As promised last week when I reviewed my 2016 money resolutions, today I’ll be sharing my 2017 financial resolutions.
I’ll track these throughout the year and likely give you an update sometime in July.
For now, let’s get to what I want to accomplish financially in 2017.
Here’s the list as of today:
- Get daughter established in college. This includes EVERYTHING — getting her in the right classes, dealing with financial aid/scholarships, managing 529 withdrawals, selecting a room, moving her there, helping her manage the transition, working to get her career off on the right foot, etc. It’s a long, complicated process and I want to make sure it goes well. BTW, is there anyone reading this site who is connected with federal internships in D.C.? She’d like to work at one in the summer of 2018.
- Update retirement budget monthly. This is a fun process for me as I can see how well (or poorly) I estimated my budget back when I set it in August 2016. I’ve incorporated this update into my monthly financial review process so it should be easy to accomplish.
- Update estate plan. Left over from last year. I may have an inexpensive way to do this but I need to work it a bit. If not, it’s an expensive but needed undertaking. We haven’t update our wills in many years, so it’s time.
- Review investments quarterly. At this point, there’s not much to review/change, but I do want to keep an eye on things (of course).
- Earn extra money. I have a $4,000 “plug” for income in my retirement budget that I need to fill somehow. It was $8,000 initially but since my spending is much lower than expected I’ve move it down to $4k. I could just take the money out of my assets, but where’s the fun in that? Let’s see if I can earn some cash on the side!!!
- Check credit reports. Haven’t done this in over a year so I need to get to it.
- Update death file. This is the file/instructions for my wife in case something happens to me. It would tell her where everything is (all our accounts) including my online passwords. It’s a MAJOR project and I’ve been putting it off for five years. We’ll see if I get to it in 2017.
- Complete taxes. This includes not only filing 2016 taxes but also some tax planning for 2017.
- Manage donor advised fund. I’ll write more about this in detail but when the market is high it’s likely I’ll put some mutual funds with high capital gains into a DAF. Then I’ll distribute money to charities throughout the year.
- Take pics of house for insurance. I haven’t done this in our current hose and would like to have a record just in case.
- Hit blog goals. I gave an update on my first year of blogging a couple months ago. I want to keep it rolling — both to earn a bit of money plus give me something fun to write about. 馃檪
- Finish with car accident issues. We got our car settlement from my wife’s crash but haven’t settled on the injury issues. They aren’t substantial, but my wife does have some lingering pain that we need to deal with.
- Get son on path to moving out. My 20-year-old son says he wants to move out and he’s saved a couple thousand dollars so far to that end. I’ll be helping him save, budget, get a car, find a better job, etc. on his path to freedom sometime in the next year or two.
- Manage real estate as needed. My main issue here is staying on top of expenses to keep them as low as possible. My manager can get out of hand at times and I need to keep an eye on expenses to make sure I maximize profit.
- Get new car for daughter. She completed her end of the deal and now we’re buying her a car. I’ll post details here for sure.
- Get into retirement flow. I haven’t yet gotten into a flow/pattern for my days yet which is unusual for me. I’m ok with it so far, but I’m wanting a bit more structure to my days. I’ll post 6-month and 1-year retirement updates this year to let you know how things are going.
That’s my list for now — and those are just the money related ones. I have four or five other categories as well.
Like last year, I’m guessing that some of these won’t get done and new, unexpected tasks will pop up instead.
What are your money resolutions for 2017?
Erik @ The Mastermind Within says
I want to save $35k in 2017 in cash/401k/other investments. I’m not exactly sure what I will be buying into though, something I think about quite a bit. I’m interested in buying another property, but I have to be more diligent with my research here (You make money when you buy).
I’m also throwing around various ideas for starting a business. Again, very initial thoughts. Maybe my blog will start to gain a solid viewership and I can leverage that to make additional cash. We will see!
Thanks for sharing your thoughts ESI.
Erik
Jason says
I’m not sure there is a polite way to ask this question, but here goes…Why are you going to be so involved in your daughter’s college? Part of growing up is starting college, including picking classes. I have a freshman in college (genius IQ but mildly autistic), and I just asked him what classes he picked with his advisor. Part of what you pay for at college is for them to help. The kids need to advocate for themselves, and start to break away. Let her pick her classes, let her find a room. Of course you can help move boxes…
I might be reading too much into that goal…
ESI Money says
I think you are reading too much into that goal.
We are helping her, not doing everything for her.
I guess we could say “here’s $90k and there’s your college, hope it works out for you” but that doesn’t seem like it would work out well.
Surely you help your son with things like the FAFSA, payment options, career choices (my daughter will hit campus as a junior, even though she’s only 18 and will need to be thinking about career options fairly quickly), etc., right? That’s what we are doing.
We’ve “been there and done that” and prefer to teach her the best way to manage through all these decisions rather than just throwing her in the deep end of the pool.
Picking classes is probably the easiest part of the whole process, and she handles most of that.
Lisa says
My goal is to increase my net equity by $80k. This includes contributing to my 401k ( $18K plus the extra $6 catch up), the 401k match from my employer, the extra 10% 401 k match from my employer at year end, extra monthly savings, a very conservative estimated rate of return on my investments, and a large portion of my year end bonus. For 2016, my goal was $80,000. I beat my goal by increasing my net equity by $103K!!!!
The Green Swan says
Great list of goals! Sorry to hear about your wife’s accident, hopefully she recovers fully!
I’d love to hear more about how you plan on updating your estate at a reasonable cost. I know there is DIY software out there to help. I used a software program my first go-around and will need to do some updates with the second kid coming along.
ESI says
I’ll keep you updated as things progress.
Coopersmith says
Nice list in that it give me some tings to think about like the insurance pix and earn extra money.
Estate planning in motion. Last semester of college saved and in savings. On the right path to max out 401k contributions and Roth IRA for 2017 is fully funded. Define primary savings targets this year for vehicle replacements in 2 to 3 years and expand savings for trips and wife retirement fund to explore new horizons in retirement which might include taking a class or learning a new skill. Funds will be available for her to do as she wishes.
About college says
I work in a student-facing role at a DC university. If she’s attending school in the area, I really would not worry now about an internship next summer. Government internships are pretty easy to come by, particularly in the fall/spring, and her academic and advising departments will have great guidance. I also hear the pressure to figure out her path quickly given that she’s so advanced in credits, but to the extent that you can financially, I’d encourage her/you to look at her advance work as actually buying herself more time to explore. My students are great – smart, motivated, high-achieving…and feel *so* much pressure to do everything right and figure out their adult path to success ASAP. The DC schools tend to have really intense student bodies. In my experience, the most resilient students often have parents who help them put their challenges into perspective, and understand that there’s no one straight path to success.
ESI says
I wouldn’t say we’re “worried” about it, just trying to sort out the options at this point.
Her school has a pretty good program and given her grades/activities and their guidelines, she’s likely a slam dunk for a spot with them.
I don’t think she feels any pressure either. In fact, it’s been pretty smooth sailing so far and doesn’t look live there will be any hiccups.
Jenzer says
If you haven’t read it already, I HIGHLY recommend the second edition of Getting Things Done by David Allen. It just might take you from “some of these won鈥檛 get done” to “I accomplished every single one of my goals this year.”
FIscovery says
first bullet – check out the vanguard blog, two recent posts that you might find helpful.
earn extra money – – may make for some nice side hustle posts 馃槈
ah the infamous death kit – – I did the same but as you stated it needs considerable updating – probably for the same reasons I just haven’t revisited, but desperately need to do so.
good call on the take pics for insurance – – I initially did that but now use video on the smartphone and verbally annotate if needed (and then of course save off in multiple locations)
hope your wife feels better –
my money goals continue to be save more, spend less, invest smarter 馃檪
maria@moneyprinciple says
Hey, good ones (may be a bit too many but its your blog, your goals :)). You just reminded me that we have to get on with our ‘death file’ – sounds macabre but it is so needed. Things happen and the last one needs when they grief is to worry about dis-organised paperwork.
David D says
Updating our will is on our list too, as we recently had a second child and moved to a new state.
To help with one of your goals…For sharing passwords with your wife, programs like Dashlane or LastPass allow you to easily create and manage passwords. I know Dashlane allows you to easily share all your passwords with another person (probably LastPass has this too). I have used Dashlane for years and all I had to do was have the program send my wife an email with a request and she has access to all my passwords. As passwords change over time, this link does not, so she always has the latest passwords.
Financial Samurai says
Questions regarding your daughter!
What are her expectations about paying for college tuition and paying for a car? Also, have you guys had a discussion on the ROI of college and college majors yet?
Thx,
Sam
ESI says
Here’s the deal we struck with her regarding tuition:
https://esimoney.com/managing-college-costs-by-offering-an-incentive/
Based on this incentive program, she decided to stay at home for an extra year, work, and take classes online. When she leaves for college next fall she’ll begin as a junior, so she’ll only have two years of school left. Based on the costs we’re expecting, she should have between $30k and $35k left over when she graduates.
Here’s the deal we made for the car:
https://esimoney.com/kids-and-car-incentives/
She made the year with no sweets, but has decided to get her free, new car when she graduates college.
As for college majors, we did talk through them, the purpose of college (to get a job), etc.
She’s going to a school where she’ll likely have a good internship between her junior and senior years (they have a specific program for her major and she seems like she’d be a shoo in for selection based on their criteria). This will likely turn into a job for her and if not, at least separate her from the pack with experience to help land a job.
Mike M says
When you create your death file can you please post it. I have been promising my wife to do it for years.
ESI says
I most certainly will. That’s blogging gold!!! 馃槈
It probably won’t be until the end of the year as I’m dreading doing it.
kevin@39months says
Nice set of goals. I see a couple that I should have set for myself (and that I’ll probably set for 2018).
I always like these end-of-year/beginning-of-year time periods. With things going well, you can look back on what you got done, and look forward to things to do in the new year.
I know, sounds like I’m a “glass half full” kind of guy