexibility of renting.
This post was edited on 3/11/15 at 12:42 pm
Posted on 3/11/15 at 12:45 pm to LSUengineer12
I'm 37. At 42 would like to have:
-At least $700k in retirement accounts. At 280k now and have recently ramped up contributions due to increased income.
-No interest bearing debt except house. Really this just means paying off student loans. Have 10k left on private school loans and 50k left on federal school loans (might just continue to pay minimum on these because rate is locked in at 2%).
-Be on track for 2 kids' college funds (3 year old and soon to be born child now and haven't started). Not sure what this looks like but I'm assuming at least a couple hundred dollars per month per child (more for the older child since will be playing catch up).
We recently bought a house that feels too expensive and I hate how much I pay on the mortgage (and it's a 30 year mortgage). I'm hoping my income grows into it to where it doesn't feel like such a stretch. It already feels a little better this year than last. It should be our "forever" house.
-At least $700k in retirement accounts. At 280k now and have recently ramped up contributions due to increased income.
-No interest bearing debt except house. Really this just means paying off student loans. Have 10k left on private school loans and 50k left on federal school loans (might just continue to pay minimum on these because rate is locked in at 2%).
-Be on track for 2 kids' college funds (3 year old and soon to be born child now and haven't started). Not sure what this looks like but I'm assuming at least a couple hundred dollars per month per child (more for the older child since will be playing catch up).
We recently bought a house that feels too expensive and I hate how much I pay on the mortgage (and it's a 30 year mortgage). I'm hoping my income grows into it to where it doesn't feel like such a stretch. It already feels a little better this year than last. It should be our "forever" house.
This post was edited on 3/11/15 at 12:46 pm
Posted on 3/11/15 at 1:24 pm to LSUengineer12
Just turned 40. I'd like to have net worth of 1M before I'm 50.
Posted on 3/11/15 at 1:27 pm to LSUengineer12
23 YO
-When I am 27 have at least $100k in 401k/IRA
-Paid off vehicles for fiance/me (fiance done so far)
-Have emergency fund for 30k
-Have >20% equity in the house fiance will force me to buy that is > than what we need
- >100k income (pretty much guaranteed assuming I get certifications + min average+ annual reviews)
Right now I'm on track for all 5 of those pretty comfortably.
-When I am 27 have at least $100k in 401k/IRA
-Paid off vehicles for fiance/me (fiance done so far)
-Have emergency fund for 30k
-Have >20% equity in the house fiance will force me to buy that is > than what we need
- >100k income (pretty much guaranteed assuming I get certifications + min average+ annual reviews)
Right now I'm on track for all 5 of those pretty comfortably.
Posted on 3/11/15 at 2:53 pm to LSUengineer12
35 years old today.
By 40, I want to have $500k liquid (retirement, personal savings, etc.) I need a ~12% return to do that.
I have no debt outside my 3.25% mortgage.
I'd like to increase my salary 25% in five years. That might be a little tougher without a promotion, which is hard to come by where I am. There are literally about six positions that I could be promoted into in that time period, all are currently held by people that don't seem to want to leave.
By 40, I want to have $500k liquid (retirement, personal savings, etc.) I need a ~12% return to do that.
I have no debt outside my 3.25% mortgage.
I'd like to increase my salary 25% in five years. That might be a little tougher without a promotion, which is hard to come by where I am. There are literally about six positions that I could be promoted into in that time period, all are currently held by people that don't seem to want to leave.
This post was edited on 3/11/15 at 2:55 pm
Posted on 3/11/15 at 3:03 pm to LSUengineer12
quote:
I'd like to have my first rental property paid off and possibly be involved in my 2nd or 3rd investment.
I see this all the time when people discuss their investment goals, and I have to admit, I find it somewhat perplexing.
I'm not trying to diminish your goals, and surely there is money to be made in rental properties, but I'm not sure many people appreciate the actual work involved in being a landlord.
Anyway, good luck. Those are rather lofty goals but they are attainable.
Posted on 3/11/15 at 3:06 pm to LSUengineer12
26 yo teacher.
I'll be completely debt free in 16 months
build an emergency fund of $11,000 then buy a small house (~150k) 24 months from now.
In five years I'll have a minimum 15k in Roth contributions and 15k in TRSL.
Damn, the outlook is grim my friends.
I'll be completely debt free in 16 months
build an emergency fund of $11,000 then buy a small house (~150k) 24 months from now.
In five years I'll have a minimum 15k in Roth contributions and 15k in TRSL.
Damn, the outlook is grim my friends.
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