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.