2022 Financial Goals | Did We Hit All of Our Money Goals?!

TL;DR

The couple achieved most of their 2022 financial goals, including maxing out retirement contributions and surpassing their $150,000 down payment target, though Justine fell short of her $125,000 income goal. They also adjusted for more than $3,000 in monthly childcare costs and maxed out their $7,300 health savings account. Read on to see how moving, writing a book, employer contributions, and investment performance affected each result.

Transcript

welcome back joining me tonight is my co-host Barbara waltzes or my wife Justine can't tell the difference they both look very similar wowzers okay all right what are we covering in tonight's video yeah tonight this just in husbands around the world acting like jackasses no new news to me Barb back to you Chandra today we are going over our 2022 fi... Read More

Key Insights

• 👳 Childcare expenses can be a significant financial burden for parents, even in non-urban areas.
• 🎯 Meeting income targets can be challenging, especially with unforeseen circumstances like moving or job changes.
• 🙈 It's vital to be flexible with financial goals and adapt when circumstances change, as seen with adjustments made due to moving.
• 🛀 Maintaining a diversified investment portfolio can help in achieving savings goals, as shown by the positive performance of the couple's brokerage account.
• 🌱 Planning for future financial goals is essential, as the couple mentions the need to start planning for 2023 financial goals.
• 🥅 Achieving financial goals requires dedication, strategic planning, and the ability to overcome obstacles, as demonstrated by the couple's review of their 2022 goals.
• 🙈 Support and understanding between partners play a crucial role in achieving financial goals, as seen in the couple's discussion of income targets and accomplishments.

Questions & Answers

Q: Did the couple hit all of their 2022 financial goals?

They achieved most, but not all, of their goals. They adjusted their childcare budget, maxed out retirement contributions and their health savings account, and surpassed their down payment target, while Justine fell short of her income goal.

Q: How much did the couple spend on childcare each month?

Their monthly childcare expense was more than $3,000. That amount covered childcare alone and did not include diapers, wipes, food, or other child-related costs.

Q: Did Justine reach her $125,000 income goal?

No, but she estimated that she would earn more than $110,000 and possibly $112,000 after everything was invoiced. She described that as reaching 88% of the goal, while the original stretch goal was $150,000.

Q: Why did Justine fall short of her income target?

Writing a book consumed time that normally supported her usual income streams. Moving also interrupted her work because she cared for Quinn during the day until the family found a new nanny.

Q: How did the couple max out their retirement contributions?

They contributed a combined $20,500 across retirement accounts from two employers. Justine left her job midway through the year, so the full amount did not go into the original TSP as first planned.

Q: Did the couple max out their health savings account for 2022?

Yes, they reached the 2022 HSA contribution limit of $7,300. Justine had already maxed out the account before leaving her previous job.

Q: Why did the HSA create extra paperwork?

Justine's new employer automatically contributed to an HSA after she had already reached the annual limit. She said she needed to complete paperwork to withdraw the excess and return it to the employer to address a possible penalty.

Q: How did the couple surpass their $150,000 down payment goal?

They temporarily paused monthly contributions because moving increased their expenses. Positive performance in their brokerage account helped them exceed the $150,000 goal despite that pause.

Summary & Key Takeaways

• The couple reviews their 2022 financial goals, covering childcare budget adjustments, hitting income targets, maximizing retirement contributions, and achieving their down payment savings goal.

• They discuss the challenges faced, such as childcare expenses being a significant budget item and Justine's income being affected by moving and writing a book.

• Despite facing hurdles, they successfully adjusted their budget, came close to income targets, maxed out retirement contributions, and surpassed their down payment goal through strategic financial planning.