Goals

The New House And New Goals For 2010

It’s been a full week and we are loving our new home.  We are still waiting for the new furniture for our living room to arrive, along with some bar stools for the kitchen, but other than those items, we are all settled.  (If you ever want to find out just how much stuff you have – move!  Whew.) Obviously, now that we have a house payment, our goals and plans for 2010 have changed.  Instead of aggressively funding my retirement account, like I did for the past two years, we now plan to aggressively pay down our mortgage debt.  That being said, we still plan to save for retirement, kids’ college funds, and other long-term goals.  Here’s the breakdown…

Continue Reading
Goals

Getting Ready For 2010

As preparation for 2010, I’ve spent some time updating automated contributions to various retirement, education, and cash savings accounts.  Here’s the breakdown – My Retirement Accounts – 403(b) – Monthly amount = $1375 A percentage of pre-tax income is deducted from each monthly paycheck. Roth IRA – Monthly amount = $312.50 My goal is to make the maximum allowable contribution for 2010.  For my situation, that’s $5000. My Wife’s Retirement Accounts – Roth IRA – Monthly amount = $312.50 My wifes’ goal is to make the maximum allowable contribution for 2010.  For her situation, that’s $5000.  She also makes pre-tax contributions to her pension plan. Education Savings Accounts – ESA 1 – Monthly amount = $125 The annual contribution limit…

Continue Reading
Goals

Financial Priorities And Principles

I think it’s important to focus on simple, achievable goals.  As such, here are my top five financial priorities and principles – Priorities – I will maintain adequate cash reserves, sufficient to replace my income for 12 months. I will remain debt free, paying upfront for all purchases. I will save for retirement, focusing on both pretax and after-tax accounts. I will teach my children sound financial principles, and help them pay for college. I will look for opportunities to bless others, both with my finances and my time. Principles – I will live on a budget. I will respect every dollar that I make, and the work that went in to making it. I will look for opportunities to…

Continue Reading