2015 Goals and Big Dreams

As I recently looked back on 2014LINK, a few things became clear.

  • I had a great 2014. In life, financially, and with the blog
  • I did not do a great job of measuring my financial successes and failures
  • I need Big Goals

So I sat down today and wrote out my goals for this year, next year, in 5 years, and lastly in 10 years.  I challenge you to do the same. One of the reasons I chose to write down my goals is financially I plan on this being 10 of the biggest and most important years of my life, I’m going to be 33 in 2015 and with some Ragnar Lothbrok Axe Yielding Battle Strategy I will be student loan debt free before then.  This is my ultimate goal, I could stop right there and be happy, so to say it simply, this is goal #1 on my priority list.

2015 Goal #1

Pay off my student loans

I have made paying off my student loans a priority, I’m not saving money for a rainy day or putting my money in the stock market, I am going to pay off my student loans, NOW!  The problem is I am behind my payment attack strategy.  At the end of December I will be at 43% of my goal, based off of my projections I should be at 60%.  I was less worried about the deficit a couple months ago because my strategy is a heavy back laden plan with bonuses, tax returns, selling stock, etc all coming in 2015.  I ran the numbers and I’m getting worried, I estimated my bonus and taxes so that’s not exact and my company has also decided to switch to paying every other Friday rather than the 15th and 30th, so while it does not affect my overall pay it does decrease the total paycheck each time since I will be getting 26 checks rather than 24, good for 2 months bad for the other 10 is how I look at it, especially with my goal being in April before I can benefit from those extra checks.

My budget is already tight, the only item I can really be more frugal about is eating out and groceries.  And to put things in perspective even if I stopped eating for the next 4 months, it wouldn’t make my April goal.  Unless a couple stocks really shoot up in the next couple months, I will need to create extra cash flow.  My plan is to step up eBay for the next couple of months to make up the difference, I will need a few great months, but I know it is possible.  Just remember when you have a goal and it seems out of reach Work Harder!

2015 Goal #2

Max out all tax deferred investments(401K, H.S.A., IRA), Pay off a loan I owe to my parents, and create an Emergency Fund of 3-6 months cash or stock investments.

The rest of my goals for 2015 I am putting together in one basket.  Reaching these goals as a whole is currently mathematically impossible from my current salary, hourly rate(Mrs. Even Steven not included).  I am putting myself in a spot where it is possible to fail.  The goals are not unattainable, but what I have done is set up a goal that I have to work my A** off to meet.  If I show up at the 9-5 job, come home, watch TV, go to bed, and repeat, I will Fail.  I am deciding which items are the most important to me.  I go back and forth on emergency funds, 401K, and a personal loan to my parents around 4-5% interest rate.  I have found that putting all of my energy into one thing like repaying student loans works best for me.

Any suggestions on what order you would attack these?

 

2016 Goals

Pay off our Florida rental home and Max Out all Tax Deferred Investments for Mr. and Mrs. Even Steven

yellow-and-vanilla-cake-md

Icing on the Cake!!!

If you would ask Mrs. Even Steven what her goal is today she would say paying off the Florida property. The great news is we are right on target to pay off this home by the end of 2016, which couldn’t make her happier.  Me on the other hand I want to max out everything, this is when we are making our biggest sacrifices and this is when we need to Max Out every single retirement account available to us.  Anything above and beyond this is icing on the cake as they say.

5 year Goal aka 2019

Reach Financial Independence

That’s almost a drop the mic on walk off the stage statement, but let me explain.  The current plan was to reach FI in August, July of 2020, that’s with everything going as planned.  So a difference of 7 months is a big length of time, especially when the time frame is so condensed.  What I am saying is “Do what most people cannot do in 40 years and do it in 5 years instead of 6.”  I like big goals and I cannot lie, you others brothers walk in with a long 40 year pace and that fake pension in your face……..

10 year Goal

Millionaires

At this point in the game we should be looking at millionaire status.  It might not mean as much in 10 years and I use the term millionaire pretty loosely when I use it here.  I honestly think at this point in our goals and lives, it won’t make much difference in our choices.  Does it make a difference if you own a $500,000 home or a $800,000 place, I can’t answer that question and to me right now the answer is why would I buy such an expensive home?  I’ve long decided that being financially independent is more important to me than owning a professional sports team or a jet.

Summary

I have laid out my 2015 financial goals and I am ready for the journey to reach each one and share my progress.  To help track my progress I have created the ultimate customized tracking spreadsheet with the template from Slowly Sipping Coffee, whom I thank greatly for sharing the same nerdy passion of tracking and projecting numbers as I.

What are your goals for 2015?  Please share the link to your website in the comments or write your big goal for 2015.

 

 

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Hi, I'm Even Steven Money and on my blog I write about how to cut your budget to size, pay off debt, start a side hustle, and share my strategy to invest and retire early. Join me and the thousands of others(actual subscribers, Me, Mom, and my Wife) in the pursuit of financial independence by entering your email address below. I'll send you blog posts and when I blow up and become big time, some free stuff.


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25 Responses to “2015 Goals and Big Dreams

  • That is great you have goals that require extra work and dedication! I wish you luck..and a happy New Year! We have a few goals, but I am really bad about long term goals… I like monthly goals, something about being able to quickly reach a goal and set another keeps me more motivated!
    Mrs SSC recently posted…2015…. here we come!!!My Profile

    • EvenStevenMoney
      2 years ago

      You bring up a great point on long term goals. Honestly long term goals suck unless you can break them down to something you can achieve and see something accomplished, like a debt snowball. Financial Independence is really hard, but when you start breaking down your monthly investments, debt pay off, etc it becomes reachable. Cheers to an Even Steven New Year!

  • Those are some big, lofty goals. I did make some 5 year goals at one point, but things have changed since then, so maybe I need to update them. Thanks for the reminder!
    Kayla @ Femme Frugality recently posted…New Year. Old Goal. New Energy.My Profile

    • EvenStevenMoney
      2 years ago

      I agree goals change, maybe some are reached or maybe along the way it doesn’t become as important. I used to want a 100K Mercedes G-Wagon, now I’m about as far away from that goal as I could have ever imagined.

  • I love this time of year and reading everyone’s goals. Sounds like you have some great ones. Good luck with your goals!
    Michelle recently posted…14 Popular Posts in 2014 on Making Sense of CentsMy Profile

  • Any suggestions on what order you would attack these?

    1. Personal loan to my parents… I hate owing money… and I hate owing people I know money, so this would be the first to go.

    2. Max IRA

    3. Max HSA

    4. Create a taxable account and start emergency fund (some cash but mostly stock and bond funds)

    5. Max 401(k)

    That’s what I would do myself. Of course, really the only way I would max my 401K is if I was really trying to knock myself down a tax bracket.

    • EvenStevenMoney
      2 years ago

      Thank you for the feedback, it’s interesting that you left the 401K for last. One reason I would have it higher on my list is because of what you mentioned, while my personal income isn’t a large number, combine this with Mrs. Even Steven and our rental property income and taxes become more of a priority.

  • I agree with Brian…I hate owing people money. However, with the student loan…I’d put it lower down on my list depending on the interest rate (We’ll probably agree to disagree on this one…I’m not debt averse as long as I know the money is being productive and the loan interest rate is low). And I’d max my 401K over creating a taxable account…
    Andrew recently posted…Living Rich Cheaply: Have Your Cake And Eat It Too!My Profile

    • EvenStevenMoney
      2 years ago

      Thanks for the advice, I agree with getting rid of loans especially to family member. Paying off my student loan however currently feels like I have a backpack of bricks I walk around with every day, this one goes beyond the math and is much more personal.

  • Awesome! I’m a huge proponent of big goals (and I cannot lie) because why not!? Congrats on solidifying these plans–looking forward to reading all about your progress. Happy New Year!
    Mrs. Frugalwoods recently posted…Not So Great Trash Finds: New Year’s Resolution EditionMy Profile

    • EvenStevenMoney
      2 years ago

      Big Goals, Hard Work! I look forward to your progress and story as well, Cheers to an Even Steven New Year!

  • These sound like great goals! Good luck on #1 especially! Have you articulated your specific total or is that TMI? Hope it all goes well!!!
    Jason recently posted…How My Wife Saved Us Over $50,000My Profile

  • I’m excited to see how you’re 2015 goes. You’re where I hope to be in 2015 as far as the loans go, and I really like your aggressive long-term goals.

    Good luck in the New Year!
    James@StartingNegative recently posted…Classifications of financial blogsMy Profile

    • EvenStevenMoney
      2 years ago

      Thanks James, Cheers to an Even Steven New Year!

  • I love your big goals Even Steven, and it will be a phenomenal achievement if you can get there in 2019! Perhaps instead of buying a sports team when you’re a millionaire you can take a trip down under and buy me a beer, while I’m still struggling to pay off my nice big mortgage 🙂

    Also love the Sir Mixalot reference, although it took me a second read to pick up on it! Perhaps a little youtube clip of you shaking your booty would be a good addition here?

    • EvenStevenMoney
      2 years ago

      Well if I’m flying down to Australia and happen to run into an Island of Investing, this wonderful place should probably be buying me a beer, putting me up in his Big House. This a rated PG blog, adding the video would have upped it to PG-13 or worse rated R, just messing around, I’m more excited that people got the reference.

  • I will be following along to see if you can reach your big goal as it is very similar to mine of reaching financial independence within the next four years before my 29th birthday. Wish you best of luck EvenStevenMoney. Go big or go home!

    Mr. Captain Cash

  • I would pay off the Florida property. Makes the most sense to me.

    • EvenStevenMoney
      2 years ago

      Thanks for the input JD, what we have done is split responsibilities. My focus is my own debt, student loans, personal debt, etc while Mrs. Even Steven is the Florida house, which is what we brought into the marriage.

  • A bit late to the party here Steve although love your longer term vision and planning there! 🙂
    I’m with you there on the millionaire status.. I will be one by November 3 2021 or at 32 years of age.. Ambitious and I’ll have to crunch in the numbers and work backwards although I’ve got smaller goals reaching towards this

    Keep up the big goals and thanks!

    • EvenStevenMoney
      8 months ago

      MoneyGlee, big goals get big results! I love the the ambition on your side:)

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