Personal Finance

It’s been so long…

Happy New Year! Yes, it has been that long since I wrote a blog post! This is my official first post of the new year. It’s a shame, I know! I just took a glance at the goals I created for myself for 2017. While the first three still are in the works, I have shifted focus on #4. I no longer am working to pay off my mortgage early. This is a dramatic shift from what this blog has been about. My entire blogging presence has mostly been consumed with one financial goal: kill the mortgage! Ever since November, I have been re-evaluating life and finally have realized: I have no idea what my long-term plan is. Here are few factors I am dealing with:

  1. Husband’s job – in his 10+ years working at his company, he’s seen layoffs happen often. We are both realistic that at some point, his time may come. He is predicting that he has about 5-10 years with the company, but it could be more or less. I like to think in worst case scenarios; in 2021, he could lose his job. Or he could work at that company until he retires.
  2. My job – My position in grant-funded and ends June 2022. There is a slight chance it will be renewed, but most of us are thinking it wont be. Thus, I am out of a job in 2022. I would love to be able to shift to freelancing at that point.
  3. I really want to move. I’ve tried to pray and journal a way this feeling, but it is not going anywhere. Either I embrace it or continue to fight this feeling every day. I am leaning towards a new home. Whether we sell our current home or use it as a rental property is another layer of complexity.
  4. My kids are going to attend college in 8 and 11 years, with one year overlap. They could get scholarships or we could end up with 100% of their cost. Of course we always have the choice of whether to pay or not. But it is something we have decided we value and that we are going to at least give them some funds for college.

Here’s what we are currently doing mostly by default:

  1. Husband – contributes 10% of his income to a retirement account along with 5% from his employer
  2. Me – contributes 7% of my income to a 401K which is matched by my employer. I also contribute $25 each month to a Roth IRA
  3. House – we are currently paying on a 15 year mortgage with a 2.8% interest rate. We are also saving 100% of my paychecks for a down payment on a new home. We currently have $14K saved of the $90K we need.
  4. College funds: We are contributing $25 a month for each child.

So there you have it! More information that you ever needed to know about our financial situation. One of the things I love about blogging is feedback! What grade would you give us?  What would you do if you were me?


15 thoughts on “It’s been so long…

  1. Wow you’re making great progress!!! Only question are you counting equity in your current house towards the down payment on the next? In terms of your job you could start contracting out now. Start making the transition early so when 2022 comes you’re already set. One or two projects here or there leads to great success ❤. Also consider teaching a class on grant writing. Many people would love to be more successful in that area. This could give you a other stream of income.

    Liked by 2 people

  2. Sounds like you’ve taken quality time to sort through the realistic scenarios in your life. I’m proud of you and I look forward to see what the future holds for y’all. At least you have some time to prepare for worst cases. 🙂

    Liked by 3 people

  3. Hi CFO MOM! It’s been a while. You were one of the first people I communicated with when I started my blog last year, and it’s been almost exactly a year. It’s great to see the progress you’ve made in 2016. I too have deviated a bit from my mortgage goal, but I may get back on track some day. I’m hoping to spend a little more time on the blog this year than last, as I was down to 1 to 2 posts a month for a while. You get an “A” from me for your continued persistence and resilience with the goals and the blog. Keep up the great work!

    Liked by 2 people

  4. I have a few questions, mainly regarding the home. Why do you want to move? Are upgrading, downgrading, want to be in a better area? Do you already have a home in mind, and that’s how you know what type of down payment you’ll need?
    A lot can happen in the next 5-6 years. Since you can’t control the loss of the job and if it may or may not happen, you can focus on what you do have control over- which is putting yourself in the best possible position in case a job loss does happen. Dedicate some with your hubby to create a plan action. I love how aggressive you are at saving. That’s the hard part:)

    Liked by 2 people

    1. I want a bigger home with a guest room for if/when older parents have to live with us. I’ve been stalking zillow and I know that $400k is our max budget. Yes, having a plan is making things less stressful.

      Liked by 1 person

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