August 9, 2022 FOGA

Re-Revisiting Our 2022 Financial Goals

Goals

It’s that time again!!!

I wanted to look back on the goals we made at the beginning of the year just to see how that’s going. Since the last update on our goals, I finally got a good chunk of closings which was awesome and led to the biggest paycheck of my career, so let’s see how we are looking at this point.

• Purchase an Investment Property
  • $60,000 for down payment & cash closing costs
    • Done!!! Just waiting on closing at this point.
• Max out my 401K
  • $20,500 for 2022
    • Done!
• Max out our IRAs
  • $12,000 for both of us
    • Haven’t done anything here yet. Investment property had priority, but it is fully funded now.
• Max out IULs
  • $16,045 for both of us
    • Up to $3,500 out of $16,045.
• Set Up Our HSA to Be Maxed Out
  • $7300 for both of us
    • Currently at $3750 for the year. Will max out once open enrollment comes around.
• Get Mortgage Under $150,000
  • $17,150 for 2022
    • Down to only $7,270 until $149,999.
• $15,000 to Charity/Direct Aid
  • Up to $6250 out of $15,000. Biggest donations towards Ukraine, GoFundMes, Abortion Funds, Planned Parenthood, ACLU, and Raices.
    • $8750 to go for 2022.
• Make $275,000 in gross income
  • Up $25,000 from last year
    • Earned $215,000 out of $275,000 so far this year. It looks like I should make this goal this year. 🙂
• Make $3,000 net in rental income in 2022
  • Really depends on when the home closes being new construction and all.
    • Closing is set for September 2022.
• Invest $25,000 in Index Funds/Employee Stocks
  • Up to $8,840 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.
• Increase Net Worth to $700,000
  • A nearly $150,000 increase from 2021
    • Net Worth at $618,000 as of the last update. Only $82,000 to go.

Overall I think we are doing pretty well all things considered. We should have some growth going forward now especially since we have funded the investment property so we should be good to focus on the other goals more. 🙂

We’ll check back one more time this year on Q4.

How are your goals going this year?


Feature Photo by Max Williams on Unsplash