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Goals Review – June

June 30th, 2008 at 10:20 am

This month had the good and the bad. I didn’t pay much debt back this month, but I did make good progress on life insurance and my will.

My goals for 2008 are:

1) Pay off debt (except mortgage) by October 1st
. DONE a) Pay off CC by April 1st
. DONE b) Pay off Car 1 by June 1st
. c) Pay off Car 2 by Aug 1st
. d) Pay off wife’s braces by June 1st
. e) Pay off son’s medical by October 1st
2) Invest $15,000 by year end
3) Invest $15,500 in 401(k)
4) Review and reallocate retirement funds by end of Q1
5) Will by end of Q2
6) Life Insurance by end of Q2
7) Save $4,000 for college by end of Q4

1) Pay off all debt but the mortgage by October 1st

Total Debt
06/26/2008 - $17,645 ($656 paid)

Car 2 (3.9% interest rate)
06/30/2008 - $929 ($0 paid)

Wife's braces (0% interest rate)
06/26/2008 - $1,716 ($156 paid)

Son's medical (0% interest rate)
06/09/2008 - $15,000 ($500 paid)

Wife's medical (Not included in total)
06/01/2008 - $4,498.52
06/25/2008 - $1,498.52 ($3,000 paid)

On April 17th, I wrote: “Somewhere between now and being debt free, there will be these hills that will test my resolve to the core.”

In the first quarter, I was finding my pace. By April and May, I was cruising along. Let’s add some more aggressive goals.

And then June hit. I got hit with a 1,500 medical bill, then 1,800, then 500, and finally 600. At the end of the month, I just got hit with 4,400 in medical bills. This is my Heartbreak hill. 4 consecutive hills. Once you get over one, there’s another one.

I knew this day would come and I know the next stage – Just grind it out. To make my goals, I just need to grind the remaining debt out over the next quarter, after I hit these hills.

2) Invest $15,000 by yearend
This will be started in Q4.

3) Invest $15,500 in 401(k)

Invest $15,500 in 401(k)
06/27/2008 - $10,210 invested

Right on target to finish this up in October.

4) Review and reallocate retirement funds by end of Q1


5) Will by end of Q2


6) Life Insurance by end of Q2

Took the physical and handing in my application. Just waiting for it to be reviewed.

7) Save $4,000 for college by end of Q4

Looking for 4th quarter on this.


Even though I am in the nasty part of my debt marathon (4,400 in new medical expenses and just having to grind it out this quarter), I feel good that I got the will and life insurance done. You see, this year (2008) is really about laying the foundation to my financial house. I feel good, surprisingly. I mean, if I look at 1 year or 6 months ago, I am in a far better place. I have traction and I just need to pull through.

So Murphy may have won this month, but the guy in the mirror is telling me to grind it out. So Murphy, enjoy the spare bedroom while you can. The guy in the mirror has me on point, focused, and fired up. So, I’m coming after YOU this quarter.

7 Responses to “Goals Review – June”

  1. managinglife Says:

    Thank you for reminding me about preparing a will. We updated our life insurance both forgot about updating our wills. It is now on my to do list this month.

  2. baselle Says:

    At least you had some gas to go up those 4 heartbreak hills. They would have come anyway, and while it sucks to give up space in your debt for them, you had it to give up.

  3. creditcardfree Says:

    I think you are doing a great job! Way to go on the will and life insurance. Those hills can be brutal...but someday you'll be coastin'!!!

  4. PauletteGoddard Says:

    By the time you make it up the hill to ask for the beachmaster, you'll be told you ARE the beachmaster.

  5. merch Says:

    lol Paulette

  6. cptacek Says:

    Hey, Merch, just wondering. Do you get a match on your 401k? Is it every paycheck? If you stop contributing to your 401k in October, are you going to miss out on the match for the last quarter of the year?

  7. merch Says:

    The company I work doesn't offer a match. If they did, you are right I would be missing out on Q4 matching.

    Good point.

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