Incredibly, 2016 has come to a close. My networth goal for 2016 was somewhere between $400k and $500k from last year’s $352k finish. I didn’t get (anywhere near) $500k, but I still feel accomplished given my mental health and spending more than I wanted to on my wedding this year. I’ve concluded 2016 with $416,583 in networth, including:
- $14k in cash
- $188k in taxable investment accounts
- $204k in retirement accounts
- $9.9k in college 529 (for grad school or future kids)
My goals for 2017 are:
- $15k in cash
- $250k in taxable investment accounts
- $225k in retirement accounts
- $10k+in college 529
TOTAL: $500,000
It will be tough, but this goal should be do-able if I either stay in my current job or find another one that pays close to this one. Even if I reduce my current salary by $20k I should be able to still hit this goal. I must save $84,000 in the next 12 months, or $7000 per month. This is definitely do-able with my current job (I make about $10k after taxes per month), but if I reduce that to $9k per month I can manage to save enough. Any less than that it would be challenging with my current rent and other recurring fees.
I am worried about the costs of infertility treatments (that will definitely ruin my networth goal for the year) but I’ll cross that bridge when I get to it. Even though my mental health is poor right now I know I will feel a huge sense of relief when achieving $500k in networth. It has been a dream of mine since forever ago to achieve half a million in networth prior to giving birth. Well, as I’m not pregnant yet I have AT LEAST nine months before I need to get to $500k. At this rate I’ll have more than nine months to get there.
Hi HECC, out of curiosity do you also know your husband’s net worth? Why don’t you think of your combined net worth now, is it because you got a prenup? <3, labangel
I don’t know what his networth is. I don’t count his because we keep our finances separate. We don’t have a prenup (and we don’t plan to get divorced!) – the reason I think of our networth separate is that I need $2M in individual networth in retirement for my personal expenses, healthcare, travel, et al. He requires less so his networth can be lower. Together if we have $3M in retirement we will be doing ok. I need to save the majority of that since my income is much higher, so I track mine alone. It will be more challenging to keep this separate when we have kids and if we buy a house, but I’d just have half the value of the house in my net worth.