Hi, folks! 2016 has arrived and it is time to set goals for a new year. Our goals for 2016 are to reach $800,000 in net worth and to eliminate all debts. Let’s look back at our financial goals for this month and for the past few years to see how well we did.
For January, We reach another milestone as our net worth crosses over $700,000 for the first time ever. I also fully contributed $5500 to my Roth IRA and another $5500 to spousal Roth IRA. The contributions help offsetting the drop in stock market. After eliminating both mortgage and student loan, we are on pace to be totally debt free sometime this year.
2015 has been another great year for us. At the start of last year, we set our initial 2015 goals to reach over $600,000 in net worth and to eliminate all debts. However, due to the downturn of my industry, we have to revise our 2015 goals: to pay off all mortgage debts and to reach over $600,000 in net worth. By December 2015 we have accomplished those goals by paying off all mortgage debts and reaching $684,755 in net worth.
2014 was definitely our best year ever. From December 2013 to December 2014, our year-to-year increase in net worth was $184,039. At the beginning of 2014, we set our goal to reach $400,000 in net worth. By December 2014, we blew that goal away by hitting $529,246 in net worth.
2013 and 2012 have the same goals: To fully contribute to my 401(k), my Roth IRA and spousal IRA. I was able to accomplish them by year end.
Anyway, do you set any new financial goals for 2016? Let’s know what your goals are by leaving a comment below. Good luck folks!