As we count down the last few days of 2007 and head into 2008, I wanted to review my financial goals I set in 2007 and post my complete 2008 financial goals.
In this post from September 10, 2007, my main goals were to:
- Payoff my 0% credit card balance before the promo rate expires. This has been completed. I paid this off when I paid off the remainder of my credit card debt.
- Payoff my credit card balance at 2.9% for life. This was also completed. See above.
- Increase my Freedom Savings Account to $2000. This has been completed. The balance now stands at around $2400 due to the infusion of cash from my year end bonus. This account is where I keep money to pay for my automobile insurance premiums, automobile tag fees, and any other bill that is paid on a quarterly or bi-annual basis.
- Increase Rental Property Savings Account to $1000. This has not been completed. While the balance has increased, it has not increased to where I've planned it to be. Since my Freedom Account is fully funded, I will direct more money into this account until it is fully funded. This is the account I use for any emergency repairs to my rental property and to pay for the home maintenance plan.
- Setup automatic bi-weekly transfers to my Freedom Account and Rental Property Account. Not only did I setup an automatic transfer to these accounts, I setup a WEEKLY transfer instead of bi-weekly. I don't even miss the money now.
- End 2007 with a Networth of $64,000. After that September post, I increased the goal to $65,000. I've passed both of those goals but the final numbers will depend on how the market performs thru the rest of the year.
- Increase my Networth to at least $75,000. This is very conservative and will be adjusted accordingly around the middle of the year.
- Increase my Freedom Account balance to $5000.00. This is alot more than I need in this account and if the balance gets that high, I will direct any additional money towards debt payments.
- Increase my Rental Property Account balance to at least $1500.00
- Decrease my Non-Mortgage debt to less than $40,000. Now that my credit card debt is gone, my focus is now on the car loan balance. Once the car loan balance is gone, I will then start on the student loan.
- Increase my Credit Scores. I would like to have at least a 720 with all 3 bureaus.
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