As I mentioned at the beginning of the year, I was going to challenge myself to increase my financial goals for 2007. As January comes to a close, I am updating my net worth spreadsheet and thought I would post some progress.
Non-Mortgage Debt.
My goal for 2007 is to reduce my non-mortgage debt by 100%. This really will not be difficult to achieve because my only non-mortgage debt is a 0% balance transfer from American Express. However, at the beginning of the year I reduced the amount I had extended and my January numbers come in with a decrease of 40.11% in non-mortgage debt.
The coming months will not see quite as drastic a decline as I will now pay a more moderate amount towards the balance until I approach the end of the promotional period.
Increase Net Worth.
My other primary goal is to increase my net worth by 35% in 2007. Since I had surpassed my net worth goal for 2006, I wanted to challenge myself a little more and try to surpass the increase from 2006. While part of the boost in my January increase is a result of a year-end bonus received from my employer, I am happy to report an increase in my net worth of 6.43% for the opening month.
While it will be difficult to sustain this level of increase from month to month, I feel that the new year is off to a positive start and I think that I will be able to meet this new challenge. With my new account at HSBCDirect, there will be a little boost in earnings for the funds that I have stashed there. It should be an exciting year!
Now that January is behind us, how are you doing with your goals for 2007?
I really love posts like these, I don’t know why, but posts with goals numbers and percentages in them are just more appealing to me.
Anyway, good luck and keep us updated!
Allen.H
Allen, thanks for the feedback and I will certainly try my best to include more goals/numbers/percentages in future posts.
[...] January 2007 Update [...]