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Revisiting Our 2023 Financial Goals

Goals

With the first quarter being done, it is time to take a look back at our goals for the year and see how we’re doing.

In case you’re interested, here are the links to check out our previous updates for 2022 so you are up to speed:

This year has been a very dry time with regard to paychecks. My last paycheck was at the end of January and we’ve been coasting by ever since. More closings coming in the second and third quarters so there’s that at least. 👍

Here are the 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
  • 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 how are we doing? Only noting 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: Current Net Worth– $740,000

And that’s where we are. Nothing crazy given the lack of paychecks coming in, but still some improvement. 👍

😊



How did your first quarter go? Are you on track for your goals?

Photo by Harry Grout on Unsplash

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