Category Archives: Goals - Page 2

10 Tips On How To Master Your Saving Skills

save-money.jpgGetting tired of trying to save and not seeing any results? Well follow these simple steps and watch your savings account grow.

  1. Set a goal or a target. Write down the amount you want to save and also a date in which you want to accomplish this goal. Get a general idea on how much you have to save per week or month to meet your goal.
  2. Don’t let your money stay idle. Keep idle cash in an account that pays interest.
  3. Keep your checking account low. Have enough money in your account to pay bills and move the rest to somewhere else to gain some interests.
  4. Put savings account on Auto-Pilot. Set up an automatic monthly or weekly transfer to your savings account from each check.
  5. Shop around for the best interest rates. There are many places that offer more than 4%, places like gmac bank. Their money market savings account which also serves as a checking account are current running at 5.10%!
  6. Fees are bad. Find checking/saving accounts with low minimum balances and little to no fees.
  7. Avoid ATM fees. Find banks who can reimburse you on those annoying ATM fees.
  8. Take advantage of banks that show transactions online. This way, you don’t have to wait for that monthly account statement to come in the mail and you can balance your account when it’s best convenient for you.
  9. Overdraft protection. We all make mistakes – avoid those overdraft fees by having overdraft protection for your savings and checking accounts.
  10. Learn to reason. The rule is simple, if you don’t need, you don’t get. Learn to differentiate between your needs and your wants. It’s good to treat ourselves every now and then but let’s not make that a habit.

When will you become a millionaire?

one_million_dollars.jpgIt seems that everyone is trying to climb that millionaire ladder of success, that includes me and Dr. Evil. But unlike Dr. Evil, I don’t intend on taking the world hostage and asking for money. Instead, my goal is to get there by making smart money moves and to be there by early 40′s. Think its reasonable? I certainly do, heres my plans/situations and what differentiate me from the rest.

  • I am currently in school and will have absolutely no loans after I’m done. In fact, I am currently getting paid to go to school.
  • I will have a steady income of 50k+ a year after graduation, which is a nice start.
  • The company that I work for will pay for my masters and in returns will also give me a nice raise.
  • My plans to own my first home by the age of 25 will help me by not dumping my money away to pay for rent. The monthly mortgage will be going towards my house and not be dumping away into someone else’s hand.
  • I have plans for investing in real estate and expect to own a few houses by mid 30′s, where I will be renting out to people for monthly income.
  • I intend on putting away most of my checks in index funds.
  • I have a great start just because I started to save/invest at such an early age.
  • I think long term and have already started planning out my budget for my first home.

These are just some cases and plans I currently have. Here is a site that calculates when your gonna hit your million mark(rough estimation). After putting in my data, my results came out to be 20 years and 6 months. Ha! Take that Dr. Evil!

Carnival of New Year Resolutions

newyearsfire.jpgHappy New Years everyone!

I can’t believe how fast this year had gone by. So I guess it’s that time of the year for New Year Resolutions. This year I have some critical Resolutions so here they are:

  1. The most important one is to get out of debt. If I follow my current plans, I should be out of debt by the end of February. This is the key goal here because after I get this one out the way, I can start my other goals.
  2. Start my IRA account. I would like to max out the 4,000 dollar limit this year and hopefully continue to do the same year after year.
  3. Maintain my current scholarship. Last semester, I really slacked off and wasn’t able to meet my scholarship G.P.A requirements. Although I was only .05 short of 3.6, I still got my warning from the academic department so I really need to do well this year, if I want to keep my scholarship.
  4. Start a savings account for a down payment for my house. The goal here is to be able to purchase a house 2 years after I graduate. So that gives me 4 years to build up my down payment.
  5. To get back into jogging. Over these past years I have been quite lazy and have gotten out of shape. I am going to make an effort this year to start jogging again.

So that’s it, there they are. I will sometime near the future make deadlines for these goals and post them here. I tend to follow my goals better when they have a due date associated with them.

Okay, so that’s enough of my goals and I want to bring out all the resolutions that I got from other bloggers. I will post them in the order that I received them.

The Simple Dollar’s Resolution:

  1. To give up fast food.
  2. To buy a house with a minimal interest debt
  3. To double my investment in my Vanguard 500 aside from its earnings
     

Madkane‘s Resolution:

My  New Year’s resolution is to stop making New Year’s resolutions.You might enjoy the humor piece I’ve posted on the subject of resolutions.It Is Hereby Resolved
Money Monk’s Resolution:

  1. Increase my net worth by $12,000 by Dec.2007
  2. Travel to Martinique ( Carribean Island)
  3. Increase my stocks/mutual funds contributions by 2%
  4. Increase my income by 5% from blogging and my computer consulting work.

Surfer Sam’s Resolutions:

My New Year’s resolution for 2007 is a simple one, to try new things.
But “new things” doesn’t mean bungee jumping or moving to Sri Lanka. It means smaller adventures, to get out of the rut of the familiar and comfortable where I usually live.  It means talking to new people, eating food that was cooked in a firepit, dipping into unfamiliar books, riding a skateboard, climbing the Purple People bridge and climbing out on a limb once in a while.  It means pushing myself into new roles and it means expanding my lifestyle.
Happy New Year Everyone !!

QueerCents’s Resolutions:

Check out my resolution here

Financial Imbalance’s Resolutions:

  1. Increase my net worth by $20,000
  2. Decrease my student loan debt by $10,000
  3. Eliminate all of my credit card debt (roughly $10,000)
  4. Increase my online revenue streams by 15%
  5. Increase my RRSP account by $5,000
  6. Invest in various stocks
  7. Increase revenues from my freelancing opportunities
  8. Budget my finances for each month (had never really budgeted my money in the past, was a free spender)

Super Saver’s Resolutions:

I did a post that covered both my financial results for 2006 and my financial goals for 2007. Check it out here.

Real Estate Tomato’s Resolutions:

To better organize my schedule so that I can find more time to participate in the real estate blogging community.

Home Business Wiz’s Resolutions:

Here is a post with my resolutions!

InvestorTrip’s Resolutions:

You can read it here

Thanks!

TheDigeratiLife‘s Resolutions:

You can read her resolutions here at My Business, Financial, and Personal Goals for 2007.

And that’s all of em. I want to thank all the bloggers for their awesome submissions and for giving me the chance to post them here with such a short notice. I am glad to be able to post them here at moneywalks and I hope for all the people who submitted, they can look back on this post to help them to remember their resolutions.

Happy Holidays from Money Walks!

New years resolutions

newyearsfire.jpgHey everyone, it’s almost that time of the year to be thinking about our goals we want to accomplish for the year 2007. Later on this week, I’m going to be posting my New Years Resolution for 2007 and was wondering if you have any that you want to share with us. If so leave a comment or send me an email to moneywalks(at)gmail(dot)com and I’ll post them here along with mines. I plan on posting it up on New Years so you have til the 31st of december, Cheers!

Happy Holidays!

My Ultimate Goals

fivebucks.jpgFor the past few weeks, I have been mentally stacking up a list of goals that I want to accomplish. I have 3 reasons why I decide to post them

  1. I feel that when I take the time and the effort to fully think out each goal and write them down somewhere (in this case type) it helps me to realize what it is that I need to do in order to accomplish these goals. Otherwise they keep stacking and/or I’ll just put them off for another time.
  2. If I list my goals on my site, that will let my readers know what it is that I want to accomplish and in return will encourage me even more because then I would feel that I’m not only letting myself down, but also my readers.
  3. 3 months down the line, I want to look back at this post and say to myself, “Andy, you did it”

Yes, the current goals that I am focusing on is within 2-3 months time. Now I don’t want to sit here and list a million and five goals, I just want to concentrate on 2 main goals. That way it’s easier to manage and keep track.

  1. Get out of debt. This is probably the most crucial goal that I have at this point. There are many things that I want to do but I can’t because I’m 5 thousand dollars in debt. I would LOVE to start contributing to an investment plan (I’m thinking of an index fund), but it doesn’t make sense to start investing while having to pay my APR for my credit card at the same time. Can you convince me otherwise?
  2. Build up my site. I started blogging sometime in the end of october and I enjoy being a part of the blogger community. I also like the idea of self establishment and through this site I have something I can build from ground up.

What I love about these two goals is that they are linked together. While I’m on my way out of debt, I can write posts to keep my readers up to date which will also helps build content on my site. 

As of now, I am still on track of getting out of debt by sometime in Feburary. I did a post on my current net worth a couple of days ago and based on my expenses, I had said that I would be at positive net worth by Feburary the 16th, however, I am going to push this date back to the 26th of Feburary just to give myself a little room to breathe.

To help accomplish this task, I have created a countdown on my sidebar to remind me of how much time I have left. I think it helps to have a set date and also to have a counter that’s ticking, which helps me to realize how much time I have left. I have set the counter for Feburary 26th 2007 and its ticking…Wish me luck!