Setting the Goal
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.
2 Responses to 'Setting the Goal'
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on February 8th, 2007 at 9:29 am
To achieve goal #2 you only need half of goal #1….
on February 8th, 2007 at 2:55 pm
Yes, while that may be true I’m being “extra conservative” by only wanting to take out roughly 2-3% of my net worth each year. That leaves my balance with enough of a cushion to outpace inflation without having to earn stellar returns year after year.
Don’t get me wrong, though, when I hit half of my goal — it will still be a happy day!
Thanks for the comment.
-N.W.