It’s weird to think that this is a first for me. I’m a very goal oriented person, but this is the first time that I have written out a list of financial goals to hit in the coming year. I’ve said plenty of things in my head to myself over the years and mostly stuck to them, but usually I kept them broad and easy to do so. Former mental goals just consisted of, pay more towards student loans, or build up savings etc.
This year I’ve decided to be a bit more purposeful after reading about a Harvard Study
on the efficacy of goal writing. And so without further ado…
2014 Financial Goals
2. Set aside fully funded joint E-Fund in Ally (~$20k to $25k) Completed April 2014
4. Open and fully fund a Vanguard Roth IRA for the Fiance ($5.5K) Completed October 2014
5. Max contribution for my Vanguard Roth IRA ($5.5K) Completed September 2014
Total savings and debt payments goals for 2014: $61K to $66K
If I hit all of these marks with time to spare in 2014 I made another list of secondary goals to work towards next:
Hit 30% equity position in Dallas Rental House (Another ~$11k after the 20% equity point) Completed August 2014
- Save up a big pile of cash to either put down 20% for a new primary residence, or 30% down for a student rental house in Austin, TX. (~$60k-$80k)
At the 20% equity position on the rental house I can get the bank to finally drop the monthly $50 PMI I’ve been paying for way too long. Once I hit the 30% equity position I plan to refinance the mortgage and greatly increase the cash flow on the property. And having that extra cash flow would definitely speed up our progress toward the next property.
Seeing these written out has been hugely motivating. For whatever reason I love to monitor progress. Ask my fiance, I track my finances like a hawk these days and have even got her on board to tracking her net worth monthly. This past weekend while she was away for work I had a few errands and tasks to take care of so I made out a list in black ink of course, and took great pleasure in marking off each completed task in bold red ink. There is just something about physically checking something off that does it for me. If I have one small thing left off, it will be a mental thorn in my side until it’s taken care of.
I think one of the hardest people to let down is yourself, and because of that many, including myself, avoid setting clear defined goals. This year I’m going to hold my feet to the fire. I’ve made a great start
getting the ball rolling in January by dumping all my extra cash on student loans and hope to keep up the momentum.
Here’s to making 2014 a great year. What do you plan to do with it?