Re-Revisiting Our 2023 Financial Goals
Now that we’ve looked at where our net worth came in, let’s check out the goals we made for the year.
In case you’re interested, here are the links to check out our previous updates for 2023 so you are up to speed:
Here were the original 2023 goals:
- 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
Here is where we were in March 2023 (specifically the changes):
- Increase Savings: Up $9,000 from January 2023
- House E-fund to $5,000
- Rental E-fund to $4,000
- Keep HSA maxed out: On track
- Max Out 401K: On track
- House Upgrades: $6500
- With everything that has happened, this one is most likely changing. We did get the TV though.
- Charity & Direct Aid: On track- $3000 out of $12,000
- Max out IULS: $1,500 out of $31,175
- Make $250,000 in gross income: On track- Currently projecting $100,000 for 2023
- Get Primary Mortgage under $125,000: Down to $147,800
- Increase Net worth to $850,000: March 2023 Net Worth– $740,000
And here is where we are in June 2023 (Again, only the changes):
- Savings: All fully funded
- Keep HSA maxed out: On track
- Max Out 401K: On track
- House Upgrades: Done everything, but we will be moving within the next 1-1.5 years.
- Charity & Direct Aid: On track- $7270 out of $12,000
- Max out IULS: $3,000 out of $31,175
- Make $250,000 in gross income: On track- Currently projecting $199,000 for 2023
- Get Primary Mortgage under $125,000: Down to $144,300
- No longer a priority due to the plan to move from this home.
- Increase Net worth to $850,000: Done. Current Net Worth– $1,200,000
- I honestly don’t even know what is a realistic stretch goal at this point, so we’re gonna leave it as is.
And there it is. Some goals are irrelevant now. Others we are on track for. And there are the ones that we just straight up blown out of the water. May do a fully amended list, but a lot of this is still the same: Max out retirement accounts, increase index funds & stocks, and make sure to contribute to charity/direct aid. Same plans, just a lot has happened this year.
We’ll see how the year continues to shape out.