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.