2006 Goals

The next step for me was to figure out what my goals for this year are.

1: Have an emergency fund with at least 3 months of expenses. For me, this would be $4500.
2: Fully fund my Roth IRA ($4000) and 401k ($15,000) this year.
3: Net worth of $40,000 by the end of 2006.

I believe that all of these are very reasonable goals. My current emergency fund has $3,600 in it. I'm contributing enough to my 401k that I should have it fully funded before the end of the year. This year I haven't yet made any Roth contributions, but those will be starting in May, and I'll contribute $500 a month for 8 months. My current net worth is $20,914, and based on my calculations, I'll hit at least $39,868 by the end of the year. After taking into consideration all dividends, increase in stock prices and interest, I should be well above $40,000.

Other non-monetary goals are:
1. Have an up-to-date will.
2. Take an inventory.
3. Create a list of accounts in case of emergency.

I'll cover what I think each of these entail later.