PF Goals Reboot

I discovered my long forgotten 2008 PF Goals and had fun going through each item seeing where I beat it, where I'm on track and where I just totally strayed off course (*cough*overspending*cough*).  Now that the short-term goals from 2008 done, I think it's time for a re-boot.

I wonder whether I went too easy on myself, seeing that I'd accomplished all of my prior short term goals (and actually surpassed most).  But on the other hand, I don't want to create unrealistic goals that will only set myself up for failure.  After all, I'm easily discouraged.  :-P

All I pray for is that my re-boot will be better than that terrible Total Recall remake.  I mean, what's the point of re-doing Total Recall without the psychic, belly mutant, Kuato?

 

2013 Goals

SHORT-TERM FINANCIAL GOALS (1-3 years; 2013 to 2015)

By 12/31/2013 (Age 41)

·         Reduce:

Ø  SL debt to $42,600

Ø  Mortgage to $264,500

Ø  Personal Loan from Mom to $54,875

Ø  Credit card debt to $13,000

TOTAL:  $374,975

·         Increase:

Ø  EF to $16,250

Ø  401k to $275,000

Ø  Roth IRA to $4,500

Ø  Traditional IRA to $4,275

Ø  Investment account to $16,000

By 12/31/2014 (Age 42)

·         Reduce:

Ø  SL debt to $36,400

Ø  Mortgage to $259,500

Ø  Personal Loan from Mom to $48,175

Ø  Credit card debt to $0

TOTAL:  $344,075

·         Increase:

Ø  EF to $17,450

Ø  Increase EF savings from $100/month to $600/month

Ø  Start saving $150/month towards home reno or new car fund

Ø  401k to $313,500

Ø  Roth IRA to $5,350          

Ø  Traditional IRA to $4,360

Ø  Investment account to $18,500

By 12/31/2015 (Age 43)

·         Reduce:

Ø  SL debt to $29,560

Ø  Mortgage to $254,250

Ø  Personal Loan from Mom to $41,475

TOTAL:  $325,285

·         Increase:

Ø  EF to $24,650

Ø  Home Reno/New Car Fund to $1,800

Ø  401k to $353,000

Ø  Roth IRA to $6,250

Ø  Traditional IRA to $4,500

Ø  Investment account to $26,000

MID-TERM FINANCIAL GOALS (4 – 10 years; 2016 to 2022)

By 12/31/2018 (Age 46)

·         Reduce:

Ø  SL debt to $7,400;  Pay off by 9/30/2019

Ø  Mortgage to $236,000

Ø  Personal Loan from Mom to $21,375; Pay off by 12/31/2021

TOTAL:  $264,775

·         Increase:

Ø  EF to $43,670;  Reduce EF saving rate to $170/month in June.  Start saving $430/month for Annuity purchase

Ø  Start contributing maximum yearly limit ($5500) to IRA  eff. 1/1/2019      

Ø  Annuity Fund:  $2,580

Ø  Home Reno/New Car Fund to $7,200

Ø  401k to $460,000

Ø  Roth IRA to $9,000

Ø  Traditional IRA to $5,000

Ø  Investment account to $48,000 (May be reduced if sold to purchase new car.)

By 12/31/2022 (Age 50)

·         Reduce:

Ø  Mortgage to $181,000   

TOTAL:  $181,000

·         Increase:

Ø  EF to $51,830

Ø  Annuity Fund:  $23,220

Ø  Home Reno/New Car Fund to $14,400 (May be reduced if used for renovation work or new car purchase.)

Ø  401k to $685,000

Ø  Roth IRA to $21,000

Ø  Traditional IRA to $33,000

Ø  Investment account to $78,000 (May be reduced if used for renovation work or new car purchase.)

LONG-TERM FINANCIAL GOALS (11 – 22 years; 2023 to 2034)

By 12/31/2027 (Age 55)

·         Reduce:

Ø  Mortgage to $66,000  (Pay off by 6/30/2030)

TOTAL:  $66,000               

·         Increase:

Ø  EF to $62,030

Ø  Annuity Fund:  $46,400+

Ø  Home Reno/New Car Fund to $23,400 (May be reduced if used for renovation work or new car purchase.)

Ø  401k to $1,000,000

Ø  Roth IRA to $38,500

Ø  Traditional IRA to $87,500

Ø  Investment account to $116,000 (May be reduced if used for renovation work or new car purchase.)

By 12/31/2034 (Age 62)

·         Increase:

Ø  EF to $76,310

Ø  Purchase $50,000 Annuity

Ø  Home Reno/New Car Fund to $36,000 (May be reduced if used for renovation work or new car purchase.)

Ø  401k to $1.7 million

Ø  Roth IRA to $54,000

Ø  Traditional IRA to $182,000

Ø  Investment account to $169,200

RETIRE!!!