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It is currently Sat Jan 31, 2015 1:34 am




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 Post subject: Rimu's 2015 Goals / Tracking Blog
PostPosted: Thu Jan 01, 2015 11:58 am 

Joined: Sat May 03, 2014 4:45 am
Posts: 16
My blogging efforts and goals in 2014 were not terribly successful, so here's to a new effort in 2015!!

As some of you may recall, I am an attorney dealing with some job insecurity concerns. I am married a police officer, so we have one very stable income that provides us with a significant level of security. Before setting out my 2015 goals, a quick review of where we are:

First the good -- Net worth is in slight excess of $250,000.00. The specific breakdown is generally as follows:

Equity in Home -- $35,000
Retirement Accounts -- $228,000.00 (plus the value of DH's pension which is estimated $2,000.00 per month (more if he stays the full 30 years))
529 Accounts -- $20k
Cash College Accounts : $6,000
EF -- $40,100
Vacation Fund -- $4,100
ST EF -- $1,200.00

Debts:
Car Loan $22,000 (2.9%)
Total Student Loans: $49,850 (4.75-5.25%)
HVAC Unit $2,297 (0%)
CC $2,300 (will be paid off by end of January when bills come due)

2015 Goals:
LT EF: $42,000.00
ST EF: $2,000.00
Roth: $1,000 before April 15th
Pay Off SL # 1: $4,879.00 Left
529: $1,000 extra payment

Total Savings/Debt Payments to be Found: $9,579

Total Debt Reduction: $15,639


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 Post subject: Re: Rimu's 2015 Goals / Tracking Blog
PostPosted: Sun Jan 11, 2015 6:35 pm 

Joined: Sat May 03, 2014 4:45 am
Posts: 16
One week in and we are making some positive progress -- solid plans, decreased spending, but still recovering from the hangover of the holidays!

Last week I spent about an hour on the phone with my Aunt, who is a consumer credit debt counselor (for a legit outfit) and a general whiz at finances. I walked through everything with her and floated an idea that I have been toying with for some time -- "tapping" my Roth IRA to wipe out the private student loans once and for all.

My goal is to be in a solid position a year and a half from now to be able to walk away from my big-firm job -- either joining a smaller firm (which would involve a 33-50% pay cut) or hanging my own shingle. A key part of this is getting rid of dangerous debt -- private student loans, credit cards(which we don't really have) -- and building up cash savings.

After talking it through with her, I'm going to move the principal that I have in my Roth IRA to cash (but otherwise leave it in the account), and then use the cash from my LT EF to pay off one private loan, and then pay the other off as quickly as possible (currently on target to pay that off as early as August). That will leave the Federal Backed loans, our car, and the 0% HVAC. Not fabulous, but it won't keep me up at nights...


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 Post subject: Re: Rimu's 2015 Goals / Tracking Blog
PostPosted: Mon Jan 19, 2015 2:46 pm 

Joined: Sat May 03, 2014 4:45 am
Posts: 16
We were on a really good stretch there for a week or so, and then some huge projects at work came up and we were right back in the habit of grabbing food on the go, spending for convenience, etc. We really need to do a better job of planning for the inevitable stress!!! I'm proud that on Sunday we plan out Sunday-Wed. meals, now we have to go the rest of the week :)

The good news -- we paid down over $1,000 in debt in two weeks without touching any savings -- well on target to get everything paid down more than $1,500 by the end of the month.

Bad news -- we're going to have to tap some cash savings to pay for airline tickets to visit my parents. My dad hasn't sounded right for awhile now, so we're going up to check in on him. On top of that, our dog is having major allergy issues so I'm sure that a Vet bill is on the immediate horizon -- that's what savings are for I guess!

Plan is to still cash out part of the LT EF to ensure that Student Loan #1 is paid off by June 1st. Hoping there are no other surprises along the way that will prevent that!


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