| Well, they say that the journey of a thousand miles begins with a single step. I certainly feel that getting out of debt and starting to build wealth is that long, hard journey, but I am excited about where it will lead me! I have a pretty high income, but have not put into practice the principles of the financial gurus I have been reading. I have focused on paying down debt, but always end up with more! This has been because my focus has been on paying down revolving debt which seems to invariably creep up again due to unexpected emergencies, etc. In 2008 I plan to focus on paying off installment debts that will be gone forever once paid in full (i.e., the dreaded student loans!). I am very determined and focused, and finally ready to do the hard work - mainly getting a second job and getting roommates (I have a 3br townhouse near a major university, so getting some grad students shouldn't be a problem I hope). I plan to use all of that money to pay off debt and get out of the hole financially, then focus aggressively on acquiring income-producing assets.
My goals for 2008 -
1.) Pay off 2004 Honda Accord - almost there!
2.) Pay off $18.7K loan taken out against my 401(k) for house purchase.
3.) Pay off last of credit card debt.
4.) Gain steady second income in the form of a part time job (applying to various ones).
5.) Rent out rooms for extra income.
6.) Open a brokerage account with Vanguard or Fidelity and start investing in equities! |