Sunday, January 6, 2008

Long Term Goal Achievement

So, how will I achieve my 5 year goals of $250k net worth with $10k easily liquidable?


Take small steps.

  1. Achieve 2008 Goals.
    1. Pick up a new/second job.
    2. Eliminate credit card debt.
    3. Eliminate other debt.
    4. Increase cash reserves to $1,000.
    5. Increase stock investments to $400.
    6. Purchase $200 in US Savings Bonds.
    7. Increase retirement to $3,768.
    8. 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.)
  2. Achieve 2009 Goals:
    1. Eliminate remaining debt
    2. Complete contributions to bank sponsored home purchase savings club.
    3. Others to be determined.
  3. Invest in retirement (Expected annual long-term average return of about 6-10%).
  4. Invest in more stocks (Expected annual long-term average return of about 8-10%).
  5. Invest in bonds (Expected annual return of about 4%).
  6. 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).
  7. 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.

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