So, how will I achieve my 5 year goals of $250k net worth with $10k easily liquidable?
Take small steps.
- Achieve 2008 Goals.
- Pick up a new/second job.
- Eliminate credit card debt.
- Eliminate other debt.
- Increase cash reserves to $1,000.
- Increase stock investments to $400.
- Purchase $200 in US Savings Bonds.
- Increase retirement to $3,768.
- Join a bank sponsored home purchase savings club ($5,000 total towards purchase, bank pays $2 for every $1 put in) (I failed to mention this earlier and takes precedence over investments and savings bonds.)
- Achieve 2009 Goals:
- Eliminate remaining debt
- Complete contributions to bank sponsored home purchase savings club.
- Others to be determined.
- Invest in retirement (Expected annual long-term average return of about 6-10%).
- Invest in more stocks (Expected annual long-term average return of about 8-10%).
- Invest in bonds (Expected annual return of about 4%).
- Invest in profitable properties, becoming a land-lord, more details eventually, but foreclosures are a distinct possibility (low cost, thus low mortgage, on potentially high rental income).
- Invest in a personal property to live in, preferably sufficiently large to allow me to start operating a horse farm (not listed in my long-term goals, since I am undecided as to how to approach it). When I've decided on my approach, expect this to show up in my long-term goals.
No comments:
Post a Comment