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

TL;DR

A couple reviews their 2022 financial goals, discussing childcare expenses, income targets, retirement contributions, and down payment savings.

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: How did the couple adjust their budget for childcare expenses?

The couple readjusted their budget for childcare expenses, recognizing it as a substantial cost component even outside major cities, and were surprised by how expensive childcare can be.

Q: What impacted Justine's income goal of $125,000?

Justine's income goal was affected by factors such as writing a book, moving to a new location, and the need for childcare, resulting in her falling short but coming close to the target.

Q: How did the couple manage to maximize their retirement contributions despite changes?

Although Justine left her job midway through the year, she managed to contribute to retirement accounts through two employers, meeting the overall retirement contribution goal set for 2022.

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

The couple paused their monthly contributions temporarily due to increased expenses after moving but were fortunate to exceed the goal due to positive market performance in their brokerage account.

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.