Welcome to 2019. This is the year I turn 40. The year many DGI hope to retire by. Clearly that isn't going to happen. That was never the goal. In fact I spent 2018 doing many things that run contrary to what the 60 percent savers would do.
My wife and I bought our first home. We picked a house that will stretch us a little bit in the short term. We are paying PMI. We are paying an insane tax rate. But it was absolutely the right decision. My wife had an awful commute and over time it was putting a strain on our marriage. Our oldest daughter entered kindergarten and we were willing to pay for the right school district. The youngest is going to an expensive daycare. We bought an expensive new car with some help from family. We bought adult furniture.
So 2019 the plan is to continue to save and to be consistent. But it's not going to be a big year in terms of savings. There are other needs. Our family has not gone on a major vacation in 7 years. We need to build back our emergency savings account for peace of mind. My Roth IRA which is still below the maximum. We need to make some minor upgrades on the home. So this year is just about consistency. My goals are simple.
1. Rebuild the emergency fund.
2. $10,500 dividend portfolio (though just crossing into 5 figures will make me happy)
3. $400 in dividends.
Long term I'm looking at the dividend account as a supplement. The goal is to have the option to retire at 59.5 when I'm eligible to collect my pension. To supplement that income with a Roth IRA and dividend portfolio. To be able to live comfortably with my wife and pass on enough money to my children that they will have a substantial safety net. I'm lucky to have a hard working partner that makes a great salary and helps with the children. I have not included her savings in this figure. Overall I think we are on a great financial track. Both of our incomes have room to grow. As daycare costs and student loans expire this will lead to more room for investment. But for now slow and steady wins the race.
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