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What's your current major financial goal?
- Thread starter entremet
- Start date
Pay off all debts in next 2 and a half years. I want to be 23 and debt free (on my way, just got good starting job and have quite a bit of savings to lean on while I fire away at debt). Mainly just student debt and upcoming vehicle purchase.
I just cleared my car loan two weeks ago. I'm looking to pay off the debt I have on my Best Buy credit card from buying my gaming laptop early this year next (just 2 installments left), I'll be taking on another ~$600 in debt from my PS5 pre-order (and a couple of games) next month, and once all that tech debt is done, all I have left is my student loans.
I've been wanting to get at my student loans for a while. I got a raise at my job in early February before lockdowns that has enabled a lot of this tech spending I'm paying down. I technically could spread it out until December of next year since it's on interest-free financing plan, but I don't like having lingering debt.
I had thought of financing a new TV but I just bought my current OLED back in 2018. I didn't know about HDMI 2.1 and next-gen consoles at the time of the purchase, plus a few other nice features like auto low latency mode. I could do it, but that'd be pretty big payment installments for a while, at least if I'm trying to juggle against getting ahead on student loans. I have a student loan balance of about $15k, so not as bad as many, but that's $15k after ~11 years of on/off payments. There were times where my income based repayment plan just straight up got deferred because I didn't make enough money.
After settling things like my car loan in addition to around ~4k in credit card debt I foolishly amassed a couple of years ago, I'm feeling like I have the financial strength to tackle the student loans now, after being haunted by them for over a decade. I'd really love to not have to make that monthly payment anymore (for good -- pandemic deferment has been awesome).
I've been wanting to get at my student loans for a while. I got a raise at my job in early February before lockdowns that has enabled a lot of this tech spending I'm paying down. I technically could spread it out until December of next year since it's on interest-free financing plan, but I don't like having lingering debt.
I had thought of financing a new TV but I just bought my current OLED back in 2018. I didn't know about HDMI 2.1 and next-gen consoles at the time of the purchase, plus a few other nice features like auto low latency mode. I could do it, but that'd be pretty big payment installments for a while, at least if I'm trying to juggle against getting ahead on student loans. I have a student loan balance of about $15k, so not as bad as many, but that's $15k after ~11 years of on/off payments. There were times where my income based repayment plan just straight up got deferred because I didn't make enough money.
After settling things like my car loan in addition to around ~4k in credit card debt I foolishly amassed a couple of years ago, I'm feeling like I have the financial strength to tackle the student loans now, after being haunted by them for over a decade. I'd really love to not have to make that monthly payment anymore (for good -- pandemic deferment has been awesome).
Survive university for the next year or so and obtain a well paying job afterwards. Earn enough to support myself and a potential family whilst being able to travel and stuff. Probably aim to invest salary excess and make quite a bit of money in my lifetime if I reasonably can.
1. Pay off all debt including mortgage for my home in bay area in 2 years (on target maybe earlier if I really pushed it). I can rent it out for good perpetual income.
2. Savings of 500k in liquid investments stocks, epp, cash, etc (not including 401k) in 5 years (on target).
3. Not have to work a 9-5 corporate health DRAINING job in 5 years. I don't mind picking up part time job or volunteering afterwards to keep busy.
4. Might move to Southeast asia and enjoy 5 years off just relaxing and focusing on my mindset and health.
End goal: I want to live a happier, healthier, and simpler life.
2. Savings of 500k in liquid investments stocks, epp, cash, etc (not including 401k) in 5 years (on target).
3. Not have to work a 9-5 corporate health DRAINING job in 5 years. I don't mind picking up part time job or volunteering afterwards to keep busy.
4. Might move to Southeast asia and enjoy 5 years off just relaxing and focusing on my mindset and health.
End goal: I want to live a happier, healthier, and simpler life.
1. Currently saving at least $2000 a month. I still live with my parents, and I'm trying to save as much as possible before moving out and avoid withdrawing money from savings, while paying off current balance every month.
2. Going to start buying what I absolutely and only need starting next year. This past couple of months I've bought a lot I've wanted, which include a skincare stuff, fitness equipment, Internet and TV stuff, and among other things. I won't be buying any new clothes in Black Friday like I usually do every year. Don't need the next-gen consoles, and I haven't bought any games for my Switch this year except Xenoblade Chronicles: Definitive Edition. I've started to donate stuff I don't need. I've taken the minimalism route and have been continuing decluttering, and I stay away from impulse purchases.
3. Maxed out my Roth. Looking to increase my 401k as my next step and hopefully max it out for years to come.
No plans for purchasing a house yet, but have been learning a lot and keeping notes about it.
2. Going to start buying what I absolutely and only need starting next year. This past couple of months I've bought a lot I've wanted, which include a skincare stuff, fitness equipment, Internet and TV stuff, and among other things. I won't be buying any new clothes in Black Friday like I usually do every year. Don't need the next-gen consoles, and I haven't bought any games for my Switch this year except Xenoblade Chronicles: Definitive Edition. I've started to donate stuff I don't need. I've taken the minimalism route and have been continuing decluttering, and I stay away from impulse purchases.
3. Maxed out my Roth. Looking to increase my 401k as my next step and hopefully max it out for years to come.
No plans for purchasing a house yet, but have been learning a lot and keeping notes about it.
I'm halfway to retirement and haven't really started saving in any meaningful way. I had some here and there, and six months expenses in liquid savings , but not really setting myself up for a comfortable retirement. The pandemic kickstarted me doing it because I just wasn't spending any money. My main "fun" expenses is two weeks or so of trips, lots of concerts, clothes, and video games. Well, when you don't leave the house, you don't need clothes. And no trips, no concerts. (i miss them SOOOOO much.). And I didn't win any preorder lotteries, so... investing it is.
Being responsible is SO boring.
Being responsible is SO boring.
Same here. I'm in my 30s and started saving for retirement last year:[
Right now? Find a job I don't hate where I can save some amount weekly toward both furnishing my new place in May when I move in with my girlfriend, and saving up for a ring.
We are moving (hopefully) within the next few months and we are taking on a larger mortgage. My main goal is to simplify our outgoings so there is more expendable income. Some of our bills for this year we kept because we know we will be moving, but when we move we'll make huge savings on internet, fuel, some services etc. So even though we'll have a bigger mortgage, we'll actually be better off month to month which will improve our QoL.
Down payment for a house or potentially a condo. I have no idea how people manage to scrounge up how much you need for a down payment on even a modest place (and I don't live in an extremely expensive area.) Doesn't help that I live alone so I can only just keep putting aside some each month. Early 30s so I'm starting to feel behind.
PS5
Find a new job that gets more than $3,000 a month after taxes + bills.
Lasik
I'm debt free thankfully but I basically live without any major purchases as a result. I'm too scared to fall in a hole with money. No car, no decent apartment or appliances, no attempts at future stuff like marriage through dating and what not seriously as a result. I want to level up my financial earnings to be able to be comfortable making larger purchases without worrying I'll die before paying off a cheap ass Toyota.
Find a new job that gets more than $3,000 a month after taxes + bills.
Lasik
I'm debt free thankfully but I basically live without any major purchases as a result. I'm too scared to fall in a hole with money. No car, no decent apartment or appliances, no attempts at future stuff like marriage through dating and what not seriously as a result. I want to level up my financial earnings to be able to be comfortable making larger purchases without worrying I'll die before paying off a cheap ass Toyota.
I'm saving to buy an apartment, much more economical to own rather than rent in my country. Not to mention that there's almost impossible to find someplace to rent too.
Long term goal is to save up enough money to pay for a big extension to make my house into a dream living space. With eight or twelve meters of sliding glass though, I think it'll cost £80k to £100k realistically :/
Will probably have kids in the meantime and no money for extension.
Will probably have kids in the meantime and no money for extension.
The last few years have been fairly fraught: my wife took six years out of work to be at home with the kids, which meant we were just about breaking even month on month after mortgage, car, and school fees were accounted for.
This year she and I launched a business together, which is so far going pretty well, so we suddenly have a fair bit more money coming in than we've been used to. Our fixed term mortgage ran out in summer, and we remortgaged at a lower rate. Then we replaced a car lease with a used car purchase, so our monthly outgoings are also down £400-£500.
We won't take any big dividends out of the business until this time next year, but when we do we should be able to clear a decent chunk of our mortgage.
This year she and I launched a business together, which is so far going pretty well, so we suddenly have a fair bit more money coming in than we've been used to. Our fixed term mortgage ran out in summer, and we remortgaged at a lower rate. Then we replaced a car lease with a used car purchase, so our monthly outgoings are also down £400-£500.
We won't take any big dividends out of the business until this time next year, but when we do we should be able to clear a decent chunk of our mortgage.
I recently hit debt free (aside from house) after a really rough 2 years. So my goal is to not get into that position again lol.
Short-term: Funding my brokerage account mainly. I have 3 EY balance goals, the first being $4000 (expected), $4500 (doable) and $5000 (lofty). At ~$5000, all of which would be invested into selected dividend stocks, the residual yearly income from that would be somewhere between $200-$240, which isn't much but it certainly gets the ball rolling.
Long term: Grow my passive income stream to $5k-$10K annually within the next 5 years.
Long term: Grow my passive income stream to $5k-$10K annually within the next 5 years.
I have a couple of loans that I need to pay off. At the moment (touch wood) my work is going well and I am earning decent money. If this continues then in 6 months I will be debt free.
Try to make a couple extra house payments every year, save an extra $500 a month. Otherwise our financial advisor says we are looking at a shortfall long-term around the time I hit 86. Which... honestly sounds ok considering I probably won't be alive by then, but modern medicine is always getting better.
if we could get our kid out of his $16000 a year private special needs school that would more than do it ofc....
if we could get our kid out of his $16000 a year private special needs school that would more than do it ofc....
Retirement. Every day is one day closer. I'm in my early 50's and max out my 401k as does my wife and she and I have some other investments. I'm four years older than her, I'd like to retire at 65 and just get a mindless, low stress gig where I can just punch the clock and go home at the end of an 8 hour shift. Then when she retires put it all behind me. We have a one room apartment that we're renting out and are planning on moving into after we sell the house once she retires. That's if we can get the kids out and that remains to be seen. They'll be in their 30's by then
That's the plan anyway
That's the plan anyway
The pandemic and working from home full time have allowed me to actually save a far greater proportion of my salary (because trains to London are expensive AF) so I've just been saving most of the year, and plan to continue doing so. I'm putting away almost half of my salary each month on savings and me and my partner are, for the first time since we bought our house, sitting ona comfortable sum which feels good.
Starting to think further ahead too, like upping my pension contributions and potentially some small investments in the future.
Starting to think further ahead too, like upping my pension contributions and potentially some small investments in the future.
Short term: Debt free except for the mortgage. We're mostly there, but I have a "personal" credit card that has a smallish balance that I'm knocking out.
Long term: $100k/yr passive household income to retire on.
Good news: I'm on track for both. Bad news: I don't reach the long term goal until full retirement age.
Long term: $100k/yr passive household income to retire on.
Good news: I'm on track for both. Bad news: I don't reach the long term goal until full retirement age.
Depending on the length of time, wouldn't the offset from additional mortgage interest plus inflation kind of make it a wash, anyway? I agree with you that just paying additonal on the principal makes sense, but maybe they should crunch the numbers.
Pay off my wife's car, then snowball that money into our mortgage payment to get it knocked out.
Rebuild my cash reserves and savings after draining them for a down payment on a house and renovations.
Clearing up debt and then start saving - either to buy a house around where I live, or to help start a new chapter of life somewhere else.
Get back to normal income. My wife is on emfla so that means a 33% reduction in her income. I might have to go after she runs out of time. So we are losing about 16% of our total income for the foreseeable future until school can go back.
after that it's getting our house paid off in full, but that's about 3 years from now.
after that it's getting our house paid off in full, but that's about 3 years from now.
Want to pay off my mortgage in 20 years (I'm 36 now).
Want to pay off other debts by next year.
Keep current savings plan, go from cash to at least some investments.
Stay on course to retire at 60. (55 and 50 sounds awesome, but don't think it's in the cards for me!)
Want to pay off other debts by next year.
Keep current savings plan, go from cash to at least some investments.
Stay on course to retire at 60. (55 and 50 sounds awesome, but don't think it's in the cards for me!)