Hi All,
One trait of successful people is they tend to have goals. That is they have clear objectives in their mind and a plan to achieve those objectives. The important thing about goal setting and planning is that it promotes long-term vision and short-term motivation. It also helps to focuses acquisition of knowledge and organize resources.
So, we sat down this weekend over Asian food and reviewed our own goals. They are:
Long Term (8 + years):
1) Retire with net worth of $4,000,000.
Medium Term (5-7 years):
1) Save $65,000 to resettle to Oregon. This will entail sufficient funds to do at least three things.
1. Purchase a home large enough for a family – $50,000
2. Buy a car – $10,000
3. Outfit a nursery – $5,000
For this set of goals we like Portland and have decided to head out there when the time comes to raise a family. Washington, DC is wonderful, but unfortunately the schools and the social environment are not conductive to the sort of environment we’d like our potential children to have.
Short Term (6 months to 2 years) :
1) Achieve net worth of $300,000 by end of 2008. This is 100k less than our goal last year, but asset prices have taken a huge hit, so we want to stay where we are and trust that asset prices will improve.
2) Save $40,000 by May 2009. We are intending on buying a condo in Portland, Oregon. Based on our preliminary numbers, $40,000 should be enough to cover closing costs and give us a comfortable loan to value ratio. We have $17,000 stashed already.
3) Starting late summer/fall 2009 invest in income stock to achieve $1,000 per month in dividends. The rationale is that we want to increase our options and improve our financial security should we have another unexpected job loss. Also, we are planning on travel and relocating, both of which require money.
Immediate Goals
1) Keep a lid on spending, and not exceed $3,500 monthly as our combined spending.
2) Reach our entrepreneurial fund goal of $20k by the end of the year.
Best,
James&Miel
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