It’s 2024 and I’ve been thinking about my New Year’s financial resolutions and over time I’ve learned that the key to successful resolutions is to keep it simple and achievable so here are mine:
1. Max 401k
As I creep closer and closer to retirement, I worry that I haven’t saved enough so for 2024, the IRS set a maximum 401k contribution of $23,000. There is also a “catch up” contribution of $7500 for those over 50 and I intend to take advantage of that and contribute $30,500 to my 401k.
2. Update & Improve My Income Strategy
As retirement creeps closer, I need to continue to finalize my strategy for replacing my “work (professional job)” income with passive income from other sources. I have written about my bond portfolio, real estate rentals, and I’m working on other possibilities. It’s clear that every year I need to tweak and improve my strategy because the world changes every day and some investments sour and others go sweet and some just chug along fine.
3. Help My Kids Buy Homes
Technically speaking, I have enough money to retire right now and everyday that goes by I want to call it quits but I hang on because the last thing I’d like to do is to help my kids get their first starter home. I’ll write more about this in a future post but because the housing market and interest rates have been out of whack, it’s been on hold but hopefully things will normalize by the end of 2024.
4. Help Others
The reason I write this blog is to give back to others. I base my success on all the wonderful help I’ve had from mentors, sponsors, advocates, friends and family that helped me become successful over the course of my career. I now try to take the best lessons learned and share them here so keep coming back for more!
