Happy New Year! Wow, it’s already 2022. We were blessed to have had good success with our financial goals for 2021. Now let’s see if we can do it again in 2022! Below are our new financial goals for the coming year.
1) Pass our 2032 Net Worth Goal
We ended 2021 with a net worth of $1,759,061, 10 years ahead the net worth goal schedule. We would like to maintain this lead and end 2022 with a net worth over $1,900K (our 2032 net worth goal).
2) Give to church
We recently started attending a new church that is closer to our home. It was sad to separate from our old church but we really wanted to find a church closer to our home. We hope to do our part to support the church by giving $4,000 in 2022.
3) Contribute $6,000 to 529 Plans ($3,000 for each child)
As I’ve mentioned before, this is one of our top goals each year. Now that our mortgage is paid off, we want to contribute more to our kid’s 529 Plans. In 2022, we plan to contribute $3,000 for each of our two kids. Our son is currently 10-years-old with a 529 Plan balance of $53,343.31 and our daughter is 7-years-old with a 529 Plan balance of $34,671.16.
4) Contribute $3,000 to new car fund
At the end of 2021, we decided to start a new car fund to save for the cars our kids will need in a few years and eventually a new car for us when the time comes. Our 10-year-old will likely be the first family member to tap into this fund and our intent would be to purchase a reliable, safe used vehicle for him after he turns sixteen. We intend to invest the funds in cryptocurrencies and cash. We already have $2,884.33 in the new car fund and aim to contribute another $3,000 in 2022.
5) Building savings account balance to $30,000
We ended 2021 with $27,083 in savings and hoped get to $30,000 in savings by the end of 2022. This might be really tough because we have will have a big income tax bill this year.