Tuesday, February 13, 2007

Progress on 2006 goals

My financial goals for 2006 were:

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.

Goal 1 was met - even without my balance transfer money, I have more than $4,500 (three months of expenses) currently sitting in various online banks earning at least 4%.
Goal 2 was not met - I contributed to my Roth IRA, but did not max it out. I am on track to have it maxed for 2006 prior to the last day contributions can be made (around April 15, 2007). I did not max out my 401k either, but between my contributions and my employer's matching contributions, the total in new contributions for 2006 was $14,600.
Goal 3 was met - my net worth at the end of 2006 was $48,721, safely over my goal.

So I came close to meeting all my financial goals and am very encouraged by my progress.

I wasn't quite as good with my other goals. I still have not created a will, I have not taken a household inventory, and in case of emergency, nobody would be able to find all my accounts.

Looks like it won't be too hard to come up with some goals for 2007.

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