Happy New Year! Somehow I forgot to post our 2020 financial goals earlier this month. 2019 was an amazing year and we hope to conquer some exciting financial goals in 2020. Here they are:
1) Pass our 2024 Net Worth Goal
We ended 2019 with a net worth of $829,705, over 4 years ahead of our 2019 net worth goal. We would like to maintain this lead and end 2020 with a net worth over $891,500 (our 2024 net worth goal).
2) Increase total retirement savings to $475K
We ended 2019 with $386K in retirement savings. We are shooting to increase that to $475K by the end of 2020. Much of our success will depend on the market and “extra” contributions from our bonuses.
3)Create a family trust or will
We missed this one in 2019 and are going to try again to create a family trust in 2020.
4) Contribute $3,000 to 529 Plans ($1,500 for each child)
We hope to contribute $1,500 to each of our kid’s 529 Plans. Our son is currently 8-years-old with a 529 Plan balance of $30,559 and our daughter is 5-years-old with a 529 Plan balance of $18,050. We would like to continue to grow these accounts while they are relatively young.
5) Building savings account balance to $25,000
In 2019, we did a good job increasing our savings to $20,000. We hope to build on this progress by getting our savings to $25,000 in 2020. We ended 2019 with $20,024 in savings.