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Met my networth goal

November 30th, 2012 at 06:30 am

We have broken 100k networth. Its amazing what a difference a year can make. When we first started this year, neither of us were making our current salaries and, while we were making progress, it didn't feel like it. Since I won't be meeting my credit card goal of less than 10k because I have decided to save up and pay off the balance in full on each card instead, that completes all of my 2012 goals.

I didn't have many because we had been holding steady for about 2 years due to previous layoffs. However, because of all the planning we have done, 2013 is when some of our bigger long term goals should be accomplished.

2013 Goals
All credit card debt paid off
Student loan paid off (you have no idea how excited I am about this one)
Max DH 401(k)
Max 2 Roth IRAs (1 each)
Double the amount of money in our retirement accounts
Fund 6 month EF

I contribute to my 401(k) but I don't get matching and maxing it out will have to wait until 2014 so that I can accmplish some of my other goals (though I will be upping my contribution next year at some point). This will leave us with the car loan at 1.7% apr and the mortgage with 4.375% apr. I also need a new roof and furnace in the next two years or so but that is more than I can accomplish in one year's time and I still haven't decided which one of those I will do in 2013.

All of the 2013 goals are doable as long as we have no more layoffs (something neither of us are counting on even though we are both doing well at the moment). This will probably be the last year where we can double our retirement accounts through contributions and I suspect our 2014 goal will be 100k in retirement accounts if things go according to plan or even mostly (ha!).

4 Responses to “Met my networth goal”

  1. Ima saver Says:

    You are doing great!

  2. FrugalTexan75 Says:

    Good going!

  3. wowitsawonderfullife Says:

    Congratulations on targeting to paying off the student loan. You should be celebrating!

  4. Jerry Says:

    The thing I like the most about this is that you were already doing the things that lead to progress -- even if it was slow -- BEFORE you got the new salaries. That makes it a lot easier to stick with the program when more money is coming in each month, which offers some insurance of knocking things out even quicker. Congratulations!
    Jerry

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