Resolutions for 2007
January 2, 2007 – 11:10 amIf you're new here, I suggest you subscribe to my RSS feed. or bookmark this blog. You'll be able to easily keep up to date with new posts. Thanks for visiting!
I’ve thought about several goals for this upcoming year that are realistic for someone in my current situation, a 19 year old college student that works part time, oh damn I turn 20 this year. Well, here for my financial goals for 2007.
1. Increase net worth by $5,200 - That’s roughly $100/week. It will take a couple sacrifices here and there, meaning no real big item purchases. There will still be room for the movies, dinners, netflix subscription, etc. Certain expenses such as groceries and gas will be taken care of also.
2. Fully fund roth IRA - Why? This is the lowest income bracket I plan on being taxed on (
3. Increase exposure to foreign investments - There’s just too much growth going on outside the U.S. that ignoring foreign investments would be a mistake to any investor. There’s always uncertaintly in the U.S. economic picture with a weakening dollar and other items relating to oil being priced in euros.
4. Focus on this blog more - This blog has been lacking attention lately and I apologize for that. 2006 was my rookie year, 2007 will be different. I’ll try to develop a consistent publishing schedule.
5. Start an emergency fund - This is something I never really got around to doing. I plan on starting a CD ladder which I’ll make an upcoming post about.
6. Increase credit limits. - I currently have 2 cards with a $4,000 limit each. After 1 card bumped me up from $800 to $4,000 the other card followed suit. Why do I want more credit? Well, a couple of reasons:
* I’ll always have the security of a money whenever I need it if I have a high credit limit. Hopefully I won’t ever have to use it.
* Credit utilization percentage will be a lot lower, looking better on my credit reports.
* More money can be made from 0% apr offers. Getting $8,000 at 0% and sticking it in a high yield savings account will only net me $400. I’m not complaining about the free money, but putting say $40,000 at 5% will net me $2000 free.
