James & I are very keen on setting goals for ourselves and working together to accomplish them.
Right now we are currently working towards paying off our second mortgage. We have around $12k left towards our goal.
Since I’m currently in the states for a brief visit, we have taken some time to consider what our next goals are going to be.
After some consideration, we’ve narrowed it down to working on four financial goals simultaneously. We realize that we would achieve one of them faster if we put all of our resources into one area, but we find it more empowering to work towards several things at the same time. Here is what looks to be next on our agenda
1. Building up and maintaining a $5k liquid rainy day fund.
2. Pay down Miel’s student loans.
3. Build up an entrepreneurial fund. We would like a pot of money to be available when an opportunity to build a business arises – in the mean time this would be in a dividend yielding stock that would produce passive income.
4. Max out James’ Retirement. We’ve agreed that once we are closer to starting on these goals, that we will both budget out and decide how much to contribute to each of these on a bi-monthly basis.
We also agreed that we can individually choose any one of the goals to throw our extra cash towards. We’ve found that it is best to put your extra funds into something that really turns you on. So, it may be that I’m working towards getting the easy goal of the emergency funds taken care of as soon as I can, and James will put more of his extra money towards his retirement or our passive income fund.
This means that we’ll be making consistent progress on all of the goals and then perhaps get ahead a bit as well.
One thing that we haven’t yet established are the time lines and amounts towards each of these goals. We still need to determine how much we want in our entrepreneurial fund or how fast we want to be able to pay off my student loans. We’ll look at those issues more closely once we are closer to starting on these goals. For now it feels good to know what is on the horizon after we’ve accomplished paying off our second mortgage.
Looking forward to achieving these goals!