Plans for 2007
With the holiday season and an illness thrown in for good measure, I’ve been away from the blog for far too long. This past weekend however, I spent an afternoon doing my month-end net worth figures and updating everything for the new year. With a trip to the office supply store, my 2007 records have their place ready and the books have been closed on 2006.
For 2006, I had two primary goals related to finances. The first goal was to reduce my non-mortgage debt by 50%. Keep in mind that this debt is simply held as a 0% balance transfer but I had still planned to cut the overall level in half. This goal was not met, as I only reduced the debt by 4% and part of that is because I extended the 0% by transferring the balance to another 0% offer from American Express.
My second goal was to increase my overall net worth by at least 25%. I’m happy to report that I have achieved this goal and passed it by a nice margin, with my overall net worth increasing by 32.96% in 2006. In terms of my net worth calculations, I do include the equity in my home but use a below-market assessment of my home value. In addition to the home equity, I include all retirement savings and emergency savings. Material items, such as vehicles and jewlery, are not included in my calculations nor is the slush fund I keep in my checking account.
As 2007 dawns, I have kept the same primary goals but adjusted the numbers slightly. The non-mortgage debt has been adjusted to be reduced by 100%, as I intend to let the current balance transfer run the course and then pay off the balance in full and take a break from the 0% balance transfer game. For 2007, I have adjusted my net worth goal to be an increase of 35%, which will be slightly higher than what we were able to achieve in 2006.
It looks like 2007 will be an interesting year, as we contemplate moving the family to a new home (possibly even a new state) or staying where we are and spending some money on home improvements. In an effort to build sources of passive income, I continue my efforts to monetize this website and other sites that I have created. All in all, I am pleased with what 2006 brought to me and my family and think that we will continue to be blessed in 2007.
What are your goals for 2007? How did you do with your goals in 2006? Personally, I am not one for new year’s resolutions but please share your goals and aspirations for the coming year.