2023 Financial Goals
Now that we’ve seen the results of our 2022 Goals, it is time to look at our 2023 Goals. Last year, I made a lot of our goals purposefully high. Since we greatly underestimated 2021, it made the most sense. While we did manage to make the majority of our 2022 goals, it was primarily only possible due to purchasing the investment property and surpassing my income goal by over $50,000.
I can say for a fact that we have no plans to buy another property this year. I also feel fairly certain that my income will be nowhere near as high. This isn’t me being negative or down on myself either. With where I am selling now at work and the price point that I am selling at, it’s simply not going to happen. It was with those facts in mind that we built our goals for the year. So, without further ado, here are the goals we’re aiming for in 2023:
- Savings
- House E-fund to $10,000
- House Taxes to $5,000
- Rental E-fund to $10,000
- Rental Taxes to $5,000
- Future Home to $10,000
- Total: $40,000
- In order to buy the investment property, we did deplete our savings a fair amount. Need to get that back
- Total: $40,000
- Keep HSA maxed out
- Max Out IRAs: $13,000
- Invest $30,000 in Index Funds/Stock
- Max Out 401K: $22,500
- House Upgrades: $6500
- There are a few things that we need to upgrade in the house (our TV is on its last legs, and we need a better water cooling system for the computer so it doesn’t overheat (our computer IS our TV). There are a couple of other things as well, but those are the biggest.
- Charity & Direct Aid: $12,000
- Lower this year to account for lower income.
- Max out IULS: $31,175
- Make $250,000 in gross income
- Get Primary Mortgage under $125,000
- Net positive in rental income
- This may be feasible since we pre-paid the HOA by a few months at the end of last year.
- Increase Net worth to $850,000
And those are the goals we are aiming for. I do not think we will make all of them, but I think we’ll do pretty okay overall. Of course, things can always change, but this feels comfortable. Let’s see how we end up doing.
What are your goals for 2023?
Feature Photo by TOMOKO UJI on Unsplash
Lots of goals! Will you tackle them one by one or chip away at them in parallel?
I prefer to go one by one. That way we’re checking off stuff throughout the year vs checking everything off around the same time in Nov/Dec. But life be interesting sometimes, so we’ll see what actually happens. Lol
Thanks for reading. 😊