2008 Financial Goals
My wife and I had a quick conversation to establish our 2008 Financial Goals.
1) Primary House Down payment Goal ($80,000)
We have $36,500 currently earmarked for the house downpayment so we still have a challenge ahead of us to meet this goal.
2) Fully Fund wife's 2007 Roth IRA contributions ($2,900 left)
My wife and I contributed $1,100 so far to her 2007 Roth IRA - we need to max this out before April 15th.
3) Fully Fund my 401(k) ($15,500)
My 401(k) is a higher priority than my wife's 401(k) for a couple reasons. She currently is not eligible to contribute to a 401(k). Once we get back to the US she will likely return to a public teaching job and hopefully be eligible to contribute to a 401(k), but the plan offered will likely be not as attractive as mine.
4) Fully Fund our 2008 Roth IRAs ($10,000)
This is a big jump in funds than the previous year when I really only had to worry about my contributions at $4,000. Now we are trying to max out two contributions.
5) Fully Fund my wife's 401(k) to Max Permitted ($15,500)
We anticipate that my wife will resume teaching in the US in the fall (but we don't know for sure) since my assignment could potentially be extended. Assuming she starts teaching, our plan is to have her contribute significantly to her 401(k) plan. We don't know what that limit will be, but if possible we would like to contribute all $15.5k this year to reduce our tax burden as much as possible.
6) Fully Fund my wife's card fund ($20,000)
My wife has set aside ~$17,000 for a new car. This is a very important goal for her. She wants $20,000 set aside as soon as possible although we don't have a firm timetable for the car purchase. She is setting aside $250 from our cash flow each month for the car fund.
If we get all this done in 2008 I think we will be pretty successful.
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