$48,000 Goal Update: 11 Months And 1 Van Later
My goal for 2007 is to “save” $48,000 in various retirement, education, and investment accounts.
Click here to read all posts associated with my $48000 goal.
Click here to read about my savings and investing goals for 2007.
Here’s my updated chart with detailed information:
As you can see, I’m going to miss my goal… by more than $20,000! Yikes, right? Well, it’s not nearly as ‘bad’ as it seems.
My primary mini-goals were to fully-fund our retirement accounts. I managed to fully-fund my 403b, my wife’s pension plan, my Roth IRA (for 2006 and 2007) and my wife’s Roth IRA (for 2006 and 2007). I also fully-funded my daughter’s ESA (for 2006 and 2007). Mid-year, I decided not to fund my son’s ESA in 2007. I am going to fund his ESA in 2008. I also put $1000 into my standard brokerage account. All-in-all, I was able to put $38,000 into various retirement / education/ brokerage accounts.
But, all did not go as planned. First, when I opened my wife’s Roth IRA, I “borrowed” $5000 from my ING Direct Savings account. (I wanted to fund the Roth for 2006 and April 15th was right around the corner.) Then, in October, our old van began to “die” – so we decided to use some of our savings and purchase a newer van. So, instead of ADDING $10,000 to my savings, I actually DEPLETED my savings by $12,000. (I’ve managed to ‘payback’ $3,000.)
There are two ways to look at 2007. On the one hand, I managed to fully-fund 4 retirement accounts AND buy a newer car with cash. On the other hand, I missed my original goal and I actually lowered my “savings”.
Personally, I’ll always view 2007 as a success. While I did not reach my goal, I reached several “mini-goals”. In 2008, I’ll work to rebuild my “savings” – and I’ll continue to fully-fund the retirement/education accounts.
I still have a month to go and I’ll be working VERY hard to rebuild my savings account. I’m a little bummed to see the hit that our savings took, but I’m very, very happy with the newer van.