The New Year is coming soon. Do you have anything you would like to accomplish in your financial life? Let us know!
I’m currently renting so in 2024 I would like to buy a new home and put 50k down. I’ve also been looking into ways to invest 50k to 100k but have not found the right type of investment for me. I currently have my money sitting in high interest, yielding accounts, but was wondering if there was something else I could take it advantage of.
No real financial goals that I can think of. I’m retired so I think I’ve made most of them anlready and am now in a kinda stable place. I have two pensions and just started SS this year (I turned 70) and wife is collecting her spousal benefit. We have also paid off our mortgage, so we have no problems meeting monthly expenses. I have an IRA that’s worth around $1.2M that I don’t have to access yet.
Other than carefully managing our current finances what other financial goals should I consider at this point in life?
We just retired with a happy net worth, SOOO now hope to be more generous in our giving in 2024.
Hoping to retire at the end of 2024 and live off real estate income. If we can raise rents another 10% then it should work out…
I don’t do resolutions. Makes no sense to me. If you want/plan to do something, do it. Waiting to the new year makes no sense, and sets you up for failure. Do, or don’t do…your choice.
For decades on Thanksgiving Day weekend, wife and I planned the following year for many aspects, including financial, spending and saving. We then looked at last years plan to see if we succeeded.
If we had failed, we’d tweak the next year plan to make up the difference. It was actually fun, making goals and then accomplishing them.
I like the idea of planning for the upcoming year.
Consider posting as a new thread, including information about your timeline for using the funds
The things my spouse and I looked at when we retired included; doing Qualified Charitable Distributions from our RMD (is your IRA a traditional IRA); using the 5-year plan to frontload our 529 contributions for our grandchildren, and maximizing experiences which for us has meant increased travel. The short book “More than Enough” by Mike Piper is a good read.