Jan

24

2008 Financial Resolutions

January 24, 2008 |

Here is a list of my 2008 Financial Resolutions:

2008 Financial Resolutions
Goal
 Description
Stay Independent I like the independent consultant’s life.I also like all of what I am learning.

My goal is to be able to stay independent without loosing my shirt.

The only way I would go back to a permanent employment is if they offered me a $200,000 base salary and/or a Vice President level management position at a high growth company.
1 year Cash Reserves There is only one way to accomplish goal number 1: cash. I have to generate excess cash so I can save for when business is bad. Otherwise, once I deplete my savings I might be forced to look for a job.
Diversified Too much in stocks and too much stocks of the same industry (banks).

  • I want to hold no more than 20% of my net worth in any one industry.
  • I do not want to hold more than 50% of my net worth in stocks.

Investment vehicles to expand: Real Estate, Bonds, and Prosper loans.
$2,000/mo Passive Income $24,000 /month of fixed income.  It could be dividends, interest, rent, Prosper loans, or even Google adds.  I think tracking passive income is better than tracking just Dividend payouts.  I know I need around $4,000/month to live.  Increasing passive income can help me assure a passive life — that is if I have to get into a passive life for some reason like getting old or disability.  I am not a passive person.
Regain 75%+ of What Was Lost
 The market downturn left me down, real down.  I lost over a 100 grand.  I need to regain it, be it via capital growth, dividends, or new cash infusions - which would mean the need for new business.  You have to get back on your feet and continue — and so do I.  It may take more than one year to get back to where I was, especially with the other goals and the re-balancing needs - but I will get there.

 Other bloggers with 2008 Financial Resolutions:

Check out how I did in 2007 and 2006. Send me a link if you have a blog posting with your resolutions for 2008 or your success for 2007.


Comments

2 Comments so far

  1. 2007: Financial Resolution Review / Scorecard : Money And Investing on January 24, 2008 7:59 am

    [...] about other blogger’s 2008 Financial Resolutions in my next [...]

  2. TheWalrus on February 3, 2008 10:20 am

    Your first goal… “stay independent”… is the long sought after goal for me. It would be hard to replace my salary by working on my own… therefore I need to pound away at passive income and maybe one day be able to use that as a cushion (or replacement) so I can work at home. I am doubtful that I can achieve that within the next ten years without buying two more real estate properties with big down payments, but we will see.

    Nice goals. Maybe I’ll concoct a list.

    TheWalrus

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