2018 Financial Goals

[quickpic007]

With the new year rolling around what are everyone's 2018 work and money goals?

me:
purchase a home with cash @100$ per sq foot or less,getting tired of paying rent
cut down to 20ish hours a week, slum it on 75K wages for the year.
educate myself on the other 20 hours in another skill.
start a youtube channel and monetize it.

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[Rouelle]

I would like to be financially secure enough this year to make a bed out of $100 bills. I would spend my days lounging in my bed of money.

In case that doesn’t happen, I would love to make double payments on my mortgage in an effort to shave time off of it.

I also think about taking some accounting and finance classes and wonder if the knowledge I gain would make it worthwhile in the long run.

 

[BMBiology]

With the new year rolling around what are everyone's 2018 work and money goals?

me:
purchase a home with cash @100$ per sq foot or less,getting tired of paying rent
cut down to 20ish hours a week, slum it on 75K wages for the year.
educate myself on the other 20 hours in another skill.
start a youtube channel and monetize it.

What YouTube channel would you start? Heard a lot of Youtubers are not making as much as before due to companies pulling their ads from YouTube.

I don’t think now is a good time to cut your hours. It would be a good idea to keep going until this thing exploded.


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[lord999]

Spend more money before inflation eats our savings away. Our mortgage is paid off, we have no student loans, we have no debt, and work does not crimp our lifestyle. Buy all the Chinese stuff we ever wanted, and tour the CIS and People's Republic of China because those nations will probably be closed to us in the near-term future. Buy Possibly visit Israel before the inevitable shooting war starts again. Taste more elk and reindeer rather than beef, and eat more foie gras and veal before it becomes illegal in my jurisdiction. Buy 10 casks of 88 and 10 casks of Victoria Caledonian this year as Brexit would otherwise ruin our buying plans. If the world is going to hell and winter is coming, I want my whiskey, my wealth, and my woman at hand in the home to wait out the resulting storm.

 

[Momus]

With the new year rolling around what are everyone's 2018 work and money goals?

me:
purchase a home with cash @100$ per sq foot or less,getting tired of paying rent
cut down to 20ish hours a week, slum it on 75K wages for the year.
educate myself on the other 20 hours in another skill.
start a youtube channel and monetize it.

No way I'll get a house that cheap unless I eat a 2-6 rated public school for the kids. I wouldn't want to live in the area. If you can get a cheap house like that, your rent is probably less than $1k anyway.

The last one is on point. Developing another skill is better than doing what we are doing until 65 (insanity).

 

[Gombrich12]

Want to add another $100,000 to networth and continue paying down mortgage with my eye towards going down to 32/hours a week in a few years.

 

[WVUPharm2007]

No way I'll get a house that cheap unless I eat a 2-6 rated public school for the kids. I wouldn't want to live in the area. If you can get a cheap house like that, your rent is probably less than $1k anyway.

The last one is on point. Developing another skill is better than doing what we are doing until 65 (insanity).

I don't buy those stupid ratings at all. They go off of test scores rather than the actual ability of the teachers. It's pretty easy to get higher test scores when the parents are engaged versus the poorer schools where the parents don't give two ****s.

 

[lord999]

I don't buy those stupid ratings at all. They go off of test scores rather than the actual ability of the teachers. It's pretty easy to get higher test scores when the parents are engaged versus the poorer schools where the parents don't give two ****s.

But same difference, you don't want to go to a place where the people are culturally bankrupt (rich or poor). I live in a place where crime is what you see on TV, the only interaction with local government I have is when I sign the property tax check annually, the undesirable are obvious and removed by the police, the children go through the motions but know that their parents ' money will bail them out, where desperate housewives get their antidepressant, narcotic, and beefcake hits quietly, and most of the men hate themselves for being trapped in their careers while their Protestant work ethic compels them to higher levels of self-abasement for money. Why struggle with activism and advocacy when you have enough money not to worry about anger at all? That you can afford to live in a place where problems take care of themselves?

 

[Momus]

I don't buy those stupid ratings at all. They go off of test scores rather than the actual ability of the teachers. It's pretty easy to get higher test scores when the parents are engaged versus the poorer schools where the parents don't give two ****s.

I guess you can at least pretend to think your kid is the smartest one at school when their friends do very poorly.

It's like the e-sport when your competitors are low level amateurs, you will never compete at the same level as the pros; even your sparring partner/friends sucks. Why do better if you already beaten everyone around you?

 

[WVUPharm2007]

I guess you can at least pretend to think your kid is the smartest one at school when their friends do very poorly.

It's like the e-sport when your competitors are low level amateurs, you will never compete at the same level as the pros; even your sparring partner/friends sucks. Why do better if you already beaten everyone around you?

I find it interesting that you view the education of children as a competition. I'm just glad I don't have children and don't have to worry about it.

I actually looked up my elementary school. Ranked 391 out of 401 schools in West Virginia. lol. 11th worst school...in West Virginia. Shew. I'm probably lucky I can do basic arithmetic.

 

[lord999]

I find it interesting that you view the education of children as a competition. I'm just glad I don't have children and don't have to worry about it.

I actually looked up my elementary school. Ranked 391 out of 401 schools in West Virginia. lol. 11th worst school...in West Virginia. Shew. I'm probably lucky I can do basic arithmetic.

And it's a good thing in this country that despite its comical ineptitude, we are both resource and personnel blessed to stumble throughout existence without life collapsing. Contrast the Singaporean tryhards who despite their extreme attempts at social order, they are one race riot or diplomatic incident away from destruction.

 

[pezdispenser]

My goal is to make >$100k from investment earnings to put it in the ballpark of exceeding RPh salary. I say ballpark because the taxation is less on investments, and I'm including money in Roth and 401k. I made about 75k this year with over half a mil invested, and since I paid off my mortgage and everything, I can add 100k in capital each year from my free cash flow. I'll probably keep my RPh job because it's easy and I can still watch the stock market and make trades everyday.

 

[rxdawg21]

My goal is to make >$100k from investment earnings to put it in the ballpark of exceeding RPh salary. I say ballpark because the taxation is less on investments, and I'm including money in Roth and 401k. I made about 75k this year with over half a mil invested, and since I paid off my mortgage and everything, I can add 100k in capital each year from my free cash flow. I'll probably keep my RPh job because it's easy and I can still watch the stock market and make trades everyday.

Only 75k? I returned 21% on a fairly conservative 3 fund portfolio with the TSP, unfortunately I haven't quite hit the half a million mark as I've been out just a few years.

 

[pezdispenser]

Only 75k? I returned 21% on a fairly conservative 3 fund portfolio with the TSP, unfortunately I haven't quite hit the half a million mark as I've been out just a few years.

Well I started the year with 340k, added 100k throughout the year, and 75k came from investment returns, to end the year with 515k plus some cash. It's a bit hard to calculate the percentage return because the principal increased throughout the year, but it looks like its around 20% give or take.

 

[rxdawg21]

Well I started the year with 340k, added 100k throughout the year, and 75k came from investment returns, to end the year with 515k plus some cash. It's a bit hard to calculate the percentage return because the principal increased throughout the year, but it looks like its around 20% give or take.

Oh okay that makes sense. I was about to say you were lagging the market there lol

 

[sakigt]

Refi student loans and get ahead on everything else. My light at the end of the tunnel is 2018 when my youngest is out of daycare and 2020ish when my student loans should be paid off

 

[Momus]

Hitting $2M NW 2019. If we get another 20%, I'll be within 50k to hit it in 2018 (not likely)

Just enjoying life quite a bit and try to spend some $ dating, hope to find the right one soon

 

[mentos]

I decided to ditch individual stocks and will stick with index funds from now on. I spent way too much time checking my phone to see how my stocks were doing each day. The index fund did better anyway.

 

[rxdawg21]

Hitting $2M NW 2019. If we get another 20%, I'll be within 50k to hit it in 2018 (not likely)

Just enjoying life quite a bit and try to spend some $ dating, hope to find the right one soon

How long have you been out for Momus?

 

[wagrxm2000]

Hitting $2M NW 2019. If we get another 20%, I'll be within 50k to hit it in 2018 (not likely)

Just enjoying life quite a bit and try to spend some $ dating, hope to find the right one soon

So you are spending what an extra $10 a week now?

Side note I hope everyone is prepared for the next recession because it will happen at some point. Your net worths will probably drop by half unless you protect sooner rather then later.

 

[WVUPharm2007]

Good lord, dude. I'm maybe going to cross $400k NW and I'm thrilled just with that.

 

[PharmDBro2017]

Can you guys add your age along with your net worth?

I’m negative nw lol. Maybe your age will make me feel better.


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[Momus]

So you are spending what an extra $10 a week now?

Side note I hope everyone is prepared for the next recession because it will happen at some point. Your net worths will probably drop by half unless you protect sooner rather then later.

I moved and spend $100/mo extra in rent in SD XD

Not too worry, NW goes up and down all the time. Stay the course.

How long have you been out for Momus?

9 years and 2 months since I got my licensed.

 

[wagrxm2000]

I moved and spend $100/mo extra in rent in SD XD

Not too worry, NW goes up and down all the time. Stay the course.

9 years and 2 months since I got my licensed.

That is he hasn't been through a crash yet

 

[rxdawg21]

I moved and spend $100/mo extra in rent in SD XD

Not too worry, NW goes up and down all the time. Stay the course.


9 years and 2 months since I got my licensed.

Nice I hope to get to a million by that time but I doubt it. I think ~500k is likely unless major market pullback right at that time. My wife and I are socking away about 50k a year in TSP total plus the outside savings/paying down of debt. We also lose about 10k total after tax towards our pension which sucks, I would rather not have a pension and have the government put their portion towards my TSP match. Just refinanced to a 15 year mortgage a few months ago and it makes a huge difference in paying down principle on house.

For PharmDBro I am 29 (along with wife) and we have been practicing for 4 and 3 years. Although she did a residency and therefore more like 2 years. We have been pretty liberal with our vacations/finances as far as not being overly tight but I'm naturally frugal. Also had to pay for a good portion of the wedding. Calculated my net worth for the first time yesterday and its at about 80k. That is with the big 150k drag of her student loans that we are hoping for PSLF forgiveness. We have paid $34 in principle lol. My student loans are at 20k and will be gone next year. Also her small SUV will be paid off but mine will not be. I didn't include either car in net worth scenario due to pretty much being a wash in what we owe and value of the vehicle (both 2013's).

I would love for 10+% gains in the stock market for the next 5 years but realistically hope for a nice 30-40% pullback so I can load up in index funds.

I'm a boglehead but can't resist doing a little market timing. All my current contributions are going 25% to the G fund (TSP) until major correction. I hold about 15% right now in the G fund for dry powder when we have a >10% pullback. I just can't justify putting 100% of new funds in such a long bull market. Realistically I'm a 100/0 or 90/10 portfolio in retirement account as both myself and my wife will have a pension.

 

[gwarm01]

Can you guys add your age along with your net worth?

I’m negative nw lol. Maybe your age will make me feel better.


Sent from my iPhone using SDN mobile

You and me both. Student loans and a mortgage. I'm still saving aggressively but will have negative worth for a few more years.

The real exciting idea is thinking about how much more you'll be able to save once those loans are paid off.

 

[quickpic007]

What YouTube channel would you start? Heard a lot of Youtubers are not making as much as before due to companies pulling their ads from YouTube.

I don’t think now is a good time to cut your hours. It would be a good idea to keep going until this thing exploded.


Sent from my iPhone using Tapatalk

not sure yet something easy and with a large audience. Maybe something with dogs or makeup.

I accepted a new job this year with base of 32 hours. Scheduler routinely gives me close to 45 hours a week and I just feel tired frequently. I try to cut back but then they just call me last minute to fill shifts, its hard for me to put my foot down I guess. I thought job market was going to squat in 2010 but they keep giving me shifts. I am not in coastal area so maybe saturation is not here yet.

No way I'll get a house that cheap unless I eat a 2-6 rated public school for the kids. I wouldn't want to live in the area. If you can get a cheap house like that, your rent is probably less than $1k anyway.

The last one is on point. Developing another skill is better than doing what we are doing until 65 (insanity).

yeah Calif so expensive unlike NE/OK/TX haha

Can you guys add your age along with your net worth?

I’m negative nw lol. Maybe your age will make me feel better.


Sent from my iPhone using SDN mobile

Just keep hacking the loans and invest wisely. Work OT and do not buy things that lose value quickly. If you are buying house get a duplex or triplex.

 

[Momus]

Nice I hope to get to a million by that time but I doubt it. I think ~500k is likely unless major market pullback right at that time. My wife and I are socking away about 50k a year in TSP total plus the outside savings/paying down of debt. We also lose about 10k total after tax towards our pension which sucks, I would rather not have a pension and have the government put their portion towards my TSP match. Just refinanced to a 15 year mortgage a few months ago and it makes a huge difference in paying down principle on house.

For PharmDBro I am 29 (along with wife) and we have been practicing for 4 and 3 years. Although she did a residency and therefore more like 2 years. We have been pretty liberal with our vacations/finances as far as not being overly tight but I'm naturally frugal. Also had to pay for a good portion of the wedding. Calculated my net worth for the first time yesterday and its at about 80k. That is with the big 150k drag of her student loans that we are hoping for PSLF forgiveness. We have paid $34 in principle lol. My student loans are at 20k and will be gone next year. Also her small SUV will be paid off but mine will not be. I didn't include either car in net worth scenario due to pretty much being a wash in what we owe and value of the vehicle (both 2013's).

I would love for 10+% gains in the stock market for the next 5 years but realistically hope for a nice 30-40% pullback so I can load up in index funds.

I'm a boglehead but can't resist doing a little market timing. All my current contributions are going 25% to the G fund (TSP) until major correction. I hold about 15% right now in the G fund for dry powder when we have a >10% pullback. I just can't justify putting 100% of new funds in such a long bull market. Realistically I'm a 100/0 or 90/10 portfolio in retirement account as both myself and my wife will have a pension.

Stay where you are and keep the pension. I'd kill for a pension. It's hard to find a job with pension nowadays. It's another extra bucket of security until you die. Pension + TSP funds, your retirement is all set.

I know rphs working for ucsd/ucla (UC system) in CA have great pension and their pay is very competitive, a lot of times more than retail. Gov pension is so generous. 20 yrs service for 50% monthly replacement income. 30 yrs for 75% and 100% income replacement after 40 yrs is just too crazy to pass up.

 

[pezdispenser]

Can you guys add your age along with your net worth?

I’m negative nw lol. Maybe your age will make me feel better.


Sent from my iPhone using SDN mobile

35 and $1 mil NW. I also think you shouldn't compare to people older than you because time is a major factor in building wealth. In fact, try not to compare to anyone because as Theodore Roosevelt said: "comparison is the thief of joy".

I probably had negative NW too until my late 20s. I focused on paying off my student loans and then my mortgage. Once you're debt free, you'll have some serious free cash flow, so I started investing most of it and it just snowballed from there.

 

[rxdawg21]

Stay where you are and keep the pension. I'd kill for a pension. It's hard to find a job with pension nowadays. It's another extra bucket of security until you die. Pension + TSP funds, your retirement is all set.

I know rphs working for ucsd/ucla (UC system) in CA have great pension and their pay is very competitive, a lot of times more than retail. Gov pension is so generous. 20 yrs service for 50% monthly replacement income. 30 yrs for 75% and 100% income replacement after 40 yrs is just too crazy to pass up.

I wish Feds was like that 1% per year, 1.1% if you retire at 62