Just a couple weeks left before we close out 2008. So this quarter was to concentrate on three things: 401(k) maxed – DONE, Pay off all consumer debt – almost done, and no new holiday debt – so far so good.
The medical debt keeps shrinking. I have $768 left to fund before I send in the check to Amex. I'll probably have it all funded this Friday and will send the check this weekend.
The closer we get to the end of the debt, the more excited my wife gets. For most of this journey this year, she was happy to just review the monthly summary reports, ask for slight adjustments, and manage a few of the categories (groceries, household items, and clothes).
Now, she wants to know what day everything is going to be paid off. She is telling all her friends and family. She's ready to really start attacking other goals next year like the EF and college accounts.
The real part of the journey I enjoyed this year is the honest and open communication with my wife. When we started last year, our marriage was very strained. I would yell at her about how much she spent on groceries and she would yell at me about how much I spent for lunch and breakfast every day.
Once we came together about the budget and started to respect each other and really listen to what is important to each other, the financial sacrifices didn't seem like a big deal.
So right now I am looking at the close of 2008 meeting most of my goals. I have our goals for 2009 set and approved by my wife. I am looking forward to spending the holidays with by family (not worrying about if I have enough money in January to pay for this month) and continuing this journey next year (getting closer to my wife and accomplishing more of our goals together).
As an aside, I blogged about having long term 5 year goals and all my short term goals move towards these goals. With that in mind, I have added two other goals. These goals are really to start preparing me for 2010. In 2010, I would like to start saving up to invest in real estate and start a foundation.
So, 2 new 2009 goals are to educate myself and start preparing for this. I would like to put 10% of my salary (right now, I don't know gross or net) into a foundation for charitable giving.
This really came about in a couple of places. Having two sons, I want to instill onto them an idea of charity. I also want it to be something they can be a part of – contribute to, chose the charity, and help with the investments.
At this point, I don't know enough about foundations to know if it is even feasible to start a foundation with less then $10,000.
In any case, I'll probably be asking for some thoughts on this in 2009 as I prepare for 2010.
Mid December Update
December 15th, 2008 at 03:03 pm
December 15th, 2008 at 03:16 pm 1229354196
December 15th, 2008 at 04:51 pm 1229359885
Looking at my budget, I can give more to charity then I have ever given in the past.
I also wanted to set up something multi-generational that the family could do together, even after my children grow up.
I'll keep you posted on what I finbd out.
December 15th, 2008 at 05:11 pm 1229361085
December 15th, 2008 at 05:16 pm 1229361395
In future years I also want to focus on giving where I will see the impact while I am still alive. I don't think there is any minimum required to establish a foundation, and $10,000 can be used as start up or seed money if you solicit matching funds. It is a wonderful idea.
In 2007,I coordinated the establishment of a "memorial fund" to honor a dear friend who died, and the major donor (his partner) contributed $100,000 as the start up. The interest and subsequent donations are used to fund science camp scholarships for poor, inner-city students. In 2008, we funded between $75 - $200 of the $250 tuition for 56 kids.
December 15th, 2008 at 07:11 pm 1229368293
December 16th, 2008 at 01:53 am 1229392402