Post your financial goals for 2018

[LivingAlmostLarge]

$1m in retirement accounts. $500k in taxable accounts (stretch).

[cypher1]

Off the top of my head, max Roth IRA, max HSA, continue with contributing 10% to 401K. Also focus on more short term saving for house projects and traveling.

[Gailete]

With this thread and stating a goal in writing, I'm charged up about having goals for next year. I've stated on some already. My son picked up a book on making money at the thrift store the other day and then forgot to take it home, so I am reading it. Some of the things that the author talked about makes a lot of sense and echoes some of the things that I want to be doing. Such as you can handle your money better if you de-clutter all aspects of your life. Well we have a lot of clutter due to the bazillion boxes of patterns we have. Since I can't get rid of them, I am working on smaller tasks now. The first being trying to get some control of my email. I don't have time to read all the email messages that I get, so I have been unsubscribing them. Eventually with the purpose of saving even small amounts of time by not having to delete them every day, several times a day. What is with companies promising that they will send an email once a month. Then it becomes once a week, then once a day and then several times a day? Does anyone know a good way for getting rid of the blue/orange pill emails, etc. that flood my mailbox that I have absolutely NO need for? I have heard that trying to unsubscribe from the scam/spam trash only makes them send more. I also don't want to pull them into my inbox and take the chance of getting a virus.

I think if I get back to the organization that I followed in college, getting me through nursing school and on my job, I can maybe function in a better manner and hopefully get my income up by spending more time with the business and less on totally non-essential tasks.

[terri77]

I have been maxing my IRA & TSP contributions since 2008. I plan to do that again next year.

Reach $500k in my TSP. Currently at about $488k.

Cut CC debt in half. Recently received $10k settlement which makes that goal already accomplished for this year. Would like to cut the remaining debt in half again next year.

Last year I increased my mortgage & auto loan payments to pay additional towards the principal. I plan to stay at that same level next year.

[Gailete]

I was doing some calculating last night and found that once our rental properties are paid off ~2-18 & 5-18, I can put what we were paying on those mortgages into our house mortgage and hopefully have the house mortgage paid off in about 5 1/2 years. It will take perhaps some scrimping at times (when aren't we scrimping?), but I really wanted that mortgage paid off at the point that my hubby's term life insurance expires. He wouldn't be able to get another one as he has picked up a lot of medical issues over the last 15 years. Having all the mortgages paid off will be a big plus to our budget from then out. We do have some cc debt but will also be paying on those as well. I don't want to take the chance of losing our house as it is our only really big asset.

[thomaspastoral]

My financial goal for next year are as follows:

1. Invest in another Mutual Funds.
2. If financial capability permits, buy a Real Estate property (either a Home, a Condo Unit, or a Land.) and try to maximize the possibility of an ROI.
3. Find another sideline business in order to earn additional income.
4. Try something new that would enable me to earn, even if it is small.
5. Find financial mentors in order to help me diversify my finances even more.

[Gailete]

Buying empty land is generally not looked on as a good first venture into real estate. Unless you know something long before other, you could sit on that land for a long time before it earns you a dime while costing you money for the mortgage and the taxes. If you pay cash for the whole price, you would still be paying taxes every year. I'm not sure how banks are in giving out mortgages for land.

I'm no expert but just wanted you to be sure to check into those things before making any commitments. Don't want you to lose money instead of making it.

Welcome to the forum.

[Fishindude77]

I need to put some cash to work over the next year or two to generate an additional $40-50K reliable annual income. Will likely invest in farm ground, stocks that generate good dividends and / or mutual funds.

[Gailete]

I need to put some cash to work over the next year or two to generate an additional $40-50K reliable annual income. Will likely invest in farm ground, stocks that generate good dividends and / or mutual funds.

That will be interesting to see how that works, I'm trying to boost our income to around $30-35000/year. $40-50K would be a dream for me! I will be interested in seeing how things go with this.

[Gailete]

I think I did a math error for figuring the payoffs for our rental mortgage. The one should be 2-18 and the other 3-18 instead of 5-18! Hope I get this right.

My son that I don't get to see very often, was here for 2 days. I got to have some really great talks with him and he gave me a lot of suggestion for how to do things with my patterns sales as he does them as well and while we were sitting and talking he sold 32 items and I sold none. So, he was giving me ideas to cut expenses, save time and boost income. I enjoyed the talks and know that they will be a big help as I put them into practice.

One things I'm not doing is waiting till 2018 to put things into practice. I'm trying for each new thing to put into use immediately if possible.

[Jluke]

I think I did a math error for figuring the payoffs for our rental mortgage. The one should be 2-18 and the other 3-18 instead of 5-18! Hope I get this right.

For the final payment, be sure you contact the mortgage lender to arrange the final payment. It's not a normal payment, in case you aren't aware.

[Gailete]

Thank you, I am aware

[MooseBucks]

For the final payment, be sure you contact the mortgage lender to arrange the final payment. It's not a normal payment, in case you aren't aware.

Is the reason it isn't a normal payment because it is non-normal amount or something else?

[Jluke]

Is the reason it isn't a normal payment because it is non-normal amount or something else?

I believe they determine the interest amount based on the date you will pay it off. Also, the loan principle amount plus interest is probably going to be less than the normal payment.

Basically like getting a loan payoff amount for a car...

YMMV

[Gailete]

When I paid off our car, I could see the actual amount owed as to that day when I paid it off. One of the great joys of on line banking. but I know, or am pretty sure, I won't see it that way with the mortgages for my bank. I'll have to see what it looks like in Feb.

@MooseBucks - because of extra payments and payments paid ahead of time the final bill depending on when you pay it, may be less than what is quoted as the bank will still assume that the final payment will come in on the regular due date. I have noticed that depending on which day in the month I make my payments, the interest is more or less. It is weird seeing the the interest paid one month is for instance $100 and the next month, !02.32, then the next month $99.78. It just bounces all over so I try to make the payments ASAP but when your tenant is late and then you can't get out to cash his MO due to the weather, it flucuates.