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Wow - I can't believe its really 2007. Time flies. I love this time at the beginning of the year as I now have a whole year's worth of financial data to process, assess, and contemplate what I can accomplish in the New Year.
However, my life is in a state of chaos as I end my temporary assignment and head back to NC. It will be at least a couple more days before I can start to take a look at the 2006 numbers.
Regardless of my success in 2006, 2007 is going to be a different monster. If I can get through this year of major life changes and opportunities with healthy net worth gains like I saw in 2006, I think we will be over the major hump in reaching my financial goals.
Here is a sample of the major events with big financial impacts I'm anticipating:
-Finally have my own place. I'm in the process of heading back to Raleigh, where I am finally settling into the house I bought in June, before I went on my temporary assignment. This will be the first time I am living solo - my last chance at a little bachelorhood ;-). However, it means more expenses as I minimally furnish the place and have no one to share the utilities with.
-I'm getting married in the Fall. Now that I am back in town the wedding planning is in full swing and we have targeted Sep-Nov 2007 for our wedding. Date TBD based on availability of ceremony/reception sites. This is going to be a major expense for everyone involved including yours truly. I already started making monthly contributions to a joint wedding fund with my fiancee, but I suspect this is just the tip of the iceberg. This brings a whole bunch of financial issues to the table including setting common financial goals, merging finances, adding an income stream, increased expenses, and changing priorities.
-Building an addition. My plan is to add a 2nd master bathroom to the house I purchased to prepare the house for my financee to move in (its currently 3 bedrooms, 1 bath). This involves creating additional living space from a covered patio attached to the house. This will also improve the rentability (part of the long term plan ) of the property. However, I am planning on doing the majority of the work myself and there is a great deal of uncertainty about how much availability I will have to get this project completed. This project could be a huge financial cost if its not managed properly/wisely.
-International assignment. I am preparing for an international assignment to China in 2007 to support a major project I am involved in. This assignment could be for 6 to 12 months and is a very big wildcard for me. I may have to go before we even get married. Luckily, my fiancee has been very supportive of this and we are just focusing on those things we can control at the moment. Ideally, I won't have to go until after our wedding and consolidation of our households. I also hope my fiancee will be able to take a leave of absence to be with me for a part of my assignment. Big financial impacts coming regardless of how this plays out.
At the onset, 2007 appears to be a very big year for me. Once things settle down I hope to dive into each of these events and take a look at the financial impacts. Here is to hoping I can manage these changes to positively affect my net worth!
Related in Financial Goals:
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Financial Freedom Plan and our Net Worth Goal (Oct 05, 2011) I recently laid out our rough plan for how we plan to generate income once we become financially free. This plan suggests we'd be able to generate between $40k-$76k+ per year which should cover our annual expenses. Next I want...
Pieces of our Financial Freedom Plan Falling Into Place (Aug 31, 2011) One thing I have been pretty vague so far is how we are going to fund our financial freedom. Just because we have a goal to reach a net worth of $2million doesn't automatically mean we will be anywhere close...
Comments (4)
To say the least you will have a busy 2007
Posted by Nagel | January 4, 2007 7:15 AM
Sounds like your 2007 will be a busy but very fruitful year. Good luck with the addition!
Posted by Matt | January 9, 2007 8:32 AM
Sorry for asking, but how old are you? How is your timeline toward your goal set out?
Posted by Reality Bytes | January 16, 2007 8:54 AM
In place of getting married, have you considered just buying her a house? I am 65. My x got away with $800,000 in 1998. I just went over 1 mil. I plan to have 2 mil in 5 years. My money made me 73K in 2004-- 88k in 2005 and 200k in 2006--I am interested in your goal directed organization--although I am doing well--I am not doing a lot of things that I know I should
Posted by Shanghu Singh | February 6, 2007 12:15 PM