Recycles dryer sheets
Join Date: Sep 2014
Another year in the books, with a better than expected finish.
Here's how the end of 2020 looked, when compared with the end of 2019.
$281,800 Annual Combined Income - $316,700
NET WORTH END 2014: ~$354,100
NET WORTH END 2015: ~$489,300
NET WORTH END 2016: ~$657,100
NET WORTH END 2017: ~$805,000
NET WORTH END 2018: ~$783,810
NET WORTH END 2019: ~$1,033,270
NET WORTH END 2020: $1,251,400
2014 Annual Expenses: $57,600
2015 Annual Expenses: $57,300
2016 Annual Expenses: $71,715
2017 Annual Expenses: $76,690
2018 Annual Expenses: $84,820
2019 Annual Expenses: $95,520
2020 Annual Expenses: $90,600
2014 Annual Savings: $71,850
2015 Annual Savings: $90,120
2016 Annual Savings: $81,560
2017 Annual Savings: $98,830
2018 Annual Savings: $121,710
2019 Annual Savings: $125,570
2020 Annual Savings: $161,900
2014 Annual Savings Rate: ~55%
2015 Annual Savings Rate: ~61%
2016 Annual Savings Rate: ~53%
2017 Annual Savings Rate: ~56%
2018 Annual Savings Rate: ~59%
2019 Annual Savings Rate: ~57%
2020 Annual Savings Rate: ~64%
2020 Goals & Results
Annual Combined Income: $300,000 - Beat by $16,700
Annual Expenses: $95,000 - Beat by $4,400
Annual Savings: $135,000 - Beat by $25,900
Annual Savings Rate: 58% - Beat by 6%
Net Worth: $1,200,000 - Beat by $51,400
$45,000 401k (including Company Matches - No match at the new company, yet) - DONE
$10,000 House Principal Payoff - DONE
$23,000 Reinvested Dividends - Beat by $2,800
$12,000 Roth (Combined) - DONE
$4,800 HSA - DONE__________________________
$94,800 TOTAL - Beat by $2,800
I feel that it almost goes without saying that I'm extremely pleased to have met all my goals for the year, especially when considering NW dropped as low as $920K in May. To have achieved a nearly $250K increase seemed impossible in the summertime.
While not the year we planned, it will certainly be one to look back on as more than memorable. We got in a killer vacation before the lockdowns, and I believe we truly made the best of the situation. It has been amazing to be home every night, and it's hard to imagine when I'll be back on the road. Once it does start back up, I feel we will be a bit more deliberate about which meetings truly require the time and expense of bringing people together in the same room. In that respect, my travel should decline dramatically, even when things return to somewhat business as usual.
Because of all the time we have been spending at home, we pivoted from a simple landscaping project and opted to put in a full backyard pool! The kids are ecstatic, and we're excited to finally have a usable outdoor space. We never really spent much time in the grassy backyard, as the bugs were brutal. The screened enclosure was installed last week, and we're just a few weeks away from completion.
Our 8-day cruise was obviously cancelled in the Fall, but we replaced it with a staycation, which turned out to be tremendous. We never would have done it otherwise, but we're already planning to do it again, should the travel limitations continue throughout 2021.
I received a promotion in October, and I'm on track for another one in the not too distant future. My wife also received a nice raise in September, so the income side continues to grow in a meaningful way.
2021 Notes & Goals
Tough to say what this year will bring, but I suppose if we can handle 2020, I feel good about marching forward with 2021. We'll have the pool to enjoy most of the year, and if things work out, we have some nice travel plans in the Fall.
I'll continue to grind at my job and hopefully it will continue to be challenging and enjoying.
Goals for the year:
Annual Combined Income: $325,000
Annual Expenses: $115,000
Annual Savings: $139,000
Annual Savings Rate: 55%
Net Worth: $1,400,000
$45,000 401k (including Company Matches)
$10,000 House Principal Payoff
$25,000 Reinvested Dividends
$12,000 Roth (Combined)
On to 2021 (cautiously)! Thanks for following along.