I’m still putting together a finalized list of what I would like to accomplish in 2008. It’s taken over a month, but I should have a complete write up done by February 15th.
The 2008 Financial Goals
- Remain Free of Credit Card Debt - This is a no brainer, I haven’t carried a balance on my credit cards in over three years. Why would I start now?
- Build the Emergency Fund to $6000 - This will produce a four month reserve at my current spending rate. If I cut back some more, this could stretch to 5 months. Once this account hits $6000, I will continue to make small contributions until it eventually reaches my final goal of $10,000.
- Contribute $2000 to a Roth IRA - In a perfect world, I would max out my annual contributions. Unfortunately, we don’t live in a perfect world so any contributions to my Roth will be from any ‘bonus’ income and not my actual salary. $2,000 is a very achievable goal, and if it is a really good year I could deposit much more. I am currently putting 11% into my 403(b) with my employer’s match and $2,000 is about 7% of my take home pay; thus, I should have a solid first year of retirement savings.
- Start Saving for a House - I know that I’m at least three years from purchasing any property as it will take me two years to finish another Master’s degree going to school part-time. At that point, I will change careers and I have no clue what will happen then. Add on another year of making sure I want to settle down in the new location, and I should be able to put close to 20% down.
The 2008 Personal Goals
- Run Longer and Farther - In 2007, I was hampered by a broken leg for four months so put a major roadblock in my master running plan. For 2008, I plan on running at least 2,000 miles, 5 ultra-marathons and most importantly, stay healthy. At some point, I’ll move past the 50k mark and onto 50 mile races. That may or may not happen in 2008.
- More to come..
If 2008 goes as planned, it will be a wonderful year. In the event that I fall short of my goals or life throws a curveball, I WILL make the best of the situation and keep on trucking.
