$8,500: The amount of money we've put into retirement so far this year.
IRA= Individual Retirement Account. Matt and I both have one, and this year they upped the max contribution, and you are allowed to put in $6k per person.
Why are we prioritizing retirement this early?
- Luke 14:28 "For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have sufficient to finish it?"
- Proverbs 13:22 "A good man leaveth an inheritance to his children's children: and the wealth of the sinner is laid up for the just."
- The younger you start, the more time it has to grow! Here's a video to illustrate it to you!
Why do we prioritize our Roth IRAs instead of Traditional IRAs?
- For a Roth IRA, the money is taxed before you put it in, and then it *grows tax-free*. When you pull it out during retirement, you've already paid the taxes on it, so you get to bring home the full amount.
- For a Traditional IRA, the money is not taxed before you put it in (so you are saving money on the front end), but when you pull it out in retirement, you have to pay taxes on it. It's no longer the amount you put in; It has grown significantly over the years, and so your tax bill will be much higher than it would have been if you had paid taxes on the money before you put it in to your IRA.
Where do you invest?
- We invest in Vanguard. You can open an account online. The specific ticker numbers we have in our portfolio are: VTSMX, VASGX, VTIVX, and VTSAX.
If it looks like we're crushing our financial goals for this year, I've asked God to double our income this year (we're hiring our first employee in May), and I believe He will!!
What's coming after we hit our financial goals? Well, we have a trip to South Carolina planned in May (visiting my best friend!), and we've also got our dream couch (pictured below) on deck after we max out our retirement accounts, and then we'll start a long-term goal of saving for our next home (a dining room and a fireplace are on our short list)!
But, in case you think all of my 2019 goals will be crossed off before we finish April, be comforted in the fact that after these financial goals, I need to refocus on my weight-loss goal. I'm trying to get back to 128, but lately I've been in the low 140s, which means I've gone a couple of pounds in the wrong direction these last two months.
Another goal I have for this month is to hit 800 followers on A Helpmeet for Him's Facebook Page. So, if you haven't, go like it! If you have, share it with a friend. I've got a two-winner giveaway ready for when we get to 800!
Did you set any goals for yourself this year? We're wrapping up the third month. How're you doing?