dcsimg The Get Rich Slowly Forums • View topic - Calculated goals make them seem easy

  GRS Home  Forum Home
Bank Rates Center
   Savings Account Rates
   Money Market Rates
   Highest CD Rates
Insurance Rates Center
  Auto           Health
   Life              Home
Mortgage Rates Center
  Mortgage Rates
  Mortgage Quotes

Last visit was:
A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Wed Oct 01, 2014 5:27 pm




Post new topic Reply to topic  [ 3 posts ] 
Author Message
 Post subject: Calculated goals make them seem easy
PostPosted: Tue Apr 17, 2007 1:50 pm 

Joined: Mon Apr 16, 2007 7:41 am
Posts: 8
Location: Baton Rouge, LA
I'm only really writing this out to be able to qualify the numbers (quantities) I calculated last night. I created a spreadsheet to tally where my non-committed monies were going.

This does NOT count bonuses. This does NOT count the extra $$$ I deposit in savings each paycheck. This does NOT count hurricane cash I stash away. This does NOT assume any raises.
This also does NOT assume any loss of job, income, or increase in committed expenses.

According to the spreadsheet, I will fulfill 5 of my financial goals before the end of 2007. In order, I will:
* Refill my $1K cushion (just a few dollars low)
* Pay off my Visa ($575 limit at a relatively reasonable 12.9%)
* Save 1.5 months worth in my emergency fund
* Resume funding my Roth IRA for $50/mo
* Save $1,000 for my car's A/C repair

2008 will be dedicated to paying off my student loan, and should happen right about the end of that year.

2009 should see me:
* Start saving to Long-Term Savings
* Maxing out my Roth IRA at $4K/yr
* Saving 3 months of bills in my emergency fund
* beginning to take yearly, week-long vacations (from LTS)

2010 and 2011 have me saving for 6 and 9 months in the emergency fund, respectively.

2012 sees me saving for the final 12 months in the emergency fund, and beginning a 3-month CD ladder with the money.

It's amazing how easy the goals seem when I sat down and did the math to figure them out.


Top
Offline Profile   
 Post subject:
PostPosted: Tue Apr 17, 2007 2:16 pm 
Site Admin
User avatar

Joined: Thu Mar 29, 2007 4:58 pm
Posts: 948
Location: Portland, Oregon
I do this sort of thing, too. In fact, I intend to write about it for the blog at some point. Basically, every few months (whenever the urge strikes), I sit down and draw out a map (very similar to the financial plan Dylan wrote about today). I write down my current income and outgo (is that a word?) and then decide where I want these monies to go.

Last night, as I was cleaning my office, I found one of these plans from 2005. Some of my targets were off — I wanted to have my home equity loan paid off by Dec 2006, but it's going to be Mar 2008 — but I've basically followed the course I laid out at that time. Because I don't use a budget, these plans are valuable to me. They help me get an overview of my financial situation.

I liked seeing your plan, KlfJoat. Good stuff.


Top
Offline Profile E-mail   
 Post subject:
PostPosted: Tue Apr 17, 2007 2:17 pm 
Site Admin
User avatar

Joined: Wed Apr 04, 2007 7:46 pm
Posts: 1627
Location: Washington DC
I did this as well, and I got to year 3 (which for me was 6 months living, ultra-maxed 403c, maxed IRA, and several thousand into high yield savings)

Its amazing how it motivates you

_________________
C.R.E.A.M
Government Economist
CoffeeCents - PF lessons in 15 minutes
Czar of GRS Forums.


Top
Offline Profile E-mail   
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 3 posts ]  Moderators: bpgui, JerichoHill


Who is online

Users browsing this forum: Google [Bot], LeRainDrop and 15 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Theme created StylerBB.net & kodeki