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Home > Should I re-jig my goals ?

Should I re-jig my goals ?

August 5th, 2009 at 01:04 am

Current goals:

1. Debt-free by end of 2010. Current debt = 8300 approx.

2. Opportunity Fund to 10,000 by end of 2010. Current OF is 3800.

I'm working on these goals simultaneously.

I'm been feeling a bit unmotivated financially recently and I think it may be because my goals are far away (end of 2010)..

Proposed goals:

1. Debt-free by end of 2009. I'll basically put my OF and savings to pay off the loan in December 2009. Also the interest rate on the loan is higher than any savings rate I could get.

2. 200 a month to Opportunity Fund indefinitely starting in Jan 2010. Considering I earn gross about 32-35k a year, I think having an OF of 10,000 by end of 2010, though possible, would limit my enjoyment of my life in 2010 unnecessarily... besides being debt-free would automatically set my free to an extent...even if I lost my job, being debt free would mean living on social welfare would be bearable...

Next year I plan to:

1. Develop the film-making side of my life from scratch...

2. Help my father out of his financial issues...

3. move into a local government house (I'll be renting it from the local government so will have good tenant rights and I can stay as long as I want - for life even ! - almost as good as owning)

These 3 activities will require cash-flow...so that's why maybe I shouldn't have every penny going to an OF...

What do you think ?

3 Responses to “Should I re-jig my goals ?”

  1. ceejay74 Says:
    1249432741

    I think it looks good. I might even make the 2nd goal more vague so you can tailor it to your situation in 2010...maybe just say "work on OF in 2010." You might find you want to put less toward it, or more, depending on your circumstances. But I agree with getting debt-free sooner.

    Whatever you decide, good luck! (I don't have any Irish luck to send your way, so here's some of the American variety. Smile)

  2. baselle Says:
    1249452973

    I have to agree that its a rare person who can work on two big goals simultaneously. I'm a laser-beam, one-thing at time git 'r done kind of gal myself. I'd hit the debt first, then the OF. Not to mention the lift you'll get after digging out of debt. It will make saving for your OF and funding your film career a bit more joyful.

    Your next year's plan is quite ambitious also. I'm all for helping your father, but please remember that you have to be on a firm footing before you can help others. Financial issues can be very sticky, as well you know.

  3. Apprentice Bliss Hunter Says:
    1249470463

    Thanks guys ! I'm glad that two people I have a lot of respect for approve of my plan...

    Yes I think getting out of debt this year will give me a lift and even a bit of joy !!

    As regards the OF, my long-term plan would be have 10,000 just sitting in a high-interest account somewhere. I would just forget I even have it until the day I need it. I think I might just open up a monthly savings account in Jan 2010 (for approx 200 a month) and work towards building up the 10,000 over 4 or so years....

    As regards helping my father, it would also be a bit of an investment for me... not something I would invest in of my own accord... but something that will give enjoyment to my parents for the rest of their lives... I don't want to go into too much detail as some of his lenders are bringing him to court and I don't want them to know of my helping him...

    p.s.. Thanks for the American Luck ceejay !! We'll see if it is as effective as the Irish variety ! hehe :-)

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