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End of Year Business Planning

December 29th, 2015 at 10:01 am

I am at the school gym right now while F has basketball practice... and since I have internet access (I know the secret password!), I just did some end-of-year financial stuff.

I paid myself reimbursables and mileage.

I also sent an additional amount to each of our Roths - so we've now met the maximum of $5500 per year each. D also contributed to his work 401k up to the match. I will take a distribution from my business in early January to cover the additional Roth amounts (it's a little over $2000). I am also putting $5000 from the business into my SEP (that is with the profit I made this year in the business which was about $11k total). The rest of the profit will remain in the business.

I also worked out my salary for 2016. I am increasing it a little bit. It won't hurt our chances for tuition assistance at F's school because we don't have any chances for tuition assistance anymore since the value of our Dublin house is too high. I guess the equity in our house here is also a factor. If the Dublin house was an IRA instead, it would be different (and that's really what the Dublin house is, but that's not how they see it).

Other financial stuff:
- estimated taxes are coming up
- I have to do the office quarterlies for Q4
- I have to do a bunch of billing now for the end of 2015!

The rest of this can wait, though, because we are going to drive up to Red River tomorrow to go x-c skiing! This is our new year's gift to ourselves! Then it's New Year's Eve which will be spent at home eating lots of nice hors d'oeuvres (we just do nibbles on NYE, no real dinner). Then New Year's Day - and we have a party to go to... it's one of the families at school and they have a VERY fancy house (they are really nice people); it's kind of fun, and D didn't go last year, so he's looking forward to it.

I have to say, and I realize I'm rambling now, if I had that much money, I'd spend it differently. I like our smaller house, and I don't need a grand piano or a $100k car. I would travel A LOT though. I'm surprised at how there are so many wealthy families at school and only a few of them are adventurous travelers. Most spend their vacations either in Hawaii (ok, I would LOVE to go there) or Telluride (which is pretty close to us).

If you had that kind of money, how would you spend it?

3 Responses to “End of Year Business Planning”

  1. pjmama Says:

    Also traveling Smile I would take experience over stuff any day of the week!

  2. snafu Says:

    The percentage of [native born] American who hold passports is amazingly small considering the population. I've always presumed they find sufficient diversity in their country, they needn't tolerate language inconvenience or more cultural range than they're accustomed to.

  3. FrugalTexan75 Says:

    I would definitely travel if I had a lot more money. Definitely.

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