This Week's Challenge: Put your goals on an index card (or a sticky note?!)


#1

It’s still early enough in the year to create a plan for your money if you haven’t already.
And in the spirit of keeping things simple, we are challenging you to use an index card to do it!

This week’s challenge: Write your 12 month money plan on an index card.

Putting your money goals on an index card forces you to keep it simple and focus on the big goals. The details on how to get there will likely unfold as the weeks and months go by.

Keep these goals mostly money focused, though no one is stopping you from including career and health related goals on it too. If it’s important to you, put it on the index card!

Then, tape the index card up somewhere you will see it everyday and share a picture of it here so we can all gawk at it. (And learn from each other and encourage each other of course!)

Here’s mine!
-Derek


#2

That’s a killer household income, brotha! Would def. help nix debt I’d imagine :slight_smile:

Here are my goals! (couldn’t find any index cards around the place so went with the ol’ sticky):

Pretty simple:

  1. Max out my Roth IRA
  2. Max out my SEP IRA

They’ve been the same thing every year, haha, and figured as long as I do at least that there’s no way for our $$$ not to grow :slight_smile:

I did add a 3rd one in though:

  1. Condense more of my accounts.

I’m almost done merging all my banking accounts from over the years, but have a cple more to go and will be nice and streamlined.


#3

Whoa! That’s ~ $60k of savings a year. Your net worth is going to skyrocket!


#4

You might have to elaborate on how you are achieving #7… I think we’d all like to know that secret! :slight_smile:


#5

well, more like $20,000-$25,000 a year as my businesses don’t make enough to fully cap out w/ the SEP, but still enough to push our $$$ forward every year especially since we’ve been doing it for a handful of years now :slight_smile:


#6

It’s funny you mentioned that… “No Stress”

It’s a goal, not something I have any kind of advice on!

But seriously…

Because my wife and I are both self employed our income bounces around like crazy and we never know if we will survive next month. But the strange thing is that the longer we survive each month, the more my confidence grows and the less I worry about it. I guess the more proof I have (Proof = each month we make it!) the fewer reasons I have to worry.

This is the beginning of our 3rd full year supporting ourselves and all the time I’ve spent worrying hasn’t helped. So, I think I’ll just stop worrying and focus (more) on taking action and making it work.

But yeah, if anyone else has any advice for me on how to worry less and have less stress, bring it on!!!


#7

Just to be clear… that is our GROSS business income for BOTH of our businesses.

If, after expenses and taxes, we can pay ourselves about half of the gross amount, we will be debt free PLUS be able to put $20,000 into savings. (Projections based on how much we earned and spent in 2016.)

We only have about $5,000 in debt left to pay off.