My Money Goals

I have several money-related goals for the next few years. They are:

1. Create enough income to continue to pay all bills on time and in full – ONGOING.

2. Continue following the YMOYL program – ONGOING.

3. Reduce expenses and increase income – ONGOING.

4. Payoff my student loan by December 2006. Currently, the balance on this is $6364.70 (although I just sent in an additional $400 payment today.) My usual monthly payment is $300, so this means that to meet my goal I’ll need to pay approximately $1200 extra per month. That’s a lot. It means the difference will have to be made up from my businesses and selling items – DONE.

5. Fund a trip to Italy – DONE. (Now I’m just waiting for the trip.)

6. Maintain at least $10,000 in liquid funds while increasing long-term savings for retirement – DONE.

7. Consider selling my duplex. I was excited to buy it, but as it turns out I’m frustrated by it being out-of-state. I’m much more of a do-it-yourselfer than a pay-someone-else to do minor repairs, so I think I’m better off diversifying. – DONE.

8. Pay off our mortgage by December 2011 or sooner. – IN PROGRESS.

9. Teach my son good money habits – ONGOING.

10. Fund part of my son’s college education – IN PROGRESS.

11. Have $300,000 or more earning 5% or greater interest for passive income – IN PROGRESS.

12. Fully fund my IRA each year. – DONE for 2006, IN PROGRESS for 2007.