December 7, 2005

Financial New Year's resolutions

I figured I'd get started early on my financial New Year's resolutions. Here they are, in no particular order:

  • Pay off all debts - I currently have $5,250 in student loans, and my wife owes about $8,000 to her family. We've paid off the loan on our Toyota Corolla, and it felt so good that I want to get the rest of the debt out of the way.
  • Develop a secondary income - I'm currently in the Navy, which pays the bills and helps us save for our retirement. By nature, I'm a long-term thinker, so I'm anticipating the day five years down the road when I will have completed my service with the Navy and will need some other income. I'm starting a side business now so that it will be running strong by the time I need it. The problem will be keeping the profits in the business so it can sustain itself.
  • Start saving for my kids' college - I know, it's not necessarily my responsibility to save the money for my kids to go to college. Heck, the first one isn't even born yet (but will be soon!). Again, though, I'm cursed with the need to look forward many years, and see that eventually there will be a need for college money. I wonder, though, will college still be seen as a necessity? It seems to be becoming less relevant.
  • Increase my net worth by $10,000 - Since my net worth is currently negative (see the reference to debts, above), I can't say that I want to increase it by a percentage, so $10,000 positive new worth increase is a nice, achievable number. I believe I can do it, if I stay focused and start developing that secondary income.
  • So, there you have it. A few simple goals. I'm going to try to find some way to graph my progress on these goals and display it in the sidebar, as kind of a reminder to myself to keep working on them.

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Comments on Financial New Year's resolutions »

December 8, 2005

ncnblog @ 12:47 pm

Quick Challenge For you…
great to see that you have these new year's resolutions, but how about trying to take care of some of that stuff BEFORE the new year begins. Save save save and knock out some of that debt, or go ahead and get that second job… be READY on the 1st..
love the blog, and the title is ultra-sweet

Uncommon Guy @ 1:13 pm

ncn, I can always count on you to keep it real. You're right. I need to get started on this stuff yesterday, not at some arbitrarily-decided turning point in the future. My goal for today is to get that graph up and running - it'll force me to evaluate our net worth and take a hard look at what needs to be done to meet my resolutions.

Thanks, ncn.

December 9, 2005

Neo @ 5:25 pm

I like how you have put your blog put together.

I recently started graphing the net worth for various PF bloggers (with the help of Personal Finance Advice), I would be interested in including yours if you would like. To get you up to date, please send over your net worth data for the past four months.

http://neos-nest-egg.blogspot.com/2005/12/personal-finance-bloggers-net-worth_06.html

Neo

December 28, 2005

Claudine @ 5:09 pm

Financial goals for the New Year are important. I'm going to emphasize that it's equally important to write the goals down and place them where they can be seen every day.

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