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2006 Financial New Year Resolutions : Scorecard

January 1, 2007 |

(Originally published at the AnesHome.com/weblog)

Early in the year I shared some of my 2006 Financial New Year Resolutions (just about the only resolutions I make, as I am not a strong follower of the resolutions tradition). To hold myself accountable for what I did said, here is my update of how I am doing:

1. Increase Dividend / Interest Income
Goal by End of 2006: $6,000 / year.
Current Situation: $6430.5 ($6276 in dividends) / year

Goal accomplished!

2. Consolidate Retirement Accounts
Early in the year I had disparate IRAs and retirement accounts scattered across multiple providers. I am still not using a single provider, but I am at the level I expected to be when I established this resolution. My workplace 401k is managed by Fidelity, the employer’s choice, and a good choice overall. My money from my previous company 401k was rolled over into a brokerage IRA I have with TD Ameritrade, and I still hold a retirement money on the Vanguard 500 fund at Vanguard. It is now a manageable situation that given the levels of investment does not cost me extra money in low-balance fees like I was suffering before.

Goal accomplished!

3. Will / Living Will / Durable Power of Attorney / Health Proxy
Shamefully, I haven’t done anything on this topic. It is a lot easier to plan for enjoyment of the money invested than to plan for the unfortunate situations that life brings us.

Shame on me.

4. Car
Goal: Car Down payment Fund.
Current Situation: Bought a new (used, low mileage) car already, and I am paying the same amount I was paying when I bought the old car – beating inflation?

Goal accomplished

5. Emergency Fund
Goal: 1.5 months of monthly expenses (based on a $3,750 to $4,000 level).
Current Situation: I have 3 months salary saved.

Goal accomplished

What is next?
Chances are the 2007 Financial Resolutions will include more dividends, more emergency funds, and some carryover from the “Will / Living Will / Durable Power of Attorney / Health Proxy” resolution. As for the other three resolutions, I am open to suggestions.


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