What are your 2015 Financial Goals?

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poker27
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What are your 2015 Financial Goals?

Post by poker27 » Mon Dec 15, 2014 11:27 am

Not sure if I'm the only one, but this time of year I like to mark down a few things to accomplish in the next year to stay focused. For 2014 it was to pay down my mortgage to have PMI removed, and add to taxable (among other things).

For 2015...
Max 401k-Will only be mentally marking this down as its automatic
Add to taxable account, still determining the $ goal
Fund wedding savings bucket by 15k- Recently I've jumped on the bandwagon to create separate ING accounts for large expenditures (vacations, home remodel, ect)
Potentially pay a bit off my mortgage-Still going back and forth on taxable and 4% mortgage, might do a bit of both

How bout yall?

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leonidas
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Re: What are your 2015 Financial Goals?

Post by leonidas » Mon Dec 15, 2014 11:36 am

Mine is to increase our savings rate. We have been stuck at around 15-16% for a few years and I have always felt that is should be closer to 20.

uncertainty
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Re: What are your 2015 Financial Goals?

Post by uncertainty » Mon Dec 15, 2014 11:45 am

Contribute to a Roth for the first time (way behind on this).
Max out 2014 and 2015 Roth contributions.
Save enough to end 2015 with a positive net worth.

I'm hopeful but it may be a stretch.

flyingaway
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Re: What are your 2015 Financial Goals?

Post by flyingaway » Mon Dec 15, 2014 11:52 am

Give me 30% return for one more year, plus keep this year's return above 10%.

EnjoyIt
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Re: What are your 2015 Financial Goals?

Post by EnjoyIt » Mon Dec 15, 2014 11:53 am

save a little more and pay off a little more debt.

pointyhead
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Re: What are your 2015 Financial Goals?

Post by pointyhead » Mon Dec 15, 2014 11:57 am

Set up back-door roth x 2
Max out 401k x 2, with catch up contributions x 1
Save an additional 28% in taxable after taxes/retirement contributions
Make a decision on purchasing a home or continue to rent
Stay the course!

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packet
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Re: What are your 2015 Financial Goals?

Post by packet » Mon Dec 15, 2014 12:04 pm

Good luck to everyone!

Our goal is to (for the first time ever) max out all available tax advantaged accounts (403, IRAs, HSA).

It's a lot for us, but, I've already set the automatic contributions... only time will tell if we make it all the way through 2015.

:beer

Cheers,
Packet
First round’s on me.

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JDCarpenter
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Re: What are your 2015 Financial Goals?

Post by JDCarpenter » Mon Dec 15, 2014 12:09 pm

Kind of boring here, but in the final stretch of work years....

Keep on the path, which (fingers crossed) seems to be working as planned. Shorter version: "Don't screw it up." :beer
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mhc
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Re: What are your 2015 Financial Goals?

Post by mhc » Mon Dec 15, 2014 12:10 pm

The only new goal for 2015 is to set up a DAF and start funneling all charitable contribution through the DAF.

Confused
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Re: What are your 2015 Financial Goals?

Post by Confused » Mon Dec 15, 2014 12:14 pm

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Agwapijaw
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Re: What are your 2015 Financial Goals?

Post by Agwapijaw » Mon Dec 15, 2014 12:18 pm

Rebuild taxable - I started one a few years back but sold off to pay for a large renovation project. I'd like to get back into it with atleast 15k in funding.
Fund 2 529 accounts to the state tax deduction limit
Continue to max 401k's and IRA's.

DFrank
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Re: What are your 2015 Financial Goals?

Post by DFrank » Mon Dec 15, 2014 12:22 pm

We are now about 18 months away from my retirement. For the next year our objectives are to:

1. Save 35% of our gross income for another year.

2. Continue re-positioning our portfolio towards our desired AA for the beginning of our retirement. Since we've pretty much reached our target retirement savings less the remaining savings planned prior to retirement we've been moving towards an asset allocation with lower risk and more focused on preserving capital.

3. Prepare our principal residence to sell in 2016. Maybe not strictly a financial objective, but the equity in that home does represent retirement savings for us since we already own our retirement home. We lived in this home for 20 years now, so there is a lot of stuff to be streamlined to prepare for our move in 2016.

The third item will be the most challenging objective to achieve.
Dave

billern
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Re: What are your 2015 Financial Goals?

Post by billern » Mon Dec 15, 2014 12:27 pm

Reduce expenditures on non-necessary consumables (reduce cost and waste). Position self for optimal career progression. Possibly a change of firm if I don't see long-term benefits of current job. I might even more out of California which has high taxes and gets low scores in ease of operating a business.

Shalashaska
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Re: What are your 2015 Financial Goals?

Post by Shalashaska » Mon Dec 15, 2014 12:29 pm

Throw everything I have at eliminating my debt. My investing will suffer but psychologically, I hate having this weight around my neck.

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Meg77
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Re: What are your 2015 Financial Goals?

Post by Meg77 » Mon Dec 15, 2014 12:30 pm

I was just making a list of goals and prioritizing them when I decided to check this forum for a "break" from my financial analysis. :)

Goals met this year
Maxed 401ks, ESPP, HSA
Maxed backdoor Roth IRA in my name for 2014
Paid down mortgage enough to get rid of PMI (we also recast the amortization to lower our payment over the remaining 29 years)
Paid off $15K 0% credit card in my name (leftover from home remodel)
Padded rental reserves to cover 6 months rental expenses
Find and engage new CPA in preparation for 2014 tax filing
Dissolve an inherited LLC I owned with my sisters and distribute funds

Goals for 2015
Max 401ks, ESPP, and HSA (automatic)
Max backdoor Roth IRAs for spouse for 2014 and 2015
Max backdoor Roth IRA for me for 2015
Pay off $15K credit card in spouse's name before 0% period ends in June (leftover from home remodel)
Pay off my car loan early (current bal $8K)
Pay for volunteer trip to South America with spouse (around $6K)
"An investment in knowledge pays the best interest." - Benjamin Franklin

letsgobobby
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Re: What are your 2015 Financial Goals?

Post by letsgobobby » Mon Dec 15, 2014 12:49 pm

  • Not have $50,000 in medical expenses (out of pocket: $8500)
    Possibly move to our smaller house, sell larger one, buy land for semi-dream house
    Stop paying for day care (done deal, August 2015 is our last month!)
    Pay off car (0% interest, last payment is September 2015)
    Not go on a 10th anniversary cruise that costs an arm, a leg, and a few more pieces as well

zimmer0
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Re: What are your 2015 Financial Goals?

Post by zimmer0 » Mon Dec 15, 2014 12:51 pm

Max '14 and '15 Roth Contributions
Adjust SIMPLE IRA fundings to lowest er%'s
Continue to save for home
continue paying down truck loan (14k)(2.34%)

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rob
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Re: What are your 2015 Financial Goals?

Post by rob » Mon Dec 15, 2014 12:56 pm

The main things I have been working on the last few months - but count as goals for 2015 :D

- Building up more of a cash buffer to deal with upcoming redundancy
- Get better handle on expenses... working out a fixed vs discretionary spending and what can be chopped
- Set bills on auto-pilot... swapped all credit cards to auto pay full balance (as an aside... they really don't like doing that)
| Rob | Its a dangerous business going out your front door. - J.R.R.Tolkien

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NaOH
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Re: What are your 2015 Financial Goals?

Post by NaOH » Mon Dec 15, 2014 12:58 pm

I'll be graduating and starting work in May, so paying down student loans is going to be priority #1.
Beyond that, getting set up to start using the backdoor Roth technique and starting to save for a house, I think.
"Are you flying? Or are you simply floating?"

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VictoriaF
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Re: What are your 2015 Financial Goals?

Post by VictoriaF » Mon Dec 15, 2014 1:00 pm

My financial goal for 2015 is to spend more than ever on travel and entertainment.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

RosieQ
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Re: What are your 2015 Financial Goals?

Post by RosieQ » Mon Dec 15, 2014 1:01 pm

Pay off the last of my medical school/student debt
Max out Roth IRA contributions
Continue savings rate of >20%
Focus more on value spending. Ie ok to pay for things that will make me really happy, and cut back on those that don't.
Get my girlfriend more savvy on the financial side. She makes a sizable income but isn't maxing her 401k (and she has a match!) and she doesn't contribute regularly to her Roth. Lots of room to improve and this could literally pay major dividends as I see a great future together.

placeholder
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Re: What are your 2015 Financial Goals?

Post by placeholder » Mon Dec 15, 2014 1:02 pm

Usually nothing but this year will be to take a hard look at the numbers to see if this is the year to retire.

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rob
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Re: What are your 2015 Financial Goals?

Post by rob » Mon Dec 15, 2014 1:12 pm

VictoriaF wrote:My financial goal for 2015 is to spend more than ever on travel and entertainment.
lol Now there is a unusual boglehead response.... must be something about the newly minted done with working crowd I hope to join one day 8-)
| Rob | Its a dangerous business going out your front door. - J.R.R.Tolkien

flyingaway
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Re: What are your 2015 Financial Goals?

Post by flyingaway » Mon Dec 15, 2014 1:14 pm

The discussions look like new year resolutions to me.

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cfs
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Re: What are your 2015 Financial Goals?

Post by cfs » Mon Dec 15, 2014 3:45 pm

CY 15 financial goals.

Max out dw defined contribution plan.
Max out dw Roth IRA.
Max out my Roth IRA.
Invest as much as we can of our take-home money into the taxable account.

And you have a Merry Christmas.
~ Member of the Active Retired Force since 2014 ~

Xpe
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Re: What are your 2015 Financial Goals?

Post by Xpe » Mon Dec 15, 2014 3:51 pm

Get a job, spend less on beer.

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Rager1
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Re: What are your 2015 Financial Goals?

Post by Rager1 » Mon Dec 15, 2014 3:55 pm

VictoriaF wrote:My financial goal for 2015 is to spend more than ever on travel and entertainment.

Victoria
Ain't retirement wonderful, Victoria?

Ed

p.s. Us too!

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VictoriaF
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Re: What are your 2015 Financial Goals?

Post by VictoriaF » Mon Dec 15, 2014 3:57 pm

Rager1 wrote:
VictoriaF wrote:My financial goal for 2015 is to spend more than ever on travel and entertainment.

Victoria
Ain't retirement wonderful, Victoria?

Ed

p.s. Us too!
Yes, Ed! And from what I've heard your plans are the most commendable.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

JimmyD
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Re: What are your 2015 Financial Goals?

Post by JimmyD » Mon Dec 15, 2014 4:08 pm

1. Sell my condo (currently an investment property) / cancel insurance
2. Pay off wife's car ($17,200)
3. Fully fund emergency fund ($30K, currently at $24K)
4. Max out my 401K (already maxing wife's 403b)
5. Increase 529 contribution from $100/month to $200/month
6. Take a much needed vacation!

bslice
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Re: What are your 2015 Financial Goals?

Post by bslice » Mon Dec 15, 2014 4:32 pm

1) Increase my "Emergency Fund/9 Months of expenses" to 45K (currently at 39K)
2) Max Roth
3) Max 401k
4) Increase 529 account contributions to $250/month (currently at $200)
5) Open a new taxable account with Schwab - the Intelligent Investment account - when its available and migrate away from Betterment

Im not adding a goal this year to increase mortgage payments. I am currently at 3.8% on a 15 year. Decided it was just to pay this as agreed.

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englishgirl
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Re: What are your 2015 Financial Goals?

Post by englishgirl » Mon Dec 15, 2014 4:32 pm

Earn more money than I spend.
Max out Roth IRA.
Switch to a cheaper cell phone plan when my contract is up, cancel pest control service that I don't really need.
Fix business issues.
Go on a nice vacation to Hawaii.
Put some money in an HSA. Max it if lucky.
Put some money in I-bonds.
Put some money in 401k.
Persuade boyfriend to contribute at least 1% to his 401k.
Sarah

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Ged
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Re: What are your 2015 Financial Goals?

Post by Ged » Mon Dec 15, 2014 4:43 pm

What Victoria said.

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NaOH
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Re: What are your 2015 Financial Goals?

Post by NaOH » Mon Dec 15, 2014 4:46 pm

Xpe wrote:Get a job, spend less on beer.
This sounds like a terrible plan.

Well, the spending less on beer part anyway.
"Are you flying? Or are you simply floating?"

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VictoriaF
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Re: What are your 2015 Financial Goals?

Post by VictoriaF » Mon Dec 15, 2014 4:49 pm

NaOH wrote:
Xpe wrote:Get a job, spend less on beer.
This sounds like a terrible plan.

Well, the spending less on beer part anyway.
Not, if it's accompanied by spending more on champagne.

Victoria
WINNER of the 2015 Boglehead Contest. | Every joke has a bit of a joke. ... The rest is the truth. (Marat F)

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LowER
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Re: What are your 2015 Financial Goals?

Post by LowER » Mon Dec 15, 2014 4:49 pm

Demote myself from uber saver to super saver.

surfstar
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Re: What are your 2015 Financial Goals?

Post by surfstar » Mon Dec 15, 2014 4:52 pm

Win the lottery.

If option 1 doesn't work out (again!), then continue to save for an ER while still enjoying our lives at every possibility.

MichDad
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Re: What are your 2015 Financial Goals?

Post by MichDad » Mon Dec 15, 2014 5:06 pm

1. See our retirement portfolio increase by ~ $200,000 (or not).
2. Max out our Roth TSP, Roth 401(k), and backdoor Roth IRA contributions and hopefully see the Roth percentage of our portfolio increase from ~ 27% to ~29%.
3. Add another year of maximum Social Security contributions towards my top 35 years of contributions.
4. Add another year towards my defined benefits FERS pension.
5. Keep spending in check.

MichDad

crg11
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Re: What are your 2015 Financial Goals?

Post by crg11 » Mon Dec 15, 2014 5:28 pm

Our 2015 is focused hopefully starting a family, which if it happens will result in my wife becoming a stay-at-home mom since her paycheck would barely cover daycare for 1 kid, never mind more. That means cash flow and a fully funded emergency fund is the top goal, to reduce the risk of living on just my income going forward.

First two goals, expected to be completed by February.
1. Pay off a 0% credit card ($1,700) for a medical bill.
2. Pay off our last car ($2,600), leaving us car loan free with relatively young (~4-5 years) cars and low miles on both.

At this point, our monthly free cash flow will increase by over $400/month. We can then do the following:
3. Max out emergency fund (currently 2+ months, hope to get to 6 months).
4. Throw everything at remaining student loans ($9k and $7k respectively, for $220/month savings). This will leave our mortgage as our last remaining debt that we'll ever have.
5. Max out my 401k, at least on an annual basis (may be a little short in for 2015 in $ amount)
6. Rollover my wife's 401k to a Vanguard IRA when she leaves her job to become stay-at-home.

Stretch goal: begin funding my wife's IRA by end of year (since she will hopefully be stay-at-home by the end of 2015). We may try the trick of stashing some of our emergency fund in IRAs if we can't do this in our budget.

RhoRho
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Re: What are your 2015 Financial Goals?

Post by RhoRho » Mon Dec 15, 2014 5:40 pm

Goals for 2015:

Fund Emergency Account for 6 months (~$15,500)
Max out Roth IRA ($5,500)
Look for ways to increase 401(k) contribution (currently only putting enough in to get full match)

Lynette
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Re: What are your 2015 Financial Goals?

Post by Lynette » Mon Dec 15, 2014 5:49 pm

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barnaclebob
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Re: What are your 2015 Financial Goals?

Post by barnaclebob » Mon Dec 15, 2014 6:07 pm

To hit 7 figures in net worth between my wife and I. With a neutral market it will be close.

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kenyan
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Re: What are your 2015 Financial Goals?

Post by kenyan » Mon Dec 15, 2014 6:10 pm

Top 3 goals:
Max out 403(b)
Max out SIMPLE IRA
Max out His/Hers Roth IRAs

We're close to achieving this for the first time for 2014; it'll depend upon whether we can find enough money early in 2015 to max out our 2014 Roth IRA contributions.

The next two goals are more nebulous, but will happen if we can find more savings and/or get raises that outpace our inflation rate:
Increase contribution rate to kids' 529 plans
Increase extra principal payments on mortgage
Retirement investing is a marathon.

gkaplan
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Re: What are your 2015 Financial Goals?

Post by gkaplan » Mon Dec 15, 2014 6:32 pm

I don't have any.
Gordon

arsenalfan
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Re: What are your 2015 Financial Goals?

Post by arsenalfan » Mon Dec 15, 2014 6:35 pm

Save more, avoid retail therapy.

gator15
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Re: What are your 2015 Financial Goals?

Post by gator15 » Mon Dec 15, 2014 6:47 pm

I have to cut expenses. I think I will reach my savings goals, but I would love to cut some of my monthly expenses. Ideally, I would cut expenses by 25%.

stoptothink
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Re: What are your 2015 Financial Goals?

Post by stoptothink » Mon Dec 15, 2014 7:01 pm

Child #2 is coming in the spring and the wife will be going down to part-time for a while. We are also going from having free childcare for one, to paying for childcare for two; looking at $~1400/month. So we've had to scale back our goals. For 2015:

Max both Roth IRA's - done January 1
Max HSA - automatic
Get match on 401ks - a whopping 4% and 1%, but better than nothing.
Save more towards downpayment fund - we're about 2/3 of the way towards the goal, but it'll significantly slow down this year.
Remain debt free - no reason for this to change.

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GerryL
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Re: What are your 2015 Financial Goals?

Post by GerryL » Mon Dec 15, 2014 8:42 pm

2015 will be my first full year in retirement, so I have lots to do:

* Review assumptions I made about spending and taxes against actuals and figure out how much I am willing to "invest" in some international travel and other goodies (including tub-to-shower conversion).
* And speaking of conversions, get ready to start the first of 3 years of Roth conversions.
* Run the numbers and research companies to see which Medigap plan I will go for when my Cobra ends this summer.
* Venture into the Medicare swamp to see if I can get the IRMAA decision revisited -- as the letters they keep sending me say is possible but the person on the phone insisted was not.
* And most importantly, appreciate and enjoy my financial good fortune

puhmuckel
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Re: What are your 2015 Financial Goals?

Post by puhmuckel » Mon Dec 15, 2014 8:54 pm

Reach Net Worth of 1 Million while working less.

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Crimsontide
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Re: What are your 2015 Financial Goals?

Post by Crimsontide » Mon Dec 15, 2014 9:11 pm

JDCarpenter wrote:Kind of boring here, but in the final stretch of work years....

Keep on the path, which (fingers crossed) seems to be working as planned. Shorter version: "Don't screw it up." :beer
+1 same here, full steam ahead until Apr 2016, at which time I pull the rip cord on early retirement.

yosef
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Re: What are your 2015 Financial Goals?

Post by yosef » Mon Dec 15, 2014 9:16 pm

Continue to max all retirement accounts.

Open a taxable account and deploy some excess cash I've had laying around.

Sell our house and move into a larger home.

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