Financial Goals 2005
Here are my Financial Goals for 2005:
1. Have a positive Net Worth by December 31, 2005.
2. Get 401(k) up to $10,000. As of yesterday’s close, my balance is $8757.03. I contribute $100 per bi-weekly pay period, so I should get there by September 1, even with worst-case mediocre returns. According to this calculator from dinkytown.net, even if I never put another cent in my account and assuming a 9% return (the historical stock market average annual return is 10%), I’ll have $299,807 by the time I turn 65.
3. Buy a piece of real estate and increase my emergency savings to cover 3 months of mortgage payments, insurance and estimated repairs. How am I going to afford a piece of real estate living in New York? More on that in a later post.
4. Make a full contribution to my Roth IRA for 2004 and 2005. I need to contribute an additional $2500 by April 15, and an entire 2005 contribution of $4000 by the end of the year (hopefully).
I tried to make my goals as attainable as possible, while still making progress. I also try to have a well-rounded financial portfolio and not put all of my eggs in one basket.
1. Have a positive Net Worth by December 31, 2005.
2. Get 401(k) up to $10,000. As of yesterday’s close, my balance is $8757.03. I contribute $100 per bi-weekly pay period, so I should get there by September 1, even with worst-case mediocre returns. According to this calculator from dinkytown.net, even if I never put another cent in my account and assuming a 9% return (the historical stock market average annual return is 10%), I’ll have $299,807 by the time I turn 65.
3. Buy a piece of real estate and increase my emergency savings to cover 3 months of mortgage payments, insurance and estimated repairs. How am I going to afford a piece of real estate living in New York? More on that in a later post.
4. Make a full contribution to my Roth IRA for 2004 and 2005. I need to contribute an additional $2500 by April 15, and an entire 2005 contribution of $4000 by the end of the year (hopefully).
I tried to make my goals as attainable as possible, while still making progress. I also try to have a well-rounded financial portfolio and not put all of my eggs in one basket.
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