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Archive for February, 2020

Fiscal year end 2019

February 28th, 2020 at 01:31 am

Our company changed its system of granting bonuses and raises for 2019. Previously we were notified about raises for the next year and received any bonus at the last paycheck of the year.

Going forward and starting with 2019, they're moving the notification to the end of February. So I'll have a decent bonus in my 2/29/2020 paycheck and a raise starting with the 3/15 pay.

Also going forward, bonuses are being granted to everyone based on the company meeting its profit margin goal--either we meet it and everybody gets a full bonus, or there's no bonus. Up until now the bonus has been on a percentage of goal reached basis, so if we reached 80% of our profit margin goal, then we got 80% of the target bonus. So that will makes bonuses harder to come by.

On the other hand, to incentivize us, they gave us a 20% raise across the board (with a note not to expect this every year!). That brings my salary to its highest yet. I figure that I can increase my 401k contribution from 17% of salary where it has been this year (and with the 3% employer match, that's 20%) to a 22% elective deferral (25% with the employer match). As I turn 60 in six months, it's nice to be able to do that increase as I enter the "home stretch" towards retirement (not anytime soon!).

Oh, one more note; I turned 59.5 this week, so if I do have to make any draws from retirement accounts (NOT that I will), they would be coded as "normal distributions" with no 10% early withdrawal penalty. Not that I'm doing that, but nice to know that I can.

The bonus is going to let me pay down debt and get under my original 2019 year-end goal of total debt being at 80k (actually about 78k) just two months late, and despite the large unexpected vet bills I had last year.

Mortgage milestone

February 16th, 2020 at 02:08 am

After my regular mortgage payment (which I always round up so that I pay $400/month and keep my balance to a round number), the balance was $50,100, so when I got my paycheck yesterday, I allocated an extra hundred to the mortgage so that it's now at an even 50k, and should be at 46k by year's end. Total debt is now about 83.5k. They moved our annual bonus and pay raise to start with the last pay in February, so if we do get a bonus, I'll pay the debt down to 80k. 80k was originally my goal for 2019 but a very sick kitty who has cost me over 10k since she was hospitalized last June put my goal achievement a bit behind. In any case, my debt is now lower than it has been in quite some time. And with the stock market run-up, assets are as high as they have ever been as well. Net worth should hit another "round number" goal in March unless there's a set-back.

January review

February 2nd, 2020 at 10:26 pm

1. Health updates: Both kitty Buffy and I had re-checks for our chronic conditions in the past week. After giving me a BIG scare mid-month, requiring a veterinary ER visit, Buffy thank goodness seems stable, and the vet put the next ultrasound off for 3 months--unless, of course, she is symptomatic. Next appointment is May 1. I've spent at least $500 per month on her vet bills every month since June, so the possibility of 3 months without a vet visit is lovely. Right now I'm still focused on the possibility of her getting to her 15th birthday March 30. I know I will in all likelihood lose her this year but the longer I can put that off (while not causing her undue distress) the happier I am (even if my wallet suffers).

And I had the surgical oncologist tell me that I didn't need to come back for another thyroid ultrasound for a year--up until now, I've had screenings every 6 months, but it's been totally stable. Unless, of course, I note a change.

2. Also on the health theme, I joined another "metabolic" type gym. They added an "intro" series of classes which slow the pace and modify the exercises for beginners. I can take the intro classes without having to pay extra for small group "semi-private" training, and if I go at 6 am, the group is small by default. So far it's never been more than 2 other people and me, and a few times it's been just me and the instructor. I'm going 3 times a week. I'm determined to get in better shape before turning 60 in August.

3. I'm finally making progress on my CFP goal, after stalling when Buffy got sick in June and not doing *anything* on it for six months. I finished the "Investments" course in December and January and started the "Capstone" course, which I've done a third of so far. I expect to have that finished in a couple of weeks. Then I have to get my undergrad transcript sent to the CFP board and sign up for a review class and start the "pre-study". When you sign up for a review course, they send you two big thick books of problems which you are supposed to work your way through before the actual "live review." It's 60 lessons/about 10 weeks of pre-study, a four day "live review," and then another 3 weeks of final exam prep before the big day, which will be sometime between July 7 and July 14. The end is still quite a bit away, but is finally in sight! I started this program in 2016--did one class in 2016 (during which I changed jobs), one in 2017 (while learning the new job), two in 2018, 1.5 classes in 2019, and I expect to have the last 1.5 classes done this month).

4. We'll find out about our bonus/annual raise the end of this month--so I'm hoping I can make a significant dent in my debt then. At that point with a bonus, I'll meet last year's goal of getting the total debt down to 80k and can then try to get to 70k a year later. But even if the bonus doesn't work out, I expect to get under 80k later this year and to 75k by year-end. My total liabilities have been over 90k since I bought my house in 2005, so that will be a significant improvement. Knock on wood of course about this year's veterinary and other emergencies!!!