Monday, February 11, 2008

Progress on Goals for 2008

Alright all, its officially been over one month since the start of the new year so thought I should check up on my action plan for achieving my goals especially since some of them had January and February due dates so here goes:

1. Have Net Worth of $105,000 – My net worth is increasing (yeah!) and a very quick calculation of my net worth is over $90k. I have not been as good about saving the $100 a month outside of my retirement accounts, so I need to establish some set plan to prove that I’m saving the $100, be it via a phony withdraw listed in my accounts etc so that I don’t touch this money. I plan to have this plan established before the end of February.

2. Fully Fund my 401k and Roth IRA – I’ve confirmed that my 401k automatic deduction is still set at 27% which will allow me to save the max. When I get my annual cost of living increase I will have to decrease so that I don’t reach the max too soon and loose out on the company matching but the cost of living increase won’t happen until September, so no action is required until then. I have investigated the most economical way and easiest way for me to contribute to my Roth IRA and that is with a once a month automatic transfer from my bank account to Vanguard. Because I’ve signed up for electronic statements there is no cost to do this. So every month on the 22nd $417 is withdrawn from my bank and invested.

3. Diversify Roth IRA – I’ve made no progress on this one other than to check into other mutual funds. This one will require some more investigation on my part as far as the way to do this economically via Vanguard. I know the minimum transaction required to start a different fund in vanguard is $3,000. So I will need what the best method to procure the other fund (i.e. sell some of my S&P 500 fund and invest in the other or lump sum contribution). I plan to have this work complete by February 29th. Does anyone have any advice on how you did it?

4. Get Promotion – I’m working hard towards this one no only am I 1. Continuing to do an "amazing" job on every task but I also have my mid-year review coming up on Tuesday where I plan to work with my boss to 2. List my responsibilities and compare to established tables for positions 3. Talk to my boss about the discrepancy I find in responsibilities and position and request to know the steps I need to take to make it to the next level (additional tasks to take on, people to talk to etc). 4. Continue to Ace my Performance Review and take the opportunities that are offered to me

5. Get Ready to Buy a House - I’ve pretty much deleted this goal from my list. (read my Rent, Don't Buy Post to better explain my reasoning). I’ve decided to rent for one more year, continue to save for a down payment (above and beyond 20%), and wait out a raise and hopefully promotion to have more monthly cash flow.

Well what do you think, am I on my way to achieving my goals for this year?

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