Financial New Year's Resolutions

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Well, it's the beginning of another year and it's time once again to think of and write about some New Year's resolutions. In the past, I've told a lot of my close friends my resolutions, but never bothered to write them down. As a result, half way through the year, I tend to forget some of them and just carry on with my day to day life.

This year things will be different because I am planning on writing all my resolutions down in my blog so that I can come back and review the goals later.

Without further ado, here are some of my top financial goals of this coming year.

1. Grow my Overall Net Worth by 25%.

This should definitely be achievable if I continue to live frugally and stay focused on my long term goals. Based on the my year end net worth, I am hoping to save approximately 25K to reach this goal. I plan on doing at least one trip in 2008, so I have been saving money for it. Despite this and the fact that a recession might be looming, I am still very focused on achieving this goal.

2. Posting my Net Worth Percentage Change Month over Month.

This idea was inspired by Million Dollar Journey who has done an excellent job of keeping us informed of his financial journey. The basic idea is to keep readers in the loop and for me to stay honest with my readers. If I have a particular bad month, I won't sugar coat it. I'll tell it like it is. Also, if a stock I have in my portfolio has been doing extremely well, it may be reflected in a very positive net worth increase.

3. Become Better Informed of Taxation Issues

There's no way I'll be as informed as a CA, but this is an area I definitely want to be more knowledgeable in. As I learn new tips and tricks, I will definitely post them to this blog.

4. Learn More About Life Insurance

Admittedly I'm not very well versed with life insurance terms. This year I will put in a good effort to learn more about the various terms so that I am able to select the right choices for my current situation. There is a wealth of information about this on the Internet, so I will be doing plenty of research in this area to let you, the gentle reader how to distinguish between all the different types of products available.

5. Obtain my Credit Score

I always pay my credit cards off on time, and I have no bad debt. Despite these positives, I have yet to obtain my credit score. I should definitely do so sometime in 2008 to ensure that there is nothing fishy on my record.

Thanks again for reading my blog. If you like what you see, please consider subscribing or bookmarking this site.

Comments

MG (moneygardener) said…
I hope you exceed all of your goals and I can't wait to see you net worth updates....
January 2, 2008 at 7:47 PM
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