2017 Wrap-up

2017 was amazing year – personally and financially. In 2016, I ended with a negative net worth of -$92,000. Pretty typical for about a year after residency.

“I” became “We” in 2017 – We got engaged and had a baby. We also signed wills, power of attorneys, and health care proxies.

We ended 2017 with a positive net worth of > $500,000. This includes equity in a home. I still have those darn student loans – for now.

Our savings rate towards FI in 2017: 27% of gross income in the form of maxing out our retirement accounts, additional cash savings, extra payments towards my student loans and we paid off our car loan. I did not include employer match and contributions. Not too shabby!

What were my goals in 2016 and how did I do?

  • Cross over into positive net worth – check!
  • Knock out 50K of student loans (this is in addition to the min. payments) – close! I paid about $42,000 towards student loans in 2017.
  • Max out all available tax advantaged accounts ($47K, not including employer contributions) – check!
  • Start a taxable account – This didn't happen. Although I did contribute about $8,000 as after-tax non-Roth contributions towards a Mega Backdoor Roth IRA – even better than a taxable account!

How did your net worth grow in 2017? 

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