2015 Mid-Year Goals Review

Back in April I set my Millionaire To-Do List which was a list of goals that would help me become a millionaire someday, preferably sooner than later. Even though I did not get that post published until April, most of the goals had been in my mind since the end of 2014. I thought it would fun to do a half year update to see how far I had progressed in 2015. Below were my seven goals and my progress against them thus far.

  1. Max out pre-tax 401k – Contributions through June 30th are $10,200 ($8,800 of my own contributions + $1,400 of employer match). Employer contributions don’t count to the $18,000 2015 IRS limit, so I have about $9,200 left to go. With my set contribution percentage I should get there sometime in November. PASS
  2. Max out Roth IRA – Contributions through June 30th are $8,000 ($5,500 for 2014 year + $2,500 for 2015 year). The IRS lets you contribute to an IRA up until April 15th of the following year. I did not contribute to an IRA in 2014, so I had three and a half months to max out my 2014 IRA, which I did by March (woo-hoo!). So far I have contributed $2,500 towards my 2015 limit, and therefore have $3,000 left to contribute before it is maxed out. According to my calculations, I’ll get there in September. PASS
  3. Max out my HSA – Contributions through June 30th are $1,550 ($1,300 of my own contributions + $250 employer). My employer chips in $500 a year spread out over my 26 paychecks, and employer contributions do count towards the IRS limit of $3,350 for 2015. According to my calculations I’ll wind up $250 short of maxing this account out in 2015, unless I’m able to change my contribution at the end of the year. TBD
  4. Pay off my student loans – I’ve cut back on my student loan pay-down this year since I’m only left with loans at 3%. I’ve concentrated more on getting my Roth IRA maxed out this year. Paying off my student loans is one goal I’m not sure I’ll succeed with this year. My loans used to give me agita, but that was when the interest rates of my loans were higher. I’m fine paying these down slowly, and padding my investments in the meantime. FAIL, but on purpose 🙂
  5. Never finance a car again – Well I’m still living in Manhattan, and still car-less so this one is a big, fat PASS.
  6. Save at least 75% of every raise and bonus – No raise or bonus so far this year, those are due in September. But this is definitely still the plan. I’m actually going to shoot for 90% at least this year. TBD
  7. Once all tax advantaged accounts are maxed out for the year, begin funneling all savings into my after-tax brokerage account – Well unfortunately I haven’t maxed out all my tax advantaged accounts yet, so this takes a back seat to that. I have started selling some of my individual stock holdings, as long as it won’t penalize me from a tax perspective and moving the money over into my Vanguard account, but this is just a wash on the net worth statement. TBD

So far 2015 has been great. I’ve done a ton of traveling for work and personal, while still hitting my savings goals. Hopefully the second half of 2015 will be just as great. With all the traveling I’ve been doing I haven’t had as much time as I’d like to write for the blog, but I am hopeful this will change once summer comes to a close.

In the past six months my net worth has grown almost $20k and I plan on beating that in the second half of the year (as long as Mr. Market is nice to FF). I also feel a big personal finance milestone coming up in the next few months, so be on a lookout for a post about that!

How has 2015 treated your bottom line so far? How are you tracking against your goals? Anything happened along the way to cause revisions?

54 thoughts on “2015 Mid-Year Goals Review

  1. diane @smartmoneysimplelife

    Excellent work!

    I’d like to be able to say the same but with the challenges of changing from one business to another, revenue has been all over the place so… running a little in the red at present. That’ll change though, and soon. Then it’ll be full steam ahead on the mortgage and investing again.
    diane @smartmoneysimplelife recently posted…Planning a Debt Free ChristmasMy Profile

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    1. Fervent Finance Post author

      Thanks Diane. Entrepreneur definitely has its peaks and valleys but I bet it’s worth it!

      Reply
    1. Fervent Finance Post author

      Keeping my taxable income down, especially while living in NYC, is top on my mind. The HSA and 401k helps for sure. Enjoy the holiday weekend!

      Reply
    1. Fervent Finance Post author

      As long as the interest rates are low, I agree Mrs. Budgets. Thanks for stopping by!

      Reply
    1. Fervent Finance Post author

      Fortunately employer match does NOT count towards the $18k max which is great if you have a generous employer match! Unfortunately I do not, but at least I have one at all I guess. Thanks!

      Reply
      1. Adam @ AdamChudy.com

        Definitely does not count toward the 18k. I max mine plus a 14% employer match, so I manage to get well above that limit.

        Awesome mid-way point. Maxing out a 401k / IRA consistently already puts you ahead of 99% and is almost guaranteed to make you rich depending on your timeline.
        Adam @ AdamChudy.com recently posted…Building a PantryMy Profile

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        1. Fervent Finance Post author

          You dang O&G employees. Is it 1:1 up to 14%? If so, that’s awesome! I know someone in O&G services and his employer suspended his 10% match when oil dropped below $60/barrel. Hope you haven’t had any issues on that front.

          Next year will be much easier on the IRA front since I’ll only have one year to fund instead of two like I had to do this year. Enjoy the holiday!

          Reply
  2. Abigail @ipickuppennies

    One of the few downsides of my job is no employer matches — or a 401(k) at all. But it sounds like you’re clipping along toward you goals amazingly.

    Our bottom line is doing pretty well — despite around $7,000 in home repairs so far this year. We’re bound and determined to have the $25,000 for my husband’s dental implants by January. So far, so good.
    Abigail @ipickuppennies recently posted…The economics of a Playstation 4My Profile

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    1. Fervent Finance Post author

      Thanks ONL! I’m happy spending what I do now, why should I spend more??? 🙂

      Reply
    1. Fervent Finance Post author

      Seeing the net worth creep up doesn’t hurt the enjoyment 🙂 Take care Jason.

      Reply
    1. Fervent Finance Post author

      Nice that you get the 403b and 457. From what I hear the 457’s are amazing since no early withdrawal penalties. Keep it up!

      Reply
  3. Amber Tree

    That are a lot of green passes that you are able to note. Congratz for that.
    Point 4 is an interesting one… Most of us in Belgium do not have student loans. I find it interesting to read how it affects the lives of US people.
    Point 6 – no life style inflation: probably the best way to reach freedom soon… I recommend it for everyone!
    Amber Tree recently posted…what is enough?My Profile

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    1. Fervent Finance Post author

      Thanks. You’re lucky to not have the high cost of college education we are currently experiencing here. I think our education system needs an overhauling and I’m interested to see which state or private enterprise is going to take that grand task on.

      Reply
    1. Fervent Finance Post author

      That should be the case as long as you can keep those debits down in the P&L 🙂

      Reply
  4. Red to Riches

    Great start to the year and it looks like you’re on track for the big goals (maxing out).

    I have to sit down and do a similar post and make sur I’m still on track!

    Work travel can be exhausting but sometimes with meal reimbursements and being in hotels all the time, it actually keeps your expenses down. Have you determined if it’s been helping or hurting your savings rate?
    Red to Riches recently posted…June 2015 Net Worth UpdateMy Profile

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    1. Fervent Finance Post author

      Traveling for work without a doubt decreases my personal expenses. What I don’t like about it is usually when I’m on the road is we work the whole time. Leaves little room for exploring or working out. But usually we try to at least make room for one night of a nice dinner and drinks. Thanks for stopping by!

      Reply
  5. Tony @ Inequality Today

    2015 hasn’t been too great, but I can’t complain either. The U.S. stock market isn’t really moving, so both long and shorts aren’t really making or losing a lot of money. I think we’re set to experience some increased volatility this month, so it’s time to make some money 🙂

    Reply
    1. Fervent Finance Post author

      I don’t get mad when the market goes down… just an opportunity to lower cost basis! Thanks for stopping by.

      Reply
    1. Fervent Finance Post author

      Thanks Alexander. The 3% loans don’t keep me up at night, so I think it was a good choice as well.

      Reply
    1. Fervent Finance Post author

      Thanks! I think people need to make sure to factor their personal preference into their personal finance decisions. For someone like you, if the debt is going to give you pains, then by all means attack that first! Thanks for stopping by.

      Reply
  6. Kyle

    “Woo-oh living on a prayer, take my hand and we’ll make it I swear” Sorry, I just assumed that’s where you were going with the header picture.
    Awesome progress. What funds do you mainly have in your 401k.
    I’m trying to max out my SIMPLE IRA(lower $12,500 max) but I’ve heard my company is considering making a switch to 401k for the higher max contribution. I’m not sure If I can pull of the maxing it out fully this year with my roth ira already maxed out but it’ll be close. I wonder if contributions don’t count towards the $12500 like they don’t for 401k?
    Kyle recently posted…Elio MotorsMy Profile

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    1. Fervent Finance Post author

      Thanks! I’m not too familiar with the SIMPLE IRA as my employers have offered a 401k. That’s great that you’ll get an additional $5,500 of pre-tax contributions once they change though! That’s a good question though, I’m sure the IRS wouldn’t let you max out a SIMPLE IRA and 401k in the same year, but that’s just a guess. Let me know what you find.

      Reply
      1. Kyle

        Correct, If you somehow you had access to something like a SIMPLE IRA and a 401k you can contribute to both but your limit isn’t $12.5k + $18k, I believe you could have a max out $18k between the two though for that year. It ends up being something similar to roth vs traditional IRA, you can contribute to both but its a combined max of $5500 not $5500 each. I’ll have to find out if employer match counts against the $12500 SIMPLE IRA max, I’m going to guess no for now though.
        Right now my companies SIMPLE IRA is with American Funds and it has a 2.5% front load fee right off the top for pretty much all their funds I can find. That’s kind of irritated me, I brought that my company could move to vanguard simple, that’s when they mentioned they’re looking into opening a 401k. Company is a tiny 10 man engineering house.
        Kyle recently posted…Elio MotorsMy Profile

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        1. Fervent Finance Post author

          2.5% is brutal. Definitely try to get them to go the Vanguard route. That would be great if you can convince them to go the Vanguard route. Good luck.

          Reply
  7. Leigh

    Sounds like 2015 is going pretty well for you so far 🙂 Congrats on only having 3% student loans left! And not having a car sounds pretty sweet. I’m curious what this big personal finance milestone you plan to blog about soon is!
    Leigh recently posted…Q2 2015 UpdateMy Profile

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    1. Fervent Finance Post author

      Thanks Leigh. Having no car definitely helps my wallet, but can be annoying when I want to hop in a car and go visit friends or family. I could go the ZipCar or similar route, but haven’t looked into those options.

      Reply
  8. Jason

    Fantastic job. I struggle with the notion of should I pay down my debt more or should I focus on fund an after tax account for my finances. My interest rates are all really low, but I am not sure if it the balances that just get me thinking they are too high and I want to pay them off, but for whatever reason I haven’t pulled the trigger on the after-tax account. Good for you though on making that decision.
    Jason recently posted…Financial Tip Friday: Let’s Talk About Umbrella InsuranceMy Profile

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    1. Fervent Finance Post author

      Thanks Jason. As long as the rates are low, I think whatever helps you sleep better at night is the best decision!

      Reply
    1. Fervent Finance Post author

      Thanks Mr. E. Do the math on the HSA. I bet there’s a 95%+ chance it’ll make great financial sense.

      Reply

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