As Jan. 1 rapidly approaches, I sit down to carve out my goals for the coming year. My goals run the gamut from finally wrapping up all of the projects I've started to getting my house (financially and otherwise) in order.
Chief among my financial goals is to, in 2008:
1) Contribute the full amount of eligible contributions to my self-directed Individual Retirement Account.
2) Invest in one foreclosure or other real estate property with flip/growth potential.
3) Pimp out my ride. (Okay, this isn't really a financial goal, but it will make me feel a whole lot better and certainly maximizes the resale value of my nearly two-decade-old, newly reworked BMW.)
4) Fully insulate the house. Just insulating the attic to the maximum should cut my heating and cooling costs by up to 20 percent, plus qualifying me for federal and state energy tax credits that will save me quite a bit on next year's taxes. For more information on this, check out insulateyouratticnow.com.
How about you? What are your financial goals for the new year?
(Note: If you comment on this post you'll automatically become eligible to receive one copy of my best-selling book on maximizing the value of your Individual Retirement Accounts, "IRA Wealth: Revolutionary IRA Strategies for Real Estate Investment." One winner will be selected at random among all those that comment by Jan. 30.)
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Comments: 39
My goals:
1. Continue to invest in land.
2. Contribute my allowable maximum to my IRA.
3. Increase client base for my tax business.
I have had to cut my 401k back to the minimum for the match. I hope to increase it back to the max in january, 2009.
Bob, thank you for the tips on land investing. Good advice.
Andrea, we just can't have that. Then your wee one would have no toilet to stand in!!! ; ) Have you tapped any resources for assistance during these tight times? Your utility companies will give you a break, based on income. I've also gone the route of scaling back on my subscriptions, including any cable premium channels and even the daily newspaper (I find most of what I need online anyhow). If you or your family members are in the military service, you'll find great insurance rates through military provider USAA. USAA saves me more than a hundred dollars a quarter for car insurance alone. I've also been meaning to take a driver's course refresher (like one offered for anyone of any age through AARP), which will save me another 4 to 10 percent on most insurance company's premiums. Good hint for anyone looking to lower their car insurance costs.
I do have some stock and an IRA that is currently in a S&P500 fund. I do get some of my income from that and I also think that 2008 will be a more volatile year in the market than last year, like up 15% then down 15% and wind up somewhat flat. I think I'll just leave it there till July then move it into a money market till after the 2008 election and the Hurricane season, when I'll either move it into a small cap fund or the S&P500 fund depending on how things are wt that time.
To Our Success.....Bob
Invest? Yeah, right.
Keep us updated on that film launch! I would like to continue to increase my wealth and hope to do so. I learned a lot from many people here, Ms. Meacham, Mr. Covel and so many others. I smell a recession coming but that is just a gut feeling. We'll see if it pans out.
I have various CDs coming due in June - I'll have enough to buy into a GOOD gym membership so I can go every day and also become a member of various museums so I can go for "free" - whenever I want, not depending on what's in my wallet.
Leslie, if you volunteer with museums, you may not have to pay to get in for free.
I also need to trade the stuff I have inherited from my mother, my ex in-laws, my kids, my renters for other stuff I need.
Thanks for the posting.
I also have a goal of learning about the best new businesses in 2008 and the ones that have a good track record or continue to produce stellar or strong results.
Your goals:
1) Contribute the full amount of eligible contributions to my self-directed Individual Retirement Account.
2) Invest in one foreclosure or other real estate property with flip/growth potential.
3) Pimp out my ride. (Okay, this isn't really a financial goal, but it will make me feel a whole lot better and certainly maximizes the resale value of my nearly two-decade-old, newly reworked BMW.)
4) Fully insulate the house. Just insulating the attic to the maximum should cut my heating and cooling costs by up to 20 percent, plus qualifying me for federal and state energy tax credits that will save me quite a bit on next year's taxes. For more information on this, check out insulateyouratticnow.com.
I'm going to check out the insulate your attic site. Thanks!
We also hope to get my husband on the right track to starting his own business this year!
That should do it for now. Can't wait to see what happens to the economy over the next year!
Great answers here by the way all. Fifteen more days to enter!