2008 financial goals

In 2007 we continued our journey toward achieving financial independence by finding a more lucrative job position for the husband, maxing out our retirement accounts at an accelerated pace and setting aside enough cash to purchase a replacement for one of our existing vehicles.

For 2008 it is expected that we stay more in line with our outlined agressive savings plan while we take care of a few loose ends and begin to position ourselves so that we can start to fully concentrate on nurturing our investment gowth next year. With that said, this year we are hoping to:

• Continue to make the maximum allowable contributions to our retirement accounts and the husband's health savings account as we've done in the past - both 401ks ($31,000), Roth IRAs ($10,000) and HSA ($2,900). Much like the previous years, we want to be more agressive with our contributions at the beginning of the year to maximize our long-term returns.
  status: in progress
  


• Use the funds that were set aside in the previous year to purchase a reasonably used car to replace one of our existing vehicles. It is expected that this will cost around $6,000.
  status: completed
  


• Though we failed to do so last year, we plan to completely pay off the second mortgage debt.
  status: completed
  


• After the above three goals are met, we will want to establish a taxable investment account in which we will utilize the most tax-efficient choices available to us to maximize our investment return. We will need to restructure our investment portfolio to a more "slice-n-dice" setup using an asset allocation that is more aligned with our goals and risk tolerances.
  status: in progress
  


• Reach $350,000 in net worth by year end.
  status: in progress