Re-Re-Revisiting Our 2022 Financial Goals
There are an absurd about of “re”s in the post name, so you know what time it is!!!
Time to look back on the goals we made at the beginning of the year and see how that’s looking. We’ve gotten a lot done since the last update, including finally closing on our rental property. So, how are we doing:
- Purchase an Investment Property
- Max out my 401K
- $20,500 for 2022
- Max out our IRAs
- $12,000 for both of us
- Haven’t done anything here yet. Investment property had priority and now it’s charity/direct aid’s time to shine.
- $12,000 for both of us
- Max out IULs
- $16,045 for both of us
- Up to $5,000 out of $11,045.
- $16,045 for both of us
- Set Up Our HSA to Be Maxed Out
- $7300 for both of us
- Get the Primary Residence Mortgage Under $150,000
- $17,150 for 2022
- Down to only $3,905 until $149,999.
- $17,150 for 2022
- $15,000 to Charity/Direct Aid
- Up to $9,000 out of $15,000. Biggest donations towards Ukraine, Hurricane Ian Recovery, GoFundMes, Homeless, Domestic Abuse, Abortion Funds, Food Banks, Planned Parenthood, ACLU, and Raices.
- $6,000 to go for 2022.
- Up to $9,000 out of $15,000. Biggest donations towards Ukraine, Hurricane Ian Recovery, GoFundMes, Homeless, Domestic Abuse, Abortion Funds, Food Banks, Planned Parenthood, ACLU, and Raices.
- Make $275,000 in gross income
- Up $25,000 from last year
- Earned $265,000 out of $275,000 so far this year. This should be a sure thing at this point. Only $10,000 to go.
- Up $25,000 from last year
- Make $3,000 net in gross rental income in 2022
- Done! Got prorated and the first full month up front and we’re over $3000. 🥳
- Invest $25,000 in Index Funds/Employee Stocks
- Up to $15,000 out of $25,000. This is entirely employee stock.
- Maxed out my employee contribution to stock through the end of 2022.
- Will start up with VTSAX after the IRAs are fully funded, which will be after charity/direct aid.
- Up to $15,000 out of $25,000. This is entirely employee stock.
- Increase Net Worth to $700,000
- A nearly $150,000 increase from 2021
- Net Worth at $681,000 as of the last update. Only $29,000 to go.
- A nearly $150,000 increase from 2021
In all, we have achieved four of the 11 goals we have for the year. At this point, I know that not all of them will be able to be met. It’s just not going to work out that way with income, spending, holidays, etc. But, we’re on track for the big ones and that makes me happy.
We’ll see how we did for the year in January 2023. 😊
How are your goals going this year?
Feature Photo by Kasia Wanner on Unsplash