Financial Goals – Update 2

It was in the fall that my wife and I set financial goals for ourselves for the next few years. Every couple of months, I like to write an update on our progress. I wrote my recent progress on our financial goals a couple months ago. For those who weren’t reading my blog when I set my goals, here are the goals that I set out to accomplish in the next 2-3 years.

  1. Open and maximize yearly contributions to ROTH IRA for both of us
  2. Start contributing to 403(b) for both of us (I’m eligible to participate starting in the Spring)
  3. Get Life Insurance
  4. Increase net worth by 50% (this is easy to do when your networth is low )
  5. Finish Graduate School Debt Free (next December!!)
  6. Pay for Mrs. 20′s Graduate Degree in cash (She applied to start in January, more details to come)
  7. Build enough passive income to retire – Yes, I want to “retire” in 2-3 years. This is part of my early retirement plan.

Already Completed:

As I mentioned last time, I already checked off numbers 1, 2, and 3. We are strong believers in saving for retirement with a Roth IRA, especially for people who are still in their 20′s. I just recently qualified for my employer’s 403(b) plan and have been putting money there. Lastly, as I already wrote about separately, I got whole life insurance. You can read the article if you want to know more about why I chose this form of insurance over term life. I think it’s important to consider because most financial advisors and bloggers suggest term life over whole life. The alternative exists for a reason and you should at least consider if it is right for you.

Still in Progress:

I still have yet to increase my net worth by 50%. It has made steady increases every month. With the extra income that we are bringing in, it is easier to save money. The only month that our net worth has gone down (or that we spent more than we earned) is when we had to pay a huge amount of money for my wife’s grad school. We have enough extra cushion in our savings account that it wasn’t a problem and so far we have been able to pay for Mrs. 20′s graduate degree in cash. I have already written about how we will be able to pay for graduate school in cash. Lastly, I have been making significant headway on building up passive income in order to replace my day job income. My most recent landmark was in purchasing another well-established site with a blogging friend that will increase my potential income significantly.

While I would like to check more of my goals off, I understand that many of these will take the rest of the year to complete (especially the one about graduating with my M.A.). This also reminds me that achieving your financial goals is not just about checking them off right away, but continuing the long process to complete them. Many goals, like retirement planning, take years if not decades and staying dedicated to completing them (even without the sense of accomplishment) is what is important.

How are you doing with your financial goals?

18 Responses to Financial Goals – Update 2

  1. Way to go you are really building an online empire….coongratulations…

  2. WorkSaveLive says:

    Those are some impressive goals Corey! Congrats on accomplishing the first couple.

    Retire in 2-3 years?!?! That is amazing!

    If you don’t mind me asking what site did you buy?

    • 20sfinances says:

      Thanks Jason. Yeah, I’m not sure I will be able to get there, but if my sites’ traffic take off in the next year or two, it could be possible. I really need to get my affiliate income up too.

  3. Modest Money says:

    I agree with Jason, retiring in 2-3 is pretty awesome, even if it just retiring from your day job.

    I’m doing pretty lousy with my financial goals, mostly because I haven’t taken the time to really set any. You can’t achieve goals that you don’t take the time to set and plan out.

    • 20sfinances says:

      Thanks – it does sound great, doesn’t it. I want to make sure I am secure and so that means establishing higher traffic.

  4. Great job with your goals Corey. Congratulation! You’re well on your way to super early retirement. ;)

  5. Great job with your goals! Sounds like you’re definitely on the right track – and congrats on the site purchase!

  6. Pretty ambitious goals. I hope you achieve them and you write a nice road map for me to follow :-)

  7. While they may sound like the same thing; they’re not. A financial dream is something you hope for; a financial goal is something you’ve planned for. And it’s the planning – not the hoping – that turns financial desires into financial reality.

  8. Keep at it. Starting young is your best asset. If I had your mindset in my 20′s I’d be done by now. I waited until my 30′s to really get my plan in gear and thus I plan to reach my goals before 50.

  9. Paying for graduate school is definitely a great decision and a big accomplishment. If I didn’t have to pay off so much student loan debt before I could start saving, I’d have 30k more saved now.

  10. Nice job! I need to up my contribution to my roth IRA right now while I still can. I have been leaving a large cushion for myself and have been sending a lot to savings though. Keep it up!

  11. Jeremiah says:

    Very impressed with your goal achievements. Like ModestMoney said, you have to set them in order to achieve them. I have a couple, but need to incorporate that into the rest of my life. Every time I set a goal, I always crush it.

  12. We had buying a house on our list of financial goals, but we had to pivot.
    Depending on how much I’m able to make online this year, I want to pay off the last of my credit card debt ($3k remaining).

  13. We have so many similarities Corey. My significant other is looking to pay for her second degree (an Ed degree, not graduate) in cash as well. On the other hand we have differences too… like you make a lot of money online!

  14. I’m almost halfway done with my financial goals for 2012. :-) Nice progress on your goals, Corey.

  15. Awesome progress, what an accomplishment! Have you thought of any new goals to add now that you’ve finished those first three?

  16. Aloysa says:

    Wow! I think you are doing great. I need to look at my goals (have not done it for a while.) Keep p the great work, Corey!

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