Net Worth Challenge

In so many areas of life it makes sense to set goals and create plans that work towards those goals — and the area of personal finance is no different. Although sitting down and setting a goal (and making a plan) may sound like a lot of work, it truly is a HUGE weight off one’s shoulders when completed. I have my own personal financial goals written down on paper as well as yearly mini-goals that I hope to achieve. Eventually, I will share these mini-goals when the time is right. But, in the spirit of getting started and ’setting the goal,’ here are my personal financial goals that I hope to be held accountable for on this blog:

• Accumulate a net worth of $2.5 million (in 2006 dollars) by retirement
• Be able to pull $60,000 per year (in 2006 dollars) from savings at retirement without depleting capital.
• Have the ability to be able to retire between the age of 40 and 50.

Does it seem simple enough? I am dreaming big with these goals, but I do believe with the right plan and resolve these goals are within reach! Setting these goals may be simple, but coming up with a plan with be the challenge — and I’ll save that for another post.

For many years I have wanted to write down my thoughts about finance and money. There are some people in this word that enjoy the topic of money - they enjoy thinking about, planning, managing, strategizing, and growing their money balance. I am one of those people. I find true enjoyment in studying money and working with money. I am excited to be sharing my thoughts about these topics and many others here at NetWorthChallenge.com!

As part of the FIRST POST on the site, I want to start out by thanking both the present and future visitors of this blog. I look forward to discussing different issues related to personal finance, savings, investing, and real estate in the near future. Together we can set financial goals and discover strategies that will help us reach those goals. NetWorthChallenge.com is the start of what I hope will be a valuable resource for individuals that want to learn more about saving, spending, and investing.