Early last year, I prepared goals for 2014. In September, in a shift of plans I decided to abandon my goal of paying off all my consumer debt and instead focused exclusively on maxing out my 401k. To review my goals for 2014:
- Pay off consumer debt of $35,741.09 I was able to pay this down to $16,508.47 before pivoting in September to maximize my 401k. Overall in 2014, my total outstanding liabilities went from ~$207k to ~$187k.
- Take the GMAT (and do well) Done. I am currently considering whether I even want to do an MBA or not, but at least I have the GMAT now in my back pocket. This expensive option for career flexibility actually contradicts many of my own goals regarding financial independence so it is something I continue to weigh
- Complete a quarterly project on home improvement Alas, I was only able to finish about two projects: one yardwork and one master bathroom. The master bathroom one still needs some grout retouching and a final coat of paint as well. This one I would consider a failure but at least I was able to get some progress done in this regard
So, if I look at my three goals at the beginning of the year, I would say I only completed one of the three goals. FAILURE. But, if I include the mid-year pivot from debt payoff to 401k match as a success, then I got a 66.67% grade. D. Passing grade.
Now, onto 2015 goals:
- Max out all retirement accounts: 401k ($18,000) and Roth IRA ($5,500) This is my number one priority to continue to max out my retirement accounts
- Pay off the remainder of my consumer debt ($16,508.47). This will put my cash flow in a much more favorable spot
- Begin saving for a down payment on another house
- Open a Wealthfront account
When I asked him, I learned my co-writer PK has a similarly ambitious financial goal: End 2015 with a higher net worth than at the end of 2014.
What are your financial goals for 2015?
Cheers,
Cameron Daniels
