Our 2021 Financial Goals | 5 Money Goals To Achieve This Year! | Summary and Q&A

TL;DR

Justine and Kyle discuss their financial goals for 2021, which include saving for a second car, increasing their down payment fund, maximizing their Roth IRA contributions, contributing to a 529 plan, and expanding their investment experiments.

Key Insights

• 😨 Justine and Kyle prioritize their financial goals, including saving for a second car and increasing their down payment fund for their first home.
• 🍉 They emphasize the importance of maintaining their retirement funds while focusing on short-term goals.
• 🌱 Justine plans to maximize her Roth IRA contributions, gradually increasing her monthly contributions to reach the yearly limit.
• 👶 They see the 529 plan as a valuable tool to provide their child with educational support, considering the uncertainty of future educational expenses.
• 🤑 Kyle aims to expand his investment experiments on Robinhood by allocating more money to his investments and utilizing strategies that have worked well in the past.
• 🧘 They acknowledge their privileged financial position and offer encouragement and advice to others striving to achieve their financial goals.
• 🤩 Justine highlights the importance of budgeting and credits it as a key tool in her debt-free journey.

Transcript

all right guys it's officially 2021 and with the start of a new year it's always nice to break out some new financial goals so we are going to be covering that in this video hey what's up guys it's justine [Laughter] your little head bobs crushing your debt living payment free is what we're here for uh my name is justine this is my husband kyle hey... Read More

Questions & Answers

Q: How are Justine and Kyle planning to save for a second car?

Justine and Kyle are focusing on saving money by avoiding the expenses of maintaining a second car. They have set a goal of $25,000 and plan to have it funded by the end of the year, considering the arrival of their baby.

Q: Are Justine and Kyle pausing any retirement funds to prioritize their financial goals?

No, they are not pausing any retirement funds. Justine plans to maximize her Roth IRA contributions by setting aside $500 per month, in addition to their other goals.

Q: What is a 529 plan, and why are Justine and Kyle contributing to it?

A 529 plan is an investment tool specifically designed for education expenses. Justine and Kyle aim to contribute $100 per month to provide financial support for their child's future education.

Q: How does Kyle plan to expand his investment experiments on Robinhood?

Kyle has achieved great returns on his Robinhood investments using specific strategies. He intends to add another $10,000 to his investments and continue utilizing these strategies, while closely monitoring the outcomes.

Summary & Key Takeaways

• Justine and Kyle want to save for a second car, considering the convenience factor, and aim to have $25,000 by the end of the year.

• They plan to increase their down payment fund by contributing $2,000 per month, giving them more time to find their first home.

• Justine plans to maximize her Roth IRA contributions, aiming to contribute $500 per month to reach the yearly limit of $6,000.

• They want to increase their contributions to a 529 plan, allocating $100 per month to provide educational support for their child.

• Kyle will expand his investment experiments on Robinhood, adding another $10,000 to his investments and monitoring the outcomes.