Medicated Money

Tuesday, March 28, 2006

Our 2006 Goals

Kids, you tried your best and you failed miserably. The lesson is, never try! -Homer Simpson

In our last post, we looked at our net worth from 12/31/05-2/28/05. By doing this, we were able to determine that although our net worth did increase in that time period, we had no real plan to be able to repeat or even do better. In the wake of many other pf bloggers posting their short-term and long-term goals, we decided it was a good idea to create a game plan of our own. Here are our 2006 goals:

  • Retirement - We plan to both contribute the maximum amount allowed ($15,000) to our individual 403(b). Along with these contributions, an additional 6% of our salary is placed in a employer sponsored retirement program. Finally, it will be difficult, but we plan to invest ($8,000) in a Roth IRA as well, if we are eligible.

  • Emergency Fund - We currently have $1,800 in our emergency account at Emigrant Direct. We plan to place $150-200/wk in to this account. We would like this account to have 3 months of expenses by the end of the year plus money for the Roth IRA if we are eligible.

  • Debt Re-Payment - We recently joined the No Credit Needed Network, and we plan to pay off $36,500 of debt by the end of the year. We plan to make $3,500/month payments to our debt as well as any additional money we have at the end of the month. This will be difficult, but we are up to the challenge.

  • Net Worth - By the end of the year, we would like our net worth to be $-36,000. This would be roughly a increase of $50,000. We truly believe that this will be the most difficult goal to accomplish. However, we are willing to set the bar high, like many of our pf blogger counterparts.

A little late in the year to start the 2006 goals, but it's better late than never. We are currently working on our long term goals. We hope to have them set in the near future.


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