Financial Net Worth Goal for 2007

Every year it seems like it’s harder and harder to forecast the major changes coming in my life and set challenging financial goals. In 2006, I was faced with the uncertainty of taking a temporary assignment and not knowing how much it would cost me, buying a new home, and I knew I would be proposing so I had a big purchase to make.

2007 will take uncertainty to new levels for me. I'm getting married in October - trying merge finances, pay for a wedding (at least part of it), combine homes, and meet my fiancee's financial commitments while accomplishing my (soon to be "our") goals will be tough. On top of that - I'm planning a year-long assignment in China which could hurt the financial goals if things aren't well orchestrated.

I've been putting off my financial goal planning for the year in hopes that I would soon see how things might play out for the year. However, 1/6 of the year is over and things are still very murky so I feel I need to get something done on paper now.

To be honest I am not even sure how to set meaningful and achievable financial goals this year. My fiancee and I are still so far apart on our financial planning that I don't think "we" can come up with goals together this year. I will continue to brooch the subject with her as opportunities emerge, but we have a lot of planning to do for life events so those opportunities will be limited.

So rather than make excuses or come up with detailed plans I'm just going to set a net worth goal of $430,000 (~$113,000 gain over 2006). Very scientific huh?

Here all all my financial goals 2007:

Grow net worth to $430,000
Combine households with fiancee
Turn one of our properties into a 2nd rental property
Agree upon system for merging our family finances
Finish reading Smart Couples Finish Rich with my fiancee

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Comments (1)

I think that your biggest challenge will be keeping the wedding expenses under control. I thought my wife and I did a decent job and we still spent >$20,000

$2000 here, $750 there will add up quick. Depending on your fiancee, wedding planning tends to be more about emotions rather than reason. We don't regret spending the money one bit. I think the fact we paid for it from savings and don't have a monthly payment to worry about helps a lot too.

just some thoughts,
good luck this year

Posted by debttodreams | February 28, 2007 12:22 AM