Our 2023 Financial Goals Exposed!

TL;DR

Setting financial goals for debt, savings, budgeting, investing, income in 2023, including home upgrades, maxing out retirement contributions, increasing income to $123k.

Transcript

we're going to be talking about my husband and I in our 2023 financial goals every year we start with a financial goal and plan for our money so stick around in this video hey guys it's Justine with debt free Millennials the channel to help you crush your debt and live payment free there are five different categories in which you can create financi... Read More

Key Insights

• 🥅 Comprehensive financial goal-setting across debt, savings, budgeting, investing, income categories.
• 🥶 Success in achieving debt-free status and saving for a home down payment.
• 🚕 Strategic retirement planning to maximize contributions and explore tax-efficient investment vehicles.
• 😫 Setting realistic income goals based on historic earnings and focusing on skill improvement.
• 🥅 Balancing financial goals with lifestyle aspirations like exploring LA and increasing discretionary spending for experiences.
• 😫 Emphasizing the importance of setting clear financial goals for accountability and achievement throughout the year.
• 👪 Acknowledging the need for home upgrades fund to cover unexpected expenses in homeownership.

Questions & Answers

Q: How did Justine and her husband become debt-free?

Justine and her husband became debt-free in 2014 by paying off $35k in student loans on a $37k salary within two years and five months.

Q: What are the five categories for creating financial goals?

The five categories are debt, savings, budgeting, investing, and income, ensuring comprehensive financial planning.

Q: What is Justine's goal regarding retirement contributions in 2023?

Justine plans to max out her husband's 401k, aiming for a total pre-tax retirement contribution of $40-45k, including utilizing Roth IRAs for tax-free withdrawals in retirement.

Q: How is Justine planning to increase her income in 2023?

Justine is targeting an income of $123k in 2023, focusing on improving sales skills and setting realistic goals based on previous income levels.

Summary & Key Takeaways

• Setting financial goals across five categories: debt, savings, budgeting, investing, income.

• Achieved debt-free status in 2014, focusing on saving for a down payment and home upgrades.

• Planning to max out retirement savings, increase income, and explore LA in 2023.