2018 Goals, Not Resolutions

2018 Goals, Not Resolutions

New Year’s Resolutions are great in theory. Who doesn’t want to lose 10 pounds or quit (insert annoying habit here)? The problem comes with sticking to these resolutions which is why I don’t believe in them at all.

I’d much rather have solid goals throughout the year with clear points to achieve them by and specific measurable ways to validate if I completed them or not (also doesn’t help to have a website that I list them on and have to be held accountable by you all too).

I like to break my goals down by their general category for easy viewing so I think we will walk through that way. If you haven’t read it already pause and take a look at my three levels of goals and my FIRE spreadsheet. This will help you understand how I went about creating these.

Financial

2018 Financial Goals

We did some serious work in 2017 and we aren’t going to take it easy this year either. Perhaps these are potentially aggressive goals but I’m hoping we will get it done. 2016 our goal was getting out of debt and having an emergency fund so our 2017 goals were mountainous compared to that and we got the job done.

The HSA will keep getting maxed out since it is such a powerful savings account and we are going to automatically max out Ms. Blue Ribbon’s Roth but I wanted to list it just to make sure we did it. My Roth, on the other hand, won’t be automatically maxed out but will be maxed by the end of the year between the $90 a month that I’m currently automating and whatever money we can find to throw at it. We are talking tax returns, change cups, bonuses…anything.

I wasn’t planning on increasing my 401k contributions last year but it worked out nicely and I want to continue that this year. By end-of-year I want my percentage to be 14, just keep inching closer to maxing it out someday. My employer does give me a nice 3% match which adds up.

Two newcomers to the financial goals are increasing house overpayment and starting a brokerage account. Like you may remember we are weird and want to pay off our mortgage early. With this overpayment increase, we will be on target to pay off the house by Mini Donuts 16th birthday (sweet sixteen indeed). The brokerage account is just making sure we are diversifying where our money is so when we do hit FI we can get the money out that we need when we need it. You have to start thinking about these things now so you don’t get put in the corner in the future.

Personal

If you have a significant other you may know that their ambitions sometimes rub off on you. Ms. Blue Ribbon was gloating about making $100 from her VIPKids side hustle and that made me want to do the same. I know she will be making way more than that in 2018 but you need to start somewhere so my own personal goal for 2018 is to make $100 doing some sort of side hustle.

If you have any ideas I would love to hear it either in the comments or by email (budgetOnaStick @ gmail.com).

Fun

What is life without some fun and when you have kids you sometimes need to plan fun otherwise it won’t happen. 2018 will be the year where Ms. Blue Ribbon and I have a wonderful family road trip to Colorado or the year we leave the kids in Colorado with her family because we won’t survive the trip back if we bring those hellspawn back with us… (I am so scared to bring a then 3 year old and 1 year old on a 12-hour car ride.)

The other trip will be out to Lake Tahoe for a friends wedding and I am eagerly (read: impatiently) waiting for the airlines to post the flights from MSP to there so we can start making some plans. Also, I want to be able to know how much our flights are going to be so we can save more or less for this trip.

Other

You knew it was coming…ok you knew it was coming if you read last weeks post. This year we are renovating the downstairs bathroom! That nasty useless room will get the much needed TLC it deserves. We will be doing some of the work ourselves and other work will be done by people we know that can rock it. Can’t wait to have that bathroom fully functional especially with a family of 4 and the need to have two working showers.

All Good Things Come With Time

2017 was a great year and 2018 is going to be awesome. I’m excited about all the things we are hoping to accomplish this year.


What goals are you most excited about this year? Any audacious goals? Do you think there is a goal we should be reaching for? Have any ideas for a side hustle?

12 thoughts on “2018 Goals, Not Resolutions

  1. Those sound like some great goals! I am a big fan of inching the 401(k) up so that it doesn’t come as much of a shock.

    That being said I’m sick of not maxing my wife’s 401(k) so we’re just going to go all out and basically go from ~5k/yr to maxing it. It’ll hurt, but I’m oddly looking forward to it! Haha
    Dave @ Married with Money recently posted…Don’t Be a Financial Ostrich

    1. We have been using raises to up contributions but I think this year we will have to create some pain points to complete the new targets. Good luck with your 401 goal! I’m going to be really happy when we have ours maxing.

  2. Isn’t it funny how a “resolution” means you’re resolute about something? We treat them like they’re more breakable than normal goals. Oy!

    This year is the year of Student Loan Elimination! We’ve already paid off $40,000 of student loans and have another $30k or so to get rid of. Let’s do this!

  3. Hey Mr Boas
    You are nicely done about this year goals , you third part about “FUN” is great , life is empty without fun . BTW thank you for sharing advance article
    Nichy 🙂

  4. Hey, Mr. BOAS. I’m glad you realize the importance of taxable accounts. Don’t ask me why, but when Mrs. G and I relocated to Charlotte and began our investing career, we started by opening by opening two Roths and a brokerage account with Fidelity. We put $400+ in each Roth every month and $3,000 in the brokerage account every month. We kept putting $3,000 a month into the brokerage account for four or five years. Then we eased off and started maxing out our 401(k) and 403(b). The end result is that when retired, roughly 50% of our portfolio was in our brokerage account and available for use. We didn’t have to worry about Roth conversion ladders or anything like that to bridge the gap to 59 and a half. But it was all just dumb luck. To this day, I don’t know why we were so brokerage-account centric when we started investing. Best of luck in 2018, my friend. Cheers.

    1. Thanks! Yeah I hope to avoid conversion systems if I can help it but the tax benefits are just so enticing! Maybe we’ll have to think about not doing the 401k increase and do more into brokerage

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