We are less than a month away to a brand new year. Around this time last year, there were several financial goals I wanted to accomplish in 2008. This weekend, I had a chance to sit down and review how well I completed my financial "to do" list.

My 2008 goals were to:

Increase My Networth to $75,000. Like alot of other financial bloggers out there, I don't think I am going to hit this goal. I used to post monthly networth updates but I've decided to focus more on increasing my savings.

Increase Freedom Savings Account to $5000. This is the account I use to pay for those infrequent bills such as automobile insurance premiums, Umbrella policy premium, automobile maintenance, small emergencies and any other expenses that I had not accounted for in my regular monthly budget. I've hit and actually exceeded this goal. The account currently stands at $5404.00.

Increase Rental Property Savings to $1500
. I use this account to pay for small repairs to my rental property. I met this goal also.

Decrease Non-Mortgage Debt to $40,000
. I'm happy to say that I completed this goal and then some. I paid off my car loan in full which pushed my total non-mortgage debt to around $23,000 which is the current balance of my student loan. By the way, I love having $556 to distribute to my savings account instead of having to send it to the auto finance company. I never want to have another car loan again!!!!

Increase My Credit Scores. My goal was to have at least a 720 credit score with all 3 bureaus. I met this goal earlier this month when my Experian credit score finally jumped above 720. I guess 4 out of 5 ain't too bad. I probably would have met all 5 goals had I not lost over 45% of my 401k and over 40% of my brokerage account balance. I've determined my goals for 2009 and I'll have those posted in a few days.

Related Posts:
Paid Off A Past Financial Mistake - The Car Loan

Credit Score Checkup
Another Reason For An Emergency Fund


  1. vilkri // December 15, 2008 at 9:19 AM  

    Congratulations! This is a very uplifting post. I had the same experience with my car loan years ago. I never took out another car loan after I had paid off the first one.

  2. Debt Dieter // December 15, 2008 at 3:39 PM  

    I'd say that's a 100% sucess rate as the financial crisis was beyond your control!

    I only hit 70% of my 2008 goals, you nailed yours!

  3. Payday Loans // December 15, 2008 at 4:37 PM  

    Sadly, I did not quite meet my financial goals this year. I got close, but I had a pretty rough start that required me to take out payday loans. I paid them all back on time though, and I didn't think the fee was outrageous.

  4. Anonymous // December 15, 2008 at 5:25 PM  

    Good going with your goals.

    by the way, your credit score is not affected by your income, savings or investments.

    the credit bureaus base your credit score on your bill-paying history, mix if installment vs. revolving debt and the ratio of debt to available credit.

  5. taripres // December 15, 2008 at 7:09 PM  

    I love I love it! Great stuff and and motivating information!


  6. DogAteMyFinances // December 15, 2008 at 7:25 PM  

    Just curious, why is your credit score so low? I'm surprised you could get multiple mortgages.

  7. The Hopeful Nomad // December 15, 2008 at 8:16 PM  

    Congrats! You cannot be blamed for not hitting the net worth goal. Think of it this way: it took a global financial crisis for you not to hit that goal. Actually that's my excuse for a lot of things these days.

  8. SingleGuyMoney // December 15, 2008 at 9:35 PM  

    @villkri: No car payments rock!!

    @dogatemyfinances: Luckily we were still in the period of easy money. Since I had assets to back up my credit score, I was able to get the loans. My credit scores now are as high as they've ever been.

  9. TStrump // December 16, 2008 at 2:09 PM  

    You're doing very well!
    I still have a line of credit that I have to pay off from two years of travelling. Oops!

  10. Rick Vaughn // December 16, 2008 at 8:34 PM  

    Good post!

    I think everyone lost their ass in the 401k department this year. 4 outta 5 ain't bad my man keep up the good work.

  11. Jennifer // December 16, 2008 at 10:07 PM  

    Congratulations! That's amazing, and inspiring. I hope everyone who reads this and isn't doing well financially takes notice.

  12. Stiletto Sports Jen // December 19, 2008 at 6:42 PM  

    wow! that is an amazing feat! Congratulations! Inspired me to make my own goal list for 2009 now!

  13. Steve Borgman // December 20, 2008 at 7:54 PM  

    Mike, I love your blog! I love seeing your goals and how you are doing on them. Have you ever visited the Moolonomy blog? He has some similar goals, and he also posts his goals. I have found it very intriguing and inspiring. Go out there and go get 'em!

  14. Claire // December 22, 2008 at 10:02 AM  

    Do you have a good freebie recommendation for finding out your credit score??