My boat's capsized
it's gonna sink to the bottom
I can see the lights on the shore
getting farther away
I don't if I'll make it home tonight
but I know I can swim
under the Tahitian moon
Yes my boat did capsize. And as it was sinking, the lights on the debt free shore were getting farther away. So, I don't know when I'll be done, but I know I can swim. And what better place to swim then under a Tahitian moon?
All in all, a good month and looking forward to August. 2 things I have to be aware of in August: My wife's birthday party and saving for vacation in September. The vacation is paid for and all set. But if I don't work, I don't get paid. So I got to save a little to make sure the bills get paid.
So let's get started.
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
. DONE 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)
DONE 4) Review and reallocate retirement funds by end of Q1
DONE 5) Will by end of Q2
DONE 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
07/30/2008 - $16,060 ($1,585 paid)
Car 2 (3.9% interest rate)
07/30/2008 - $0 ($929 paid)
All paid off!!!
Wife's braces (0% interest rate)
07/30/2008 - $1,560 ($156 paid)
Son's medical (0% interest rate)
07/30/2008 - $14,500 ($500 paid)
Wife's medical (Not included in total)
06/01/2008 - $4,498.52
06/25/2008 - $1,498.52 ($3,000 paid)
07/30/2008 - $0 (1,498.52 paid)
So all I have left is the wife's braces and the son's medical. I paid off the wife's medical form 2007 and the second car (I'll send in the payment next week).
All in all, not bad. I am getting back on track and looking forward to pay off the braces this month.
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)
07/30/2008 - $11,787 invested
Right on target to finish this up in October. Just chugging along.
4) Review and reallocate retirement funds by end of Q1
DONE
5) Will by end of Q2
DONE
6) Life Insurance by end of Q2
DONE. Just received a letter that everything looks good from my physical and I have been approved for a policy. Just waiting for the bill.
7) Save $4,000 for college by end of Q4
Looking for 4th quarter on this.
Summary
So, even though Murphy took the wind out of my sails, I am starting to make progress again. Even though good old Murph threw me off about 5-6 weeks, I didn't change my goals for the year. They were very aggressive before and should be all but impossible now. But, the aggressive goals keep me focused and on point. I feel you need to keep them out of reach but not impossible.
Goals Review - July
July 30th, 2008 at 02:05 pm
July 30th, 2008 at 02:16 pm 1217427409
You remain a regular here and we will all be inspired ...
I admire your plans for the future. I have a question for you that might be personal. In a response to a post you mentioned the cost of a second child would be $30K and you turned down an offer of help from your FIL. Did you have that child? What advice would you offer to a family interested in international adoption that would cost $30K. This family is knowledgeable about the tax credit and grants from foundations.
July 30th, 2008 at 02:38 pm 1217428732
Happy birthday to your wife and enjoy the vacation!
July 30th, 2008 at 02:41 pm 1217428863
For a family interested in adoption, I would say try to do it with cash and don't take on additional debt. Going through grants is a good idea. And I would leave the tax credit out of the equation.
I am just very much against borrowing money from family members. Everyone starts with the best of intentions but it can get ugly pretty quick. For instance, let's say I lone my sister 20k to keep her house and I learn she saved her house and went on vacation, and she still paying me $1,000 a month. My relationship with here is altered because my intention was not for her to use part off the money for a vacation.
July 30th, 2008 at 02:54 pm 1217429643
August 6th, 2008 at 01:14 am 1217985280
August 8th, 2008 at 08:25 pm 1218227106