The Sprint to FI

2019 End Of Year Review

I haven’t done this before, but at the end of last year I wanted to write a review of the year and never really got around to writing it. This year however I will write my end of year review.

 

The Numbers

Our combined net worth according to Personal Capital is currently $539k.  We got there by maxing out both of the 401k’s however, Cat was not able to complete the top up and I only managed to get $4k into my Roth IRA. The issues in savings stem from starting the 2019 savings later in the year.

Overall the numbers were great, with Cat really hammering her savings to try and catch up with the savings she has missed out on due to employment issues earlier this year. Despite those set backs, we think this is the most we have managed to save in a 12 month period.

We are also still debt free other than some operating costs that we put on credit cards. We pay off these costs every two weeks, when we get paid. Just to compare where we are now with our position, here are my historic figures and our combined figures:

Tony's assets only
             401k          Roth IRA    Investment    total
2018 Q2      $  67,179     $     0     $    310      $  79,921
2018 Q3      $  84,501     $   767     $    672      $  88,981
2018 Q4      $  76,896     $   652     $    580      $  83,346
2019 Q1      $  91,410     $ 1,002     $    656      $  99,173
2019 Q2      $  98,911     $ 1,049     $    686      $ 100,646
2019 Q3      $ 119,001     $ 2,134     $  1,156      $ 122,291
2019 Q4      $ 132,016     $ 4,056     $ 14,129      $ 150,202


Our Combined Assets (we have not been logging this)
             401k          IRA         Roth IRA    Savings     Cash     total
Q2 2018      $ 337,000     $ 59,000    $     0     $  7,000    $    0   $ 403,000
Q4 2019      $ 454.096     $ 56,695    $ 4,059     $ 19,119    $  700   $ 534,669

 

My Health

When I started this journey back in 2018, I was at 240lbs. Over the past year and a half, I have made my way down to just a shade below 200lbs at this time. (Today I was 199.2lbs). Work travel screwed this up earlier this year, but that is also a self control issue. Portion control has been improved and made a major difference, as has ingredients selection. Given that I work from home and cook most of my own meals, this means I can control the ingredients. This has been the major factor in my weight loss. I haven’t really done any exercise this year.

 

Major Decisions and Events

So what else has happened this year that has impacted our sprint to FI?
There have been a number of things that have had an impact this year. We started the year with Cat still looking for a job. She found one but the commute was horrendous and it was a contract position. We decided to move closer to the new job, which came out at a net neutral transaction as the cost of the move was covered by the lower cost of the apartment amortized over 12 months.

Cat’s new job was contract so no benefits, meaning we were reliant on mine. While my benefits are ok, she was missing out on 401k and match opportunities. However, jobs, like buses never come when you want them too, and then they all arrive at once. She now has a full time job with a slightly higher salary, and great benefits. Even better is that the 401k is with Vanguard and there is a decent match! The downside is a longer commute.

To negate the commute we considered moving closer to her new job, but due to several (non financial) factors, we have decided to stay where we are for now.

 

The Plan For The Coming Year

Over the coming year, both Cat and I are planning on doing the following:

Pay period   Activity
 1 - 4       Bare minimum 401k contribution but save $7k each in cash to invest in our Roth IRAs
             (Front loading the Roths)
 5 -18       put the max into the 401k including top up ($25k ea.)
19 -26       save cash for 2021 Roth contribution
             (Front load the 2021 Roths)

Any remaining cash goes into the brokerage account.

We are also moving our regular autopay bills over to a credit card that gives us travel points. This will achieve two things: automate the bill paying, and give us a better way to account for our spending allowing us to do trailing 6 or 12 month averages. It also allows us to build a pool of travel points that we can use when we retire.

I also need to figure out what I am going to do with my cell phone plan. I don’t plan on replacing my phone (iPhone SE) because I like it and it is just the right size. Guess I need to figure out what phone plans work with my phone. I see another task for this afternoon!

 

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