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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