New Year, new goals
My financial goals for 2025.
What was your New Year’s resolution?
Are you holding strong and sticking with it, or are you struggling to honor your commitment as we head into the second week of 2025?
If you fall into the latter group, stay positive. Nothing gets accomplished with a negative attitude or by beating yourself up. Instead, try instituting a little more structure in your schedule. Demand discipline from yourself if your goal is to lose weight. Rediscover your willpower if your resolution is to exercise.
But did you know that Americans’ top New Year’s resolution this year is financial?
According to a 2025 report from the CFP Board, saving more money ranked as the No. 1 resolution. Other goals include cutting excess spending, developing better debt-management skills and landing a higher-paying job.
It’s good to see people embracing this shift.
If you’re not where you want to be financially, take a glance at the report. It might be the reminder you need that you’re not alone.
When I initially thought about my money goals for 2025, I got discouraged. I couldn’t concoct enough new financial strategies to my satisfaction. I felt guilty for not having bigger targets and loftier goals.
Mine aren’t much different this year than last year. I’ve had to stop and remember why that is OK.
My mentality is hardwired to keep grinding and growing. But I’m reminded at the start of this year of the importance of consistency. In my opinion, nothing matters more. Constantly moving the goalposts on myself can only result in chaos.
Rather than set new financial goals for 2025, I’m sticking with what’s working. The cheat code on our wealth-building journey is investing every dollar possible for as long as possible. And I believe I’m on the right track with how I’ve structured my investments.
There are additions to this year’s list, but mainly I aim to build better habits. My organizational skills need more refinement. I’ve got discipline down with my spending pretty well, but I could be better. And this must be another year in which I sacrifice temporary pleasures for my long-term vision.
But I anticipate having a great financial year. I’ve got a tried-and-true blueprint.
Here are my goals.
Tithe faithfully: I’m off to a good start. I kept my first-of-the-month routine alive on New Year’s Day. I’m cheerfully looking forward to the final 11 months. This will be my third-straight year of tithing. I’m a strong believer in paying what you owe and getting back what you give.
Purchase a multifamily home: The good news is I’m qualified! The bad news is this should have been checked off last year. But I’m more prepared than ever to take on the complex world of Chicago real estate and become a landlord. This is a major component of our wealth-building plan, and I’m engulfed in the process — I’m signing my realtor agreement today. Securing our next home is my next big investment.
Max out my Roth IRA: This is now mandatory for me every year. The growth opportunity is too good to miss. The tax benefit is too massive to pass on. I still regret neglecting my retirement account for five years. But I increased my weekly contribution to $145 last week. It will max out my IRA for the tax year 2024 and put me on track to do the same for 2025.
Meet my employer’s 401(k) match: Another investment I deem a no-brainer. I don’t need to max out this account, but I think it’s smart to contribute up to my employer’s matching percentage. It requires slightly reducing my take-home pay. But by sticking to a firm budget, I have adopted and absorbed the minor blow.
Max out my HSA: The 2025 contribution limits for health savings accounts increased to $4,300 for individuals and $8,550 for families. I carry my daughter Parker on my insurance so I have a family plan. I didn’t meet the maximum contribution last year, and it might be difficult for me to hit the target this year. I’ll do the best I can. It feels good to have money tucked away — and growing — for medical expenses.
Dollar-cost average: I began investing $100 monthly into the Vanguard Total Stock Market Index Fund ETF, ticker symbol VTI, on May 1 last year. It’s not a large sum, but it’s $900 more than I had invested before I committed to allocating a fixed amount to my taxable account each month. Until I can comfortably max out my tax-advantaged accounts, I’ve scaled back on adding to my taxable account. But I still want to build my equity across my portfolios bit by bit.
Max out Parker’s Roth IRA: This goal will also be difficult to achieve, but I believe it’s doable. In order to accomplish it, we must generate more income. My resources would be stretched pretty thin at this point, and as difficult as it is to process, I’ve learned that I must take care of myself financially before I can funnel additional funds to Parker. She should never have to use her money to support me because I wasn’t smart with mine.
Generate a $20,000 profit in stock options: I hope I look back on this one in three years and laugh at what today feels like a lofty goal. Because I’m nowhere near good enough at options trading to think I can achieve this. But it’s only crazy until it happens. And I’m not alone. I’ve found expert assistance, which I believe will accelerate my learning and earning. I understand the risks that come with options, but I’m bullish on my ability to reap rewards.
Disclaimer: The information contained on Money Talks is not intended as, and should not be understood or construed as, financial advice. I am not an attorney, accountant or financial advisor. These are my personal experiences, and neither this website, newsletter nor podcast is a substitute for advice from a qualified professional.
Keep on Learning and Earning and you will have a Very Good Year!!!