I discovered my long forgotten 2008 PF Goals and had fun going through each item seeing where I beat it, where I'm on track and where I just totally strayed off course (*cough*overspending*cough*). Now that the short-term goals from 2008 done, I think it's time for a re-boot.
I wonder whether I went too easy on myself, seeing that I'd accomplished all of my prior short term goals (and actually surpassed most). But on the other hand, I don't want to create unrealistic goals that will only set myself up for failure. After all, I'm easily discouraged. :-P
All I pray for is that my re-boot will be better than that terrible Total Recall remake. I mean, what's the point of re-doing Total Recall without the psychic, belly mutant, Kuato?
I wonder whether I went too easy on myself, seeing that I'd accomplished all of my prior short term goals (and actually surpassed most). But on the other hand, I don't want to create unrealistic goals that will only set myself up for failure. After all, I'm easily discouraged. :-P
All I pray for is that my re-boot will be better than that terrible Total Recall remake. I mean, what's the point of re-doing Total Recall without the psychic, belly mutant, Kuato?
SHORT-TERM FINANCIAL GOALS (1-3 years; 2013 to 2015)
By 12/31/2013 (Age 41)
· Reduce:
Ø SL debt to $42,600
Ø Mortgage to $264,500
Ø Personal Loan from Mom to $54,875
Ø Credit card debt to $13,000
TOTAL: $374,975
· Increase:
Ø EF to $16,250
Ø 401k to $275,000
Ø Roth IRA to $4,500
Ø Traditional IRA to $4,275
Ø Investment account to $16,000
By 12/31/2014 (Age 42)
· Reduce:
Ø SL debt to $36,400
Ø Mortgage to $259,500
Ø Personal Loan from Mom to $48,175
Ø Credit card debt to $0
TOTAL: $344,075
· Increase:
Ø EF to $17,450
Ø Increase EF savings from $100/month to $600/month
Ø Start saving $150/month towards home reno or new car fund
Ø 401k to $313,500
Ø Roth IRA to $5,350
Ø Traditional IRA to $4,360
Ø Investment account to $18,500
By 12/31/2015 (Age 43)
· Reduce:
Ø SL debt to $29,560
Ø Mortgage to $254,250
Ø Personal Loan from Mom to $41,475
TOTAL: $325,285
· Increase:
Ø EF to $24,650
Ø Home Reno/New Car Fund to $1,800
Ø 401k to $353,000
Ø Roth IRA to $6,250
Ø Traditional IRA to $4,500
Ø Investment account to $26,000
MID-TERM FINANCIAL GOALS (4 – 10 years; 2016 to 2022)
By 12/31/2018 (Age 46)
· Reduce:
Ø SL debt to $7,400; Pay off by 9/30/2019
Ø Mortgage to $236,000
Ø Personal Loan from Mom to $21,375; Pay off by 12/31/2021
TOTAL: $264,775
· Increase:
Ø EF to $43,670; Reduce EF saving rate to $170/month in June. Start saving $430/month for Annuity purchase
Ø Start contributing maximum yearly limit ($5500) to IRA eff. 1/1/2019
Ø Annuity Fund: $2,580
Ø Home Reno/New Car Fund to $7,200
Ø 401k to $460,000
Ø Roth IRA to $9,000
Ø Traditional IRA to $5,000
Ø Investment account to $48,000 (May be reduced if sold to purchase new car.)
By 12/31/2022 (Age 50)
· Reduce:
Ø Mortgage to $181,000
TOTAL: $181,000
· Increase:
Ø EF to $51,830
Ø Annuity Fund: $23,220
Ø Home Reno/New Car Fund to $14,400 (May be reduced if used for renovation work or new car purchase.)
Ø 401k to $685,000
Ø Roth IRA to $21,000
Ø Traditional IRA to $33,000
Ø Investment account to $78,000 (May be reduced if used for renovation work or new car purchase.)
LONG-TERM FINANCIAL GOALS (11 – 22 years; 2023 to 2034)
By 12/31/2027 (Age 55)
· Reduce:
Ø Mortgage to $66,000 (Pay off by 6/30/2030)
TOTAL: $66,000
· Increase:
Ø EF to $62,030
Ø Annuity Fund: $46,400+
Ø Home Reno/New Car Fund to $23,400 (May be reduced if used for renovation work or new car purchase.)
Ø 401k to $1,000,000
Ø Roth IRA to $38,500
Ø Traditional IRA to $87,500
Ø Investment account to $116,000 (May be reduced if used for renovation work or new car purchase.)
By 12/31/2034 (Age 62)
· Increase:
Ø EF to $76,310
Ø Purchase $50,000 Annuity
Ø Home Reno/New Car Fund to $36,000 (May be reduced if used for renovation work or new car purchase.)
Ø 401k to $1.7 million
Ø Roth IRA to $54,000
Ø Traditional IRA to $182,000
Ø Investment account to $169,200
RETIRE!!!