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.
- 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
- 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
- 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
- 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 🙂
- Never finance a car again – Well I’m still living in Manhattan, and still car-less so this one is a big, fat PASS.
- 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
- 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?