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re: What are your big 2026 financial goals?
Posted on 1/6/26 at 9:10 am to Gorilla Ball
Posted on 1/6/26 at 9:10 am to Gorilla Ball
My first reaction, "2%, why so low?" Then I remembered I havent been withdrawing and would really have to make an effort to spend even 2%. This reinforces that I really need to sit down and build an increased spending budget that wife and I will follow through on.
Should I count taxes on Roth conversion as withdrawals? That might account for most of our increase spending.
Should I count taxes on Roth conversion as withdrawals? That might account for most of our increase spending.
2
Posted on 1/6/26 at 10:09 am to TheOcean
survive
Posted on 1/6/26 at 10:10 am to TheOcean
Everyone here is a millionaire! I hope to get to 200k networth this year.
Posted on 1/6/26 at 10:15 am to Tigerfan1999
quote:
Everyone here is a millionaire! I hope to get to 200k networth this year.
1) this board tends to be white collar
2) this entire website has an older crowd than it used to.
3) successful people are probably more eager to post in this thread than people in debt.
Posted on 1/6/26 at 10:16 am to Tigerfan1999
quote:how old are you?
Everyone here is a millionaire! I hope to get to 200k networth this year.
Posted on 1/6/26 at 10:19 am to TorchtheFlyingTiger
quote:For income tax planning you definitely should. That's what I did over about a 10 year period. I wanted to be somewhat aggressive on Roth conversations until we got to about 80% Roth and 20% Traditional + HSA. However, I also wanted to stay under the next tax bracket. So in December each year I projected my income taxes and did max Roth conversions to stay within the tax bracket each year that would still allow us to get to 80% Roth. The only reason I wanted any Traditional IRA amounts left was to make sure I can make Traditional IRA withdrawals in retirement each year up to the Standard Deduction. It wouldn't be smart to not have any taxable retirement account balances in retirement and not be able to take advantage of the Standard Deduction every year.
Should I count taxes on Roth conversion as withdrawals?
Posted on 1/6/26 at 10:20 am to Tigerfan1999
I had $0 net worth at 27. The old saying that the first million is the hardest is 100% true.
Posted on 1/6/26 at 10:23 am to SmackoverHawg
quote:
Not everyone has someone they can discuss things with IRL
This. Also, this board is a big reason why I went from almost broke to approaching 8 figures in a decade. Lot of great ideas and advice.
Posted on 1/6/26 at 10:26 am to TheOcean
shite I was broke at 37 
Posted on 1/6/26 at 11:49 am to cgrand
27. I want kids in the near future and feel like financially I’m not where I want to be at.
Posted on 1/6/26 at 12:06 pm to TheOcean
quote:
This. Also, this board is a big reason why I went from almost broke to approaching 8 figures in a decade. Lot of great ideas and advice.
Which of your side hustles is the easiest in regards to time spent and money back?
Posted on 1/6/26 at 12:11 pm to TheOcean
quote:
I had $0 net worth at 27. The old saying that the first million is the hardest is 100% true.
I had zero net worth at age 30. Different reason, but the time value of money is huge.
Posted on 1/6/26 at 12:25 pm to TheOcean
I hope I’m much younger than most of the people posting in this thread, otherwise I’m in big trouble
I’m 30. First kid on the way. Net worth of roughly $210k. $120k of that is very liquid
I’m 30. First kid on the way. Net worth of roughly $210k. $120k of that is very liquid
This post was edited on 1/6/26 at 12:42 pm
Posted on 1/6/26 at 12:35 pm to Tigerfan1999
quote:at 27 not only was i dead broke i was deeply in debt. at 29 i was a father and it worked out fine. if you wait until "the time is right" you'll wait forever. you are no different than 90% of young adults; your prime earning years are decades in the future. go make a baby
27. I want kids in the near future and feel like financially I’m not where I want to be at.
Posted on 1/6/26 at 1:00 pm to TorchtheFlyingTiger
I’d convert to Roth or atleast some money
I did this in the mid 1990’s when roths first became available
I did this in the mid 1990’s when roths first became available
Posted on 1/6/26 at 10:10 pm to Tigerfan1999
quote:
Everyone here is a millionaire! I hope to get to 200k networth this year.
I started reading this board out of college and it helped set me on the right path financially. Personally it took a long time to hit those magical numbers like a $100k net worth, but building the right habits early on has been the difference maker for me.
One big mistake I made early on was not contributing to my 401k. I was missing out on a 3% company match. Once I started using common sense and broke the fear of investing in the stock market, my goals shifted to seeing if I could contribute 10% of income instead of 6%. All of that to say, I'm squeezing way more out of my paychecks today towards retirement and savings than I would've imagined 10+ years ago. Much of where I am is thanks to the advice of this board. Simply prioritizing investing habits like getting your company's 401k match, contributing to roth IRA, build emergency funds, not buying a brand new car after your first paycheck, etc... will make other goals attainable.
Going back to actuals, I have found that going from $100k to $200k net worth was a lot faster than $0 to $100k. It's the snowball effect we speak of for knocking off debt, but in this case your investments are growing as fast as you can contribute.
Posted on 1/6/26 at 10:13 pm to RickAstley
Your network determines your net worth.
Posted on 1/6/26 at 10:17 pm to cgrand
quote:
go make a baby
Make as many as you can!! We need them!
Posted on 1/7/26 at 2:19 am to GeauxTigers123
quote:
Which of your side hustles is the easiest in regards to time spent and money back?
So here's the thing: it doesn't matter what business you start. You can make a ton of money with just about any business. You need to pick something you are competent at and something that adds value to other people's lives.
Once you are in the business world and you build up capital, other opportunities will pop up if you are in the right networks. I now own a multi million dollar IT business, and I don't know frick all about IT. But I know how to run a business, and I have the capital. Right place, right time.
I recently got into flipping vehicles from car auctions. I'm not a mechanic, but a close friend is. My brother helps test the vehicles -- he picks them up, cleans them, and lists them for sale. I have the capital.
The key, once you build up enough capital, is passive income. I average about 30 to 40k of passive income a month. And you need to keep expenses low. Our net worth has grown significantly, but we still only spend maybe 7 to 10k/month as a family.
This post was edited on 1/7/26 at 2:57 am
Posted on 1/7/26 at 9:07 am to Tigerfan1999
quote:
27. I want kids in the near future and feel like financially I’m not where I want to be at.
For what it's worth, our kids are almost out of the house, and we still feel that we're not financially ready.
Just start your family. It really will all work out, especially since you pay attention to your finances.
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