$100,000 by Age 30

$100,000 by Age 30

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Well you might have noticed I put a little progress bar on the right hand side of my blog to track my goal of having $100,000 put away in retirement accounts by the time I reach age 30. Well by putting that stupid little chart over on the side of my blog really got me to thinking about this goal, more as in – can I actually achieve that goal. Up till this point I just thought it would be a nice goal to achieve but by having it staring me in the face every time I look at my blog it makes me wonder if I’m going to make a fool out of myself by trying to achieve what appears to be a lofty goal.

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Roth 401k checkup

Roth 401k checkup

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Well I have only had 2 months worth of paycheck deductions at the new higher deduction level due to my switching over to the Roth 401K from a traditional IRA (see my posts here and here), but I am pretty sure I am not going to run out of money losing the extra $67 out of each paycheck. In fact I am even contemplating bumping it up a few percentage points more starting next quarter(earliest I can adjust the percentage).

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It’s common sense, but I’m an idiot

It’s common sense, but I’m an idiot

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My wife and I bought a house this last summer, and we opted not to put 20% down because well I’m not sure we had exactly 20% to put down and the interest rates we so low that I figured I would be better off investing the extra money rather than putting more money down on the house. Well this discussion (paying off mortgage vs. investing) gets debated all the time. Some people argue you should pay off the mortgage as fast as you can because it’s a guaranteed return on your money and you have that sense of security when your house is paid off and you don’t have that payment hanging over your head every month. Other people say your mortgage rate is probably only 5-8% and those payments are tax deductible so you’re likely really only paying in 3-6% and you can certainly do better than 3-6% in the stock market, so you are better off investing the money. Really in many cases its personal preference, and me being the young optimistic investor that I am decided that I was going to go the investing route vs. paying off the mortgage.

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Wife’s Roth IRA Contribution

Wife’s Roth IRA Contribution

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Well I decided that we aren’t going to run out of money in the near future, so I went ahead and sent my wife’s 2006 Roth IRA contribution off to Scottrade.  This means that other than my 401k we won’t be able to contribute anymore money to our retirement accounts until 2007, but it also means that we are being proactive and have already contributed our 2006 contributions before probably a majority of people who do actually contribute to their IRAs make their 2005 tax contribution (sometime shortly before they file their taxes on April 15th).

Anyway look for a good boost to our net worth in next month’s financial report.

New site & New Name

New site & New Name

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Well in case someone actually read my previous blog you can tell I got a new site and also a new name. Previously my blog was titled “My Financial Goals” and was hosted over at blogspot. Well I really wanted more control over my blog and decided to move to WordPress and host the blog on its own domain. The domain MyFinancialGoals was not available so I ended up going with MyFinancialJourney.com – which in the end I think I like even better.

Anyway I’m still getting things under control with the new site, so I apologize if there are any inconveniences in the next couple weeks. Hopefully I get things squared away and then can just concentrate on posting new items to my blog.

I’m also open to any feedback on the new site

Jan 2006 – Net Worth Report

Jan 2006 – Net Worth Report

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Well I made some pretty good progress this month. Most of it was due to making a $4,000 contribution to my Roth IRA account. I haven’t deposited my wife’s $4k yet because I wasn’t exactly sure what my cash flow situation was coming off of Christmas/My Wife’s birthday(piano) and I honestly have no idea what taxes are going to be like this year, so I decided to play it safe and hold onto it for a month or two as a cushion so our cash reserves don’t get too low.

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Where the heck is the author?

Where the heck is the author?

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Sorry I haven’t been very diligent in putting up new content lately. I am actually working on upgrading my blog and will be moving it to my own webhost with its own domain. Hopefully I get this done by this weekend and then I will start posting articles/comments on a regular basis again.

Also I may actually change the title of my blog as MyFinancialGoals is not an available domain name.

I’ll keep you posted.