Last Updated on: 12/22/2019….2019 goals update
My FIRE journey started in 2014…07/21/2014 to be exact is when I write the About section of this blog. It has been almost (
4) 5 years now on the FIRE journey and it definitely felt good to reach almost $1400 per month in passive income in 2018.
Here is my FI timeline…..I went from accidentally learning about FI to earning the following Passive Income per month from 2014 to 2018.
- 2014: $171.02
- 2015: $705.80 …..dumped most of my home down payment here 🙂
- 2016: $840.80
- 2017: $1040.13
- 2018: $1380.78
- 2019: $868.90
But, as with many things in life, change is the only thing that is constant. The search for a home for our family has got complicated. What we like we cannot afford and what we can afford we do not like. I cashed out some of the investments in the hope of putting a bigger down payment and creating a better offer to the sellers….a guaranteed 4.5% return on investments! But that did not work out…we failed on 6 offers already….but the good news was that I took much less of a loss in the latter part of 2018 since I cashed out the gains earlier 🙂
So, I am really not sure how to fashion my Passive Income goals for 2019. Will I reach 2018 levels? If we purchase the house, surely not. If we don’t, we *have* to exceed 2018 levels. For now, I will assume that we do buy a house and set a lower target of $500 pm and fight my way back up like a newbie!!
FIRE Target: The end-goal Financial Independence criterion for me are listed in the table below. From this, I will derive the 2019 financial goals listed below the table.
|Passive Income Streams||$4000 per month|
|Roof for our Family||$750k…HCOL area|
|Medical Fund||$100k….via HSA|
2019: For 2019, I have thought about the following goals to get me closer to the financial independence targets listed in the previous table.
Financial Goals for 2019
Payoff car loan
- 03/31/2019 Done
Keep scouting for our family home
- 12/31/2019 Bought a home finally!!
Contribute $7000 to 529 College Fund 1
- 09/30/2019 $10,910.43
Contribute $2000 to 529 College Fund 2
- 12/31/2019 $2001.00
- Contribute $12k to Passive Income Streams(stretch goal of $24k)
- 12/31/2019 $4846.00
Max out 401k contributions ($38K total for me and wife)
- 12/31/2019 Done
Max out HSA contributions ($7000)
- 12/31/2019 Done
- Keep eating out expenses under $250 pm
- 03/31/2019 Failed
- 06/30/2019 Failed
- 09/30/2019 Done
- 12/22/2019 Failed
- Estate Planning (Will, POD beneficiaries, Caretaker for children)
- 03/31/2019 Not done
- 06/30/2019 Not done
- 09/30/2019 Not done
- 12/31/2019 We have a house now…so, 2020 seems like the right time!