I am usually pretty good at making a goal and sticking to it. Lately, I have set goals on where I want to be financially within the next 5 years. The problem is that they were all in my head and not down on paper in black and white. With that in mind, this weekend I sat down and put pen to paper or fingers to keyboard and put them in writing. Here is what I wish to accomplish in the next 5 years. I am holding my readers personally responsible for making sure that I stick to these goals. I will periodically post an update on the status of my goals. If you see me slipping, don't be afraid to yell at me or slap me around a little. In order for me to get rid of the "debt monster", I have to stick to a solid plan.

For the next 0-12 months, I want to:
  • Payoff my 0% credit card balance before the promo rate expires. The current balance is $3500.00
  • Payoff the 2.9% for life credit card balance. Current balance $7847.23
  • Increase my Freedom Savings account to $2000. Current balance is $1249.00
  • Increase my Rental Property savings account to $1000. Current balance is $463.00
  • Setup automatic transfers to the 2 above accounts bi-weekly instead of when I think about it.
  • End 2007 with at least $64,000 net worth.

In 1-2 years, I want to:

  • Start contributing extra payments to hammer down car loan
  • Make extra payments toward Primary mortgage in order to have at least 20% equity.
  • Make extra payments on rental property mortgage to get right side up.
  • Increase all 3 credit bureau scores over 720.
  • Net Worth of at least $85,000

In 2-5 years, I want to:

  • Finish car payoff, preferably in the 2nd and 3rd yr and no longer.
  • Over $100,000 net worth
  • Start making extra payments to retire student loan debt.
  • Savings of at least $50,000 in liquid cash
  • Purchase a new home or investment property

There you have it; let's see how it goes from here.


  1. Dimples // September 10, 2007 at 10:26 PM  

    Very nice goals there. I am confident you will reach each one. I need to sit down and write down my goals for the next 5 years. I know what I want for the next year.

  2. Anonymous // September 11, 2007 at 6:25 AM  

    Awesome job of putting pen to paper and getting your goals down. Now be sure to keep a copy where you can plainly see it. And the next time you want that new electronic gadget, ask yourself which is more important? The gadget, or your goals?

    Congrats on your progress so far, and good luck reaching your goals!

  3. paidtwice // September 11, 2007 at 10:44 PM  

    It is so worthwhile to go through that goal-setting exercise. Great goals and good luck reaching them!!

  4. SingleGuyMoney // September 12, 2007 at 8:16 AM  

    Patrick - Thanks for the encouragement. Don't worry, no new gadgets for awhile...unless I save and pay cash.

    Paidtwice - Thanks for the encouragement!

  5. Anonymous // September 13, 2007 at 9:26 PM  

    Bronx Chica- very nice and good luck. By my next b-day, I need to get rid of my "debt monster" and finish up school.