2015 Financial Goals

2015 Financial Goals

Well, we are finally back after a relaxing, but busy family vacation. Our drive home was a little harrowing because our brand new car had a bit of a malfunction, but everything is fixed and on the right path.

So I can finally get to a post regarding my financial goals for 2015. I have a number of resolutions that don’t have to do with money and I might share a couple here, but I hope this will put my 2015 year in perspective.

2015 Financial Goals.

1) I want to pay off at least 10% of my current debt. My current debt (including mortgage) is somewhere in the neighborhood of 264000. So that means I need to pay off about $26000. I think that is definitely doable because I will already reduce the debt based upon regular payments by about $18000. I need to come up with the extra dough, but by teaching extra courses, side hustles during the summer, and potentially other items I think it can be done.

2) Save at least 20% of my gross income for retirement. I am almost there for the year, but I need to increase my 403b contribution to accomplish this task.

3) Figure out my taxes to the point where I don’t have to keep owing the IRS. People say this will take care of itself once I have a full year of home ownership under my belt. I am not so sure so I want to hit a nice tax equilibrium ahead of time.

4) No more trading mutual funds.  I recently did some re-balancing and I got rid of some of the negatives in my portfolio. I now have less funds, but the good thing is that I think they are the right ones and I just want to keep adding to those positions.

5) Visit my family more. i know this will require me to spend some money, but as my parents get older, my niece and nephews get older, and my siblings, plus my in-laws I am ok with spending a bit more to see them. Yes, I know i need to get out of debt, but I am not proposing to run up credit cards to see them I just want to see my family more.

6) Live a little. I got this idea from J. Money at Budgets Are Sexy. J makes a great point that this whole goal of financial independence is, in part, to get back a precious commodity that most of us have little of: TIME! I have been running myself ragged for the past 9 years at my job. I love what I do, have been fairly successful and I have a lot more to accomplish. But all of this work is for nothing if I don’t have some fun. I am ot sure what this idea of “living a little” is but i hope to figure it out as a i go (traveling to exotic places and playing lots of golf sounds great to me).

Some of these goals seem incompatible, but I will do my best to accomplish all of them. What do you want out of life financially in 2015? I hope all of you who read this blog are able to get there.


2 thoughts on “2015 Financial Goals

  1. Good for you! I like the aggressive approach toward your debt. While you are targeting to pay 10% of the debt every year, I assume that you are also targeting the highest interest rate debts first. If some of it is credit card debt, it’s likely at a higher interest rate than your mortgage debt (the mortgage interest is also deductible on your tax return).

    Any crystal ball predictions for 2015? After the oil price plunge, is it worth looking at emerging markets again? What impact will Grexit have on US markets? etc.

    I prefer index funds to actively managed mutual funds. The fees are typically lower and many actively managed mutual funds don’t outperform the markets.

    1. Hi Tom,

      Well, the good thing is I don’t have any high interest debt. My highest interest rate is 4.5%….everything else is under that. My only crystal ball prediction is a long-term projection that we are either in the early stages of a secular bull market or going into the very final stages of a secular bear and should be in a secular bull within a couple of years. Either way, good long-term trends for the stock market for the next decade or so. This is a blog post i hope to have up next week.

      I also prefer index funds, but unfortunately my 401k plan doesn’t offer a lot of them. Although I do have a couple. For actively managed funds I only get to really choose Fidelity, but I like Growth and Contrafund. Low-Priced Stock is also good…and if you don’t like that much volatility a good balanced fund or two is fantastic (I have a couple).

      Thanks for stopping by.


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