Happy New Year! Financially, 2020 was an amazing year and we were very blessed to have crushed all of the financial goals we set for ourselves 12 months ago. It feels pretty amazing to type that considering I quit my job at the end of October. Thankfully, my wife has an amazing career that she loves. Below are the results of ouf 2020 financial goals:
1) Pass our 2024 Net Worth Goal – SUCCESS
We started 2020 with a net worth of $829,705 (4 years ahead of schedule) and hoped to pass our 2024 net worth goal of $891,500 by the end of the year. We were thrilled to end 2020 with a net worth of $1,252,846, surpassing our 2024 goal ($891K), 2025 goal ($986K), 2026 goal ($1,089K) and 2027 goal ($1,200K)!
2) Increase total retirement savings to $475K – SUCCESS
We started 2020 with $386K in retirement savings. We ended 2020 with $501,473 in retirement savings putting us $26,473 above our goal for the year. This was a great achievement considering that we cashed out $33K worth of 401K when I left my company in October 2020. It feels awesome to have half a million saved for retirement!
3)Create a family trust or will – SUCCESS
On December 3rd, we started the process to set up a living trust. The lawyers are charging us $3,450 but it will be well worth it to get this in place.
4) Contribute $3,000 to 529 Plans ($1,500 for each child) – SUCCESS
We contributed $1,550 to our 9-year-old son’s 529 Plan and $1,550 to our 6-year-old daughter’s 529 Plan. Their balances are currently $37,958.69 and $23,361.36, respectively.
5) Building savings account balance to $25,000 – SUCCESS
We started 2020 with $20,024 in savings and ended 2020 with $30,361.39 in savings. Along the way, we also paid off our vehicle and boat. Such a blessing!