Short and sweet, here are the goals I’m reaching for in 2007.

My 403b = $12,000

My Wife’s Pension = $4000

(The above amounts = 20% of our gross salaries.) Baby Step 4, check!

My daughter’s ESA = $4000

My son’s ESA = $4000

(The above amounts = 10% of our gross salaries) Baby Step 5, check!

My Roth IRA = $4000

My Wife’s Roth IRA = $4000

(The above amounts = 10% of our gross salaries) Baby Step 7, check!

Tradeking.com Investment account = $16000

(The above amount = 20% of gross income) Save For House, check!

In 2007, I hope to save or invest 60% of my gross income. I’ve listed these goals in the order of their importance to me. I have already directed my employer to withhold 1,000 dollars per month for my retirement, so my retirement goal is a done deal. I am now saving money for ESA contribution. After I reach my ESA goal, I’ll move towards my other goals.
For those of you unfamiliar with my situation, I am saving for a house and automobile replacement. I’ll be using a combination of Roth IRA’s, Taxable Investment Accounts, and my ING Direct Savings account to do so.

Analysis: On the one hand, these are very, very aggressive goals. On the other hand, if I am going to live without borrowing money, I HAVE to save for future purchases, especially for major purchases. Remember, the above percentages come from my GROSS salary. I still have to deduct taxes, health insurance, and tithe. It’s going to be TIGHT!