I haven’t done a giveaway for awhile so now seems like a great time to do so.
After all, something tells me we all are going to be buying presents pretty soon. 😉
Since gift cards always seem popular and Amazon is my most requested option among several past choices…
I have $500 in Amazon egift cards to give away today!
I’m giving away ten $50 egift cards from Amazon.
Here are the details of the giveaway:
- I’ll be giving away $500 in Amazon egift cards as noted above — one card per winner, total of 10 winners.
- To enter, all you need to do is leave a comment below telling me one (or more if you like) money goal/task/resolution you’re currently working on (or planning on working on). This should be fun to see what everyone is doing!
- Be sure to include your email address when you leave the comment so I will know where to send your prize if you win (the email address will not be visible to anyone other than me).
- The winners will be selected by me at random.
- The selection of winners will be held on Saturday, October 30, 2021. I’ll list them as a comment on this post.
- I will email you an Amazon ecard if you win — to the email address you leave in your entry.
- As with most giveaways, there are rules. Here they are (the one difference here is that you don’t need to be a US resident since I can email these cards anywhere). 🙂
Good luck!!!!
I plan on expanding my portfolio to include some real estate, through either an online platform such as FundRise or maybe syndications.
I paid off my credit cards as of July 2021. Now I have a car loan through my work that pays off in December 2021 and I will be debt free after a divorce that became final in 2013. I moved out in 2012 due to safety issues. He refused to discuss finances with me. It has been a long journey but I am finally getting there. The car loan was to fix an engine light that had to go off in order to pass e check two years ago on Halloween. Thanks to this blog and the motivation behind reading it, I have stuck with it.
Way to go on paying off that credit card debt! Remember that you might have another setback or two, like that check engine light, but stay the course because you’ll have many good things happen too. Being debt free is a huge win. You’re owning your life, we’ll done.
*well done.
I (31 year old) finished getting our (single income family with 2 kids) emergency fund back up to 6 months income. Roth IRAs are maxed and 401k will be maxed by end of year. I now want to start a taxable brokerage bridge fund until I can start maxing out the Roth IRAs next year.
You are on the right track to a happier life. Congratulations!
Hmmm — great giveaway! My next money goal is to come up with an idea for a (very) flexible side hustle. My husband has retired now, and I would like to keep busy/engaged, bring in a bit of money, and still have plenty of time for the two of us to spend together.
My current money goal is getting my 16 year old daughter and 19 year old son independent with their investing.
They both have brokerage and Roth Ira accounts that we manage together and I look forward to completely handing over the reigns.
Thanks for all you do
I recently bought a car (used, all cash) so my current money goal is to build back up my cash reserves (mostly for comfort and peace of mind). While I’m sure there are various areas where I can reduce spend, I’m primarily focused on pursuing new career opportunities so that I can increase my earnings/earning potential.
Goal(s) my wife and I are working on:
1) Adjust savings expectations with downshift related to work burnout (we are both RNs who take care of Covid-19 patients regularly), e.g. going from full/part-time to part-time/PRN status. Prior to Covid-19 and addition of our daughter we were saving 35-45% of our gross monthly.
2) With reduced income continue to: max Roth IRAs, 403b to get employer match, and pay down principle on home mortgage at current rate for 2022. At current rate home will be paid off in 6 more years (or around 3 years sooner if we use our brokerage account).
3) Invest in our family relationships to greater degree. This goal is already partly met as with a downshift in work we will spend more time with each other and our 1 yr old daughter. Along with the passive time, being more intentional about our relationship by spending weekly on a sitter to spend more time with each other.
I’m strategizing my plan to protect my emergency fund and cash reserves from inflation with I Bonds, TIPS, and a possible CD ladder. Fun times!
Very same thoughts here. It’s painful to have 2-3 yrs spending $ earning $0.
I’m retiring by June 2022. I’m planning out what I need for cash going into retirement, Roth conversions, and retirement health care.
Nemhum.
I am a retiree, widower, who has accomplished a great deal over my lifetime and during this pandemic period, I have established several brokerage accounts designed to be inherited by my grandchildren upon my passing. Each account has a Similar starting amount, ETFS , dividend yields reinvested and each was started in 2020 during the low period. As all of my grandchildren are now adults, I have told them, separately, of these accounts, but withheld the amount of money in the account. These also are Transfer on Death (TOD) accounts to allow each one to either continue or terminate as they wish.
Wonderful strategy. Direct gifts now could help with paying off student loans or down payments on first homes, and you get to see it used effectively.
I’m working on passive income via turo and hopefully soon build my real estate portfolio. All the while working in a field I truly enjoy aquatics though it doesn’t pay much I’m seeking avenues to make passive as well ie black woman owned athletic swimline. Goldfish style lessons etc and of course pay off debt. Debt management I have down pack it’s time to for wealth management
Renovating a New York City apartment during the pandemic was neither easy nor cheap! Costs ran to over $300,000 for this 1890 one bedroom in a landmarked building. I’m shoveling myself out from underneath that, and am determined to pay it off by year’s end, while maxing out my retirement contributions. I’m doing well at eliminating the renovation debt pretty well; I’m taking on more consulting work, and truly believe I can hit my target. After which, I can coast into 2022…
I am currently working on fine adjusting my budget being a single mother by choice (SMC).
I am looking into investing in unlisted shares, higher risk and higher possibilities? Still not sure if I dare.
My goal is to reach FIRE.
I dream of changing career. I also dream of spending more time with my child than a regular full time job allows. Both dreams might delay my fire date. I guess you could say that I have mixed feelings about which goal I should focus on and give top priority.
I am working on a career change with a switch to the renewable energy sector.
My TSP and catch-up contributions are maxed out at work. But I haven’t, in the past, been able to also max out my Roth contribution without selling from my main investment account to fully fund it. Starting this late Summer, whenever I had any amount of spare or surprise money, I would send it into my Roth. I’m getting close to halfway to 7K. Others think it is silly to send $12 but over time it grows and grows.
Retired so main money goal is preserving wealth by asset allocation tweaks. Also, added in some rental income. Did some part time consulting work after retirement to help with a soft landing but happily now 100% free of “real” work.
Are you the “Chris Kalberg” who worked at GW/GSK? If so, I would love to hear how your training is going, assuming you are still doing triathlons? If I have the wrong person, All the best!!
I trying to figure out what to do with my student loans 🙁 I need to work out the numbers on paying them off on my current plan vs changing jobs to get loan assistance vs refi. Such a stressor!!
My goal is to max out my employer’s 401k contribution this year
Restructuring debts and focus financial planning diversify in superannuation for retirement stage.
Two resolutions for me:
1) Track our spending. I started in January (ESI’s recommendation) to get a few years of data before pulling the retirement ripcord – projected spring 2025. It’s been quite revealing so far.
2) Create a list of major financial considerations to address in the intermediate term. Not necessarily *before* retiring, but mid four-figure expenses that favor into the decision. For instance – new roof for the house, car replacement, etc. And then, start knocking them down!
* factor * into the decision.
I’m a 40yo and I’ve been always working as an employee for someone so far. Since around four years, I’ve been working on a side hustle. Two first years profit of around $500 – $1000 / year and two last years of around $10000 / year. My goal is to quatriple the profit to $40000 within two next years or less if possible. This is the amount of income that would allow me to quit my job and fully concentrate on the side hustle venture.
I reworked my budget so I could add an additional $200 per month to my mortgage payment so I can pay it off sooner! 😀
Mid 30’s Canadian- I plan on transitioning my investments to a different brokerage company to reduce the cost of purchasing ETFs.
This year was reflective for me. I resigned my last role, and focused mostly on learning, and spending time with family. My immediate goal is to get back to earning, and rebuild my emergency fund. Subsequently, my goal is to start making contributions again to my investment portfolio to meet next my contribution milestone. We only recently had access to the US stock market in Nigeria, but this period has definitely shown the value in investing in USD to hedge against local inflation rates.
I am suddenly retiring and figuring out to concretely implement concepts I’ve only read about like a bond tent (is it a percentage of my whole portfolio, or just the portion I’m going to spend from in the next 10 years?), drawdown strategy, and tax minimization given some forced withdrawal deadlines. Oh, and that pesky estate planning. Good times!
Retired early, newly widowed, and need to figure out health care solutions going forward. Also, looking in to living part time in France…
How are you managing the newly widowed part? We are in the midst of retiring and my husband’s prognosis is not great. I am terrified.
Planning my budget for retirement coming up quickly in a year as well as how much to convert from 401K to Roth IRAs as an early retiree
Having quit my job as part of the Great Resignation, my resolution now is to get comfortable spending money that I’ve saved over the past several decades. Shifting from a saving mindset to a spending mindset is uncomfortable, but I’m easing into it. Along with that, I’m working to cut back spending on meaningless things and trimming costs that one can get lazy with when receiving a salary (like cable).
Ironically I’m in this exact situation. My friends can’t understand that I feel so uncomfortable spending.
Awesome Tim. Same here. We use Personal Capital but it’s not perfect. Misses pay checks and taxes but close enough for most spending
I’m in the same place. Hard to spend after so many years of saving, but that’s what it’s there for, right? Also being more mindful on spending but we were already pretty frugal so there isn’t much more to cut.
I started trading options spreads in April with a goal to add $1k/month in income for the first year on an original capital investment of $10k. On track so far after 6 months. Once I’m more comfortable, I’ll look to slowly grow this goal to continue to add supplemental income. I treat this as a side hustle that I enjoy.
I am finally going to move some investments that have been with a financial advisor to a low fee index fund, and hope this will be the first step to moving the entire portfolio and get out from under paying higher fees on managed funds! Reading your blog and others has educated me and I am ready…..I hope!!!
I am working on increasing non-retirement funds by using index funds and real-estate syndicates.
Two money related goals I am focusing on now are: 1) Saving for retirement, 2) Getting ready to help fund college for my two children.
Retirement savings is on target for success.
I am behind on college savings. My daughter goes to college next year. I think what I’ve managed to save will cover one year for each of my kids from 529 accounts. Now I need to figure out how much I can cash flow. There will be two years when both kids will be in college.
MI131, you should let them borrow the missing college $ and let Biden et al forgive the loans in a few years. If not, you help your kids out then by paying the loans off. Might give the kids more skin in the game 😉
With five years of work left, tracking expenses so that we will know what we need. Preliminary estimates show we are on track but looking to make that reality. Particularly as the kids leave home and true cost of living is determined for my wife and I.
I’ve been trying to do a better job of getting the kids interested in money management. My oldest has a part time job so we opened a Roth for her. Now I’m teaching her about stocks and how to invest. If they do just some of what I’m preaching, they should be good later in life.
Awesome JR. same here. The teens have got to work and see how little their pay checks cover
One goal we are working on right now is paying off my wife’s student loans before payments are required to resume.
Trying to beef up the emergency fund.
Our goal this year was to actually loosen up the purse strings and spend more money. We’re 52 and have reached a place of solid financial independence and should dial back substantially on our monthly savings of about 50% of take-home pay. Despite this, there’s only so many things we like to spend money on. Eating out at great restaurants is one of them. Unfortunately, we’re now putting on extra weight so perhaps we should also purchase a gym membership or a peloton bike. I think this is how they Diderot effect kicks in! It’s a good problem to have.
Currently working on IRA conversions as well as where to keep my “cash” bucket. Plan on retiring in 1-2 years.
My wife and I are working to buy 10 houses in the next 5 years so that we can generate around $4k monthly cash flow. We just bought our first 2 homes this year and are learning how to retire early! This site was a huge source of inspiration. 5 years ago my networth was -$60,000. Today, we are over the $1MM mark and growing.
I am working to transition my portfolio to the correct asset allocation in index funds. Have some long term stock holdings that I’m using for charitable giving.
We have five kids, all college paid for by mom and dad (us), last three are in now, largely paid for by 529 plans. Light at end of tunnel is starting to come into focus. Will begin putting more focus on emergency funds and of course, nest egg building soon. Also continuing to fund a trust for one of our kids who has autism (he is in a college program for kids on the spectrum) and will need significant help throughout his life after we are gone.
First off thank you for offering the chance to win! I think your hunch is right, my kids remind me regularly they will be asking for gifts soon 😄. In line with that my goal is to add enough to their 529 accounts so that they can start life debt free. We have 3 years until the first child launches and now that the house is paid off we can push more towards the 529s.
My wife and I are working to buy 10 houses in the next 5 years. Our goal is to be around $4k cash flow per month with real estate. We are trying to retire early and passive income is our newest indeavor. This site was a huge source of inspiration, as my networth was around -$60,000 five years ago. We are now we’ll over $1MM.
Thanks to the newsletter I’m strategizing paying for my medical with after tax money and hoarding receipts to claim my hsa gains later in life after they’ve had time to grow. I’m 51, run regularly and eat plant based so thankfully my overall medical costs are next to nothing and my hsa is through fidelity that allows me to put my hsa money in to tesla stock. It’s been a windfall since last year for gains.
I’m working on getting more comfortable with spending in retirement. My wife retired 3 years ago and aside from a few days a month, I’m retiring this year. Since my wife retired our net worth has increased 30% which wasn’t expected, but shifting from saving for a lifetime to now spending our savings is not easy mentally.
I’m also working on checking our portfolio less often, which is also not easy for me, because I want to spend that time enjoying life instead. I feel that thinking about our finances is a drag on enjoying retirement when we know we have enough.
I can relate! Recently early retired and I’m trying to keep my eyes off the stock market & our portfolio except for periodic checkins.
I’m working toward fully maximizing my 401k contributions (including backdoor Roth). Two years ago was the first time I was able to max my 401k so this feels like amazing growth!
I’m working on an estimate needs and wants budget for retirement to help determine if my wife and I have saved enough to retire early.
I’m managing my parents’ money. They are ill and need help to get their finances and house in order. I’m setting aside my personal goals for now so I can help them. They helped me get to this stage. Now I can help them.
I get it. I have managed my mom’s needs and money for at least the last 10 years. She is in a nursing home now, but that still requires managing her money and needs. Best wishes!
Thank you for the giveaway. I am looking to maximize my earnings and investing. Taking up extra online classes/ reading on career management and portfolio management.
I am adding to my investment strategy an investment in to Crypto investments. My strategy is built around 50% of my investment in BTC and 50% in other investment options. Then any gains in the other investment will be converted to BTC. I hope by the end of 2022 I own (1) full BTC
I am strategizing on how much to put in a money market fund (IRA) for the first years of retirement. I am 60 years old and with the market the way it is, I’d love to have about 5 years of savings in there in case of a market correction. I think I can do it and that is reassuring. Peace of mind. 🙂
My spending and expenses are out of control. Goal: make a budget, track spending, then eliminate non essential spending.
Planning to open my first DAF before the end of the year to bunch my tithes.
My goal this year is to have positive cash flow just from real estate exceed my household annual burn rate (last year I was close to 90%).
I also want to also continue my glide path at work by decreasing clinical hours (would like to go from 4 day work week to at least a 3 day one)
My financial goal for 2021 was to enjoy my continued growing retirement savings through generous donations to help homeless Veterans get placed in permanent housing. If I win the gift card I will use the money to further support my efforts. Thank you.
We are planning to retire 2/2022 so we are working on:
1. Healthcare options post retirement as we are in our 50’s
2. Setting up our bucket/withdrawal system
3. Finding our core pursuits for post retirement
Best wishes on your retirement!!! I have been retired for about 7 years and love my new life and opportunities… ❤
Working towards saving the down payment for our next real estate investment.
I have taken the steps to optimize everything from Utilites to monthly spending. We are currently tracking monthly expenses to see where we are in relation to FI. We know that we are at lean FI now. We are planning to retire or scale back considerably next year. I have set up countdowns on our calendar; one for when my vesting is 100%, and one for my wife’s last day of school as a full time teacher. Still the biggest things that remain are firming up health care costs, and how to re-purpose ourselves as retirees. We are excited for the next phase.
Became debt free; paying off mortgage in 2022 so we can start saving for a vacation home in FL or SC.
My goal is adjusting to retirement, as my last day of work was September 30! I have plenty to do with a backlog of projects around the house, golf, adjusted workout schedule, and planning for health insurance replacement when my wife retires in the Spring. I’m only 4 weeks in, and still wrapping my head around paying bills out of savings and not from pay checks, otherwise it all seems great!
Congrats Mark. Same here. My last day was sept 30 and oct was very busy for me. I think I will just relax and float around family schedule until Jan and then get more organized. I have a long honey do list and widow to help. Would love to learn and play pickle ball. Enjoy!
Like Tim above I am part of the Great Resignation. Figuring out how to spend after saving for 30 years is proving to be my biggest challenge, something I had never considered!
Financial goals:
1. Create a retirement spending budget prioritizing expenses
2. Develop an estate plan utilizing trusts
3. Rebalance asset classes to a moderately conservative level
4. Investigate social security options for myself and my husband
I’m saving up to buy ibonds before the end of this year. The interest rate is too good to pass up
My goal is to buy my first piece of real estate in the farming world.
I am trying to get my husband to prepare for retirement down the road. He is wrapped up in his job but I know that some day he will be ready to quit. We are well positioned financially but I don’t think he is prepared for the rest of it.
I am planning a retirement of April 1 2024. I have a goal of at least $2.5M in my retirement accounts. I need about $400K to reach this goal. In addition I an targeting paying off my Truck and RV we will be traveling in on a part time basis during retirement. I have my goals written on a Post It note in front of my desk where I look at it daily to remind me of of these goals. We are getting close! My numbers already work for a successful retirement plan but I enjoy what I do and just want to hit these personal goals. Something to work for!
Final Retirement Planning – March of 2021 🙂
I am starting a new job next week that will better enable me to plan and save for the future. I am actively saving for college for my kids and have begun to increase my investments to be bettered prepared for retirement. I have a ways to go but it feels great to be on the right path now.
My wife and I hit the two comma net worth club over the past year and continue to put money into retirement accounts while concentrating on fitness, careers and grandchildren! Like you, we like to hit at least 20,000 steps a day and Strength train and (since March 2021) play Pickleball. We have been playing mixed doubles in tournaments around the south to get some play in as our area has not caught on with places to play ! Always look forward to the Millionaire Interviews and the nuggets I can take away.
I’m now debt free, close to $2M in NW. Currently beefing up brokerage accounts and real estate syndications to pursue RE in the next 4-5 years.
I am struggling with decisions re paying a CFA next year or doing it all myself. We spend a lot each month so figuring out how to create our income streams is my goal. Once bucket 1 starts to get small, how to know what to sell and when is very new for me
As a single mom, my goal is to prepare an empty room for rental to increase my income. I will then be able to put more into my 401k, which is my my most earnest goal.
I’m going to be 57 in November. My husband passed away in 2019 and at the same time, I lost my job. I stayed home with him and because we had enough savings and not much debt, we were able to survive on his SS check and some rental income. I am glad I stayed home because I got to spend time with him before he passed away.
Not working during that time gave me time to reflect upon my life and how I want to spend it. So, now my goal is to segway into retirement over the next few years. I always thought, oh this is not enough to live on, or I don’t have enough saved, and growing up without anything kind of leads to this mindset of “never enough.” But, I feel confident that I have enough to retire on, so I am chipping away at the last bit of debt I have which is on my credit card. I paid off the mortgage a few years ago and the car this year.
My son is 16, so a few more years of working just to get him through high school and have health insurance and then downsize to something smaller near a beach. I love Galveston, but am also looking at places like Portugal and Spain to land.
My current goal is to saving $1000 per month to purchase a new to me vehicle in a couple of years to avoid a monthly payment.
Few goals that were working on. For context some high-level details, 4.5m NW net of any debt obligations which is <9% of the NW. Predominantly in equity investments, no real estate besides primary home, and no other significant other holdings. 42 y/o.
Goal 1
Diversify investment positions outside of broad market equities and fixed. Looking to start slowly acquiring residential real estate to generate a cash flow source of income for me later in life (in 10 years).
Goal 2
400k mortgage (@2.5% 30yrs) and 30k (@2.2%) student loans. Determine a long-term plan to pay these down. Since the rates are so low trying to figure out if it makes sense just to kill off the student loans and let the mortgage run.
Goal 3
Fine tune our fixed holdings to squeeze out a little bit more yield over the near term meaning the next few years while interest rates are still low. I did some long-term projections in this can cost us multiple thousands of dollars and lost opportunity.
My goal with my wife is to finish paying off our student debt by the end of the year. We’re $3000 away and putting $1500 a month towards it! So close
Wife and I are working towards Coast FIRE and then FIRE eventually. Coast number is approx 12 months away! Then comes “one more year” syndrome. We’ll see. 🙂
Thanks for the giveaway! We are working on figuring out the details on our spending and we’ve just spent a bunch of time figuring out how to rebalance our portfolio. We’re trying to figure out the balance between safety and risk, and we’ve been talking about when we aim to retire.
I’m planning on retiring within 5 years and would like to start a new career and open a small business. So I’m doing some planning, setting objectives and goals, to make sure that’s the right decision. Also setting aside extra savings just for that venture to make sure that I won’t be tapping into my retirement savings.
My goal is to fund a down payment in the amount of $200 to $300K this year for a house in San Diego that will minimize as much opportunity cost as I can because it will require selling off some stocks in my brokerage account, crypto and taking distributions out of retirement accounts.
My son turns 14 next month and we have almost funded his entire college fund. This includes the prepaid tuition fund for our state + a 529 plan for everything else (i.e., books, rent, etc.). His college funds total around $76k so far. We are hoping to have around $90k once he turns 18 – so we don’t have to take any $ from our paychecks to cover college.
If there is one piece of advice I would pass on to others is: as soon as your child is born, start setting aside college funds immediately. You can start small and increase it as your income goes up.
My kids are teenagers and both have had economics classes recently. Mostly good advice from the teachers, but a few pretty bad and outdated things.
So my money goal right now is really working with them on some economic lessons. Actively involving them in grocery store decisions, gift shopping, tipping at restaurants. Everything that involves money, so they can learn from real life experiences.
Kudos to you! Your kids will benefit from your money lessons the rest of their lives.
I am approaching retirement after 33 years at the same job as a federal worker. After diligently saving with DRiPs, savings bonds and retirement plans I am concerned that I am too heavily invested in equities and am formulating a plan to become more diversified with a goal of creating better income streams while preserving capital. My ultimate goal is not to touch principal but be able to strategize a diversified portfolio that provides streams of income via dividends and/or interest.
I will be looking at retirement and non retirement baskets to formulate and reallocate.
Thus currently reading up and researching diligently on bond funds, real estate crowdfunding options and more focused income producing stocks/funds to layout a plan of attack.
My goal is to produce 5k / month in income to compliment my pension that I will receive at retirement in early 2022.
About to pass the halfway mark on our “Debt free land” roadmap after starting monthly money date nights last year with my fiancé and working towards our goals as a team. Only ~$32K left in low interest student loans remain after paying off high interest CC’s and Cars. We might have to try some Wagyu to celebrate this milestone and enjoy the ride while paying the rest off by early 2023.
I started investing in stock market since 2013.
My money goals are:
– have enough passive income to cover my active income.
– have 99% of my net worth invested in productive assets like stocks.
– be among top 30 largest shareholders of one or more of the companies that I am investing in one day.
We hit the two comma net worth this year. Our goal is is to continue to increase our savings by
1)Fully funding my 457, fully funded Roth IRAs for both and putting 20% of her income in her 457.
2) Sending an additional $1,000 towards the mortgage each month, which will allow us to pay off in 5 years.
In the spending Phase of our savings. Retired since the beginning of this year.
Looking to retire when NW reaches 4MM. Unfortunately company I worked for downsized recently and now looking to find one last corporate role to still reach my goal of retiring at age 55. The goal 6 months ago was in striking distance, but now have to gear back up for new path to wrap up plan.
Great giveaway idea! Hopefully we get lots of comments! Here are my goals:
– Continue saving for financial independence
– Investing a big chunk of cash that I didn’t dare to pour into the market for years. Also trying to decide how to best get international exposure, and whether indexing or a Buffet-style managed fund makes more sense.
– Make my transactions go through one bank account only, so I can track things more easily
I’m working toward retiring early and helping my kids finish college. My strategy has been:
-maxing out HSA
-maxing out Roth IRA
-Maxing out 401K
Living within our means, and working to grow income.
I’m working on acquiring more income producing assets. Want that passive income stream to get large enough that I can FIRE.
Our current money goals are
1. Build up passive income to retire before age 55 ( currently 51 and 53).
2. Guide our teenagers in applying for college scholarships to help fund their education.
I’m working on saving money for my wedding/honeymoon next summer!
I am currently working to build up my taxable account by contributing less to my retirement accounts. I am hoping to retire in the next 3-7 year time period when kids are out of the house. The flexibility and availability of funds is what I working to achieve. Also, we are researching areas to move that will have the things we want in retirement and maybe cheaper than the state we are in.
I am working on alternate income streams using covered call ETFs…..QYLD, XYLD, RYLD, and NUSI.
These produce good monthly income beyond what most bond funds are paying currently and are easy to acquire and manage.
I look forward to ESI doing an education article section on these types of instruments in the future.
I’ve was recently able to max out my pretax contribution so my new goal is to start a Roth IRA for myself and fund it.
After reading, “Die with zero”, I’ve realized the need to increase my “experiences” in life and enjoy each day. After going to work and each day blending into the next, I decided to take control and change my job situation to have better work-life balance.
Our goal this year is to focus on how to pay for college next year for our oldest who will most likely be heading off to a pricey college and braces for our youngest. We will most likely bump up the savings on the 529 while still trying to max 401k and Roth IRAs.
Fully funding my sinking funds and saving for a house down payment.
I am in the process of expanding my portfolio to include more non-correlated assets, specifically, real estate, venture and precious metals.
Always had a goal to retire @ 55. I just turned 55 this month so worst case I will work until 9/22 so I can get my 2nd bonus payment. (NW=5m)
Smart move… never leave money on the table and don’t miss the sweet spots!!!
I hit my financial goals for the year, but I overfunded my Roth IRA due to an unanticipated work bonus so I will need to get that corrected by tax time. I also need to rebalance my kids 529 plans and transfer some funds to my younger kids accounts. Last goal is to shift more to my after tax account and set it up for automatic transfers. Hoping to automate these last few accounts so they take less effort to maintain.
I’m trying to hit the $1M milestone within 18 months, and working on simplifying my investments. Thanks for putting this giveaway on!
My current goal is to max out my wife’s Backdoor Roth IRA by the end of the year. Otherwise we’re getting ready for our first child that’s due in December 🙂
Best wishes on your beautiful new baby… 👶❤
I have maxed out my Roth IRA and HSA accounts. Currently working on contributions up to the limit of my 401k. One of the best things I did during this pandemic was to buy a rental property. So far so good.
I’m going to work on improving asset location and
spending down funds efficiently.
Working on moving out of the city to buy a big house in the suburbs for my family. We have a two year old and we would like a yard, three car garage and to be closer to the ocean. I am also working on refinancing two investment properties so we can buy a vacation house on Block Island (Rhode Island). Also putting money away in a college fund for my daughter and helping my wife build her social media consulting business.
I am working on paying off my mortgage in 2-years before I turn 60.
I (31 year old) finished getting our (single income family with 2 kids) emergency fund back up to 6 months income. Roth IRAs are maxed and 401k will be maxed by end of year. I now want to start a taxable brokerage bridge fund until I can start maxing out the Roth IRAs next year.
I retired in November, 2020 after 44 years in the banking industry. I started at an entry level as I raised my three daughters and retired a Regional.
My retirement story which I wrote 7 years ago is to live a simple life, doing all the things I have always loved. Traveling, riding my bicycle, reading and learning daily, working in a local book store, sewing again and working on my home.
My passion is to partner with teachers and teach financial literacy to their students. I have seen so many young adults leave for College without a clue on how to manage their money and stay out of debt.
I am currently working on a children’s book about finances that I would love to have published.
We are trying to pay cash for the 2nd car and build a full emergency money
We are working on replacing our refrigerator since it suddenly died on us! We were saving for one next year, when we hoped supply and prices would be better, but we are forced to up our timeline. I have never had a fridge completely give out on me.
Check Craigslist or MarketPlace, if you are in a pickle. I purchased a Condo recently and purchased a lot of great furniture that way. Best wishes on the Fidge issue.
To be honest I feel that I’ve always been so late with doing things in life and now soon to be 65 playing catch up with my finances.
My earlier years was a financial wash because of the lack of financial literacy which is why I’m so happy that I found this website.
Right now any financial nuggets are being absorbed like a sponge.
As a result of this new found knowledge, my husband and I currently have a financial advisor who is assisting us every step of our way. We might not have the wealth that some of your readers acquire but we’re going to be okay by the Grace of God!
My husband is retiring at the end of the year and I have a very light work from home position therefore will probably retire sometime next year.
This is the short story ☺️
Thanks for reading my post.
My husband and I retired 5 years ago and we’re thinking of selling some of our real estate holdings now that prices are through the roof in south Florida.
The income has been great but sometimes you got to take the profit!
Thanks for the giveaway. Love ESI.
[email protected]
My goal is to be financially free. My credit card debt was paid off a few months ago and I’m working on paying off the remaining amount on my lease buyout. I was able to put $10k on it with a little under $9k as the remaining balance. I am really working hard at being a great steward of my money and a $500 gift card card will be very helpful for me and my kids over holidays. Thank you for this opportunity and keep sharing these inspiring stories! Hopefully, you’ll be interviewing me one day soon!
All the best
I am 43 and my wife and I hit the 7 figure net worth target earlier this year. We are now focused on paying off the rest of her student loans $13k and then building up our taxable investments as most of our funds are in retirement accounts.
I am 32 and my net worth is 620k. Most of my income came from crypto investments since last year.
I’m building up my brokerage account so I can eventually use swing trading as my primary source of income.
I am working on reducing the hours I spend working in my small business to focus on our existing real estate (2 commercial property and 3 single family homes). I hope to build a duplex or 4 plex on a lot I own in 2023, so spending time in 2022 on design and finances for that. I like your blog as it gives me exposure to so many different ways of wealth creation.
Hi, I’m interested in getting into the rental real estate market. Are you comfortable sharing any lessons learned?
Currently, working on saving the “3-6 months living expenses”. We have a basic decent emergency fund. Oh yeah… and expanding how much we put into our Vanguard account too.
I am on the edge of retirement, and finalizing things… planning how much, where , and with whom to move 401k money, a plan for Roth conversions, setting up buckets for withdrawal strategy, trying to figure out insurance options, and planning for a move to another state…. A little overwhelming, but keeping moving on each goal.
Trying to balance out my three legs of accounts ( Roth, pretax, and non-sheltered accounts) with a goal to FIRE at a certain date . Years of job insecurity and single income left our Roth as a last (no) priority, and the non-sheltered accounts have disproportionate size.
My wife and I are currently saving every dollar for a down payment on the first home for our family.
I have spent the summer educating myself on 3 topics. Donor Advised Funds, Precious Metals investing and Crypto Currency.
Last week I opened an account with SD Bullion (per your recommendation) and made a purchase.
Yesterday I opened and funded my DAF.
I’m opening an account at Coinbase and expect to pull the trigger and buy/speculate within the week!
We are “nearing” retirement. We are working to maximize our earning potential to reach our “comfort goal” to retire. Unfortunately with these crazy times that amount has increased… we passed our first goal.
My current goal I am working on is to raise dividend to $10,000 in our brokerage account. I am only buying ETFs, too much for me to pick individual dividend stock.
Since company raise is minimal, I will consider dividend as my raise. 😉
I’m currently in the process of paying off my “trip of a lifetime” for my husband and I to Antarctica! We depart Nov. 2022. Final payments are due Dec. 15th 2021!!
I am working on making it to the end of the year!
We maximized our HSA contribution this year, but have also hit our out of pocket maximum in our high deductible plan. So far we have been able to cash flow the expenses, but it’s going to be tight for the end of the year.
After that, continuing to put money into retirement accounts and work on passive income streams. We are a long way from FIRE, but it’s a goal for me and my wife!
Thanks for the giveaway opportunity – lots of great comments on here!
The big financial goal that I’m working on is getting a better picture of my FI number. I’ve been floating around a number that “seemed right” without diving into the calculations more. What I’d like to do is evaluate my annual spending and determine what would be cut out and what might be put in and then use that number to multiply by 25 to see what my true FI number is.
I’m also working on an FI coast number since my wife has mentioned that she’d want to continue to work if we hit a number where I wasn’t required to work. Fingers crossed.
I’m curious, what led you to chose 25 as the number to multiply your annual spending by?
I’m still in the early phases of learning about FI myself – always looking to learn.
Thanks!
My goal is to fund my backdoor Roth before the end of this year in case the rules change in January.
With a son about to go to college Im focused on finding as many scholarship opportunities as possible. There’s a lot of bizarre ones out there. Every dollar counts.
Made a goal at the start of the year to (Save) $40K into my savings account this year (1st full year being 100% debt free) and I was on track. Then I took $4,700 out of my savings in June to (Invest) buy stocks through my company’s incentive stock options. Somewhat vain but I still want to that reach that $40K goal so I have to make up that $4,700 and things are really tight and down to the wire (I’ll know if I can reach my goal on Dec 31st – last pay day of the year).
I plan on building some extra income streams — hopefully starting by the end of the year with a rental property!
I finally cut enough from the monthly budget to have enough drafted every month to fully fund our ROTHs. Auto savings for the win!
I am planning to add a rental to my real estate portfolio in the next year or so. Hoping the real estate market will cool-off by then.
My money goal is to average at least a 7.2 percent return in my investments each year. This will allow me to double my investments in 10 years.
Our next money goal is to get our 3rd generation family farm set up as an S-Corp and get a Solo 401k going!
I’m 27 years old and currently own 2 long-term rentals and 1 short-term rental. My current financial goal is to save up enough money to purchase and furnish another short-term rental. My wife quit her nursing job three years ago to take care of our child and manage our properties. Five short-term rentals will cover my W2 income and give us the option of pursuing real estate full-time!
I am interested in creating more passive income. I have invested in a real estate venture already via syndication and am also going to start working on a book about money.
I’m working on legacy planning (Will, Life Insurance) and on supporting my young adult kids to invest long term via the Bogleheads approach (systematic investments every month over a 30 year period irrespective if the markets rise or fall). Plan is to match their investment 1:1 for as long as they don’t touch the investment at all.
Working on paying off cars do I can add more to retirement accounts.
We’ve hit all of our financial goals. I am using this part of my life to master my craft in engineering leadership.
We are selling our home next week and proceeds will be sufficient to payoff our mortgage and fund our new retirement home. Being completely debt free will allow us to pour more money into taxable brokerage accounts in anticipation of retirement in early 2023.
One day at a time for me to save any penny i can which is hard after open heart surgery and lung blood clots that almost wiped me out lol. very hard to function now after being on life support. I am saving for a nice heating blanket which i really need now out of my Disability checks each month. thank you for the chances!
Payoff mortgage this year! Oh yea.
I plan on builiding my Cash Reserves the rest of this year and in 2022. Goal is to have $100k in cash at all times for an Emergency Fund.
My current focus is working with both our adult children on a more aggressive savings plan and getting them aligned for their first home ownership, hopefully within the next few years.
I decided to take the “work from home” to another level by working outside the country. Because of covid, I realize the importance of family and I moved back to my family in Asia to take care of my old folks and operate remotely from there. I started investing in real estate this year and I plan to do fix & flips or BRRRR remotely and expand my portfolio. I’m actually under contract right now after placing an offer sight-unseen. Anything is possible!
I have won the game and will be retiring at the end of the year at age 53. The past couple of years I have been developing a robust financial strategy to lead a comfortable retirement. Much of my planning has been informed by the amazing community of writers, bloggers (like ESI), readers, etc., that have openly been willing to share their knowledge, opinions, advice, successes, and failures. We take for granted how fortunate we are to have access to all of this information.
With the financials checked off the list these are my other areas of focus to round out my retirement days:
1. I have always been interested in astronomy, star gazing, night viewing etc. and have had a telescope in my Amazon cart for four years now but have not pulled the trigger (additional Amazon card would help here) but am ready now to devote more time to this interest.
2. Bicycling three days/week instead of current one day/week.
3. Volunteer at the local animal shelter. I love dogs and this will be a good way to give back without hopefully adding to the household by adopting more dogs.
4. Build and plant raised bed gardens which will be more productive than the pot system I have been able to manage while working.
5. Do more genealogy research. If you have ever done this you know that going down a rabbit hole can lead to being on the computer several more hours than planned. The next thing you know it is 2 a.m. and you have to get up and go to work in four hours.
Counting the days!!
We are working on paying off our home.
I am newly retired, so enjoying discussions about adjusting to retirement. I have property and am in the planning process to build a home. Thank you for all the interesting content.
I would like to buy copies of “The Millionaire Next Door” to donate to our local high school library. The book is inspirational and a blueprint for life. It would be helping to contribute to enriching future generations and further my goal of helping others.
Also goal! Thrift Books (thriftbooks.com) is a great site, if you aren’t already familiar!
Paying off my student loans while there is no interest accruing. Should be almost done when interest kicks back in Jan 2022. Kept up the payoff even through job loss – I’m determined this will be gone!
My goal is to be way more proactive on end of year tax strategy. For example, in November, my goal is to make a large Roth conversion since I am no longer working.
I am currently researching the best ways to save towards retirement. I recently received an inheritance that I had to use towards real estate, so after using a chunk of it as a down payment for a new home, I put the rest of the money in Fundrise.
I am retired and divorced. Working on setting up a bond ladder and preparing a will.
My goal in the next 3 months is to assist my nieces (ages 19 and 21) with their financial education.
1) Enroll both with a Financial Trainer through the Financial Gym for 6 months
2) Help the 19 year old wade through the first-time home buying process
My wife and I are transitioning from dual income down to one, as we’ve just had our third child. Immediate goals for 2022 are to pay off are only car loan, start 529 plans for each of our kids, maximize ROTH contributions for the year, and grow our emergency fund a little more.
Otherwise, overarching goal I’ll continue to focus on is to maximize my earnings potential. I’m 28 years old and fortunate to be in a company that has solid pay increases in the roles ahead – so my focus is on continuing to over-perform as I work towards those. Priority is to do so without without losing sight of the point of it all – which is my family and spending time with them.
Really appreciate the education and motivation I receive from this blog, thank you!
I am planning to sell my house and downsize to a smaller condo closer to city center and my family, so I don’t have to use the car as much.
Early retiree this year currently living off cash investments & small earned income by spouse. Working on determining how much to convert traditional Ira to Roth over the next few years before we tap into retirement income.
I plan to add farmland REITs to my real estate portfolio and also increase dividend paying stock allocation in pre tax accounts.
Create more passive income and diversify assets through real estate.
I am working on paying off my last car loan and helping the last teenager at home to find scholarships for his engineering school. Moving towards the big quit day in 2 years!
Thank you for the giveaway! My husband got laid off earlier than what we had predicted (a few months earlier) and therefore we are retiring earlier than had planned. We are still figuring out the exact asset allocation we should have for our retirement and figuring out the passive Income we will be getting. A little scary right now as it’s happening live but I guess worst case we can look for work if something falls apart.
One money goal I’m working on is tracking my net worth twice a year and seeing forward positive gains. I’ve been aggressively saving and investing and tracking my net worth twice a year helps me to see a true picture of how well my saving, investing and paying down debt is going.
I finally convinced my wife to retire in April, 2020. Then we both beat back Covid in Oct, 2020. That prompted us to finally complete our estate organization plan and establish a family trust. Now we are in the final stages of simplifying our portfolio by eliminating duplicate funds throughout the various individual, ira, 401k, etc. accounts.
The goal was to simplify the plan so both of us can easily manage the portfolio when needed.
I am gathering 25+ years of information, data, books, notes, spreadsheets and software programs attempting to organize it into a short course I can present to family, friends and co-workers. I have been on this path for 25+ years and would like others to benefit from my lessons learned. Personal finance is one of my favorite hobbies!
We are eyeing retirement in the next 3 to 5 years and have sold one of our rental properties that had a mortgage and bought a lower priced property with the proceeds without a mortgage. The property we purchased is newer and requires far less maintenance and will provide pretty close to the same rental income as the one we sold. We deferred some of our capital gains taxes by using a 1031 exchange.
One tip for those small real-estate investors out there, don’t for get about the tax on the depreciation recapture portion of the gain. It can be significant. I knew about it going into the sale but a lot of new investors aren’t aware of it.
I’m working on trying to figure out how to minimize my taxes while doing roth conversions
As a late FIRE subscriber, meaning late to really push the overall savings rate and becoming debt free later in life, (early sixties) my wife and I are blessed to have retired early!! Now the challenge is to maintain composure and purpose in this new found freedom. Also, the changing of mind set posture from saving and living frugal to learning how to adequately balance, re-balance, spend, AND avoid paying too much in taxes during the next chapter of our lives.
I’m a DIY reading and learning from every source I can, which can be overwhelming, but am certainly grateful I found ESI several years ago. The journeys of others plus the excellent book reviews have provided significant footing along the way.
The research is on to either build a workbook, or purchase one that will guide me through the various functions; i.e. back-door Roth’s, withdrawal strategies, asset allocations, re-balancing options, charitable contribution options and tax saving strategies.
1. Make my own match to total 401K investments each year and put this my brokerage account.
2. Regularly unsubscribe from publications I don’t really use/read/watch.
3. Waste fewer groceries, buy less, finish more.
I’m working on the reallocation of our Traditional and Roth IRA funds in an effort to protect the gains that we’ve accumulated over the past year or so. Another thing is to continually educate ourselves on long term investment opportunities.
Down-payment for my newly ordered 42 mpg Hybrid Ford Maverick. Luxury package is only $31k 🙂
After a year of high medical expenses from enjoying dangerous hobbies, I am planning to get my expenses back in line with my savings goals so that I can purchase a property by the time my lease expires in July.
We have been meandering along paying extra on our home for some time, but not really being focused about it. The goal is to lock in on paying off the house to achieve the freedom to retire, travel more, give more, and breathe easier.
My goal is to look into purchasing a rental property in the next 12 months. Challenging time, but hoping prices correct here in Montana in 2022. Cheers!
I’m working on paying off the house I purchased earlier in the year now that the emergency fund is fully funded plus a bit more for the house maintenance. Also wanting to look into dividend stocks more and start bringing them into my portfolio (your articles on the subject are what peaked my interest).
Hello there. I am working towards paying off my last 2 debts so that I can go into retirement (902 days) and move out of state debt free. I opened up an Etsy so that I can sell some of my crafts and every little bit of that goes towards my debt. I also started selling some clothes that no longer fit me on Depop. So decluttering, going thru stuff, and trying to make money with it. lol
My wife and I just found out that we are pregnant with our first and she is due in May. She is a full-time second grade teacher and will be stepping back from that job when we have the baby. I am reading the book “Side Hustle” (recommended in your financial education article) right now to dream up some different ways that we can develop different streams of income starting now to replace her teaching salary in 2022. Here are some of the front running ideas so far:
-Speaking
-Tutoring
-Cleaning Air BnBs
-Renting out a room in our house
We are open to any other suggestions if people have some as well!
My money goal is to get my retired Dad and semi-employed Brother to share more about their money goals and plans so they can join me and my goal to FIRE in 2030 when my daughter finishes high school… and your website!
I’m working on buying back my TIME!!!! I notice people here don’t 😴 sleep. I just woke up. Good Morning, time for breakfast 😋 French Toast sounds 👌 not sure if I should do laps in the pool or my morning walk at beach. By then it should be time for lunch not sure if I should make lunch or go out to eat filet mignon at the pearl? Wow too many choices 😳 no wonder I don’t have enough time in the day and is not even dinner yet!!! Time is 💰 🤑
Current goal of improving deal pipeline so I can review at least 10 RE deals monthly with a purchase in 2022. Additional goal of becoming an accredited investor so I qualify for RE investments I’ve had my eye on.
One of the coolest things I’m working on is a refinance of my primary residence – an offer was sent to me from American Express in partnership with Better Mortgage. As an AMEX cardholder, I am eligible for a $2,000 statement credit to my Credit Card if I successfully purchase or refinance a property with Better Mortgage. I was able to compare lenders to get an incredible offer from Better from the beginning, I was making money from the refinance (not pulling cash out, actually making money through the transaction) BEFORE the AMEX offer is being applied.
Once this is completed, I’ll save nearly $200 per month on my P&I payment, have made money on the refinance, and have a $2,000 statement credit to spend on Christmas and end of year travel!
This is all in support of my general goal of spending less and investing more in 2022! I couldn’t be happier with this offer and process. Hard to believe it is real!
Hi. We are paying off our house. So excired
I just retired this past July. My husband is also retired. We are working on our monthly retirement budget for this coming year. We are also going to start taking our social security and withdrawals from our IRA/401k accounts. Your blog is helping us to decide what percentage we should be taking out. Also, I enjoy the summaries of the books you read. Thank you!
My wife and I (29 & 30) respectively, are saving toward the purchase of a second house to become landlords. We want to get to a point of having the ability to put 20% down and 50K in cash for any necessary renovations. First time we are wading into this pool, but are looking for cash flow for years to come!
My goal is to retire by 60 and to power up my monthly income with RE Syndication deals
We continue to save over 60% of our salary towards early lean FIRE goal of age 56. Debt clear, continuing to invest in a balanced formula as we will need to annuitize the 457 to boost pension then. [email protected]
I retired in 2018 at 49. I’m working on strategies to control income to maintain health care and strategies to make sure our nest egg will last 30 years.
My goal is to convert a substantial portion of my traditional IRA to roth before age 65. I’m currently 58 1/2.
I am currently working on building my emergency cash reserve. I have invested most of my cash, but then noticed that my emergency fund was good to cover for 3 months’ expenses. I want it to grow to cover a full year’s expense.
We are halfway to our FI goal! It will take us longer than planned since I took a part-time job to be around for our 4 kids as they started going through middle school. With all the pressures today I feel like middle school is the time they need you the most. We also homeschooled off and on during the past few years as various issues came up. Our other goal we are working towards as a family is a month in Europe as my husband visits various offices for his company. Thanks for this opportunity! It is very generous.
I want to make a plan to give more freely.
My husband semi-retired in 2020. He’s still working more than he thought he would, but that’s ok because we’re also having trouble with the “spending “ mode rather than the saving mode🤣
I’m especially nervous, even though our advisers and my husband say we have plenty until we croak😂
Trying to also figure where to park our 3-5 years of safe money to earn a little something. Hoping to help my kids with post grad degree expenses as well. Spending money to better their lives and future incomes does make me happy😊. Trying not to focus on all the money mistakes we’ve made in the past and be thankful for what we’ve accomplished 😁
Medium term – I’m looking to get my brokerage account value up to $2 million from $1.4 today. Longer term – have dividends totaling $100,000 per year, up from $20,000 today.
Finalize the financial plan and figure out the deaccumulation and tax saving strategy . This year is harder due to sales of properties and capital gains. I suppose my goal should be to find a good accountant.
Short Term goal is to get to a five figure savings in my savings account, I am less than 2 months away from this goal.
Medium term goal is to make it to ten years into my jobs retirement system, I am 7 1/2 months away from this goal.
Long term goal is to contribute the maximum into my Roth IRA, which I just opened a few months ago and to pay off the rest of my Student Loans, I am 2-4 years away from this goal.
In the next year I would like to educate my 23 year old daughter about investing and finance in preparation for her to receive part one of her Trust proceeds when she is 25. She is living on her own and nearly self sufficient now, learning about budgets and bills. When she gets her money I want her to use it responsibly, with a long term view, invested in diverse assets, and only withdraw maybe 4-5%/year to supplement her income (and enjoy life while young).
Working on selling my rental property after finally evicting a tenant who hasn’t paid in almost 2 yrs due to covid. Also planning to max out my Roth IRA for the first time ever and possibly fund one for my wife!
Greetings from Canada ESI!
I am working towards winding down to transition to something else in 4-5 years. Don’t know what to do yet but wanted to do something different like a semi retirement
My goal is to expand my investment monies in the Fundrise private eREIT. There is tremendous growth in rental homes in the Sunbelt states
I resigned from teaching in June and am working on building my small farm into a lifestyle business I don’t want to retire from.
Retirement is looming in 2023, goal between now and then is to make sure that I am educated enough to know where/when to pull income from until I reach 59.5 and how to make sure that I am getting the best tax advantages.
My main goal is to figure out a way to combat work burnout, which is interfering with my ability to advocate for a raise (or look for a job with more opportunities). I’m on track to retire at 55 but would like to have the option to retire a bit sooner, and would need to kick up my contributions to make that happen.
Great giveaway !
My plan this year includes diversification of my portfolio and working on my saving effort, going from 10% income to at least 15%, with an intended target of 20%.
Give more. I took Mr Esi’s advice last Christmas and bought a bundle of $100 wal-mart gift cards and gave them out to any families I came across that seemed like they could use the help. Plan on doing the same this year – the Amazon cards here would go into the same giving pool.
Adding to private Real Estate syndication to continue to fund retirement.
I plan to keep working for another 14 years. Iʻve been dealing with frustration and burn out at work recently and am striving to keep myself sane.
I’m trying to learn more about real estate syndication deals which seem quite interesting to me, but I’m so unsure of the risk. Also, preparing for retirement fairly soon, so learning as much as I can from your Millionaire Money Mentors. I love this site and the Mentors too. Keep up the great work!!
We are working on protecting the wealth we have accumulated for retirement.
I’m working on the following :
– Getting health insurance thru ACA for 2022
– Opening an HSA account and funding it in 2021
– Planning 2021 taxes
– Planning 2022 ROTH Conversions
– Planning our anniversary vacation. Drumroll please.: One of the Caribbean Islands.
My upcoming money goal/resolution is to focus more on after-tax investment accounts to better position myself for early retirement.
My husband and I hit millionaire status this year (combined net worth, I’m 42, he’s 44)! We planned to retire by 55/57, but now we’re maybe thinking 50/52 depending on how the markets perform. To plan for this, we are focusing more of our savings in our taxable investment account since we can’t withdraw from our retirement accounts until 55 at the earliest (with the “rule of 55”). We are also looking at expanding real estate holdings if the right investment comes along. It’s an exciting time!
I’m working on structuring a ROTH conversion ladder in tandem with investigating the possibilities of geoarbitrage.
I am focusing on our kids college savings accounts and also balancing that with funds for some memorable (yet budget friendly) vacations since they only have a few summers left before they are off to college.
I’m working on structuring a ROTH conversion ladder in tandem with investigating the possibilities of geoarbitrage. I am also considering getting involved in real estate, but in what manner is TBD.
Oops. I didn’t realize the first attempt actually posted. Apologies. Please ignore the above (although the RE musing is real – ahem – enough …). 🤦♀️
My husband finally pulled the trigger and retired at 64 in August we moved across country to my hometown. Trying to be careful of our spending this first year to see how it goes with what we have budgeted to ensure we are OK in the future. Still stressful but we both worked long and hard to get here. Our biggest concern right now is when we have to start paying for insurance right now we are still on his work cobra.
Saving towards acreage to build our dream home / property
Building my wealth to have enough capital to start a business and start my entrepreneurial journey
We are currently working on wiping out the remainder of our consumer debt (car loan). $7,438.56 to go, but who’s counting?! 😉
I’m working on paying off our travel trailer by the end of this year! Almost there!
Africa. Specifically South Africa for a side project. For those of you who have ever visited Cape Town you will understand why it is voted the best city in the world on a regular basis. It’s simply stunning. Hence, I am building a portfolio of off the plan new apartments in Cape Town and the national government give you R250000 to assist. The world is a big place and over bought. Look at any Colorado mountain town such as Breckenridge. However, Africa is full of real estate opportunities and Cape Town is the crown jewel of the continent. In summation a side hustle with brilliant benefits.
As a divorced mom of 2 small children, I am working on paying my mortgage off by making extra payments but only after maxing out my retirement contributions. The plan is to pay our home off in the next 4 years, when children will be older and we hopefully can safely travel internationally again
As I am around one year away from early retirement at age 57, I will be focused on firming up those line items in my financial projections that are conservative estimates. These include the cost of health care (family, couple and single member (my wife) and taxes (state and federal).
I am currently working towards financial independence (roughly $4k per month) in passive income, as well as expanding my investment portfolio and maintaining and emergency fund (say to clean up all the fallen trees in my yard from the storm we had in New England last night).
I plan to go the real estate route with mortgage notes and a company I trust. There is some work to be done, but that seems like the fastest, most secure route for me to get there.
Thanks for all your amazing posts!
My wife recently left her job and we are trying to decide what to do with her 401k from there. I’d like to use the opportunity to roll it over into a Roth IRA since our current income prohibits us from contributing to a Roth IRA directly. But I need to figure the right tax strategy and ensure it doesn’t interfere with the backdoor Roth contributions we usually do. So, my money task is to figure that out and do something.
I’m working to increase my TSP contributions, consolidate extraneous accounts, and keep food spending under control!
I would like to convert a portion of my traditional IRA to Roth and add to our real estate syndication portfolio. Always looking for additional ways of producing passive income.
I am in the process of getting my will and general power of attorney set up with a lawyer in my new city. I’m also finishing up a dental implant. And also replacing a 10 year old laptop. Reasonably pricey each or these, but important.
Thanks for the giveaway. I am currently working to build my emergency fund back up, pay off a vehicle loan, and pay off my mortgage.
Working on a couple of different goals while I keep a 9 to 5 and draw a public ed pension:
1. Paying off remaining bit of mortgage (approx. $125k)
2. Keeping a 90%/10% allocation to get my pre-tax monies to double in the next 10 years
Great post and opportunity!
Love a giveaway 🙂 but, wow – I cant believe it but I cant quite nail down with my money ‘goals’ are right now! I feel like I’m in great shape that I don’t have many adjustments I want to make right now. I think my goal is to just ‘maintain’ what I already do.
The effort / sacrifice needed to grow my NW more quickly just isn’t worth it to me in the near future. Huh.. may have to go start a thread in the forum from this realization…
We are chugging away at Military FIRE- contributing to the bridge mutual fund + IRA + TSP and paying down the mortgage.
My goal is to finish paying off my student loans. I’m getting close to the finish line and if all goes to plan, I should have them paid off in the next 2 months!
I am working on several money issues. I tend to overspend, and even though I make a respectable wage, I always seem to struggle with something money-related, especially CC balances. I pay it all off then it goes back up. I also need to rebuild my savings – several things happened and savings are gone. At the same time, I am 40 yo and it is apparent how behind I am in my retirement goals. My income rose fast enough but my retirement savings have not matched. They say I should have one more even more multiples of income saved by now and I am maybe halfway only, if not less ( depends on whom you ask). So there you go – typical problems but very familiar to many. I have a dream to have a cabin in the woods. I was born in Europe and I miss rain and seasons while living in the dry area of SoCal.
Fifteen years ago I was $85,000 in debt due primarily to medical and school debt. Now I’m debt free except for my home. Planning on trying to get rid of the mortgage in 2 years by working my pants off…
Retired June 2019 at age 59. Like many others, we’re having trouble transitioning.from an accumulation mindset. A major impediment to that is figuring out a strategy to draw down in a tax-efficient manner, which is a seemingly impossible task given the constantly changing tax environment. Looking like estate taxes may come back in play for us, too. I’ve never opted for professional financial help before, but I think I’m in way over my head here so I’m going to look into it. One thing I am looking at on my own is setting up a donor advised fund. Our needs and wants are simple and I would rather give the remainder away directly and tax-free to those who are in real need than to give any more to the government to squander away than is legally required.
A dream without a plan is just a wish – Katherine Paterson
I have an incredible plan for next year and beyond:
1) Keep on investing in my son, my girlfriend and close friends and family. Stay connected and don’t forget that they are my “why”. Help my son start his Roth IRA.
2) Continue to max out all savings plans.
3) Completion end of next year of my short term rental property in Sedona beneath the Chapel of the Holly Cross. Between buying the half acre and developing, along with some complications and challenges, it will be an incredibly well done 4 year project.
4) Pay off my last of 3 rental properties for a 100% debt free home and portfolio except for the new STR which has a 7 year payoff projection.
5) Have operating Company B internet business by mid-year 2022.
6) Start development of second internet business by mid-year 2022.
7) Complete the “good deeds” plan for the Good Deeds Team real estate group I own.
8) Renew and complete all end of life documents.
9) Complete writing book by end of 2022.
10) Get my weight to my optimum goal of 185 lb with a 22 or less BMI. Stay eating and exercising and develop all of my sports interests more.
11) Continue to research and develop my 2024 retirement goals and start practicing.
Thank you to ESI for continuing to inform, challenge and confirm.
I have started my six month countdown to early retirement at age 56!
We’re cash heavy in a HCOL area. Almost qualify as an accredited investor. Looking to expand into real estate through syndications or online platforms.
Right now I am currently working on preparing to go back to school to get my Cybersecurity Degree which I will start in January. I am coming from the Supply Chain career field so I am training my mind to start reading cybersecurity articles, Listening to cybersecurity podcast, as well as taking online courses that will go to my Cybersecurity Degree. Eventually I would love to combine these two career fields because I know the demand for this will be high in the next couple of years.
I recently retired sooner than I had planned on, but largely due to ESI and other financial blogs and the results of my various efforts to save and invest. I had two siblings die in the last 12 months unexpectedly (non-Covid related) causing me to reflect “What are you waiting on….life is too short. By having no debt and a modest lifestyle, you have choices…..
I am currently working on de-accumulation of “things” (long overdue) and will develop a document with all my important information for my family in case I would pass unexpectedly or be unable to manage my affairs at some point in the future.
My condolences.
Working to learn as much as I can about high deductible health plans and HSA accounts. New offering from my company in 2022 and can’t wait to see how to optimize this new plan!
With a steady plan on my 401k, 529s, traditional, I’m learning more about our new company ESPP, DAF, and possibly getting a tax consultant (been doing them myself). Looking to see how I can reduce my tax rate as much as I can.
Hi ESI!
I’m putting my name in the hat for one of the gift cards. I have swingset parts I need to buy off Amazon for my kids! 🙂 Fingers crossed!
I have a goal to be less tight-fisted with money. We’ve hit “our number” but frugal habits are hard to break.
I also need to enter into at least one real estate deal. Most likely it will be a fund for instant diversification as well as possible instant tax hell from the potential flood of new required state tax filings.
First and foremost – thank you ESI for keeping us all grounded, connected and making us believe to take that leap of faith into possible FIRE. There are several goals to list but few quick big ones are ->>Have a comfortable nest egg number – >>Accumulate enough for kids college ,>> Invest and allocate dollars wisely >> Tax planning >> Develop passive income streams.
Thank you.
I’m in my mid-30’s and looking to grow my passive income. I have a good amount of equity investments and will continue to grow that but am looking to start diversifying my investments to grow passive income over the next 5 to 8 years to cover our annual spending needs so I can feel securely FI. I’m targeting doing a mix of real estate syndication, dividend, and small business investments to get there.
We are planning to pay off our mortgage by the end of this year! Excited to check this off!
I’m working hard to put everything into a Total Stock Market index fund…really hard!
I keep thinking “I need to catch up to all those years of missed growth”, and then I get reminded by everyone on this site that I won’t beat the market.
Really struggling with investing in real estate right now. I “want in”, but the price always seems to high.
I am working on filling up my Amazon cart with books to buy with this prize. 😉. But in other areas, working toward financial independence and paying off my mortgage in the next 6 years (while also maxing all tax advantaged investment opportunities and some post tax space as well)
I’m working on planning for medical coverage once we quit our jobs.
I’m working on paying off my house. Once I achieve that, I feel I will have the financial independence to actively pursue my dream job. I like what I do at work, but with no debt, I can put more energy into my passions, whether or not they pay as well.
[email protected]
Hello ESI,
We are planning to pay off our mortgage in 4 years and hopefully become FI in 13 yers.
Thank you,
I’m planning to more fully investigate real estate syndications. Potentially to replace our real estate, but probably just to try something that sounds pretty intriguing.
I’m working on building a small crypto business and hope to begin taking profits next year. BTW, love the blog! Thanks for all your stories and insights.
I’m building a portfolio of dividend stocks.
I’m working on some flips and rentals to begin the journey of passive income!
Figure out how to use a 529 college fund to pay for a nephews college. I “inherited” the 529 balance when my mother passed away vs my brother (the father of the children). Now I have the challenging part to use the funds to pay and keep track of expenses in case IRS wants to audit. So warning to all: make sure successor is a correct choice for all of your investments. My brother should have been successor vs me but we didn’t realize with Fidelity 529, a death freezes 529 accounts and can’t change the person controlling the account.
Tracking my countdown to $4m by opening a brokerage account to start beefing up taxable, liquid savings!
Maxing out 401K, HSA, and Roth. Paying extra money towards home to get this paid off before I retire in 5 years. Any extra money gets invested in brokerage account. It is amazing to watch my portfolio grow. I have been reading your e-mails for the past year and was inspired by others that I can get to retirement earlier than I thought I could. Thank you.
Beefing up my brokerage account, but still maxing out my TSP account.
I’m currently trying to figure out what my next goal should be. I paid my last mortgage payment on my house last month. I guess I need to come up with a retirement savings strategy now.
Merging my HSA accounts and investing what I won’t need to use next year. Hoping to grow this account to cover health insurance costs when I FIRE!
We are working on increasing our after tax account funds balance to have more flexibility as we hope to retire before 59.5. Most of our savings are pre tax!
Getting to 10% of net worth in real estate as an initial goal, leading towards $1M. Starting with syndications and see where it leads from there.
Big goal: Retire by June 2022. Plan to pull less than 3% from investments so I never see a reduction in net worth.
I keep it simple. My wife stays home with our kid. I try to put some away in the 401K and the company match 50% up to 10% of the salary. I also buy some silver rounds when ever I can. I think I will never retir. I still I have to work at least 20 more years when I am 70 before I think about it.
Our 2022 plan includes the paying off of both mine and my wife’s student loans, approximately $30,000 left as of today. Will be lower by year’s end, of course. We’ve whittled away at them this year, but the plan was always to complete that payoff in 2022.
My goal is to convince my 27 year old twins to increase contribution savings to retirement accounts to 15% of their salary. They are at 10-12% now, but finally grasp the power of compound earnings. I wish I had started saving in my youth, but am glad that they have taken to heart the concepts and power of investing (constantly) while young.
I made the final payment on my house this month, 11 years after purchase and a few years before retirement. My next goal is to bump up my cash reserves to protect against sequence of returns risk. I want to be able to live off the cash for a year or two if there’s a downturn just as I retire.
I’m trying to figure out side hustles to help in building up our retirement plan.
We recently cut down from two incomes to one when we began the process of fostering our kiddo to adopt him (still waiting on a court date). Needless to say, it’s been a bit tight and with the hectic schedules all coming together, a new job isn’t an option currently (hopefully things calm down!).
That means that right now our main goals are to just stick to our budget as best as we can, be as frugal as we can, and pay down debt. We’re still steadily saving, so that isn’t an area of concern at the moment.
After buying some I bonds to get better interest on the emergency fund we will be doing a small IRA to Roth conversion. The federal tax credit from our recent home solar installation (paid for in full) should cover the taxes on the conversion.
We are also trying to burn airline miles and hotel points as most programs seem to be devaluing their worth. An ocean view room in San Juan PR this past weekend was a nice start. We are touring the island and will be staying at a resort tomorrow – using points.
Invest my excess emergency fund (currently have 2 years of expenses) into real estate/REIT
Moving into retirement this month. Time to test the spending plan and adapt to the retirement life style. Will be an adventure.
My goal is long term to keep adding to real estate each year for the next 5 years.
I am heavily weighted in the stock market and would feel more comfortable with a greater diversification into owning more real estate in my portfolio
Thank you for your generosity!
I am in my 50s single with no kids.my goals include trying to pay down my mortgage and want to also start long-term care health care
early retirement! we are almost there and almost a decade early..
Maxing out our HSA for this first time this tax year and aiming to have 5% of assets in crytpo (compared to our current 1-2%)
Refinancing home to 10 yrs in prep for retirement in 10
My plan is to buy a vocation rental in the Canary Islands, spend two months there every year and rent it out rest of the days.
My 2022 plan includes opening a DAF.
Retiring this year and moving to Arizona. I hope to be able to help pay for my grandsons college, and future grandkids college. Other than that, I am glad I won’t have to shovel snow anymore-I currently live in NW Indiana.
The goal I am working on is $85K in passive income/ year to focus more on my visions.
We are currently working on growing our twins 529 plan!
I’m working on figuring out balancing enough money with enjoying life. It’s a tough balance when your mind thinks you need more because of the mentality of “just in case”. I have three small children and do not want to have regrets of not doing enough fun things with them.
Preparing cash flow analysis to retire early in 4 years at age 53.
Current money goals are pretty organized at the moment for my wife and I.
#1 – Streamline our finances. We’ve gotten to a passable place in investments and have been using a version of the envelope system but across multiple accounts and are in the process of consolidating everything to a single account.
#2 – After we’re done on that we’re redoing our budget to make sure we aren’t missing anything and that we’re on track for our current goals and if not to reoptimize them.
I’ve got a huge list after that but that’s where we’re currently at.
I retired 4 years ago at age 63 with a military pension, social security, and dividend income from investments. I intend to live modestly the next four years in order to devote my social security check and dividend income to paying for my 5 grandchildren’s tuition and book’s for college. They will still have to work for their education because I think they will develop better if they have to learn how to balance work and study. I am investing in them to help them graduate debt free and I also hope to put $10,000 into a Roth IRA for each of them to start them on their own investment journey.
My financial goals include working towards earning an additional 70k of salary by seeking a new role in my industry. I have the skills and education for the next level in my career which should see this type of salary increase. If I am able to do this I will think about funding Roth IRAs for our kids (two young adults). I need to have my husband’s blessing, or, since I make my own money I might just decide this is a good way to spend 10-12k for their futures.
My “other” financial goals include continuing to max out my Roth 401k at work, fully fund backdoor Roth IRAs for my husband and I, and continue to save in every way possible so that I can retire in 9 years at at 56! I might not make it, but I find having a goal gets me closer vs. winging it.
I love your blog and the Millionaire interviews! We are technically in a millionaire status, but it doesn’t feel that way, and perhaps that is the point.
Our project for the next couple of months is to work on our estate planning documents. We are both mid-40s and with no kids, but we don’t have even a will yet. We’ve been putting it off for years but had a goal to complete that in 2021. So we have two more months to go!
I recently used some inheritance money I received to open Roth IRA accounts for both my sons (ages 21 and 22). I have used the rest of the inheritance money to bolster my cash reserves. This increases my pot of money outside of my retirement funds since while I was working I focused only on building my tax advantaged retirement funds and neglected building up my non tax advantaged funds.
My goal is to sell more of the stuff my husband and I have accumulated over the past 45 years.
Also hoping the colleges will resume some form of on-campus normalcy, so I can take more art and science courses.
Oh… have to replace the kitchen counters and floor too… 🤔
Want to travel to the Grand Canyon area and do some hiking. Thinking about renting a camper or maybe just the usual traveling in our minivan and staying in hotels. Our 16 year old cat comes with us, so it takes some strategic planning. FuzzMan the cat already spends the winters in Florida with us and travels very well… 😺
P.S… Love your blog… 💗 The comments on your articles are as interesting as the articles themselves.
I am 64 years old and contemplating retirement from full time work, and perhaps working part time. I am wondering how much I need to have saved, combined with a modest pension, and delaying social security, to possibly provide for a lengthy retirement.
I am in my mid-30s and recently migrated. The biggest money goal I am working on is to reach 100k net worth by the end of 2022 (without home additional equity due to price increase). Following are the actions I am working on.
1. Getting a new job with higher pay and working more on the career development
2. Work on part-time bookkeeping
3. Option selling to earn regular side income
4. Reduce expenses and pay off credit card balances
5. Start a personal finance blog to keep me accountable
Just finished your 30 days email course. That’s the greatest thirty emails I received from any personal finance blog. Thanks
Working on setting up Roth IRA for my kids and preparing for retirement in 9 years.
I hope to one day be in the ranks of the many millionaires on this site, but the immediate goal is simply to pay off student loans so we can focus more on true wealth building. We have not allowed the student loans to get in the way of us saving for retirement, but it has made us more conservative when it comes to other forms of investing.
I am 54 and recently retired. My wife will be retiring at the end of 2022 so I have been working on a spending and cash flow plan. Additionally, started to discuss estate planning with attorney and our expectation is to have the documents in place in the next 3 months.
I am currently maxing out my 403b and redoing my budget so that I can start to max out my ROTH in 2022!! Good luck to everyone and their strategies/goals!!
I just retired at 54. My goal is to determine and implement an investment strategy with good results in up and down years. This idea came from my wife who said “you cannot stare at charts on a computer all day!” I think I am onto a good strategy limiting losses and reasonably simple to implement with good returns. Like a mad scientist I am implementing this in a test account and back testing it. The results look promising! Stay tuned!
Recently paid off 1st home & since $ is so cheap, refinanced 2nd home receiving $300 credit to obtain 10yr @ 1.875% terms. With terms like that I’ll never make a principal payment.
FI has been obtained for quite some time, now trying to get out of OMY mode.
Our current money goal is to look around the house and use what we have before buying more stuff. I realized I have cosmetics I’ve never opened, clothes I forgot i bought, books I haven’t read yet, golf equipment he hasn’t used, etc. Being more aware of what we already have…..
My current money goal is understanding what financial independence means to us. My husband and I reached the millionaire benchmark, own 3 rentals, and are closer to our goals than ever. Now it’s time to figure out what it takes, in which sort of tax advantaged (or not) accounts, and what we want to do with our lives. Thanks for all the advice over the years!
Opening a Treasury Direct accounts for my wife and me, and planning to purchase I-bonds.
My current goal is to retire in April in 2022. Focused on emergency fund, gap years and 401 k tax withdrawal strategies.
My financial goal is to help my children so that they can graduate college debt-free.
On track, and without sacrificing my retirement plan.
Hi ESI!
I am finalizing my retirement binder with all my investments, pension, SS, and withdrawal plans ETC including to do lists leading up to retirement and after. Also working on adding to my list of lifestyle things I want to do or at least try when I retire.
Thank you.
MJ
We’re figuring out (really and truly this time) when we retire (or at least downshift from corporate work) and if that milestone is within reach. I have my spreadsheets and my goals, but trying to figure out very tactical next steps of setting a date and working towards that date!!
maximizing my emergency fund $100000
My (our) near term goal is to map out a strategy to convince my current employer to make me redundant and send me on my way with a decent severance package. I’m a 56 year old husband (of 1)/father (of 3)/grandfather (of 3) who was lucky to marry above his pay grade 36 years ago and we think we’re ready (both financially and emotionally) to transition into a new phase in life; namely “early” retirement.
Opening a solo 401k to reduce the income from my new business and get the income taxes from it to zero.
I’ve worked in the financial publishing industry for many years. I started my own business in 2018 and now looking to grow my wealth now that I’m making money for “me”. Although I have access to a lot of stock picks, I’m looking to grow my wealth passively so I can retire in 10 years. I’m a new subscriber to ESI and its already starting to get me to think in different ways that Stocks. Other than the mortgage, we are debt free. And we should be able to pay that off within 5 years.
I want to develop multiple streams on income in the ten or so years I have before retirment.
I am working on becoming a millionaire before 40. Thank you for your consideration!
I plan on reviewing mine and my wife’s pension plans, in-depth.
26 and 30 y.o., multiple current/2022 goals:
1. Max my TSP as my wife will begin working as a RN in the near future so instead of inflating our lifestyle, maximize our investing. Currently, TSP max is $19,500. I usually hit somewhere between $10,000 and $12,000. I need to get closer to 25% of my paycheck. She has her own broad investing goals as we want to live off my salary but we don’t what the hospital will offer yet.
2. Continue to max both of our Roth IRAs.
3. I will need a new vehicle soon (driving a 2001 Honda), so, begin saving to pay cash.
4. >$500k net worth by 32/27.5. Approx. $150k to go in 1.5 years. Hopefully conservative.
5. Continue to travel while saving/investing – next stop: A dive destination – Belize?
Working on cash flow. Just refi’d my house and put some money in to get my payment down $300/mo. Also investing in real estate syndication deals to raise passive cash flow. 44 now. Hoping to retire by 55 (or sooner). Saving approx. 40% of after tax income. Plus maxing 401K. Can’t wait to be free.
I am 62 and was laid off from my job in the financial services industry. I was hired by a new Company primarily for the health care benefits and they will allow me to work remotely. I am working towards wealth accumulation by continuing to contribute to 401K, control spending, and most importantly creating a budget for future retirement. I would appreciate any advice and commentary because I am the first to admit that I do not know it all. Thank you.
It’s inspiring to read everyone’s comments and awesome to hear from future millionaires! Here are our goals:
1. Write a will and set up a trust! Embarrassing to say that we are approaching a net worth of 3M, we don’t have this done yet.
2. Grow dividend producing investments or CrowdStreet or some other way to have investments kick off money to live on. (Trying to retire or semi-retire or at least take a sabbatical in 2 years at age 45.)
Thank you ESIMoney! This site really has helped me immensely.
My husband and I are nearing retirement and financially stable. Every year for A Christmas gift instead of buying a bunch of stuff they don’t need, I make a mortgage payment on the principal of their homes and hand them the receipt. My goal would be to increase this gift to them.
Approaching 50. Our money goal is actually opposite the accumulation goals listed here. It is to enjoy the fruits of our labor and, with what we have accumulated, buy us freedom. In short, the goal is simplicity. We are all goal oriented when it comes to accumulation, I find it difficult to figure out a sensible decumulation strategy, especially hard assets. May be worthy of an article here.
Do I want early retirement, a part time transition, or a second less stressful but potentially less rewarding career? If retirement, do I sell the business or do I hire key employees and retain profits/asset growth? Do I sell the real estate, or do I keep it for appreciation, rental income, and tax depreciation? My inclination is to sell to simplify, take the tax hit, invest the remainder in the more liquid and less labor intensive equity markets…but it comes with a substantial income and tax hit.
Downsize oversized home? Fewer cars? Boss says no to former, yes to latter…there goes the sportscar. Yikes!
A lot of introspection needed to find what our next decade should look like. The money goal now is a U-turn from the past two decades. With a focus on most needed free time for family, health, hobbies, travel and happiness. Crossroads. Wanting to make money work for us rather than us working for it.
Goal: Retire in December 2025
December 2025 is when I will be fully qualified for a pension that should cover the expense of my household, which I have tracked over the past few years so I have a good understanding of how much it would be needed.
In addition, to add extra safety of margin, I have been saving and investing diligently. By my calculation, if using a 4% withdrawal rule, in 2 years I will have saved enough to cover the expense well. But I plan to rely on the pension for my retirement while letting the invest keep growing.
With the double protections, I hope my retirement plan would work unless a black swan event (for example, skyrocketing inflation) happens.
I just started working a job that pays more, we re-financed to get a lower rate and can add more to principal each month. Also with the new job I’ve started the HSA which I would not have known about if not for ESI! Thanks
I currently have two immediate goals:
– Finish paying off my vehicle
– Resume Roth IRA
Both should be done before the end of the year.
Hello from Canada, Looking to become FI by 2025. Currently keeping my debts low (only mortgage) in HCOL area
Saving for kitchen remodel
I want to develop another passive income stream beside my pension. I have about $10k in liquid assets that I plan to deploy in this venture. Any thoughts on where to invest would be greatly appreciated! I know this won’t generate a ton of income, but a little bit is far better than nothing!
I really love this site. Thanks, John, for all the work you do!
I’m sharpening my pencil and paying closer attention to my cash flow as I approach an (somewhat) early retirement. Firecalc and other retirement calculators say I should be okay even using very conservative estimates but I do have a little concern over rising inflation. I do have a fair amount in cash to cover the transition into retirement and any unexpected expenses but I’m looking into investing much of this where it will be at less risk due to inflation (I already purchased an I-bond this year).
My wife and I have recently started employing a “sinking fund” within our online bank in the hopes of being more organized and disciplined about saving for upcoming expenses and goals. It’s exciting to check the balances and see how much progress we are making. I also love seeing that it’s separated from our main Emergency Fund and its not all just thrown in there together and “somewhat organized.” I’ve found that organization is key for me to accomplish my goals.
Love the website by the way! I just started reading last week!
Cheers
I would splurge on a Keurig. That simple.
My financial goals are saving up a 20% home loan deposit and to pay off the rest my university HELP debt. I currently have an emergency fund, the annual tax/super set aside for my small business, a diversified stocks/ETF/Vanguard portfolio and a financial plan in place to save the other half of the deposit. Right now I’m also upskilling and growing my client base to grow my wealth and increase my earnings potential. I hope to have ticked both of my major goals off (plus an overseas trip hopefully) by the time I turn 30 in Decemebr of 2022.
I am working on 30k cash saving yearly until 55 to help bridge early retirement. I am currently 49 and this is last key piece to complete.
We will be repatriating next year after four years living abroad, so we‘re preparing organizationally, emotionally and – of course – financially. We will have lots of catching up to do after being stuck for three years in our country of residence, so a large part of the budget is reserved for traveling to meet family and friends.
Other than that, I am seriously considering to add single stocks to my portfolio beyond index funds only.
I want to start saving up for retirement and maxing out 401k whenever I can
We are slowly building up a dividend portfolio. We started in 2020, not at the big market dip, but subsequently at some smaller dips. Now we wish we would have invested more at that time. But we keep researching and adding to it.
I am working on setting up some type of side hustle. I basically want to bring in a small amount of income and primarily I want to have something to do in retirement.
we just finished a raft of major projects (including solar & upgrading to a new-to-us 25 year old RV) and have a baby on the way in 6 more weeks, which we’ve got savings in place for. Current financial goals are to refocus excess income into retirement/long-term savings accounts, and get all of our existing 401ks from past jobs rolled over into Vanguard.
Working on my goal of assets (excluding my home) of USD 10 million (preferably net of any deferred tax liability if I can hold out) and then retiring. I believe I’m a few years away, but stock market swings can change that picture quickly. If I don’t make that goal I might choose to retire in 3 years anyway, the 10M is just an arbitrary number that exceeds my needs. The real problem is my significant others career is far from over and she has no desire to retire yet.
Financial Automation: continue to max , w catch-up, 401k, Roth IRA, HSA. Keep an eye on lifestyle creep, have an absolute blast w the rest! Site is boss. Thanks,
My goal has been to steadily pay off our debt while maximizing retirement accounts utilizing minimal fees. This has resulted in an increase of 500K in net worth over the past two years.
Goal: Retire in 2022 and transition to Pain management Coaching/Physician Coaching
My goal is to retire from my Clinical Psychology practice where I have specialized in Chronic Pain Management for 30 years. Since both my clients and I are required to be physically located in NY for licensing purposes, I am transitioning to Coaching where there are no restrictions. I am providing both Pain Management Coaching and Life coaching for physicians and health care providers. This allows me to help people from any location and expands my availability to people all over the world.
This giveaway is over. Here are the winners and the times they commented:
Peach — OCTOBER 27, 2021 AT 3:32 AM
Darrell Buhler — OCTOBER 27, 2021 AT 4:32 AM
Kate — OCTOBER 27, 2021 AT 5:43 AM
Lance U — OCTOBER 27, 2021 AT 6:00 AM
Brian — OCTOBER 27, 2021 AT 7:40 AM
Peter Leiterman — OCTOBER 27, 2021 AT 8:19 AM
Lindsay — OCTOBER 27, 2021 AT 10:58 AM
Mitch Klann — OCTOBER 27, 2021 AT 2:57 PM
Scott H — OCTOBER 28, 2021 AT 5:43 AM
Steve S — OCTOBER 29, 2021 AT 12:42 PM
I will be emailing each of you to confirm your email addresses before I send out the ecards.
Thanks to everyone for entering!!!! (And stay tuned, there are more giveaways to come this fall!) 😉
My sister lost her consulting job due to Covid at the beginning of 2020, and then lost her significant other to Covid itself in July of this year. I am helping her with fixing up and selling her home as she can no longer afford to keep it. I am looking forward to guiding her on how to invest her proceeds to be able to give her an income for life. I am retired and living off of my portfolio so I have a road map to help her get started. She could really use an Amazon gift card!
Saving so husband can be a stay at home dad with our two small kids. Thanks for this opportunity!
Love this! Been reading since the old blog days.
Currently working on paying down the mortgage – $390K to go………
looking to retire asap by index funds
Our current money goal since we are way above our “number” is to travel as much as possible and enjoy life before my wife retires. We have spent $50K on travel this year. We have done a 2 week river cruise on the Danube, a safari to South Africa, Zimbabwe and Botswana and led a trip of 10 to Sicily. Going on a Caribbean cruise after Thanksgiving. We were supposed to be on a Japan cruise next March, but it’s been cancelled, so lining up a Iceland/Ireland Cruise and spending time in Paris before the cruise out of Amsterdam.
My current money goal is max out my TFSA savings account and invest $2K in my brokerage account!
Hit $15K in forward annual dividends in my taxable accounts!