HSA goal for 2021? Met
Roth goal for 2021? Met.
And, since I just discovered a $1400 deposit in my checking account that wasn’t there yesterday….
Silver goal for 2021: Met.
And now I can take the money that, for the rest of the year, I would have been putting towards those three goals and instead direct it at the last goal of the year – meeting my Emergency Fund goal for 2021.
Gotta say, it’s a weird thing to see money going into your accounts from the IRS.
As an aside, since I started actually setting, and tracking (very important), financial goals a few years ago I have been surprised how quickly they are realized. It used to be “Ah, I’ll throw a few bucks in this account this month” and then I’d not really track the progress and that sort of thing. As a result, not much ever got done. At the beginning of the year I set a goal for that year (usually a 50% increase in balance over the previous year), figure out how much I need to do that, divide that amount by twelve so I know how much I have to put away each month, and put it in a spreadsheet. If I’m over/under/skip a month the spreadsheet adjusts the information to reflect the new amount I’ll need to put away each month. This way, if I have an exceptionally productive month and put more away than I was supposed to, I can see my ‘amounts due’ for the following months get reduced. Very motivational.
At the moment, I only do this for four accounts: metals, HSA, Roth, and Emergency Fund. Of those, the Emergency Fund and HSA have a goalpoint at which no more additions are needed. Period. At that point all the resources go into metals and Roth. Eventually the Roth will cap out (can only put in about $6k annually*) and then I just keep buying metals with the money I would have normally been directing into those other accounts. Todays little bit of cash from the $1.9trillion boondoggle bailout bill will finish off my metals acquisitions for the year.
Money (unless youre talking about precious metals) isn’t usually considered part of ‘preparedness’ but if you think it isn’t you are seriously hamstringing yourself. You should be stockpiling cash (or cashlike instruments) just as diligently as you rack up .223 and canned soup. Between now and the apocalypse youre going to need $50 bills a lot more often than you’ll need .50 BMG.
* = Although my contributions to my Roth are capped at around $6k, there is no cap on what I can do with investments inside that Roth. As a result, although I’m limited to putting in around $6k I can buy/sell securities and whatnot within that Roth and make a lot more than $6k by being clever, taking some risk, doing a little due diligence, and that sort of thing.
Until they change the rules on the Roth and confiscate it in the name of “equity”. You’ll get a small bump in Social Security in return. Which will in turn be designated ‘unfair’ and be reduced annually.
‘The Grasshopper and the Ant’ showed the ants giving willingly. In the real world it will be a gang of grasshoppers taking from the ants, as in the Pixar movie “A Bug’s Life”. But in this case it will be Congress leading the way.
That said, it might not happen, and in any event it isn’t under our control or influence. Your preps continue to lead the way. There are also ways to leverage a 529, in effect prepping for your kids and grandkids.
No 529. I don’t have any crotchfruit that I know of, and I’m not about to suddenly take any on.
Part of preparedness includes preparing for when things don’t fly off the rails. I could very easily Congres doing something like insisting pension funds ‘invest’ in a special .gov bond so that COngress can readily access those big pension assets, but I see the likelihood being fairly low for now. So, yeah, I keep money in the market….but I keep it in other baskets as well like metals, cash, and guns. So no matter which way the wind blows, I’ve got at least something set aside.
I hate sounding like a fanboy, CZ, but it’s amazing how much your approach to prepping — finances, nutrition, security — matches up with mine. About 15 years ago I began truly understanding how the U.S. paper dollar isn’t “real money,” but is nonetheless necessary. And when it comes to investments, about the best you can do is have a little of this, a little of that, a little of the other, realizing that you’re giving up some return for the sake of having more “what if’s” covered. Love your statement that “I keep money in the market….but I keep it in other baskets as well like metals, cash, and guns.”
I understand that you aren’t a religious person – at least not a professing Christian – but a lot of us who do believe in the Word claim as one of our goals “moderation in all things.” Interesting, huh?
I’m allowed to invest my HSA once the balance exceeded $2000. I was able to sweep $3000 into an account and buy ETFs, Mutual Funds or individual stocks. It has appreciated nicely.
While your Roth contributions are capped, you can roll 401k /IRA funds into that same Roth. You’ll pay the taxes on the IRA withdrawal but better to get it in the Roth while you can.
Speaking from experience…do not over contribute to your Roth. The math and IRS rules get really ugly on returning that money and paying the taxes on what the over contribution earned while in the Roth.
“Between now and the apocalypse youre going to need $50 bills a lot more often than you’ll need .50 BMG.”
Actually, I would strongly recommend AGAINST stashing anything larger than a $20. After the Schumer hits the fan, prices will skyrocket. For about 3 days, tops. After that, people will realize that we don’t have the cash to pay those outrageous prices.
I’ve seen estimates ranging from a high of 7% to a low of 1% as to the amount of “money” in circulation consisting of actual, physical cash.
So you think that prices will go up for about three days and then when people see no one is buying their stuff they’ll lower the prices? That seems to fly against what we’ve seen happen in other countries that have had hyperinflationary episodes.
When the Schumer hits the fan, the only “money” will be cash. And not much of that. How are they going to pay those outrageous prices?
In a hyperinflationary situation, most people simply stop taking the devalued (or devaluing) currency as payment and instead use other things (goods, other currency, metals) as a medium of exchange. In other words, when a can of beans costs $500 no one will be accepting greenbacks anymore anyway.
You’ve made my point.
“Although my contributions to my Roth are capped at around $6k . . .”
Around? Methinks the Commander is being coy about his age.