Happy New Year! The years continue to fly by and 2022 was a tough year for our financial goals. Below are the results of our 2022 financial goals:
1) Pass our 2032 Net Worth Goal – FAIL
We started 2022 with a net worth of $1,759,061, 10 years ahead the net worth goal schedule. We had hoped to maintain this lead and end 2022 with a net worth over $1,900K (our 2032 net worth goal). The economy in general and our cryptocurrency investments specifically did not fare well in 2022. We ended 2022 with a net worth of $1,243,252, about $500K less than we started the year with.
2) Give to church – SUCCESS
We feel very blessed and strive to give back to help others. Our target was to give $4,000 to our church in 2022 and we ended up giving a total of $5,762. This goal felt good to achieve
3) Contribute $6,000 to 529 Plans ($3,000 for each child) – FAIL
We wanted to contribute $6,000 total to our kids’ 529 Plans ($3,000 for each child) in 2022. We fell a bit short and contributed $2,050 for each child. 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) Contribute $3,000 to new car fund – FAIL
We created this new idea of saving for a new car at the end of 2021 and had a goal of contributing $3,000 in 2022. For a lot of reasons, we decided to ditch this idea in 2022. The small balance was absorbed into our other investments.
5) Building savings account balance to $30,000 – FAIL
We started 2022 with $27,083 in savings but had a large income tax bill and other expenses that depleted our savings. We had hoped to get to $30,000 in savings by the end of 2022 but ended the year with only $10,353 in savings.