Time to see how things have progressed on my goals for 2008

Eliminate all credit card debt by the end of June 2008. Current credit card debt is $10318. I’m aiming to achieve this goal slightly ahead of schedule, by about a month, according to the snowball plan I started in November.

At the end of February, the balance was down to $2750. This morning, I’ve already knocked another $750 from that. So, with $2000 remaining on the total balance, I’m hoping to use the next paycheck and a little from savings to wipe it out for good and mark it up as a completed goal before the next progress report.

Eliminate PMI from the Mortgage by the end of December 2008. Right now, it’s costing me over $1000 per year. For what? Nothing. To meet this goal, I’ll have to contribute an additional $160 per month towards my mortgage.

With the added biweekly $25 my wife is now tossing in towards the mortgage, this goal is also rapidly approaching completion. We’re a little over one third of the way to eliminating PMI already.

Pay off my auto loan by the end of December 2008. Current balance is $7418. This is also included in my snowball plan and it’s scheduled to be paid off in October if all goes as planned. I’m not looking to speed this up; just finish it off.

I’m just making the payments on this one… Balance is now $6920.

Increase my 401k contributions to 15%. This way I’ll receive the maximum match allowed from my employer. Right now, I’m contributing just under 10%. I’ll plan to make this move once the credit card debt is eliminated. Achieved 12-27-2007

I achieved this goal before the year even started. Woo-hoo for me! Too bad I’m down 3.5% on the year even with the added contributions…

Increase my passive income. Now that I’ve dumped my largest client, the hockey team, I’ll soon find myself bringing in a lot less income. But, I also find myself with a lot more free time. Free time that I should use to optimize my other ventures to make up the difference; except now I’ll focus on more passive income streams because, in all honesty, I’m tired of working so much. Right now my 100% passive income hovers around $50/month. With the least effort possible, I’m looking to triple that in 2008 and pick-up a few low maintenance clients as well.

Getting there… January brought in $79.48 and February brought in $74.09 of totally passive income. I’m not quite there yet on this goal, but I spent a lot of time this past weekend tweaking things to ensure that March is even higher.

$10k in savings. This is my lofty goal. I’m not sure it’s even possible. Right now my ING account is holding a mere $1k. No matter how far rates fall, with a 5-figure balance working in my favor I’ll have to be making atleast $1/day in interest and for whatever reason, I like that. I’d also like to pay for some still needed interior renovations in 2008 with cash and this is where I’ll draw from.

Still tanking. Not sure I even want to talk about this one… No, but really, I think that once the debts are eliminated, progress on this one will take off and I still think it’s possible to reach $10k by the end of the year.

Run a marathon. This is a goal that I just added into the mix last week. To be happy, I’ll need to keep a pace between 7 and 9 minutes per mile.

I laced up my sneakers for the first time yesterday and went out for probably for a little over a mile. My back hurt almost immediately and afterwards my legs were really tight, but that’s to be expected on day one. Hopefully it goes a little better tonight. By the end of this week, I hope to be putting in atleast 3+ miles per day as I build up my stamina.

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1 COMMENT

  1. I recently have had some credit problems. I liked my credit cards waaay too much. I think the best thing you can do to recover is to allow yourself enough time to straighten everything all out. Nothing happens overnight, especially fixing a credit score.

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