My Financial Goals for 2010

Another year gone by and a new year is here to make things happen. In the years before, I’ve made money goals for myself and wasn’t able to make them materialize. I made the mistake of having too foolish of an outlook without a reasonable approach to achieve what I want.

Things are different now and I am now able, with devoted effort, to set financial goals that are realistically attainable. I have also decided to start holding myself somewhat accountable by tracking my progress here on Realm of Prosperity.

My financial goals probably won’t be that different from many others. I’ve noticed that keeping the list small and simple is the best way to go. Having too many goals increases the feeling that they are more of a burden. I’d rather reach one goal than to fail to meet five of them.

Without further ado, my goals for 2010 are:

1) Max out my Roth IRA. Pretty straightforward. I’ve taken time to seriously create my own fund allocation setup for my investment portfolio. Ever since putting in my first $1,000 into a mutual fund, I feel somewhat addicted to saving up money just to put into my Roth. I’m guessing this goal will be somewhat of a breeze for me since I won’t lack the initiative to do it.

• Target: $5,000 contribution

2) Pay off at least half of my higher-interest student loan. I graduated with two student loans at different interest rates. The student loan with the higher interest is at 6.441% and I’d like to remove that debt as soon as possible while using the low-interest loan to build a good credit history.

• Target: $3,100 outstanding loan balance

3) Track my progress. Yes, tracking my progress towards a goal is, in itself, a goal also. It will provide much need motivation and support.

That’s it. Plain and simple.

But I do have one secondary goal to (you know) keep it interesting. I will feel no regret if I don’t complete it. It is to:

• Save up for a DSLR camera. I’ve had a growing interest in photography in the past year. Although I have almost no knowledge of how to take a great photo or what makes a great photo, I’d love to learn. These babies are known to run at least several hundred dollars. To me, it would be a great hobby (and potentially become a source of income) but it is still a luxury that I will get only when I can afford it.

Making goals may be a small step now but it could become a great step towards prosperity.

And to everyone else: I hope 2010 is another year of prosperity and health to you as well!

(Photo credit: frli)

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