Comments on: Financial Goals: Can You Have Too Many at Once?

By: J. Money

J. Money — Tue, 20 Apr 2010 16:08:25 +0000

All great goals guys! And specific too which usually helps you cross them off faster I find :)

By: Budgeting in the Fun Stuff

Budgeting in the Fun Stuff — Mon, 19 Apr 2010 19:49:38 +0000

Financial Goals:
1. Minimum contribution to 401k to get maximum employer match. Check.
2. Max out my Roth IRA. In the process of check.
3. Max out hubby’s Roth IRA. Not yet.
4. Pay off hubby’s car. In the process…it will probably take a whole year from now though.
5. Pay off 15 year mortgage in 10 years total. In the process of check.
6. Increase emergency fund to 6 months of expenses ($20,000) by the end of 2011. In the process of check.
7. Contribute at least $2500 a year to our Scottrade investments (our bridge fund between early retirement and touching our 401k and Roth IRAs). Check.
8. Continue monthly contributions to our Home and Auto maintenance account, vacation account, and fun money accounts. Check.

So far, so good. I really hope we have enough to open and fund a Roth IRA for my hubby this year…we might put it off while we pay off the car though.

By: Double My Net Worth

Double My Net Worth — Mon, 19 Apr 2010 13:21:35 +0000

That’s a good question you bring up and the comments here are certainly showing us there’s a wide range of thought from a few manageable goals to at least a 100. Personally, I am starting out with just a few general goals, to double my net worth every three years, increase my dividend income to $100 per month, increase my Internet income to $300/month, and increase my financial education. These are pretty broad, only because I am not sure where to narrow down my focus yet. I will check back in with you and let you know how my goal setting goes.

By: J. Money

J. Money — Thu, 15 Apr 2010 16:26:27 +0000

@Derek Sisterhen | Past Due Radio – “The difference between a dream and a goal is that a goal has a timeline for completion and a plan of action.” – YES! Love that bro…
@No Debt Plan – I can see that. As long as you make sure that money is in those accounts like you say ;)
@Abigail – Haha…unfortunately I don’t have any connections here with D.C. Hotels, but i can hook you up with free beer/coffee when you’re in town ;) The Spy Museum is right down the street too.
@WR – You’re right – habits & rituals are what power you forward. As long as they are *good* ones ;)
@jake – They’re too vague for my taste, but if you rock it out then all the better! As long as you’re happy and successful in your own eyes, it doesn’t matter what anyone thinks.
@Anthony – Holy crap, yes! haha…you’re funny dude. Well done.
@Keith @ LifeTuner – Good question…guess it’s just a matter of the way we think of things. I don’t want to think of all my budgeting lines as “goals” even though they are. That’s just me though – if it works for you then great!
@RainyDaySaver – Haha, no worries. I max out my stuff first because I have the 100% matching and because I use all my “do whatever i want with” cash for the Roth. She prefers to use her money differently (not that she spend a lot really being in Grad School). And then the Credit Card is both of our accounts. Soooo, basically I’ll be using the rest of my “do whatever with” money to fund her account when I’m done with all of mine. That make sense?
@Chad Smith – I LIKE THAT!! I think you’re right in that 101 goals would take some time coming up with, but def. seeing it on writing will help motivate you…it’s going on my list to consider ;) “101 things to consider” list – haha….

By: Moneymonk

Moneymonk — Thu, 15 Apr 2010 15:30:47 +0000

I have reached my short term goals–Retirement investments, emergency fund

I want to now explore business realted activities oh yeah and also cruise the carribeean.

By: Chad Smith

Chad Smith — Thu, 15 Apr 2010 03:53:40 +0000

To accomplish most goals, it helps to put them in writing.

I found an interesting exercise a few years back that challenged you to come up with 101 goals to complete in 1001 days (a little under 3 years). It was a fun way to get my wife involved in our goal planning because we could jot down anything and everything we wanted to do. The hardest part was actually coming up with the 101 goals. Once you get started it’s easy to get addicted to crossing them off your list. Some of the goals were financial, some were vacation oriented and some were personal growth related. One was as easy as spending 10 minutes a day for a month reading a non-career related book. You most likely won’t accomplish all the goals in the time frame allotted but it’s a fun brain dump exercise that might just motivate you in a way you’ve been yearning for. We have about 4 months left and we have accomplished 75% of the things on our list (including increasing our savings to 15% last year). Great post.

By: RainyDaySaver

RainyDaySaver — Thu, 15 Apr 2010 02:31:33 +0000

I’m going to be nosy here ;) Why is funding the Mrs.’ Roth IRA last on the list, only to be accomplished after goals #1-3? Is she putting money into her own 401(k) and Roth IRA, but you’d be supplementing her contribution at that point?

By: Brandon

Brandon — Thu, 15 Apr 2010 02:07:57 +0000

I don’t think there can be too many financial goals for anyone. What everybody should be trying to develop is a good financial habit. And with this habit goes all the financial goals that we aim to achieve.

By: Meghan Fife

Meghan Fife — Wed, 14 Apr 2010 23:31:46 +0000

Right now my #1 goal is to have an emergency fund of $2k.
#2 Go on vacation this fall. (I’m young and haven’t been on a vacation with just friends so that is my justification. =)
#3 Start Roth IRA and 401(k) contributions but don’t max until debt is paid off
#4 Pay off student loan debt

I do have dates for all of these things, and I’d like to be going after all of them at once but my cash flow simply isn’t allowing (as I’m also paying cash for part of my school each semester.)

So my decision as of today is to work toward the emergency fund, cash for school and my vacation. Once e-fund is funded that little bit I’ll move on to starting to save for retirement and paying off my student loans. When loans are paid off I’ll beef up my e-fund and start (hopefully) maxing out my retirement accounts.

By: Keith @ LifeTuner

Keith @ LifeTuner — Wed, 14 Apr 2010 22:35:17 +0000

What’s the difference between a financial goal and a regular budget item? Why should I be limited to only so many budget items? The important thing is for every dollar to have a purpose, right?