Mid-Year Check In! 2021 Financial Goals Update

TL;DR

Review of financial goals progress mid-2021, adjustments made due to changing circumstances.

Transcript

we are back with a mid-year check-in for our financial goals we had set these goals at the beginning of the year we had a kid three months later we did and now we are reviewing our financial goals and seeing what's changed join us in this video hey guys it's justine with debt free millennials the channel to help you crush debt live payment free che... Read More

Key Insights

• 🤩 Flexibility is key when reviewing and adjusting financial goals.
• 😃 Market conditions can impact decisions regarding big purchases like a second car.
• 🎁 Balancing present needs like childcare expenses and saving for the future is crucial.
• ❓ Exploring alternative retirement savings options when ineligible for a Roth IRA is important.
• 👶 Investing in a custodial account for children's future needs is a smart addition to financial planning.
• 👣 Regularly checking in on financial goals helps keep track of progress and make necessary adjustments.
• 🆘 Understanding different investment platforms can help tailor investment strategies.

Questions & Answers

Q: What changes did the couple make to their financial goals?

The couple completed funding for a second car but decided not to purchase one due to market conditions. They also adjusted their contributions towards a down payment, retirement savings, and their baby's 529 plan.

Q: Why did the couple not fully fund their Roth IRA?

The couple phased out of eligibility for a Roth IRA due to exceeding the income threshold. They are considering alternatives like a backdoor Roth IRA or other eligible retirement accounts.

Q: How much have the couple saved for their baby's 529 plan?

The couple has saved over $4,800 for their baby's 529 plan, with a monthly contribution of $100. They plan to continue saving towards this fund.

Q: What investing experiments have the couple undertaken?

The couple has not conducted investing experiments but have been using different platforms like Weeble and Robinhood for investing. They are open to exploring different options for future investments.

Summary & Key Takeaways

• Couple reviews five financial goals set at the beginning of the year.

• Completed funding for a second car, reevaluating the need due to market conditions.

• Adjusting contributions towards a down payment, retirement savings, and baby's 529 plan.