Jan
24
2008 Financial Resolutions
January 24, 2008 | 2 Comments
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).
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. |
- No Debt Plan
- Vixen on a Budget
- Free Money Finance
- Realm of Prosperity
- How I Save Money
- Investor Trip
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.
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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