Personal Finance 

Regular and Stretch Goals for 2007

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Last year, around this time, I didn’t do much goal setting and so I never really had much of a benchmark to judge my performance against. That being said, had I set goals for 2006 I probably would’ve shattered them because many of the things in my life, both financial and otherwise (though here we’ll only focus on the monetary ones, this is a personal finance blog after all), have exceeded my expectations on a daily basis.

So, what are some of my/our goals for this year?

  • Maximize both my and my fiancée’s contribution to our 401(k) plans.
  • Maximize both my and my fiancée’s contribution to our Roth IRAs.
  • Save at least 20% of our incomes and put it in a Vanguard Target Retirement fund.
  • Generate more passive income than what I earned actively in the first year of my full time job.
  • Donate more to charity in 2007 than we did in 2006 (~$2,000).

Now, if you have regular goals, you need to have stretch goals that you really really want to get but may be a little out of reach (or out of scope)… so here are a couple of my/our stretch goals.

  • Generate more passive income than what I earned actively from my full time job.
  • Research all the options and then open a 529 plan.
  • Increase total net worth by 25%.
  • Buy an investment/rental property.
  • Donate $5,000 to charitable organizations in 2007.
  • Start a scholarship in both my high school and my fiancée’s high school.

We’ll have to take a six month look at this and see how we’re progressing, but I believe the regular goals are reachable, the stretches may be… well, a stretch. I’d claim victory if we knocked out a couple of those.

{ 6 comments, please add your thoughts now! }

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6 Responses to “Regular and Stretch Goals for 2007”

  1. donna jean says:

    I like the inclusion of reachable and ‘stretch’ goals. I’ve been impressed at the ability to reach goals set just outside of what I thought was possible. Having things almost within fingertip range makes the reach easier to push and more things happen. Best of luck to you.

  2. fin_indie says:

    Wow. Your first stretch goal must mean that you are close to achieving that already. Is that right? If so, great work on that!

  3. Angry Dinosaur says:

    Whoa – that is alot of passive income. I imagine some of that is blog money and some of it is appreciation on your house.. what other sources of passive income do you have?

    I have near-zero P.I. and would like to change that in the new year..

  4. MoneyMan says:

    Hey Angry Dinosaur just a quick thought- you don’t get passive income from a blog. A blog is something you have to work at every day. If you stop working on it, it will die.

  5. jim says:

    MoneyMan: I did consider blog income as my “passive” income and you are correct, it’s not entirely passive (but not entirely active either) so it’s a bit of a mis-categorization on my part.

  6. mapgirl says:

    Jim, I am doing a goals post and I am seeing this post for the first time. I had no idea that you also want to fund a scholarship. That’s great!

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