My 2008 Financial Goals

On the final day of 2007 it is time to post my goals for the New Year. Unlike a "New Years Resolution" which is more hope than substance, I will follow my Millionaire Rule #1 and establish GOALS. Here we go:

Save, Save, Save - in 2008 I will save 8% of my gross pay in my 401(k). It will also be matched with 5% more from my employer. I will also save $100 bi-weekly into my Roth IRA. In the middle of the year I will get a raise (odd July to July pay system) which will be used to increase my Roth IRA savings to the annual rate of $5500 per year (or $211 bi-weekly). Finally, I will save $50 bi-weekly into my online savings account as an emergency fund.

Pay Down Debt - in 2008 I will pay $600 per month toward my credit card debt (while not spending any additional money). This will allow me to pay off Card #1 which has ~$2,000 at 19% interest and make significant headway against my ~$5600 at 5.9% fixed. I will continue making minimum payments on my 0% interest furniture loan and 6.5% interest car note. Total principle repayment will be $10,000 to reduce my total debt to less than $14,000 (from ~$24,000). As a stretch goal, I will aspire to use 'found money' and extra windfalls to reduce my debt below $10,000 by the end of the year.

Continue Education - in 2008 I will continue my education by completing the online certification from my employer for my Level 2 education requirements. My wife will complete at least 18 hours toward her BA degree.

Grown Net Worth - in 2008 I will double my net worth to approximately $48,000.

Grow Aspire 2 Wealth - in 2008 I will continue to foster my blog to the best of my ability and meet the (separate) goals I outline for its performance.

Create "Found Money" - in 2008 I will sell unused items, take paid overtime, or otherwise generate at least $333 per month of extra revenue outside my primary profession.

Be sure to subscribe to my RSS and check back with me through out the year while I chart my progress on these goals. Let all make 2008 a great (and financially sound) year!