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Archive for December, 2008

A look back at 2008 goals

December 31st, 2008 at 06:16 am

I decided to look back at my 2008 goals and see how I did. (Hmmmm...sounds like I need to involve DH more so that in 2009 it will be "our" goals and the review will be how "we" did!) Although I know our gross income for the year, I won't really know our net income until after we do the taxes. (My part-time income is about double of last year, and DH got a big bonus, but our investment income should be less, so it's hard to estimate what will happen.)

Goals for 2008

Overall Goals
[?] Needs/Wants/Savings at 50/30/20%
[ ] Target Portfolio Goal $4.3 million
[X] Target Annual Savings $13,200

Using my best guess at our take-home, our needs were 40%, and our savings 21%. Portfolio is currently about $500k, and net worth $840k. If we can get 3 doublings, we'll meet the portfolio goal and retire by the time DS finishes college.

[X] DH's 401k at 10% (12% stretch goal)
[?] Max out IRAs ($10k)
[?] Non-retirement contribution $3k
[ ] Net worth increase by $40k
[ ] Portfolio return of 12%

We maxed out the 401k. The IRA and taxable savings will depend on the tax bill -- I have $19k set aside, so anything left over will go into the IRA's first. (We don't qualify for ROTH.)

As for increasing the net worth by $40k and getting a portfolio return of 12%, all I can say is: HA HA HA HA HA HA HA!

Short-Term Goals:
[X] Taxes due ($10k)
[ ] Will and Trust ($2000)
[X] Overseas airfare to visit family ($4500)

We got a deal on the airfare -- only $2600! I actually saved $5000 over the course of the year, and moved the extra into another vacation fund.

To Do List:
[X] update W-4 (federal and state)
[ ] update wills and trust
[X] invest IRA rollover money
[X] review life and disability insurance
[ ] earthquake/disaster box
[ ] move $40k from taxable account to 529 plan

Gotta get those wills updated -- I've been procrastinating for 3 years now. 529 plan is currently about $22k (given to DS from my dad), I just need to figure out how much top-up will be needed to completely cover college costs.