Revisiting Our 2022 Financial Goals
We’ve made it through the first quarter of the year and are even nearly done with the month of April. That is a huge accomplishment given the everything that is the world right now. It is a truly exhausting and crazy time right now, isn’t it?
I wanted to look back on the goals we made at the beginning of the year (you know? that time before Russia invaded Ukraine in February) just to see how that’s going. Now, due to the delays in construction, a lot of my homes- and therefore my pay- have been delayed. I think I have gotten four paychecks this year. Thankfully some of them have been bigger which has helped make none of our normal expenses an issue. It has affected how much we can save, give, and invest. So, how are we looking?
- Purchase an Investment Property
- $60,000 for down payment & cash closing costs
- Under contract. A total of $35,500 saved including the deposit. May need more than 60K due to the potential need to buy down the interest rate.
- $60,000 for down payment & cash closing costs
- Max out my 401K
- $20,500 for 2022
- Up to $16,200 out of $20,500. On schedule to max out in June/July.
- $20,500 for 2022
- Max out our IRAs
- $12,000 for both of us
- Haven’t done anything here yet. Investment property has priority currently.
- $12,000 for both of us
- Max out IULs
- $16,045 for both of us
- Up to $2000 out of $16,045.
- $16,045 for both of us
- Set Up Our HSA to Be Maxed Out
- $7300 for both of us
- Currently at $3750 for the year. Will max out in September when open enrollment comes around.
- $7300 for both of us
- Get Mortgage Under $150,000
- $17,150 for 2022
- Down to only $10,700 until $150,000.
- $17,150 for 2022
- $15,000 to Charity/Direct Aid
- Up to $1900 out of $15,000. Biggest donations towards Ukraine, Planned Parenthood, and ACLU. More coming next paycheck. This goal actually has priority after the investment property.
- Make $275,000 in gross income
- Up $25,000 from last year
- Earned $100,000 out of $275,000 so far this year. Based on closings and timeframes, this goal may not happen.
- Up $25,000 from last year
- Make $3,000 net in rental income in 2022
- Really depends on when the home closes being new construction and all.
- August/September is my best bet for closing right now.
- Really depends on when the home closes being new construction and all.
- Invest $25,000 in Index Funds/Employee Stocks
- Up to $4550 out of $25,000. This is entirely employee stock. Will increase the amount going here next enrollment period.
- Increase Net Worth to $700,000
- A nearly $150,000 increase from 2021
- We have been increasing in net worth and this is a huge achievement. About $113,000 to go.
- A nearly $150,000 increase from 2021
Pretty good, especially considering everything. And that’s even considering the medical stuff and some minor home improvements we’ve been working on that were supposed to get done last year (again delays). All in all, I would say that Quarter one was a win. Onto the next quarter.
How did your first quarter go? Are you on track for your goals?
Feature Photo by Evie S. on Unsplash