Goals

REVIEW OF 2023 FINANCIAL GOALS

2023 was a great year financially. We were blessed to hit all five of our goals.  Below are the details.

1) Pass our 2028 Net Worth Goal – SUCCESS

We started 2023 with a net worth of $1,243,252 and our goal was to end the year with a net worth of $1,320,000 (our 2028 net worth goal).  We smashed this goal, ended 2023 with a net worth of $1,707,729.   This puts us well past our 2030 net worth goal of $1,590,000.

2) Give $4,500 to church – SUCCESS

We started attending a new church in 2023 and are still feeling it out.  So far, so good and thankfully, we were able to reach our goal of giving $4,500 in 2023.  We gave a total of $8,494 in 2023.  

3) Contribute $6,000 to 529 Plans ($3,000 for each child) – SUCCESS

This was the first goal that we hit in 2023.  We contributed all $6,000 total to our kids’ 529 Plans ($3,000 for each child) by May 2023.  We contributed $3,150 to our 12 years old son’s 529 Plan and his current balance is $61,293.59.  We contributed $3,000 to our 9 years old daughter’s 529 Plan and her current balance is $41,798.4. 

4) Building savings account balance to $15,000 – SUCCESS

We started 2023 with $10,353 in savings.  Our goal was to build our savings to $15,000 by the end of 2023 and we were able to exceed that reaching a $30,611 in savings.  This was possible due to success hitting goal #5, selling our boat. 

5) Sell our boat – SUCCESS

We bought a ski boat six years ago for $70,000 out the door.  It was a great way to enjoy quality time on the lake with the family but it was also a lot of work.  We decided to take advantage of the unusually high boat market and list our boat for sale.  We were able to sell it in May for $65,000, which was incredible and has funded family vacations and increased our savings.

Income Statement

December 2023 Income Statement

In December, we had a great income month and a high expense month.

Our total income this month was $20,274.05.  My wife maxed out on her 2023 social security contributions so her paychecks for the remainder of the year will be a bit larger ($5,993/paycheck vs $5,444.56/paycheck). In addition to my wife’s regular paychecks, she received a quarterly bonus of $11,475 gross ($7,098.10 net) and a $78.57 reimbursement for internet service. We also received an unexpected state tax refund of $1,128.59 and earned $102.31 in interest income from our savings accounts.

This month, our expenses totaled $22,119.51.  Large expenses included $6,748 for household items, $2,047 in giving to church and friends/family, $5,236 for food (groceries and dining) and $1,116 in season passes for local ski resort.

Next month we start the new year and will post our 2024 goals soon.

Net Worth

December 2023 Net Worth Update (+$116,099.15)

Overall

In December, our net worth increased $116,099.15 from last month to a total of $1,707,729.99 (see spreadsheet screenshot). What an amazing end to the year!  In the coming days, I will be posting an update on how we did with your 2023 financial goals.

Retirement Accounts                                                                                 

Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs.  We contributed 7% to my wife’s 401(k) and her company matched 4% and chips in an additional 6% at the end of the year.  This month, she contributed $1,724.27 to her 401(k).  Since I do not work, I did not contribute anything to a retirement account.  The total balance of our retirement accounts increased $55,853.64 from last month to a total of $693,283.32.

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 $325,096.68, up $51,181.94 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 $4,953.34 this month to a total of $30,808.81.  

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $0 to our son’s 529 Plan and it increased $2,608.59 from last month to a total balance of $61,293.59.  We contributed $0 to our daughter’s 529 Plan and it increased $1,778.90 from last month to a total balance of $41,798.40.  Our total 2023 contributions were $3,150 for our son and $3,000 for our daughter.

Home                                                      

For our home value, we use the $528K purchase price that we paid in July 2016.  Current comps in the area are ~$890K.  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 (~95K miles) that we own and it is paid off. 

Credit Card Balance

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

Income Statement

November 2023 Income Statement

In November, we had a regular income month and a high expense month.

Our total income this month was $12,095.70.  My wife maxed out on her 2023 social security contributions so her paychecks for the remainder of the year will be a bit larger ($5,993/paycheck vs $5,444.56/paycheck). In addition to my wife’s regular paychecks, she received a $115.87 reimbursement for internet service. We also earned $113.35 in interest income from our savings accounts.

This month, our expenses totaled $14,882.02.  Large expenses included $3,735.78 in household items, $1,568 in care service, and $624.92 on clothing.

Next month my wife should receive a quarter bonus of ~$10,000 gross.

Net Worth

November 2023 Net Worth Update (+$97,402.47)

Overall

In November, our net worth increased $97,402.47 from last month to a total of $1,591,630.84 (see spreadsheet screenshot). 

Retirement Accounts                                                                                 

Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs.  We contributed 7% to my wife’s 401(k) and her company matched 4% and chips in an additional 6% at the end of the year.  This month, she contributed $1,150.52 to her 401(k).  Since I do not work, I did not contribute anything to a retirement account.  The total balance of our retirement accounts increased $66,307.49 from last month to a total of $637,429.68.

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 $273,914.74, up $26,370.38 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 $4,520.05 this month to a total of $25,855.47.  

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $0 to our son’s 529 Plan and it increased $5,662.95 from last month to a total balance of $58,685.00.  We contributed $0 to our daughter’s 529 Plan and it increased $3,861.77 from last month to a total balance of $40,019.50.  Our total 2023 contributions so far are $3,150 for our son and $3,000 for our daughter.

Home                                                      

For our home value, we use the $528K purchase price that we paid in July 2016.  Current comps in the area are ~$890K.  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 (~95K miles) that we own and it is paid off. 

Credit Card Balance

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

Income Statement

October 2023 Income Statement

In October, we had a regular income month and a reasonable expense month.

Our total income this month was $12,267.69.  My wife maxed out on her 2023 social security contributions so her paychecks for the remainder of the year will be a bit larger ($6,004/paycheck vs $5,444.56/paycheck). In addition to my wife’s regular paychecks, she received a $110.87 reimbursement for internet service. We also earned $146.98 in interest income from our savings accounts.

This month, our expenses totaled $12,054.32.  Large expenses included $3,142.12 in groceries/dinning, $2,645.84 in household items, and $1,875.92 in pet care and pet insurance.

Next month should be a pretty typical income and expense month.

Net Worth

October 2023 Net Worth Update (+$24,373.54)

Overall

In October, our net worth increased $24,373.54 from last month to a total of $1,494,228.37 (see spreadsheet screenshot). 

Retirement Accounts                                                                                 

Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs.  We contributed 7% to my wife’s 401(k) and her company matched 4% and chips in an additional 6% at the end of the year.  This month, she contributed $1,150.52 to her 401(k).  Since I do not work, I did not contribute anything to a retirement account.  The total balance of our retirement accounts increased $4,266.22from last month to a total of $571,122.19.

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 $247,544.36, up $41,182.22 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 $13,853.02 this month to a total of $30,375.52.  

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $50 to our son’s 529 Plan and it decreased $4,062.36 from last month to a total balance of $53,022.05.  We contributed $0 to our daughter’s 529 Plan and it decreased $2,876.63 from last month to a total balance of $36,157.73.  Our total 2023 contributions so far are $3,150 for our son and $3,000 for our daughter.

Home                                                      

For our home value, we use the $528K purchase price that we paid in July 2016.  Current comps in the area are ~$890K.  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 (~95K miles) that we own and it is paid off. 

Credit Card Balance

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

Income Statement

September 2023 Income Statement

In September, we had a great income month and a reasonable expense month.

Our total income this month was $21,546.79.  In addition to my wife’s regular paychecks, she received a quarterly bonus of $14,917.50  gross ($9,830 net) and a 106.74 reimbursement for internet service. We also earned $160.57 in interest income from our savings accounts. 

This month, our expenses totaled $16,324.55.  Large expenses included $3,686 for giving to church/family, $2,926 for groceries/dinning, and $635 for home maintenance/repairs.

Next month should be a pretty typical income and expense month.

Net Worth

September 2023 Net Worth Update (-15,923.47)

Overall

In September, our net worth decreased $15,923.47 from last month to a total of $1,469,854.83 (see spreadsheet screenshot). 

Retirement Accounts

Our retirement accounts are comprised of our 401(k)s, our Roth IRAs and our Traditional IRAs.  We contributed 7% to my wife’s 401(k) and her company matched 4% and chips in an additional 6% at the end of the year.  This month, she contributed $1,896.40 to her 401(k).  Since I do not work, I did not contribute anything to a retirement account.  The total balance of our retirement accounts decreased $13,618.28 from last month to a total of $566,855.97

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 $206,362.14, up $1,569.13 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 $2,659.82 this month to a total of $44,228.54.  

College Savings Accounts

Our kids have 529 Plans through Vanguard.  This month, we contributed $100 to our son’s 529 Plan and it decreased $551.58 from last month to a total balance of $57,084.41.  We contributed $0 to our daughter’s 529 Plan and it decreased $377.17 from last month to a total balance of $39,034.36. Our total 2023 contributions so far are $3,100 for our son and $3,000 for our daughter.  We hit our contribution goal for the year!

Home                                                      

For our home value, we use the $528K purchase price that we paid in July 2016.  Current comps in the area are ~$892K.  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 (~94K miles) that we own and it is paid off. 

Credit Card Balance

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

Income Statement

August 2023 Income Statement

In August, we had a great income month but also a very high expense month.

Our total income in August was $15,962.77.  In addition to my wife’s regular paychecks, she received an unexpected bonus from old company of $706 gross ($443.72 net) and she exercised stock options worth $4,467.38 (net).  We also earned $162.55 in interest income from our savings accounts. 

This month, our expenses totaled $18,729.97.  Large expenses included $3,150 for puppy, $1,266 for gym memberships, and $990.05 for giving.

Next month my wife should receive a quarterly bonus of $14,917.50 gross.

Our path to financial independence and retiring early.