If I played soccer, I’d be a GOALie.

July 6, 2009 · 2 comments

Pardon my lame attempt at a play on words, but I’m a big fan of making and meeting personal goals. I set up some basic financial goals on January 1st this year. If you haven’t checked out my budget yet, I encourage you to do so. I put my goals in my budget and at year’s end, check to see if I met or exceeded them. We are just past seven months in to the year, so I figure it’s a good time to see how they’re coming along.

Here were my initial goals:

Checking Account: $1,500
Online Savings Account: $11,000
Roth IRA: $8,000
401K: $10,000
Total: $30,500

I posted my updated Net Worth yesterday, so let’s take a peek and see where I’m at.

Checking Account: $4,171
Online Savings Account: $12,677
Roth IRA: $9,583
401K: $6,448
Total: $32,879

So basically, in seven months I have already exceeded my original goals. Should I be excited? Or should I be upset? I’m stoked because I kicked my goals in the nuts and by the years end should have demolished them, but I’m left wondering “Maybe I suck at making goals and made them way to easy.” Goals shouldn’t be something that can be accomplished with little or no work. I believe they should require focused attention and discipline. Looking back I realize my initial goals were probably too conservative, but I’m not at all upset with myself. When I first established them, I thought they were lofty yet attainable. I knew that I would have to focus on saving my discretionary income and be disciplined enough to contribute to my investment accounts. The hard work paid off and I met my goals five months earlier than anticipated.

It’s also important to continually check in on your progress and make adjustments accordingly. This should not be used an excuse to intentionally fall short of your intial goals and then readjust them lower. I’m doing quite the opposite. With five months left in the year I am going to change around some of the numbers. So here they are…

Checking Account: $1,500
Online Savings Account: $14,500
Roth IRA: $11,000
401K: $10,000
Total: $37,000

I look forward to seeing my progress, and hopefully meeting my refined goals. Do you re-evaluate your goals? How often do you find yourself refining them? Do you set your goals conservatively (like me) or ambitiously?

{ 2 comments }

1 Josh

Good work there Ninja, I'm impressed. I think you did the sensible thing and set attainable goals that would take some work but were realistic. The main thing is now you've reached them you're not just going to stop saving for the rest of the year, but you've re-evaluated and set them a little higher.

When it comes to money you have to set realistic goals otherwise you won't have any fun at all, and you don't want to spend all your time counting how much cash you've saved. When you're young you gotta enjoy it but also have an eye towards the future. It's all about finding the balance.

2 Punch Debt In The Face

Josh – You are too wise for your own good. When are you gonna write a guest post for me? You clearly have the knowledge to write some great content. Shoot, I bet I can just compile all your comments and make them in to an article :) Seriously though, if you'd be interested in writing and article I would love to host it. Take care bro.

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