December-specific notes:
Side income paid for new tires on one of our vehicles ($2000) and put $2000 towards our HELOC.
529: $64,513.46
FICO: 891 (out of 900), spouse 854
=====Annual End-of-year stuff=====
2023 was a challenging year financially and emotionally. We had an appliance failure, major home improvement expense (due to appliance failure), boat engine failure, and the unexpected loss of a friend's life and one of our parents :(
2023 Personal Savings Rate: 11.43%. Weak.
401k: We only put in $14k in this year. Weak.
HSA: Maxed contributions (although we had some expenses come out as well).
End-of-year Net Worth target was $509,490 (according to my December 2009 master Excel retirement plan thingy) and we came in at $661,535.
While we're technically "ahead of plan", that plan is severely outdated. It had yearly targets which led up to a retirement goal of $2.94M @ 65 years old. It didn't account for inflation, or actual expenses. It was a stake-in-the-ground number based solely on market returns.
I've since run a bunch of calculations taking inflation into account, and expenses. Our new target is, unfortunately, much higher at $4.51M. I have new yearly target numbers (working backward from $4.51M) and we have a long way to go. At our current pace of saving, we have to nail 10% returns for the next 20 years.
That's quite optimistic, but not unattainable. We'll figure it out as we go, haha.
2024 Goal: Still looking for a steady side-gig that can bring in extra income.
2024 End-of-year Net Worth target: $723,163
Other notes: I depreciated our cars' values using KBB Trade-in values. |