Checkup – December 2022 + Financial Goals for 2023

Welcome to another Dr. PayItBack monthly checkup! I use this space to remain accountable to our expenses and goals, track net worth and debt, and muse on what was done well and what can be improved.

It’s gone, it’s done. 3 years and 4 months after finishing training, I’ve paid off my medical school student loans. I’m taking a well-deserved rest today, so this month’s charts are presented without further comment.

Budget/Cash Flow

PayItBack Progress

Mortgage

Net Worth

Financial Independence

Graph courtesy of Mad Fientist

Financial Goals for 2022

1) Max out 403b: $20,500 of $20,500 (100% done)
2) Max out backdoor Roth IRAs: $12,000 of $12,000 (100% done)
3) Use taxable brokerage in addition to 1) and 2) to save $120,000 total for retirement: $130,000 of $87,500 (148.6% done)
4) Max out 529s for state tax benefit: $16,000 of $16,000 (100% done) 
5) Continue to pay minimum on student loan as long as rate remains <4%
6) Finalize estate documents
7) Purchase a house

Financial Goals for 2023

1) Max out 403b: $22,500
2) Max out 457b: $22,500
3) Max out backdoor Roth IRAs: $13,000
4) Use taxable brokerage in addition to goals 1, 2, and 3 to save $178,000 total for retirement: $120,000
5) Max out 529s for state tax benefit: $16,000
6) Increase umbrella insurance to $3,000,000


How Far I’ve Come

4 thoughts on “Checkup – December 2022 + Financial Goals for 2023”

  1. Nice reference to LOTR! (I think–otherwise, I have revealed my secret geekish tendencies). The low interest rate was tempting, but I think you will find you are happier with your student loans gone.

    Congratulations, and happy new year!

    Reply

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