So 2014 is almost done and 2015 will be here soon. I decided to post up my 2015 game plan goals. Next year my salary will be lower than several years ago due to my job change you can read more about it here. I’m ready to set my new goals in motion and ready to tackle it. Overall I think that I did a pretty good job of saving & investing for 2014, but I’m disappointed on the 3 month that I was unemployed so far. I have been spending way too much and increasing my expense than I wanted to, but I am looking forward for 2015. Another goal I wasn’t able to accomplish was my volunteer trip to Peru. I had some unexpected family issue came up around the time I was getting ready to leave, so I ended up canceling all my trip and was disappointed but family come first.
My 2015 Goals
401k
For 2015 the IRS has increase it limit from $17,500 (2014) to $18,000 (2015) so a $500 increase. I plan on maxing my 401k, even though my pay will be low I still intend on maxing this out. Since my new job start in Jan. 2015 I will not be able to contribute to my 401k until I have been employed pass 90 days. So I will have to increase my contribution % and be very aggressive if I plan on maxing this out.
Traditional IRA
For 2015 the max contribution is $5,500 for under age 50, $6,500 if you’re over age 50. This year might be a little bit of tricky for me due to my income being lower and also I plan on claiming the Foreign Earned Income Exclusion due to working oversea. That will probably leave me with a $0 earn income so it will disqualify me from contributing to a TIRA. I plan on consulting a CPA to look at other option, but I’m hoping that my dividends that I will be receiving for 2015 will qualify as earned income to contribute to a TIRA. I plan on maxing my TIRA unless my (FEIE) will not allow me to do it.
Taxable Investing
Continue to invest in dividend stocks with new money contribution and from my DRIP account. I will set a goal of $10,000 for new contribution into my taxable account, between my Vanguard index funds & dividend stocks. I hope to earn at least $8,000 in dividends for 2015.
Saving for car fund
I will need to increase my saving again, I have spent quite a bit helping family member with personal loan so I have depleted my car fund to help them out. My emergency fund is still in tack, but I plan on replenishing my car fund so I want to save about $10,000 - $15,000.
Rental & Personal properties
I will continue to pay my monthly mortgage at a minimum due to the low-interest rate (personal - 3.5%, rental - 4.5%), I believed that I can apply my capital elsewhere and get a better return.
Net worth
Increase my net worth to $600,000+, since their will be a big change in my income I am hoping that I can break the $600,000+ for 2015. The stock market have been doing good for 2014, hopefully it will keep this trend up and continue to increase.
Blogging
This is my first year blogging so I am happy that I started this journey, I will continue to learn and will put more effort to improve my blog and eventually make some profit on this blog. I’m hoping I have more time with my blog, but with all the traveling it might be a bit difficult, but it doesn’t hurt to set this goal so I can give it a try to push myself to be better.
I will be posting my 2015 game plan goals to keep track of my progress. I’m excited to start my new job and traveling, also tackling my financial goal. I am ready for 2014 to end and to start off 2015 with a new bang. I hope you will follow me though my journey and also share your journey experience .
Have you made some 2015 personal & financial goals yet?
Good luck with your 2015 goals you set. Sorry about your trip to Peru but as you said family comes first and Peru will be around next year too. Keep saving your money in those tax advantaged accounts and pick up more of those solid dividend payers. Look forward to your progress in 2015.