My philosophy
Invest wisely and for the long term. Invest in yourself and not just in the market. While sometimes you need to be frugal to save funds to invest, at other times, spending more money in the short term will yield more valuable long-term results. Think about major decisions, THEN make saving for them automatic. Creating good financial habits and systems is key to success. The goal is not to die with the most money, but to live a full, meaningful, and satisfying life!
Goals
Word of the decade = Simplify and key areas of focus = health, wealth, and systems, habits, & routines.
1. Health: Maintain/regain health gains from 2021-2023 (things fell apart after my Buffy cat died in May 2023). 150-300 "zone minutes" per week. Keep up the running and run the Turkey Trot next November in under an hour. Add in "micro workout" resistance training weekdays. Target more outdoor activities for next spring - kayaking, hiking.
2. Wealth: Pay off remaining debt (emphasis from 2006-2025) and build up savings, particularly in a taxable brokerage account (emphasis starting in 2026).
Revised debt paydown schedule:
End of 2025: BOY goal was 50k--UPDATING Sept 2025: 28k with $20,150 mortgage.
Goal for Jan 2026: $20k total, just mortgage + CCs to be paid off monthly. Mortgage balance is actually $19,500. CCs are at about $3.5k as of early in the month; will pay off with my next two paychecks.
Going forward, will incur add'l debt, but ideally only to replace my car and for larger scale home improvements.
Jan 2027: 14k mortgage only (unless there is a big house project to finance) -
Jan 2028: 8k mortgage only -- PAY OFF NOW, 22 years & 1 month, so by January 2028 the only debt will be credit cards (unless I am forced to buy a new car or make major home repairs before then).
PRE-RETIREMENT GOALS set 2024:
-Retirement accounts over 7 figures goal = mid-2026 (depends on markets)
-Pay off consumer debt - goal = January 2026, in progress.
-Pay off mortgage goal = Jan 2028
-Built up at least one years' basic living expenses in savings
by Jan 2028
3. Systems, habits, and routines: Improve workflow to get tasks completed earlier. At home, add some time weekly and monthly to maintain my filing system, and bring in a professional help to declutter in 2026 & 2027 (going price in 2025 is $80-90/hour).
Home Improvement Projects for the next several years..not sure about order
2018: landscaping (some)
2019: decluttering (some); main roof coated (10-year warrenty)
2020: replaced front & rear porch roofs
2021: replaced water heater; washing machine, A/C, bed; plumbing upgrades; decluttering;
2022: nada
2023: replaced refrigerator
2024: new scupper; plumbing repairs
2025: replace front stairs - DONE!
2026: declutter phase 1 (living areas); have electrical system reviewed/home inspection; replace external doors
2027: declutter phase 2 (basement); replace oven and dryer
2028-2031: roof again; external painting; window updates; update kitchen & bath; internal painting, landscaping, and floors
2032-2035: sell and move to a home (CCRC) more suitable for retirement.
July 25th, 2024 at 09:55 am 1721897728
July 27th, 2024 at 04:44 pm 1722095063
July 27th, 2024 at 09:15 pm 1722111348
August 1st, 2024 at 12:52 am 1722469922