Goals for 2014

This year’s goals are so simple that I feel silly publishing this post! I’ll follow up with an implementation plan later this week.

1) My first priority in 2014 is to continue to develop my relationship with my boyfriend. Things are going great and I want to continue to prioritize that.

2) Rock out at my new job. Without the high-paying job I have, I wouldn’t be able to accomplish any of my financial goals.

3) Max out all tax-advantaged accounts available to me. This means $17,500 to my 401(k), $5,500 to the Roth IRA on January 2nd from savings and $5,500 to a savings account to fund the 2015 Roth IRA.

4) Pay down the mortgage. I would like to get it under $91,284.28. That should keep me on track to paying it off by the end of 2015.

5) Spend less than $39,000 for the year. If I can accomplish this, it would be my cheapest year since graduating from college! This would map out to 4.4 years of expenses saved up, which is about 17.6% of the way to FI if you count it as having 25x annual expenses saved up.

Overall, I’m anticipating a net worth increase of about $115,000 for the year to increase my net worth to about $465,000. (For reference, I expect my gross income in 2014 to be between $160,000 and $190,000.)

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  1. #1 by FI Fighter on December 17, 2013 - 11:34 pm

    Nice! Keeping it short and sweet. No doubt you’ll probably end up reaching all of those goals… Wow, congrats again on the new job and income.

    That gross income is insane! So jealous! ;)

    • #2 by Leigh on December 17, 2013 - 11:47 pm

      Thanks! The one I feel like is most likely to not happen is the expenses, but that’s okay! Still good to aim for something. Even getting under $40,000 would be sweet.

      I’m still so surprised by my gross income estimates! This year is rolling in at just under $200,000… and to think, just four years ago, that was just under $100,000! Next year could still go above $200,000…we’ll see how it all rolls out!

  2. #3 by Mark on December 18, 2013 - 7:13 am

    Congrats Leigh, keep up the great work! All of your Roth IRA contributions are via a backdoor transfer correct? I’m under the impression you make too much money to contribute to a Roth.

    • #4 by Leigh on December 18, 2013 - 8:11 am

      Thanks! Yep – that’s correct. I’m pretty confident that I’ll make too much money to contribute to a Roth again next year.

  3. #5 by writing2reality on December 18, 2013 - 7:46 am

    Nice set of goals Leigh, and I am sure your boyfriend appreciates being a primary priority! It is impressive how successful you’ve been limiting your spending while surely being around other well compensated individuals who probably spend freely.

    • #6 by Leigh on December 18, 2013 - 8:14 am

      Thanks! I would hardly call $40k+ limiting my spending! I do eat out a fair amount, but I think the biggest factor is that I don’t eat a lot of food or drink a lot. So I can go out for a bar night and spend $25 including dinner. And even when I was eating out every day for lunch, I wasn’t spending anymore than $200/month. My guy friends spend far more than that.

  4. #7 by moiandmoney on December 18, 2013 - 9:35 am

    Nice, what’s your company 401k match? and does your $115k networth gain include that? I hope to get my networth to $800k next year, but I will need some market help – maybe. Then the jump to $1MM at age 32 and $1MM investable a few years after that [.....] My big goal for 2014 is to enjoy life.

    Keep up the good work.

    • #8 by Leigh on December 18, 2013 - 10:43 am

      It’s not very much, but it is still nice. My $115k net worth gain does include that. $800k – awesome! I think I should be there in 2017 or so.

  5. #9 by Janine on December 18, 2013 - 10:39 am

    I love that your first goal is to focus on your relationship, I think that’s wonderful. I’m definitely going to steal that goal ;)

    • #10 by Leigh on December 18, 2013 - 10:43 am

      Thanks Janine – it’s a great goal! ;)

  6. #11 by NoTrustFund on December 21, 2013 - 8:21 pm

    I know this is a PF blog but #1 is my favorite. Followed by #2.

    • #12 by Leigh on December 21, 2013 - 8:33 pm

      Thanks – me too! I’m really looking forward to my new job. Hope you and your family have a great holiday!

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