I use ONS metrics for net worth related goals[1] – why reinvent the wheel? Calling home equity “property wealth” might be a tad silly, but it seemed reasonable to keep the ONS terminology intact.
Savings rate
Maintain a savings rate above 50%. Monthly savings rates don’t matter so long as the year to date average is at or above target.
Property wealth
Reduce the mortgage by £25,000 or more.
Pension wealth
Use up all available pension allowance.
Financial wealth
Use up all ISA allowance.
Tax
Pay no more than £58,000 in tax in 2020 / 2021 tax year.
Notes:
- Except for property, where I don’t take into account any revaluations, hence here and everywhere else in this blog property wealth = purchase price – outstanding mortgage balance. I probably should revalue, given it’s an investment property now, but it’s too much hassle, so I’ll pass.
3652 Days 