We're a quarter of the way through the year and I haven't updated you guys on how my goals are going. With the poor economy, it is even more important to have a plan for your finances and track every penny.
The last time I posted about my financial goals was back at the end of December 2007. Things are moving along slowly but surely on the financial front.
My main financial goals for 2008 are:
- Increase my Net Worth to at least $75,000. As of yesterday, I'm at around $70k. The stock market will have a big effect on this number. I am currently down about 5% in my 401k and down 11% in my brokerage account. I am sticking to a strict budget to manage my cashflow. If you want to start a budget but aren't sure where to start, consider taking advantage of the free trial at Mvelopes to get some ideas on how it works. Be sure to cancel before the end of 30 days so you won't be charged.
- Increase my Freedom Account balance to $5000. I was doing pretty well until I had to borrow money to pay for repairs to my rental property. I also paid for my landlords insurance policy for the year and paid my auto insurance in full for 6 months.
- Increase my Rental Property Account balance to at least $1500. Right now, the account has about $94 in it. Here are some $25 ING Referrals that I am using to help build the account balance back up. If you use one of my referrals to open an account, I will get a $10 bonus for referring you. Be sure to open the account with at least $250 to get the $25 referral bonus. If you don't have $250 to open an account, you can use this link instead.
- Decrease my non-mortgage debt to less than $40,000. This one is moving pretty slow. I am tempted to take money out of savings to pay off the car loan but with the slow economy, I never know when my job might decided to "reduce the workforce". Right now, I am right around $45,000.
- Increase my credit scores. I would like to have at least a 720 credit score with all three bureaus. So far, I am 2 out of 3. I'm not sure what is going on with Experian but I keep hovering around 700.
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