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What's everyone's goals for 2024? Mine is to rebuild our emergency fund, try to max both our Roths, and see if I can generate a little side income from my hobby. Other than that, hopefully business as usual
Save for a new (to us) car, have enough extra to fund kids' 529s, and get our personal spending to be consistent (wife is the main culprit, it's much too variable for my taste).
529s are great. And now you can roll excess funds into a Roth if your child doesn't use all the money for school, which makes them even more flexible. New 529 changes.
Yeah, but that's not particularly useful for me since I'll be retired by then, and thus won't likely have any earned income. So paying income tax on the gains isn't particularly attractive when I'll be in the 0% capital gains bracket when I go to sell.
It's a pretty cool benefit, but not as interesting to early retirees.
Financially, mainly just keep on keeping on. I already max all tax advantaged accounts so I plan to continue. My efund is set, so nothing to do there. Since I'm within a few k, I'd love to hit $500k invested but that's mostly up to the market.
We're talking about moving in ~4 years so we'll start saving up for a down payment on top of maxing out our IRAs. Right now, the plan is to convert our current house into a rental when it's time.
While I won't be able to do it in 2024, I should be very close to paying off my house by the end of the year. Assuming the economy doesn't crash, my goal is to pay it off entirely in the first half of 2025, at which point I'll be completely debt free (I paid off the last of my student loans two years ago and I paid off my car earlier this year).
My non-discretionary expenses (food, electricity, etc.) will be pretty low at that point, perhaps less than a couple thousand per month. Security, for me, is being able to survive on a minimum wage job if it somehow became necessary, and owing no one anything.
I'd be farther along, but I overspent this year. It's unusual for me, but I'm not going to worry too much about it. I'll just do a better job of reining it in this year.