2020 Financial Goals?

[disneysteve]

My financial goal for 2020 is to spend 60% of my income on wine, women and song. The other 40% I'll just squander.

At least you have a budget

[Snave]

We are trying to pay the house off in 2020. I went back to work full time a little over a year ago in the corporate world along with running our small family business my wife and I own, so we have a significant amount of income coming in right now. Working my tail off about 12-14 hours nearly 7 days a week though. We are using that to pay the house off so we can say goodbye to corporate for good in another year or two and be completely debt free with a significant amount of money in retirement. It is pretty stressful and crazy basically working two full-time jobs, but I can suck it up for 2-3 years to set us up for the rest of our lives.

[disneysteve]

We are trying to pay the house off in 2020.

That's awesome. We paid our off in 2019 and it's a great feeling.

I can suck it up for 2-3 years to set us up for the rest of our lives.

Such a great mindset to have. So many people pass up opportunities like that when they could improve their situation tremendously in a relatively short time if they just suck it up as you said and go full throttle for a little while.

[mumof2]

House: $12,000 / year property tax, $371 / year HOA, $2,000 / year maintenance, $6000 / year stuff

Pets: 2 cats, 1 dog. 1 cat is diabetic, all are on prescription food and meds. No day care. If I didn't love them so much, I would leave the back door open.

Oh ok...we don't have so much to pay with houses over here only morg and council rates etc...we feel the same about our animals...

[mumof2]

At least you have a budget

my budget is always done for the next year by aug/sept....I always have to have a budget

[mumof2]

We are trying to pay the house off in 2020. I went back to work full time a little over a year ago in the corporate world along with running our small family business my wife and I own, so we have a significant amount of income coming in right now. Working my tail off about 12-14 hours nearly 7 days a week though. We are using that to pay the house off so we can say goodbye to corporate for good in another year or two and be completely debt free with a significant amount of money in retirement. It is pretty stressful and crazy basically working two full-time jobs, but I can suck it up for 2-3 years to set us up for the rest of our lives.

good luck I hope you reach that goal would be awesome

[Scallywag]

2019 was the year we finally fully funded our emergency fund! Now we can focus on:

1. Getting to 20% downpayment on a house (hope / plan to buy in 2021).

2. Fully funding our ROTH IRAS & DH's 401(K).

3. Converting 20K of a traditional IRA into a ROTH.

Here's hoping it all comes true!

[LivingAlmostLarge]

Like Corn nothing spectacular. I guess we hit $1m in retirement accounts. Just saving. I will say I have loosened the purse strings not in our everyday life which I've been contemplating, but traveling. That is something we all enjoy. We haven't been hesitating with booking trips and we are spending more per trip. More on better hotels. More on activities. Last year we did alaska cruise, WDW, couple of ski trips, two hawaii trip, canada for a week, 3 long weekend with friends. This year we just booked another ski week, have 2 more ski weekends planned, 2 trips to hawaii, 2 weeks in Asia ($10k), planning on I think singapore ($4k)and thailand, talking about thanksgivinging in Cancun, and possibly 3rd trip at christmas in hawaii.

Before I think I spent $5k on traveling I've upped it to $20k. I figure what we spend on a car most people spend on buying nice cars a year. Assume $10k/year excess is definitely car 2 $500 car payments a month.

[cypher1]

Continue saving 30% of gross income for retirement, EF, and tuition. Any left over probably go towards the mortgage. I still need to complete a will, which I didn't follow through with for 2019 goals.

[Scallywag]

Like Corn nothing spectacular. I guess we hit $1m in retirement accounts. Just saving. I will say I have loosened the purse strings not in our everyday life which I've been contemplating, but traveling. That is something we all enjoy. We haven't been hesitating with booking trips and we are spending more per trip. More on better hotels. More on activities. Last year we did alaska cruise, WDW, couple of ski trips, two hawaii trip, canada for a week, 3 long weekend with friends. This year we just booked another ski week, have 2 more ski weekends planned, 2 trips to hawaii, 2 weeks in Asia ($10k), planning on I think singapore ($4k)and thailand, talking about thanksgivinging in Cancun, and possibly 3rd trip at christmas in hawaii.

Before I think I spent $5k on traveling I've upped it to $20k. I figure what we spend on a car most people spend on buying nice cars a year. Assume $10k/year excess is definitely car 2 $500 car payments a month.

Congratulations on the 1 million in retirement!! What are you invested in? Just curious.

[srblanco7]

2019 was a banner year: we paid off our house, purchased a lightly used 2018 GMC for the wife, and received the proceeds from the sale of a business that added about $800k to our net worth. 2020 will be continued autopilot - saving about 30-35% of our Gross Income (range depends on the size our my annual bonus) with an eye to early retirement in 2023 (at age 55). Of note, fall 2020 will by DD's freshman year in college - no school selected as of yet - we'll offer her our guidance on selecting a school that will allow her to graduate debt free.

[Keshet]

Actually my goal is to save more for retirement.

[Nutria]

At least you have a budget

But does he track his spending?

[corn18]

Well, I now have a clearer picture of what we need to do for 2020: live within our budget! I totaled up all of our spending for 2019 and it revealed we spent like drunk monkeys. We met our goal of $1M in retirement savings and a paid off house, but we spent a LOT more than I had budgeted. Definitely need to get this under control or I will never be able to retire.

[disneysteve]

Well, I now have a clearer picture of what we need to do for 2020: live within our budget! I totaled up all of our spending for 2019 and it revealed we spent like drunk monkeys.

Wow. Good thing you've been tracking everything. Taking a quick look, the number that really screams out is $85,000 on travel. Most of the other numbers don't seem terrible (20K on gifts perhaps). And obviously you could trim back on eating out and whatever "miscellaneous" is but as much as I love to travel, 85K is a lot.