increase my net worth

I would like to have a positive net worth one day!

Well, I haven’t so much increased my assets, but I have managed to drop my liabilities, month to month, from last month, by about $6k, with probably $2500 more to eliminate before the month is out. Over the course of the year, I think I’m up quite a bit – retirement savings appreciating, plus credit card liability getting whittled away.

HR has already been notified to start maxing my 401(k) withholdings as of Jan 1, and I’m working on my 2008 budget, which will include lots of savings now that I don’t have to write fat checks to credit card companies. I hope to have at least a few thousand dollars saved outright (not in retirement) by the end of the year.

I think I’m on track to getting my 401(k) maxed out, for 2008. 2007 is sort of a loss at this point; it’s not that I didn’t invest in my 401(k)—I did, just only 1/3 of the max. Which is not bad, but it could have been better.

It turns out that maxing my 401(k) next year will actually drop me a tax bracket, so that’s my goal. Beyond that, hopefully my expenses should be much reduced (since my credit cards will be paid off), so in addition to that offsetting the loss due to increasing the 401(k) withholdings, I hope to be able to put aside at least a hundred bucks a month for savings. I haven’t decided on what vehicle yet—I have a money market account, but it has a terrible interest rate, so I might get a savings account with my bank, which has a better rate. I guess I don’t really know what I’m saving for, other than “to not spend,” which makes it somewhat harder to set a goal. I should set some sort of goal. I’ll work on that next.

Sell our monster house and move into a modest house, sock money away and save save save for our children and great vacations with our children. Love to be with them all the time!

I should stop pretending to be too busy and too tired, and just have more sex with my husband. Life is short, and you only live once. I think we all loose site of that sometimes:)

I would like to reach a six-figure net worth by the end of 2012.

To this end, I am aggressively paying down my debt and by the end of 2007, which will relieve me of $10k in liabilities.

In 2008, my plan is to invest roughly $10k against retirement, and save/invest between $2k and $5k for ordinary savings. (I have to reexamine my financial situation in January to firm up that plan.)

If I save $15k each year for 2008, 2009, and 2010, I should reach $100k in net worth by the end of 2010 (barring any other changes in my financial situation).

I need to figure out a balance between retirement savings, and saving for my long-term personal goals. And paying off my mortgage, which is not really a goal but it would be nice.

I use to say I wanted to be rich, but then I realized I am already rich. I have the most wonderful wife and kids in the world, good health, nice house, vehicles, toys, freedom. To that end, i am filthy rich!

But to reach our financial goals, I came to the conclusion that working income has little to do with my financial status. WHAT WE KEEP DOES! Sure, I could increase my wroking income, but if I mis-manage it, what good has it done us? Paying down bad debt, increasing good debt, investing in assets…..that’s where it is at!

Lately I have become real anal about tracking our net worth, and am convinced that is partly why I continue to watch it increase!