If you live long enough, you’ll see many unimaginable and “impossible” things. Over the course of my lifetime, I’ve seen: the Patty film, the discovery of the giant squid, the Braves, Cubs, and Red Sox win the World Series, the Saints and Buccaneers win Super Bowls, and even my Davidson Wildcats made a serious run at an NCAA basketball championship back in 2008.
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Just because something is improbable, doesn’t mean it will not come to be. Whenever “unthinkable” events or accomplishments take place, shock and disbelief are sure to follow.
So, in the spirit of “that can’t be done because it’s impossible,” I’d like to share our 2019 hardcore savings goals. Next year we plan on:
I realize that new readers are wondering if I’m crazy or on drugs. However, as my loyal readers know, I never joke around when I talk about saving money.
Here are some of the components of our 2019 savings plan:
- Tax-advantaged Accounts – next year we plan on maxing out every account available to us: 457 and 403b plans, traditional IRAs, and family HSA plan.
- 403b Employer Contributions – since our district does not participate in Social Security, we’ll also save an addition $7.4k in our 403b plans thanks to employer contributions.
- 12 Months of Front-loading – next year we plan on zeroing out our paychecks from January to December. Of course, to essentially employ a 100% savings rate we’ll need money to live on. Fortunately, we do.
If everything goes as planned, here is what our 2019 hardcore savings will look like:
More Than $130k?
As great as $130k of savings sounds, you could argue that the amount is actually understated for two reasons. First, in 2019 we’ll also contribute $8.5k to our Georgia teacher pension plan. In that case, the total would come to $138.5k ($130k + $8.5k).
Second, next year we’re also working on a mortgage-acceleration plan that should enable us to pay off our mortgage and build more equity in our home. Over the course of 2019, we plan on increasing our home equity by at least $12k. That would push or total 2019 savings to $150.5k ($138.5k + $12k). (More on our mortgage-acceleration plan later…)
Being a life-long member of the working class, that’s a lot of money to me. What do you think? Could you craft your own hardcore savings plan to help you do the “impossible” in 2019?
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