2021 Financial Goals
Another post??? In under a month??? What even is happening right now???
While I may not have been writing over the past few months, I did actually write out my 2021 goals (cause I am a money geek) and figured I would share them. But first, I have to share how 2020 ended.
2020
2020 was a thing to be sure. Somehow one of the worst years and also one of the better years of my life for very different reasons. Financially, 2020 was very good for us. I honestly felt guilty about it. So many people were (and still are) having a horrible year and financially, we were great. Granted our year was shitty for various reasons, but that doesn’t change the fact that we didn’t have to worry about money in one of the hardest years in recent history.
In 2020, we were able to do the following:
- Max out my 401K for the first time ever.
- Buy and pay off Mr. FOGA’s new car
- Max out our IRAs
- Increase the monthly amount to our IUL accounts
- Refinance the house
- Paid an additional $3400 towards the principal of the house
- Made more money than any other year working
- Kept the emergency fund fully funded
- Paid 2021 Property taxes (put the money for it in its own bucket on Ally)
A lot of good things for sure. Probably the best year that we have had financially. There was a solid few months where we were concerned about my mom being laid off (they ended up keeping her, but reducing their pay for four months). Did the math and we were actually in a position to pay two mortgages for a good amount of time if it came to it. Was one of the craziest realizations I have ever had.
After that, I realized that we hit a new point in our finances. There is no debt to pay (aside from the mortgage), the emergency fund is full, and I am not currently worried about losing my job. So, now it’s pretty much investing and paying down the mortgage. I am calling this the long slog since we have left the things that could be paid off in 1-ish years and are now on the 5-10 year stuff. It’s both exciting and nerve-racking cause that is SUCH a long time. lol
So with that in mind, I made the 2021 goals to match:
2021 Goals
- Figure out how the hell a backdoor Roth-IRA works 😂
- If it makes sense, open Traditional IRAs for both of us
- Increase monthly IULs to $250 each
- Max out my 401K
- Get Mr. FOGA to 2/3 Max of 401K
- Pay an additional $25,000 towards the mortgage principal
- Make house savings account for $10,000
- Invest $25,000 in VTSAX
- Make $250,000 gross income in 2021
- Get to a Net Worth of $450,000 (including the house)
- Help my friend with money for a divorce lawyer
- This one is going to get its own post eventually.
These are a bit ambitious I’m not gonna lie. Honestly, I kinda have anxiety just looking at what I wrote. Still how does the saying go? Shoot for the moon. Even if you miss, you are still in the comforting void of space far, far away from all the crazy people. That sounds about right. 🙂
What are your 2021 Goals?
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