Sam's 2014 Savings Goals

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Sam
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Mid-December update

Postby Sam » Thu Dec 13, 2012 7:38 am

(1) Max out 401k(s) - $33,293 (98%)(goal is $34,000)
(2) Max out IRA(s) - $10,000 (100%)(goal is $10,000)
(3) Add to e/r fund - $9,600 (96%)(goal is $10,000)
(4) Pay down mortgage - $2,490 (50%)(goal is $5,000)
(4)(a) Savings for goal (4) - $1,250
(5) House projects - $1,500 (30%)(goal is $5,000)
(6) Trading account fund - $50 (1%)(goal is $5,000)

Total - $58,183 (84%)

Good news, finished goal #2. We are track to complete goals # 1 and # 3. We will have to push to complete goal # 4, and goals # 5 and # 6 will not be completed.
Sam

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

Sam
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Final Tally

Postby Sam » Fri Jan 04, 2013 6:36 am

(1) Max out 401k(s) - $34,000 (100%)(goal is $34,000)
(2) Max out IRA(s) - $10,000 (100%)(goal is $10,000)
(3) Add to e/r fund - $10,000 (96%)(goal is $10,000)
(4) Pay down mortgage - $3,741 (75%)(goal is $5,000)
(5) House projects - $1,600 (32%)(goal is $5,000)
(6) Trading account fund - $3,105 (62%)(goal is $5,000)

Total - $62,446 (91%)

More details are on the blog.
Sam

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

Sam
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2013 goal planning

Postby Sam » Tue Jan 08, 2013 9:23 am

(1) Max out 401ks for each of us - $17,500 (total $35,000)
(2) Max out 2013 non-deductible IRAs for each of us - $5,500 (total - $11,000)

That's as far as we've gotten on our planning for 2013.
Sam

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

Sam
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Our full list of 2013 savings goals.

Postby Sam » Tue Jan 22, 2013 8:26 am

(1) Max out 401ks for each of us which will now be $35,000 as the limits went up;
(2) Max out IRAs for each of us which will not be $11,000 as the limits went up;
(3) $5000 to Mr. Sam's after tax 401k account assuming the company continues to match same, if not to trading;
(4) $10,000 to emergency fund;
(5) $5000 to prepay mortgage;
(6) $3000 to house account for projects;

Total is $69,000 which is the same number we tried for in 2012 (and fell short).
Sam

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

Sam
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2013 goals - first update

Postby Sam » Thu Feb 21, 2013 6:14 am

(1) Max out 401k(s) - $34,000 (100%)(goal is $34,000)
(2) Max out IRA(s) - $10,000 (100%)(goal is $10,000)
(3) Add to e/r fund - $10,000 (96%)(goal is $10,000)
(4) Pay down mortgage - $3,741 (75%)(goal is $5,000)
(5) House projects - $1,600 (32%)(goal is $5,000)
(6) Trading account fund - $3,105 (62%)(goal is $5,000)


Total, $10,048.
Sam

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

LeRainDrop
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Re: 2013 goals - first update

Postby LeRainDrop » Thu Feb 21, 2013 8:30 pm

Sam wrote:(1) Max out 401k(s) - $34,000 (100%)(goal is $34,000)
(2) Max out IRA(s) - $10,000 (100%)(goal is $10,000)
(3) Add to e/r fund - $10,000 (96%)(goal is $10,000)
(4) Pay down mortgage - $3,741 (75%)(goal is $5,000)
(5) House projects - $1,600 (32%)(goal is $5,000)
(6) Trading account fund - $3,105 (62%)(goal is $5,000)

Total, $10,048.

Sam, looks like your breakdown didn't get updated -- same as the end of last year. Or if you really have maxed your 401ks and IRAs already for 2013, and added $10k to your emergency fund this year, I'm REALLY impressed!

Sam
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I wish

Postby Sam » Wed Mar 13, 2013 1:05 pm

Let me try again, actually I'll just post the generally current numbers.

(1) Max out 401k(s) - $7644 (22%) (goal is $35,000)
(2) Max out IRA(s) - $1508 (14%) (goal is $11,000)
(3) Add to e/r fund - $2400 (24%) (goal is $10,000)
(4) Pay down mortgage - $830 (17%) (goal is $5,000)
(5) Trading account fund - $50 (1%) (goal is $5,000)
(6) House projects - $600 (20%) (goal is $3,000)

Total to date is $13,032 (19%). And we are about $1200 behind, we always seem to be behind. But, on the other hand, we are way far ahead of doing nothing.
Sam

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

fiddlefaddle
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Re: Sam's 2012 Savings Goals

Postby fiddlefaddle » Thu Mar 14, 2013 4:32 am

we always seem to be behind

I'm going to have to disagree with this. You may be behind on the goals you set, but in general, you're waaaay ahead. :)

Sam
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April update - 2013 goals

Postby Sam » Tue Apr 23, 2013 8:06 am

(1) Max out 401k(s) - $13,392 (38%) (goal is $35,000)
(2) Max out IRA(s) - $6,010 (55%) (goal is $11,000)
(3) Add to e/r fund - $3,200 (32%) (goal is $10,000)
(4) Pay down mortgage - $1,245 (25%) (goal is $5,000)
(5) Trading account fund - $50 (1%) (goal is $5,000)
(6) House projects - $800 (27%) (goal is $3,000)

Total: $24,697 (23%)

Well, now we are a couple of thousand ahead of where we should be.
Sam

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

Sam
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August 2013 Update

Postby Sam » Wed Jul 31, 2013 5:11 am

(1) Max out 401k(s) - $22,285 (64%) (goal is $35,000)
(2) Max out IRA(s) - $9,020 (82%) (goal is $11,000)
(3) Add to e/r fund - $6,000 (60%) (goal is $10,000)
(4) Pay down mortgage - $2,075 (42%) (goal is $5,000)
(5) Trading account fund - $50 (1%) (goal is $5,000)
(6) House projects - $1,500 (50%) (goal is $3,000)

Total: $40,930 (59%)

While we are just a couple of hundred dollars behind on our goals, I expect the gap to grow due to Mr. Sam's lay off (see blog for more details).
Sam

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

Sam
Posts: 1131
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August 2013 Updaste

Postby Sam » Thu Aug 22, 2013 6:07 am

(1) Max out 401k(s) - $23,633 (68%) (goal is $35,000)
(2) Max out IRA(s) - $9,125 (83%) (goal is $11,000)
(3) Add to e/r fund - $6,400 (64%) (goal is $10,000)
(4) Pay down mortgage - $2,075 (42%) (goal is $5,000)
(5) Trading account fund - $50 (1%) (goal is $5,000)
(6) House projects - $1,600 (43%) (goal is $3,000)

Total: $42,883 (62%)

At present, we are about $2,200 behind on our 2013 savings goal. While I continue to contribute to my 401k and I continue to add to our emergency fund and our house project fund, I've otherwise mostly ceased efforts on our other 2013 goals due to Mr. Sam's lay off.

I did add a $100 to our 2013 IRA fund to make myself feel like we were still making some forward progress, but that money sits in cash so we could still use it if necessary. We won't make our 2013 IRA contribution until we see what happens with Mr. Sam's job search and we have until April 15, 2014 to do so. Our emergency fund and our hose project fund are both liquid as well, so we can draw on them if we need to.
Sam

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

Sam
Posts: 1131
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Location: Sunny Florida
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September Update - 2013 Goals

Postby Sam » Thu Sep 12, 2013 6:02 am

(1) Max out 401k(s) - $24,233 (69%) (goal is $35,000)
(2) Max out IRA(s) - $9,631 (88%) (goal is $11,000)
(3) Add to e/r fund - $7,200 (72%) (goal is $10,000)
(4) Pay down mortgage - $2,075 (42%) (goal is $5,000)
(5) Trading account fund - $50 (1%) (goal is $5,000)
(6) House projects - $1,800 (60%) (goal is $3,000)

Total: $45,819 (66%)
Sam

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

Sam
Posts: 1131
Joined: Sun Apr 29, 2007 8:11 am
Location: Sunny Florida
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Oct. 2013 update - back on track

Postby Sam » Wed Oct 09, 2013 8:33 am

(1) Max out 401k(s) - $25,581 (73%) (goal is $35,000)
(2) Max out IRA(s) - $11,000 (100%) (goal is $11,000)
(3) Add to e/r fund - $7,600 (76%) (goal is $10,000)
(4) Pay down mortgage - $3,735 (75%) (goal is $5,000)
(5) Trading account fund - $3,900 (75%) (goal is $5,000)
(6) House projects - $1,900 (63%) (goal is $3,000)

Total: $53,716 (78%)

Now that Mr. Sam is reemployed (yay!) we are back on track with our savings goals. Details are on the blog.
Sam

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

Sam
Posts: 1131
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Location: Sunny Florida
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2014 Planning

Postby Sam » Fri Nov 15, 2013 6:27 am

Trying to figure out if it makes sense (or cents) to continue putting money towards paying down our mortgage principal in 2014. Our interest rate is so low, 2.75%, that we really are saving very little by putting an extra $5000 towards the principal.

Thoughts?
Sam

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

kombat
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Re: Sam's 2012 Savings Goals

Postby kombat » Fri Nov 15, 2013 9:00 am

Where else would you put that money?

To borrow a line from Dave Ramsey, if your house were paid off, would you borrow $200,000 against it at 2.75% to invest it (or whatever your answer to the above question was)?

If it were me, I'd keep paying down the mortgage. I've been making extra payments on our mortgage for a couple of years now, and our rate is 3.69%. It might make more financial sense to invest that money instead, but I prefer to account for the emotional value inherent in having a paid-off home. There's something to be said for eliminating that risk completely, and the mental peace I can only imagine it brings.


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