With the new year starting up, I wanted to write down some clear goals on paper regarding what we want to achieve financially. We are very early into our working lives, having just graduated college back in May, but we have big dreams regarding our future and our finances. To give us the best possible chances for success, we need to turn those dreams into realistic goals to keep on our radar at all times.
“Dreams without goals remain dreams, just dreams” -Denzel Washington
They need to be S.M.A.R.T. goals too: specific, measurable, achievable, realistic, and time-bound. While it is nice to say “save as much as we can” or “contribute to our 401k account”, those really are weak statements. The goals I want to set take that one step further. It’s easy to say “I want to lose weight”, but it’s another to say “I will workout for 30-minutes at the gym on Mondays, Wednesdays, and Fridays for the next 6 months.” That is an example of a S.M.A.R.T. goal.
With that framework in mind, here are the goals my wife and I have decided and agreed upon to pursue this year.
2006 Financial Goals
In 2006 we want to continue building upon the strong financial foundation that was started in 2005. Specifically, this year we are hoping to:
– Make the maximum allowed contributions to our Roth IRAs held at Vanguard as we’ve done in the past. This means putting in $4,000 for my Roth IRA and $4,000 for my fiance’s Roth IRA.
– Contribute enough into both of our company 401K plans in order to get the matching amount. The goal is to contribute at least $4,800 for my 401K (9.0% of salary) and at least $3,600 for my fiance’s 401K (12.0% of salary). I will start…
Note From Author
The full “2006 Financial Goals” post has been back-dated to 01/10/2006. But it was originally published to the Financial Independence Champion (FIChampion.com) Blog on 07/05/2016.
Why Back-Date Posts?
I mentioned in my first post how this blog will be a little different than any other ones you may follow. I still plan to talk about personal finance, rental property, travel, and the pursuit of financial independence. But to give all these topics the right context and the full picture, I need to start at the beginning. I need to fill in the details of life from 2005 until now. I want you to see the successes, the struggles, and all the milestones we passed along the way. Therefore most of the “new” content will be back-dated to their appropriate dates in 2005, 2006, and beyond — until we’re caught up!