Goals

2025 FINANCIAL GOALS

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Happy New Year! Our success with the 2024 goals was hit and miss but now we have a new year to start fresh.  Below are our new financial goals for 2025.

1) Pass our 2034 Net Worth Goal

We ended 2024 with a net worth of $2,363,806.13, 10 years ahead of our net worth goal schedule. We were able to extend our lead thanks primarily to our cryptocurrency assets.   We would like to maintain this 10 year lead and end 2025 with a net worth over $2,500K (our 2035 net worth goal). 

2) Give $6,000 to church

We hit our $5,000 giving goal in 2024 with a total church giving of $9,432.73.  In 2025, we intend to increase annual giving goal to $6,000. 

3) Contribute $9,000 to 529 Plans ($4,500 for each child)

We reached our 2024 goal of $8,000 in contributions with four months to spare, so we decided to bump up our 529 Plans contribution goal again in 2025. We hope to contribute $9,000 total to our kids’ 529 Plans ($4,500 for each child). Our son is currently 13 years old with a 529 Plan balance of $81,500.14 and our daughter is 10 years old with a 529 Plan balance of $57,037.29.  College is rapidly approaching!

4) Maintain savings account balance of $20,000

We had a savings balance goal of $30,000 for 2024 but came up short.  We are going to try a smaller goal for 2025 in hopes that we can reach it and then build from there.  We would like to end 2025 with a savings account balance $20,000 balance.

5) Take two family vacations

In an effort to focus on creating more “memory dividends”, we plan to take two family vacations in 2025.  We hope to go to Scandinavia for an extended vacation and also squeeze in a shorter vacation to Hawaii. 

Goals

REVIEW OF 2024 FINANCIAL GOALS

Happy New Year! We had a great 2024 but came up a little short on some of our 2024 financial goals.  Below are our results.

1) Pass our 2031 Net Worth Goal ($1,740K) SUCCESS

We ended 2024 with a net worth of $2,363,806.13, 10 years ahead of our net worth goal schedule.  It took us 14 years to reach $1M net worth and only another 5 years to reach $2M net worth.  Feeling very blessed! 

2) Give $5,000 to church SUCCESS

We are thankful to have exceeded our giving goal of $5,000 in 2024, giving a total of $9,432.73.

3) Contribute $8,000 to 529 Plans ($4,000 for each child) SUCCESS

We passed our 529 Plan contribution goal of $8,000 in August.  We contributed $4,000 to our 13-year-old son’s 529 Plan and his plan has a balance of $81,500.14.  We contributed $4,000 to our 10-year-old daughter’s 529 Plan and her plan has a balance of $57,037.29. 

4) Maintain savings account balance of $30,000 FAIL

We could provide a number of reasons (excuses) for failing to maintain $30,000 in savings but it comes down to simply not prioritizing this goal.  We ended 2024 with $13,366.35 in savings.  We came up short, even though we could have tightened our belts and likely been successful.

5) Book Mediterranean cruise FAIL

Money is a tool to have experiences, and we did have many fun family vacations in 2024 but we failed to book a Mediterranean cruise for 2025.  We went on a Disney cruise in 2024 and realized that cruising isn’t our favorite way to travel.  We would much rather fly to a destination and stay in a hotel.  So, no Mediterranean cruise was booked.  In fact, we decided to visit Scandinavia in 2025 and postpone our Mediterranean trip until 2026 or later.

Income Statement

December2024 Income Statement

In December, we had a great income month and an above reasonable expense month.

Our total income this month was $19,573.32.  In addition to my wife’s regular paychecks, she received $99.99 in company reimbursements.  We also earned $28.82 in interest income from our savings accounts.

This month, our expenses totaled $13,914.35.  Large expenses included $2,265.24 for tithe/giving, $469 for medical/prescriptions, and $343 for personal care items.

Next month my wife’s paychecks will be lower because her health insurance costs are going up and they will start deducting social security contributions again.

Net Worth

December 2024 Net Worth Update (-86,662.94)

Overall

In December, our net worth decreased $86,662.94 from last month to a total of $2,363,806.13 (see spreadsheet screenshot).  We passed our net worth milestones of $2,460K to $2,540K this month but sadly dropped back down as the month drew to a close.  Still an amazing blessing!

Retirement Accounts                                                                                 

Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs.  My Wife contributes 6% to her 401(k) and her company matches 4% and chips in an additional 6% at the end of the year.  Her 401(k) increases 1% automatically in March every year. This month, she contributed $1,596.51 to her 401(k).  I do not work and do not contribute to a retirement account any longer.  The total balance of our retirement accounts decreased $27,403.00 from last month to a total of $1,126,322.26.

Brokerage Account

Currently, our brokerage accounts consist of stocks and cryptocurrency (I prefer to track crypto in the “Brokerage Accounts” field rather than “Cash & Savings Accounts”).  The total current value of our brokerage accounts is $533,003.79, down $60,376.51 from last month.

Cash & Savings Account

Cash and savings accounts consist of a small sum of cash at home, our online savings accounts balance. It does not include our checking account balance that we use to pay our bills each month.  Our savings increased $3,907.47 this month to a total of $13,366.35.

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $0 to our son’s 529 Plan and it decreased $1,495.82 from last month to a total balance of $81,500.14   We contributed $0 to our daughter’s 529 Plan and it decreased $1,046.83 from last month to a total balance of $57,037.29.  Our total 2024 contributions were $4,000 for our son and $4,000 for our daughter (the goal we had set for ourselves.

Home                                                      

For our home value, we use the $528K purchase price that we paid in July 2016.  Current comps in the area are ~$912K.  We paid off our home in September 2021.

Vehicles

My wife drives a company vehicle and has a company gas card.  I drive a 2017 SUV (~105K miles on odometer) that we own (no auto loan). 

Credit Card Balance

All of our credit card debt is paid in full each month.

Income Statement

November 2024 Income Statement

In November we had an average income month and an above average expense month.

Our total income this month was $12,507.99.  In addition to my wife’s regular paychecks, she received $94.99 in company reimbursements.  We also earned $51.56 in interest income from our savings accounts.

This month, our expenses totaled $17,578.72.  Large expenses included $4,204 for dinning/groceries (holiday), $4,187 for household items, $1,141 for medical/prescriptions, and $1,082 for clothing.

Next month my wife should receive a quarterly bonus of $11,475 gross.

Net Worth

November 2024 Net Worth Update (+351,622.17)

Overall

In November, our net worth increased $351,622.17 from last month to a total of $2,450,469.07 (see spreadsheet screenshot).  We passed our net worth milestones of $2,100K to $2,450K this month!  The huge gains were mainly due to our cryptocurrency holdings.  Amazing blessing!

Retirement Accounts                                                                                 

Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs.  My Wife contributes 6% to her 401(k) and her company matches 4% and chips in an additional 6% at the end of the year.  Her 401(k) increases 1% automatically in March every year. This month, she contributed $1,022.76 to her 401(k).  I do not work and do not contribute to a retirement account any longer.  The total balance of our retirement accounts increased $183,147.76 from last month to a total of $1,153,725.26. We hold some bitcoin ETFs in our retirement accounts and those had great gains this month.

Brokerage Account

Currently, our brokerage accounts consist of stocks and cryptocurrency (I prefer to track crypto in the “Brokerage Accounts” field rather than “Cash & Savings Accounts”).  The total current value of our brokerage accounts is $593,380.30, up $179,259.79 from last month.

Cash & Savings Account

Cash and savings accounts consist of a small sum of cash at home, our online savings accounts balance. It does not include our checking account balance that we use to pay our bills each month.  Our savings decreased $14,772.39 this month to a total of $9,458.88.

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $0 to our son’s 529 Plan and it increased $2,493.03 from last month to a total balance of $82,995.96.   We contributed $0 to our daughter’s 529 Plan and it increased $1,744.73 from last month to a total balance of $58,084.12.  Our total 2024 contributions so far are $4,000 for our son and $4,000 for our daughter.  Our goal for the year was $8,000 total ($4K each) for our kids’ 529 Plans and we reached our goal with time to spare.

Home                                                      

For our home value, we use the $528K purchase price that we paid in July 2016.  Current comps in the area are ~$909K.  We paid off our home in September 2021.

Vehicles

My wife drives a company vehicle and has a company gas card.  I drive a 2017 SUV (~105K miles on odometer) that we own (no auto loan). 

Credit Card Balance

All of our credit card debt is paid in full each month.

Our path to financial independence and retiring early.