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2007 Goals

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  • Dopey406 Dopey406's Avatar 01-02-07 | 10:02 PM
  • If you haven't already (or never have and would like to start) it's time to set some 2007 Financial Goals.

    What are your 2007 Financial Goals???
     


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    Our single goal is to GET OUT OF DEBT! This is our year--we'll be out of debt before the end of 2007. We WILL do it!!
     
    It won't be easy and we probably won't like it a lot of times, but we'll be totally debt-free by this time next year.
     
  • Emery Emery's Avatar 01-02-07 | 10:26 PM
  • That is so great Deanna. I know you guys can do it you've been doing so great.
     


    My goal is to get a handle on what we are spending our money on and to save more. We don't have any credit card debt we just have our house and our car payments. We try and pay an extra mortgage payment a year and it turns out we were able to make 2 extra this year. Dh sent another one away before Christmas.
     


    We pay our credit cards off at the end of the month because DH hates debt, but there is no need for our cards to be as high as they are each month so I want to cut back on a lot of that stuff.
     
  • tryinfr3rd tryinfr3rd's Avatar 01-03-07 | 01:26 AM
  • We are hoping to finish the investment property we are building right now (it is a "structure" now, they started framing it a couple weeks ago so its actually starting to look like something which is exciting) we want to sell it as soon as possible and we havent decided yet what the best coarse of action will be after that....we plan to sit down with an accountant soon to figure out what the best thing to do with our money would be.....our long term goal (like around a 5 year goal) is to get enough money through more investments and etc to pay off a mortgage....either on this house or on a new one
     
    we want to get rid of that mortgage payment
     
    another goal for this year is to start a roth IRA, we have been meaning to do that for about 3 years now and keep procrastinating but I have it on our "goal list" which is on the fridge right now so Im hoping that will "force" me to actually get it done this year
     
    oh and also to completely pay back what I used out of the kids savings account to pay off the credit card debt I told you guys about when I first posted. I had been paying back a little at a time but hopefully when we sell the investment house I will just be able to pay it completely back.....ok I think thats all now that Ive written a book about it
     
  • Emery Emery's Avatar 01-03-07 | 01:59 AM
  • I forgot one of my main goals is to get a will set up for us and our daughter. I want to make sure she will be taken care of if something was to happen to me. My husband understands my fears now and agrees it is a priority. I had a bad situation with my stepmother and I told him I will not worry about our daughter not being taken care of if he gets remarried and his new wife takes things over. My Dad was the most honest man I've known and his wife screwed my brother and I over big time after he died. (My Mom died when I was 13 and my Dad before I was 25)

    I want to talk to a financial person and make sure we have enough life insurance and that we are making good investments etc.
  • Dopey406 Dopey406's Avatar 01-03-07 | 10:52 AM
  • Awesome, ladies! Keep up the good work!!

    Just as an aside, it is recommended that you have 8-10 times your annual income in TERM life insurance. So if you make $80,000/year, your life insurance policy should be no less than $640,000 and as much (or more than) $800,000. That will leave your dependents enough to invest that money and virtually live off of the interest in order to make it last a very, very long time.

    Also, I never felt more relieved about "life" than when we finished our Will. It feels great to have that in place and to know that our children will be taken care of emotionally and financially.