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