Sunday, December 10, 2006

Financial Goals for 2007

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Net worth

  • Increase net worth by $80,000.00.
  • Strech goal, increase net worth by $100,000


  • Save to meet net worth increase requirements (in addition to investment returns)
  • Restore operating cash reserve to $33,000.00 by end of March 2007
  • Increase operating cash reserve to $50,000.00 by end of December 2007
  • Contribute at least $20,000 to 529 plans
  • Make retirement contributions for Mom, Dad and Children
  • Fully fund Mom & Dad's 401k
  • Fully fund traditional IRAs with post-tax contributions


  • Move into and furnish new house (basic furnishings) ($5,000 - $15,000)
  • Repay unleveraged debt ($8,124)
  • Big family vacation ($3,000 - $9,000)


  • Lose 15-20 pounds
  • Exercise regularly


  • Move investments from Schwab to Vanguard and Fidelity (only individual 401k)
  • Shift out of life cycle investments into low-cost index funds and index ETFs
  • Restart investment planning process once settled in new home
  • Complete financial planning process with financial advisor (budgets, insurance, etc...)
  • Finish the liquidation of variable and cash value insurance products
  • Reduce the number of investing accounts (if possible)
  • Make sure investments rebalanced regularly

Strategic & Other

  • See more family
  • Increase monthly blog visits to 3,000 per month
  • Play golf at least 12 times
  • Dance lessons with wife
  • Track goal progress on a quarterly basis
  • Excel in new job or quit
  • Family vacation to Europe
  • Plan and have a Daddy day with each child at least once a month
  • Obtain third car (for grandparents)


Anonymous said...

Your goals are awesome. Outside of the financial ones, I am most impressed with the Daddy Day's and Dance Lessons.

It is a truly rich man whom can balance these things in his life that matter most.

makingourway said...


Thanks for the wonderful comments. Daddy days are something I aspire to and manage to accomplish - at least with the older ones. The youngest are a bit too young to be aware - within a year that will change. The youngest get Daddy moments.

The dance lessons are something my wife and I have done on and off for years. After practicing together for a while, it's thoroughly enjoyable, but rough when we first start.

Of course, I'm uncertain as to how the new job will affect work-life balance. My boss seems to be challenged with this matter - though he holds it in very high esteem - perhaps, for him, it is more of an aspiration and goal.


Anonymous said...

You might find this interesting:

Yardley said...

Hi, i stumbled on your blog through a quicken blog.

i am just over 30 years old, and have in the past year become very obsessed with my retirement. i've had a roth IRA for a few years now, but only recently learned that as a part time employee where i work, that i could contribute to my 401k.

i'm just curious, how does someone like you at age late 30's, have a net worth of over 600,000 ALREADY?

also, goals like increasing your networth over 100,000 in a year, how does one go about doing something like that?

and what do you mean by "fully funding mom and dad's 401k"? how can an individual do that for someone else?

i am learning about the terminology used in retirement talk. any help would be great.


makingourway said...

I've jsut reviewed my goals for this year. At the end of Q3, my bed's fairly well made.
With exceptional effort I can improve some of these items, but not everything. It will really be a question of priority.

Next month I'll try to make a formal assessment.

The big points here are:

1. Cash reserve $11.5k - quite a bit lower than expected, however, I did convert about $25k of prior balance into investments.
2. Blog traffic has not been as succesful as planned (to date) - about 66% of year end goal.
3. quite a few of my family and personal actions never came through - especially due to the overwhelming impact of the new job.

On one note, my networth goals so far have exceeded plans, however, in light of my personal / family goals not being met, I'm uncertain to say it's a superior accomplishment.

Regards, makingourway