Wednesday, March 5, 2008

Progress on my 2008 financial goals

I had five goals I decided to challenge myself with January 1, 2008. How have I measured up?

1. To reach a net worth of six figures ($100,000).
Despite the stock market, I have gained almost $1,400 of net worth since January 1. This really is not promising to keeping me on target for six figures, but I continue to invest and save so I will have to see where I am in June or September before really saying "no, I am not going to make this goal."

2. To have $15,000 in liquid savings for emergency expenses.
I started with just over $9,000 at the beginning of the year and I now have nearly $12,000. It seems like I will surpass this, right? However, some of this money will go to home improvements, some to charity and some to my vet since my cats are having more health issues now they are 12 and 14 years old. I think I will meet my target, but uncertain if I will exceed it.

3. To have $500 in my "found money" account.
This is doing pretty well. I was not sure how irregular bonuses, rebates and odd money would add up, but right now I am up to $220. I received a $100 from my mom's dad and put that in this account, boosting my total. I cannot count on that much money being deposited again, but I am over 40% of my target with only two months of year behind me. My starting total was $81, but I am still happy with my numbers.

4. To increase my contributions to my Roth IRA to $3,000.
I am definitely on track to exceed this. Between $500 of my tax rebate and another $500 from the term life insurance policy, I will definitely contribute $3,000 this year. I also did not expect to max out my 2007 contributions, but I am on target for that as well. Even if the life insurance money does not get into my hands before April 15, I plan on making the maximum contribution using money in savings. I will keep evaluating my 2008 contributions and see if I should put my target to $4,000 or even greater this year.

5. To generate $2,000 from an alternative income source.
This is still undefined. Right now, I have some alternative income generated from selling unwanted items. My current net total: $100.40 (gross = $127.50). I used some of the money to buy my bicycle, and eBay and shipping fees ate profit on some items I sold. I may have to revise this number to $1,000 if this pace stays the same. I am afraid $2,000 was too ambitious, but maybe I will find alternative income in a place I did not expect.

My report is mixed, but I know where to focus my attention. Now if only people would buy more of my stuff...

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