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Financial milestones anyone?

March 22nd, 2006 at 02:36 am

I had an idea typed up for today, but left it at work today - bleech. So for something completely different .....

As I have saved money I always like to have milestones. You know, like "Today I completely paid off my credit cards", "Next month I should have 100K saved up", "By 2008 I will have my mortgage paid off". Those type of things (note that none of those are true for me, they are just examples). Anywho... I was talking with a co-worker today, and I mentioned how one milestone I passed last year was that I had more money in my savings, stocks, retirement, and bonds combined than I owed in liabilities (my only liability was my mortgage). To me it was like the point where you can say "even if the worst happens, I have money to pay my house and not get kicked out".

OK, I know that statement wasn't exactly true. If I were to pull out my retirement funds I would lose 10% plus taxes. And of course there are living expenses and taxes, and so on. But the point was it was sort of a liberating point where I felt more in control. Does anyone have this type of esoteric milestones they use (or have used)?

Posted in Finance | 3 Comments »

3 Responses to “Financial milestones anyone?”

  1. lrjohnson Says:
    March 22nd, 2006 at 04:35 am 1143002138
    1143002138

    I'm with ya. My first goal was to be able to grocery shop any day without caring when pyaday was. My second goal was to become medi-Cal ineligible. I was never on Medi-Cal, I was a medi-Cal worker, and I wanted to have my resources, not including current month income, exceed the property limit of $2000. I don't have a once sentence goal now-you've reminded me that I work better with one.

  2. Ima saver Says:
    March 22nd, 2006 at 03:29 pm 1143041379
    1143041379

    When I was about 20, my goal was to have $10,000 in the bank. I thought that was so much money. Now I would like to have 1 million in the bank.

  3. Susan Says:
    July 13th, 2006 at 02:26 pm 1152800762
    1152800762

    Once I have money that actually stays in the savings account, I will let you know. But one milestone for me was getting rid of a 2004 vehicle and trading it in for a 1986 Chevy Nova. The next step was moving from a really nice, but expensive apartment to around the corner to live in semi-squalor. The savings is $700.00 a month. I have to make these changes to pay off MAJOR credit card debt within my goal of 3 years (max.) I have 2 grown daughters and never did make a lot of money but foolishly managed the $42,000.00 a year that I did make. Then I quit the job and the rest is history; however my credit score is excellent. When I reach the $0 owed on credit card balances and start making headway on serious savings, that will be an incredible day for me, graduating from being a dummy about the flow of money to a real tightwad who has learned how to have fun without spending much at all. Oh by the way, I got so much pleasure from purchasing a new calendar at the beginning of the year for $0.99 versus a really beautiful one from Border's or Barnes & Noble for six times that at half-price, that I've actually created a lifestyle (something I thought I was already doing) that is quite satisfying. The most noticable by-product of all of this is the balance in my checking account, there is one.

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