Mid Term Financial Goals: 2010
Today I have been thinking a lot about where we will be financially in 2010. Believe it or not, this is only 2 years away. Seems like only a couple of years back my wife and I were ringing the new millennium. Boy does time really fly when children entire your lives. Anyway, here are my goals for the beginning of the next decade.
Retirement:
Our combined retirement accounts stands at $68,000. For the foreseeable future, we have to concentrate on paying of our debt, so, including employer match, we are looking to add $5000 per year to the accounts. With an average return of 9%, I figure that $90,000 is a reasonable goal for the next 2 years.
Savings:
Currently, our savings, which includes our non-retirement mutual fund, sits at about $1600. This is a pretty sad number, which means that if something happens to one of us, then the credit cards become our emergency savings. In 2 years, I think $5000 would be a good number. This calls for about $125 per month and some interest attached.
Debt:
Ah, I saved the best for last. The mortgage, home equity loan, auto loan and credit card balances all total to about $220,000 right now. We have to decide what we want ot do with the 50K in credit card debt, leave the payments as is or roll it into a HE loan. Whatever is the result, by 2010 I would like to see our debt at $190,000.
So there you have it, the goals are laid out for all to see. Now I have to just stay on course. It will be interesting to see where we are a year from now.
Filed under: Finance and Investing
Thanks for the post on my site - as far as this one. I think it is a winner - I always say the first step is making the decision and then following through - I’m interested to see how it progresses also - you’re officially on my RSS feed gander list now.
Hank: Thanks. This whole opening up of my finances is new to me, but in a short time has given me a lot of motivation. Lets see where this ship takes us.