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 Post subject: Mid-year update
PostPosted: Sun Aug 07, 2011 9:43 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
(1) Max out 401k(s) - $19,440 (59%)(goal is $33,000)
(2) Max out IRA(s) - $10,000 (100%)(goal is $10,000, this goal is completed)
(3) Add to e/r fund - $6,100 (61%)(goal is $10,000)
(4) Pay down mortgage - $2,905 (58%)(goal is $5,000)
(5) House projects - $1,800 (36%) (goal is $5,000)

Total - $40,245 (64%)

We are slightly ahead of schedule. The only goal we are lagging on is goal number 5, which is our house project account.

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Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: Re: 2011 Goals
PostPosted: Thu Aug 11, 2011 4:33 am 

Joined: Mon Feb 04, 2008 7:35 am
Posts: 1148
Location: Maryland
Glad to see you posting again. I was actually wondering what happened to you. :)


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 Post subject: September Update
PostPosted: Wed Sep 14, 2011 11:58 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
(1) Max out 401k(s) - $21,240 (64%)(goal is $33,000)
(2) Max out IRA(s) - $10,000 (100%)(goal is $10,000, this goal is completed)
(3) Add to e/r fund - $7,200 (72%)(goal is $10,000)
(4) Pay down mortgage - $2,905 (58%)(goal is $5,000)
(5) House projects - $1,856 (37%) (goal is $5,000)

Total - $43,201 (69%)

Generally on track, but slipping some in rate of progress.

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Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: October update
PostPosted: Fri Oct 21, 2011 6:44 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
(1) Max out 401k(s) - $25,342 (77%)(goal is $33,000)
(2) Max out IRA(s) - $10,000 (100%)(goal is $10,000, this goal is completed)
(3) Add to e/r fund - $8,800 (88%)(goal is $10,000)
(4) Pay down mortgage - $3,735 (75%)(goal is $5,000)
(5) House projects - $2,006 (40%) (goal is $5,000)

Total - $49,883 (79%)

About $1000 behind.

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Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: Re: October update
PostPosted: Fri Oct 21, 2011 9:18 am 

Joined: Wed Oct 07, 2009 4:16 pm
Posts: 961
Sam wrote:
(1) Max out 401k(s) - $25,342 (77%)(goal is $33,000)
(2) Max out IRA(s) - $10,000 (100%)(goal is $10,000, this goal is completed)
(3) Add to e/r fund - $8,800 (88%)(goal is $10,000)
(4) Pay down mortgage - $3,735 (75%)(goal is $5,000)
(5) House projects - $2,006 (40%) (goal is $5,000)

Total - $49,883 (79%)

About $1000 behind.


Sam your numbers are amazing!

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 Post subject: Re: 2011 Goals
PostPosted: Tue Oct 25, 2011 9:38 am 

Joined: Mon Apr 25, 2011 7:37 am
Posts: 446
Amazing progress, especially in this economy. I wonder if it would help for me to list goals like that.
For me I only have 2 goals, (continue to invest 10% of salary in retirement, save 10% of after-tax money in savings account).
I notice you list dollar amounts. Any pros or cons to this? Does it make it feel more concrete to list numbers? And do you review and revise numbers each year depending on some target or salary? I guess I'm asking how do you come up with the number amounts.

Also, having multiple money goals, how to you decide to allocate extra money to those goals? Are they listed by priority?


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 Post subject: Getting close to the end of the year . . .
PostPosted: Wed Nov 23, 2011 1:10 pm 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
(1) Max out 401k(s) - $28,494 (86%)(goal is $33,000)
(2) Max out IRA(s) - $10,000 (100%)(goal is $10,000, this goal is completed)
(3) Add to e/r fund - $9,200 (92%)(goal is $10,000)
(4) Pay down mortgage - $4,565 (91%)(goal is $5,000)
(5) House projects - $2,161 (40%) (goal is $5,000)

Total - $54,420 (86%)

_________________
Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


Last edited by Sam on Wed Nov 23, 2011 1:25 pm, edited 1 time in total.

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 Post subject: Re: 2011 Goals
PostPosted: Wed Nov 23, 2011 1:23 pm 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
partgypsy1 wrote:
Amazing progress, especially in this economy. I wonder if it would help for me to list goals like that.
For me I only have 2 goals, (continue to invest 10% of salary in retirement, save 10% of after-tax money in savings account).
I notice you list dollar amounts. Any pros or cons to this? Does it make it feel more concrete to list numbers? And do you review and revise numbers each year depending on some target or salary? I guess I'm asking how do you come up with the number amounts.

Also, having multiple money goals, how to you decide to allocate extra money to those goals? Are they listed by priority?


Thanks PG1. I run our savings goals the same way we ran our debt snowball. At the beginning of the year, Mr. Sam sets up a handy Excel spread sheet that gives us a bar chart/pie chart, in colors. Each time I update the spread sheet the bar charts change giving me positive feedback. We set up our annual savings goals as the same time that we set up our annual spending plan. We also push ourselves to save more than we think we can.

The numbers translate to our goals, we want to max out our 401ks and IRAs so the dollar amounts translate to what we can legally put aside under the tax code.

We do prioritize our savings, but we have different ways of doing it. Our retirement savings is the most important to us right now, so we put all our extra money towards our IRAs during early part of the year. But with our 401k, since those monies are deducted from our pay checks we contribute in equal amounts each pay check with the goal of maxing it out by the end of the year (and I keep track using my handy chart and in the last quarter double check our numbers to make sure we are on target to max out). Mr. Sam just upped his 401k contribution because he was a little bit under in an effort to max it out by year end. The other goals are prioritized as well. This year we prioritized the emergency fund after taking some cash out of it last year. The e/r fund is also set up as an auto transfer. The mortgage principal prepay is next on the list and finally last on our list is the house project fund. And as you can tell, we fund the more important goals better than the less important. I don't think we will complete our savings goal for the house fund, I think we will be a few thousand short on that goal and on our overall goal.

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Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: Getting Close to the End of the Year
PostPosted: Tue Dec 20, 2011 7:53 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
(1) Max out 401k(s) - $31,112 (94%)(goal is $33,000)
(2) Max out IRA(s) - $10,000 (100%)(goal is $10,000, this goal is completed)
(3) Add to e/r fund - $9,200 (92%)(goal is $10,000)
(4) Pay down mortgage - $5,000 (100%)(goal is $5,000)
(5) House projects - $2,161 (40%) (goal is $5,000)

Total - $57,473 (91%)

I think we will meet 4 out of 5 goals, we have completed goal #2 and #4, we are on track to complete goal #1 and #3 by the end of the year. I think goal #5, to add $5000 to our house project account, will fall short by $2500.

I was trying to bump up the house project account by year's end but we just paid out $2000 for Mr. Sam to take a Six Sigma green belt class so that's $2000 that we don't have to bump up the house account.

Overall, I'm generally pleased. We have saved $7000+ more in 2011 than we did in 2010 and we still have a couple of weeks to go. However, as I've been discussing on my blog, we think we can do better and someone we respect is challenging us to look closer at our numbers and see if we can save more. This year we basically saved more because we saved our salary increases. So we kept our expenses generally flat and we banked our increases. Kudos for fighting lifestyle creep. But, boo for not doing more to control our expenses.

So, I'm working hard on our annual spending plan for 2012 and I think we will be pushing ourselves in 2012 to save more by both controlling discretionary spending and by revisiting our numbers to see if we can control expenses. I'll post a 2012 post in this forum when we finish our savings plan.

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Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: Final Tally for 2011
PostPosted: Thu Jan 05, 2012 10:56 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
(1) Max out 401k(s) - $32,749 (99%)(goal is $33,000)
(2) Max out IRA(s) - $10,000 (100%)(goal is $10,000)
(3) Add to e/r fund - $10,000 (100%)(goal is $10,000)
(4) Pay down mortgage - $5,000 (100%)(goal is $5,000)
(5) House projects - $2,314 (46%) (goal is $5,000)

Total - $60,060 (95%)

We are counting goal number 1 as completed even though Mr. Sam was $250 short in maxing out his 401k. He also got $5000+ in company match (which is not included in the above figures).

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Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: Re: 2011 Goals
PostPosted: Thu Jan 05, 2012 3:27 pm 

Joined: Mon Aug 08, 2011 9:13 pm
Posts: 182
Location: Brisbane, Australia
Aren't you still able to add to the 401K up until a couple of months into 2012?


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 Post subject: Re: 2011 Goals
PostPosted: Fri Jan 06, 2012 10:16 am 

Joined: Sun Apr 29, 2007 8:11 am
Posts: 1088
Location: Sunny Florida
Quote:
Aren't you still able to add to the 401K up until a couple of months into 2012?


Yes, if it is an individual 401k, you can contribute up to April 15 of the next calendar year (same for IRAs). But Mr. Sam's 401k is an employer 401k and therefore he can only make contributions within the calendar year.

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Sam

http://adventures-of-sam.blogspot.com
(Follow Sam's financial and real estate adventures.)


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 Post subject: Re: 2011 Goals
PostPosted: Sat Jan 07, 2012 3:40 pm 

Joined: Mon Aug 08, 2011 9:13 pm
Posts: 182
Location: Brisbane, Australia
Ok, thanks for clarifying.


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 Post subject: Re: 2011 Goals
PostPosted: Sat Feb 18, 2012 1:26 pm 

Joined: Sat Feb 12, 2011 5:47 pm
Posts: 90
Location: Ontario, Canada
Are you procrastinating Sam? :wink: I see from your blog that you have not yet finalized your 2012 goals and spending plan. What's up?

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