Comments on: Setting and Achieving Financial Goals http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/ Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more. Wed, 19 Jun 2013 21:32:00 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Harry http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-175866 Harry Mon, 13 Apr 2009 15:31:09 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-175866 You may also check out <a href="http://www.goalsontrack.com" rel="nofollow">GoalsOnTrack.com</a>, a very nicely built web app designed for tracking goals and todo lists, and has time tracking. It's clear, focused, easy to navigate, worth a try. You may also check out GoalsOnTrack.com, a very nicely built web app designed for tracking goals and todo lists, and has time tracking. It’s clear, focused, easy to navigate, worth a try.

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]]> By: Raj http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-137888 Raj Thu, 26 Jun 2008 08:58:16 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-137888 ' If my saving is 50% per annum, then 1) what will be my financial goals? 2)what will be its assets class? 3)what will be the weight & proportion for that? 4)why should i invest in that particular mutual funds? ' ‘ If my saving is 50% per annum, then 1) what will be my financial goals? 2)what will be its assets class? 3)what will be the weight & proportion for that? 4)why should i invest in that particular mutual funds? ‘

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]]> By: My Goals for 2008 | godsgreenearth.ws http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-108596 My Goals for 2008 | godsgreenearth.ws Thu, 13 Dec 2007 16:30:49 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-108596 [...] smaller, more attainable goals. I’ve also been greatly inspired by J.D.’s articles at Get Rich Slowly. This one on goals really inspired me. No Credit Needed also has a great article on his 2008 goals, [...]

[...] smaller, more attainable goals. I’ve also been greatly inspired by J.D.’s articles at Get Rich Slowly. This one on goals really inspired me. No Credit Needed also has a great article on his 2008 goals, [...]

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]]> By: SR http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-107160 SR Sun, 02 Dec 2007 10:19:10 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-107160 It's best to put aside a set amount of your income, pay the estimated taxes, and save the rest for the end of the year (this is what I do) -- especially if you don't expect to receive a significant amount in deductions for supplies and expenses. When you know you're making twice what you initially estimated, making only the estimated payments and not saving extra money for taxes (or having your estimated payments adjusted) is a bit careless. Really though, your accountant should have said something to you like "if you end up making more money, put aside x% for the end of the year" or "come back and we'll adjust your estimated payments." That's a pretty costly oversight from someone you pay for financial advice... It’s best to put aside a set amount of your income, pay the estimated taxes, and save the rest for the end of the year (this is what I do) — especially if you don’t expect to receive a significant amount in deductions for supplies and expenses. When you know you’re making twice what you initially estimated, making only the estimated payments and not saving extra money for taxes (or having your estimated payments adjusted) is a bit careless.

Really though, your accountant should have said something to you like “if you end up making more money, put aside x% for the end of the year” or “come back and we’ll adjust your estimated payments.” That’s a pretty costly oversight from someone you pay for financial advice…

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]]> By: Weekly Roundup: Pen Name | My Dollar Plan http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-107089 Weekly Roundup: Pen Name | My Dollar Plan Sat, 01 Dec 2007 13:45:17 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-107089 [...] Setting and Achieving Financial Goals @ Get Rich Slowly [...]

[...] Setting and Achieving Financial Goals @ Get Rich Slowly [...]

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]]> By: TosaJen http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106987 TosaJen Fri, 30 Nov 2007 15:17:35 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106987 Goals are the "big plans" based on values and dreams, and plans are the day-to-day tasks to get to the goals, based on practicality and circumstances. If you don't have the goals, how are you going to recognize opportunities that will help you achieve your dreams, even when they require you to change your plans? "If you don't know where you are going, any road will take you there." -- Lewis Carroll Based on our experiences, we totally believe in setting goals and making plans. They don't all pan out, of course. However, we're closer to the life we want, because we make decisions and changes in the direction of what we want. We don't just drift along hoping things will work out the way we want them to. Goals are the “big plans” based on values and dreams, and plans are the day-to-day tasks to get to the goals, based on practicality and circumstances. If you don’t have the goals, how are you going to recognize opportunities that will help you achieve your dreams, even when they require you to change your plans?

“If you don’t know where you are going, any road will take you there.” — Lewis Carroll

Based on our experiences, we totally believe in setting goals and making plans. They don’t all pan out, of course. However, we’re closer to the life we want, because we make decisions and changes in the direction of what we want. We don’t just drift along hoping things will work out the way we want them to.

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]]> By: Patrick http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106980 Patrick Fri, 30 Nov 2007 14:28:49 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106980 JD, solid goals. In my opinion, the first step is defining your goals, then determine if they are realistic. You've got a good plan in place, and from reading your blog, I know you have the desire and discipline to achieve your goals. Good luck! JD, solid goals. In my opinion, the first step is defining your goals, then determine if they are realistic. You’ve got a good plan in place, and from reading your blog, I know you have the desire and discipline to achieve your goals. Good luck!

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]]> By: MossySF http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106947 MossySF Fri, 30 Nov 2007 09:35:45 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106947 I don't think you will have to worry about penalties for underpaying taxes this year. There are 2 safe harbors for underpayment -- you withhold more than your tax liability from last year or you meet 90% of the liability for this year. It sounds like the extra quarterly payments will get you above what you paid last year -- especially if you got a refund last year and did not make any changes to your regular employment withholding. I don’t think you will have to worry about penalties for underpaying taxes this year. There are 2 safe harbors for underpayment — you withhold more than your tax liability from last year or you meet 90% of the liability for this year. It sounds like the extra quarterly payments will get you above what you paid last year — especially if you got a refund last year and did not make any changes to your regular employment withholding.

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]]> By: jcsmoneyblog.blogspot.com/ http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106937 jcsmoneyblog.blogspot.com/ Fri, 30 Nov 2007 06:56:23 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106937 Interesting goals JD. I was surprised to see "pay my taxes" as a goal! But that does make sense, since you don't know what your future income will be (hopefully even higher than now), you can't accurately predict your taxes, since you don't know what tax bracket you'll end up in. Maybe you should set up a seperate savings account where you put in the percentage of your revenue that you would have to pay in taxes, if you were to earn at that level all year. I.e. in big months you put in a higher percentage than lower months. That way you will always have more than enough to cover your taxes without any guess work. This will leave you with extra money at tax time, which would be essentially your "tax return". Interesting goals JD. I was surprised to see “pay my taxes” as a goal! But that does make sense, since you don’t know what your future income will be (hopefully even higher than now), you can’t accurately predict your taxes, since you don’t know what tax bracket you’ll end up in.

Maybe you should set up a seperate savings account where you put in the percentage of your revenue that you would have to pay in taxes, if you were to earn at that level all year. I.e. in big months you put in a higher percentage than lower months. That way you will always have more than enough to cover your taxes without any guess work.

This will leave you with extra money at tax time, which would be essentially your “tax return”.

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]]> By: fathersez http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106928 fathersez Fri, 30 Nov 2007 04:28:19 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106928 This is a great post. Having clear goals, will focus the mind like a magnifying glass focuses sunrays. I wish you all the best and may your goals be achieved much earlier than your set target dates. This is a great post.

Having clear goals, will focus the mind like a magnifying glass focuses sunrays.

I wish you all the best and may your goals be achieved much earlier than your set target dates.

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]]> By: Frugal Bachelor http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106918 Frugal Bachelor Fri, 30 Nov 2007 01:55:00 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106918 What a wonderful, well-written, concise post - striking the perfect balance between some personal insight and common-sense, rational, applies-to-everyone advice. Frugal Bachelor is the type of guy who can do anything he sets his mind to, and when he focuses on a goal, he will get it done - and he has been successful setting and meeting financial goals. He also recently came to the same conclusion as JD did regarding retirement and plans to focus on that for his next goal (but JD said it much more eloquently). What a wonderful, well-written, concise post – striking the perfect balance between some personal insight and common-sense, rational, applies-to-everyone advice. Frugal Bachelor is the type of guy who can do anything he sets his mind to, and when he focuses on a goal, he will get it done – and he has been successful setting and meeting financial goals. He also recently came to the same conclusion as JD did regarding retirement and plans to focus on that for his next goal (but JD said it much more eloquently).

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]]> By: i-endeavors.com http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106915 i-endeavors.com Fri, 30 Nov 2007 01:01:11 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106915 Excellent post, J.D. Considering the income your site is generating now and that, for now, you are still working full time, you should have no problem reaching these goals and a lot more. Excellent post, J.D.

Considering the income your site is generating now and that, for now, you are still working full time, you should have no problem reaching these goals and a lot more.

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]]> By: Dividends4Life http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106911 Dividends4Life Fri, 30 Nov 2007 00:25:34 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106911 It always tickles me to see someone take a step toward becoming debt-free. Keep working toward your dreams! Best Wishes, D4L It always tickles me to see someone take a step toward becoming debt-free. Keep working toward your dreams!

Best Wishes,
D4L

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]]> By: Tracey http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106887 Tracey Thu, 29 Nov 2007 19:43:02 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106887 If you want to start saving for things like retirement or an emergency fund, start small. Start putting $100 a month into a stock fund. You can do so cheaply through Sharebuilder.com. And stock investing is fun. Buy what you know (Starbucks, Apple, McDonalds etc.) If you start small, you'd be surprised at how fast even $100 a month accumulates. It won't seem so scary or intimidating then. If you want to start saving for things like retirement or an emergency fund, start small. Start putting $100 a month into a stock fund.

You can do so cheaply through Sharebuilder.com. And stock investing is fun. Buy what you know (Starbucks, Apple, McDonalds etc.)

If you start small, you’d be surprised at how fast even $100 a month accumulates. It won’t seem so scary or intimidating then.

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]]> By: handworn http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106873 handworn Thu, 29 Nov 2007 18:15:47 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106873 You should look for Stickley chairs used, on eBay. (Remember the completely consumed increment!) This rocker is $399: http://cgi.ebay.com/ANTIQUE-GENUINE-STICKLEY-MISSION-OAK-ROCKING-CHAIR-NJ_W0QQitemZ260187246170QQihZ016QQcategoryZ63567QQssPageNameZWDVWQQrdZ1QQcmdZViewItem and if it must be fixed-leg but not a labeled Stickley, this new one is even less and has got to be a lot cheaper than Stickley's: http://cgi.ebay.com/Leather-Wood-Mission-Craftsman-Morris-Recliner-Chair_W0QQitemZ330191420101QQihZ014QQcategoryZ20491QQssPageNameZWDVWQQrdZ1QQcmdZViewItem You should look for Stickley chairs used, on eBay. (Remember the completely consumed increment!) This rocker is $399:

http://cgi.ebay.com/ANTIQUE-GENUINE-STICKLEY-MISSION-OAK-ROCKING-CHAIR-NJ_W0QQitemZ260187246170QQihZ016QQcategoryZ63567QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

and if it must be fixed-leg but not a labeled Stickley, this new one is even less and has got to be a lot cheaper than Stickley’s:

http://cgi.ebay.com/Leather-Wood-Mission-Craftsman-Morris-Recliner-Chair_W0QQitemZ330191420101QQihZ014QQcategoryZ20491QQssPageNameZWDVWQQrdZ1QQcmdZViewItem

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]]> By: SJ http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106872 SJ Thu, 29 Nov 2007 18:12:10 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106872 The penalty is also usually tied to whether you paid est. tax last year - if you paid what at least what you would have last year in est. tax, there should be no penalty (at least as of a few years ago in MA, when I last filed estimated taxes) The penalty is also usually tied to whether you paid est. tax last year – if you paid what at least what you would have last year in est. tax, there should be no penalty (at least as of a few years ago in MA, when I last filed estimated taxes)

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]]> By: Erin http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106869 Erin Thu, 29 Nov 2007 17:55:20 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106869 JD, you might want to make sure you don't have to pay that by Jan. 15. I believe the rule is that you'll pay a penalty if the tax due is more than 10% of your total tax or something like that. (Ask your accountant.) I didn't realize that and got wholloped with a penalty because I waited until April 15 one year. JD, you might want to make sure you don’t have to pay that by Jan. 15. I believe the rule is that you’ll pay a penalty if the tax due is more than 10% of your total tax or something like that. (Ask your accountant.) I didn’t realize that and got wholloped with a penalty because I waited until April 15 one year.

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]]> By: Anna http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106868 Anna Thu, 29 Nov 2007 17:51:34 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106868 I, too, would love to know how to generate that kind of money with a blog. I love your site; thanks! I, too, would love to know how to generate that kind of money with a blog.

I love your site; thanks!

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]]> By: 10KPortfolio http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106866 10KPortfolio Thu, 29 Nov 2007 17:38:59 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106866 Paying off the debt must have taken a huge weight off of your shoulders...Congrats. I am sure you can meet your savings goal for this year. Paying off the debt must have taken a huge weight off of your shoulders…Congrats.

I am sure you can meet your savings goal for this year.

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]]> By: Heidi http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106865 Heidi Thu, 29 Nov 2007 17:35:21 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106865 Jeff is right on track suggesting the separate account for your business! Talk to your accountant about the advantages of filing for a EIN and incorporating vs. staying a Sole Prop w/ you SSN. Congratulations on all of your success. It gives me something to strive for! We have similar tastes - I want to buy a MINI for my fiance (nothing but a dream right now), and have been coveting that same Stickly chair for years! Jeff is right on track suggesting the separate account for your business! Talk to your accountant about the advantages of filing for a EIN and incorporating vs. staying a Sole Prop w/ you SSN.

Congratulations on all of your success. It gives me something to strive for!

We have similar tastes – I want to buy a MINI for my fiance (nothing but a dream right now), and have been coveting that same Stickly chair for years!

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]]> By: Heidi http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106864 Heidi Thu, 29 Nov 2007 17:34:19 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106864 Jeff is right on track suggesting the separate account for your business! Talk to your accountant about the advantages of filing for a EIN and incorporating vs. staying a Sole Prop w/ your SSN. Congratulations on all of your success. It gives me something to strive for! We have similar tastes - I want to buy a MINI for my fiance (nothing but a dream right now), and have been coveting that same Stickly chair for years! Jeff is right on track suggesting the separate account for your business! Talk to your accountant about the advantages of filing for a EIN and incorporating vs. staying a Sole Prop w/ your SSN.

Congratulations on all of your success. It gives me something to strive for!

We have similar tastes – I want to buy a MINI for my fiance (nothing but a dream right now), and have been coveting that same Stickly chair for years!

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]]> By: Jeff http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106861 Jeff Thu, 29 Nov 2007 17:00:43 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106861 I recently heard some good money advice for self-employed people. "Get a separate checking account for your business". That way all of your income from your business (blogging) can go into that account. Then when you have expenses (paying for hosting, domain names, etc.) take the money out of that account. Then, when you make withdrawls for living expenses, make sure you move 25% of that amount into a tax savings account. At the end of the year, your profit is what's left in your business checking account. The amount you already owe on taxes is in your business tax savings account. I recently heard some good money advice for self-employed people.

“Get a separate checking account for your business”. That way all of your income from your business (blogging) can go into that account. Then when you have expenses (paying for hosting, domain names, etc.) take the money out of that account. Then, when you make withdrawls for living expenses, make sure you move 25% of that amount into a tax savings account.

At the end of the year, your profit is what’s left in your business checking account. The amount you already owe on taxes is in your business tax savings account.

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]]> By: Jason http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106855 Jason Thu, 29 Nov 2007 16:07:17 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106855 I just had a realization last night about how my financial situation is about to change. I am in the process of buying my first home, and I'm a little freaked out about the size of the obligation I'm taking on (I'm otherwise debt free), but something else excites me. For the past couple of years, all extra went directly into the savings account, saving for a down payment on a home. Now that we're buying the home, we have more options for saving for retirement, or education, or even a big TV or vacation (we'll focus on retirement and education first). I never had thought before about how that would change our position in that way. I just had a realization last night about how my financial situation is about to change. I am in the process of buying my first home, and I’m a little freaked out about the size of the obligation I’m taking on (I’m otherwise debt free), but something else excites me. For the past couple of years, all extra went directly into the savings account, saving for a down payment on a home. Now that we’re buying the home, we have more options for saving for retirement, or education, or even a big TV or vacation (we’ll focus on retirement and education first). I never had thought before about how that would change our position in that way.

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]]> By: Adeem Zafar http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106854 Adeem Zafar Thu, 29 Nov 2007 16:01:28 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106854 I had a question....is it better to put all available funds towards paying off debt and then continue to save once it is all paid off or should I save and make payments at same time? I had a question….is it better to put all available funds towards paying off debt and then continue to save once it is all paid off or should I save and make payments at same time?

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]]> By: Rhonda Porter CMPS http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106851 Rhonda Porter CMPS Thu, 29 Nov 2007 15:49:10 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106851 Congratulations! This makes me contemplate allowing ads on my blog....so far I've resisted temptation. Congratulations! This makes me contemplate allowing ads on my blog….so far I’ve resisted temptation.

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]]> By: J.D. http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106849 J.D. Thu, 29 Nov 2007 15:34:04 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106849 <b>Jim</b>, the Justin Timberlake thing is a <i>joke</i>. No offense to anyone who likes JT (I've never actually heard any of his music, and so have no opinion), but I thought it was a funny example. <b>Jeremy</b>, this is my first year with quarterly payments, and I didn't realize that I could send in more than the amount listed on the payment coupon (which was pre-prepared by me accountant last winter). I'm smart enough to realize that I had extra tax coming, though, and under normal circumstances I would have saved for it as I went along. Getting out of debt felt more important to me, though. Of course, one could look at that $8,000 tax liability and say, "Well, you're <i>still</i> not out of debt..." but to me it's a different thing. I'll get smarter about this as time goes on. Jim, the Justin Timberlake thing is a joke. No offense to anyone who likes JT (I’ve never actually heard any of his music, and so have no opinion), but I thought it was a funny example.

Jeremy, this is my first year with quarterly payments, and I didn’t realize that I could send in more than the amount listed on the payment coupon (which was pre-prepared by me accountant last winter). I’m smart enough to realize that I had extra tax coming, though, and under normal circumstances I would have saved for it as I went along. Getting out of debt felt more important to me, though. Of course, one could look at that $8,000 tax liability and say, “Well, you’re still not out of debt…” but to me it’s a different thing. I’ll get smarter about this as time goes on.

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]]> By: MoneyChangesThings http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106848 MoneyChangesThings Thu, 29 Nov 2007 15:30:29 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106848 I love your line "Goals are crucial. They facilitate smart choices". In fact I have read that people with ANY financial plan have better outcomes than those with no plan at all. A plan focuses your attention. As I often muse about, what happens after you achieve financial stability and have accomplished your goals. The first MiniCooper will be a thrill, but the second one won't. I just decided to run a workshop this January for folks to craft a Financial Mission Statement - the role that your money plays in your life, and how you align your money with your values, once you achieve financial security. Not obvious! Not much discussed! I love your line “Goals are crucial. They facilitate smart choices”. In fact I have read that people with ANY financial plan have better outcomes than those with no plan at all. A plan focuses your attention.
As I often muse about, what happens after you achieve financial stability and have accomplished your goals. The first MiniCooper will be a thrill, but the second one won’t. I just decided to run a workshop this January for folks to craft a Financial Mission Statement – the role that your money plays in your life, and how you align your money with your values, once you achieve financial security. Not obvious! Not much discussed!

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]]> By: Susy http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106846 Susy Thu, 29 Nov 2007 15:08:58 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106846 We are self-employed and I figured out what percentage of our business income should cover taxes. Whenever we get paid I put that money in an ING savings account. Every quarter I send in my payment. I overestimated a little so hopefully I'll have a little left in the account come tax time, if so - into retirement it goes. I've also earned an extra $200 in interest on my tax account (ha take that IRS!). We are self-employed and I figured out what percentage of our business income should cover taxes. Whenever we get paid I put that money in an ING savings account. Every quarter I send in my payment. I overestimated a little so hopefully I’ll have a little left in the account come tax time, if so – into retirement it goes. I’ve also earned an extra $200 in interest on my tax account (ha take that IRS!).

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]]> By: Plan Your Escape http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106845 Plan Your Escape Thu, 29 Nov 2007 14:59:57 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106845 Those sounds like great goals JD. It must feel very satisfying to have achieved the first goal and now to be looking for new ones. Congratulations on your success and good luck! Peter Those sounds like great goals JD. It must feel very satisfying to have achieved the first goal and now to be looking for new ones. Congratulations on your success and good luck!

Peter

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]]> By: Ryan http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/comment-page-1/#comment-106840 Ryan Thu, 29 Nov 2007 14:48:21 +0000 http://www.getrichslowly.org/blog/2007/11/29/setting-and-achieving-my-financial-goals/#comment-106840 @Mitch - You're exactly right. Great content 'that is made for humans' is the single most important thing. It will come more naturally and be more fulfilling (I believe) if you write for people and sharing of knowledge then for the money. Oddly enough, this way the money will soon follow. It does however take time and some hard work to get going. I would recommend you check out this site: http://www.problogger.net/ it has lots of great tips and resources on what you are looking for. @Mitch – You’re exactly right. Great content ‘that is made for humans’ is the single most important thing. It will come more naturally and be more fulfilling (I believe) if you write for people and sharing of knowledge then for the money. Oddly enough, this way the money will soon follow.

It does however take time and some hard work to get going. I would recommend you check out this site: http://www.problogger.net/ it has lots of great tips and resources on what you are looking for.

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