Tuesday, January 02, 2007

Financial Goals for 2007

I've revamped my financial goals from July 17th.

Here is the updated list:

1) Save $10,000 in HSBC E-fund. $2838.33 already there. 28% complete. $7161.67 left to go.
2) Save 5% of gross sales to 401(k) plan. (This is approximately the maximum I can save per year per IRS regulationsh.)
3) Save maximum allowed for tax purposes to Traditional IRA. If we qualify, max-out Roth IRA.
4) Save $150 per month to daughter's 529 plan and $25 in her HSBC account.

* Increase Net Worth to $275K (not counting Real Estate equity).

* Tithe 5% of net income. We will equally distribute in 3 areas.
a) church
b) St. Anthony's Dining Room (to feed the homeless and underpriveledged)
c) varies: friends who ask for money for the Leukemia & Lymphona Society, Project Inform, American Heart Association, Friends of the Urban Forest, Habitat for Humanity, etc.

* Open brokerage account after E-fund is financed completely. My uncle highly recommends buyandhold.com, so I'll check into that company first.

* Track spending for 1st 3 months and come up with a reasonable budget. Purchase budgeting software if needed. I'm terrible with following a budget, probably because I don't know how. This year I will tackle this one and become proficient!

* Read a Quicken book to optimize all of my options in Quicken.

* Buy a safe for important personal property.

* Videotape all possessions. Burn a DVD of the tape and place one in our safe and give one to each of our parents for safe keeping. (Both of our parents live out of state.)

* Eliminate personal property insurance on my wedding ring and another ring.

* Review life insurance. Purchase new term-life insurance if we need it.

* Look into placing our Louisiana investment property into our Living Trust. (We got wills and a Revocable Living Trust for our property in San Francisco this year.)

* Keep up my blog.

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