2023 is underway and we have set our financial goals for the year. We fell short of all but one of our 2022 goals and the economic outlook does not seem to be improving. Because of that, we set pretty conservative financial goals for 2023. Below are our new financial goals for the coming year.
1) Pass our 2028 Net Worth Goal
We started 2022 with a net worth of $1,243,252, 5 years ahead the net worth goal schedule. We would like to maintain this lead and end 2023 with a net worth over $1,320K (our 2028 net worth goal). If the economy continues to struggle, this goal might be hard to hit.
2) Give $4,500 to church
We would like to continue to support our church and have set a goal of giving $4,500 in 2023. This was the only goal that we hit in 2022 so let’s hope we can do it again.
3) Contribute $6,000 to 529 Plans ($3,000 for each child)
We want to contribute $6,000 total to our kids’ 529 Plans ($3,000 for each child) in 2023. We fell a bit short of this goal last year. Our son is currently 11 years old with a 529 Plan balance of $46,034 and our daughter is 8 years old with a 529 Plan balance of $30,592.
4) Building savings account balance to $15,000
We ended 2022 with $10,353 in savings, well short of $30,000 goal for last year. We lowered the bar and are shooting for $15,000 in savings by the end of 2023. That might be tough considering we have a large tax bill again this year from selling some cryptocurrency.
5) Sell our boat
We bought a ski boat six years ago and have enjoyed spending time as a family on the lake, however, we only used our boat one time last season and really didn’t miss it. That got us thinking that we might want to sell it, if the price is right. We listed our boat for $70K on a few websites to test the waters.