How I'm Doing on My New Year's Resolutions

The Money Blog Network is doing a group writing project where we're all giving an update on how our New Year's resolutions are going one month after we've made them. For your reference, here are my money resolutions for 2008. And here's my update:

1. Increase net worth by at least 12.5%. My savings is on automatic, so I've done well on this one for January. As far as where the market will end the year -- that one's out of my control but will have a HUGE impact on where my net worth ends in 2008.

2. Check our credit reports for accuracy. Haven't done so yet this year.

3. Check credit score. Haven't done so yet this year.

4. Complete estate plan. This is the one I've been working on in January. We've seen the first draft (after selecting and contacting potential guardians) and are close to being done.

5. Complete 2007 tax return. All the paperwork is in my file. I now just need to assemble it and send it to my CPA.

6. Update my wife on our finances. I plan to do this in July. It's our annual "tradition" to do it then. ;-)

7. Give a good percentage of gross salary as offerings (in addition to tithing). I donated some stock this past month, so I'm well ahead on this resolution.

8. Continue my major investments rebalancing. This is one reason I gave away stock instead of cash -- it's part of my rebalancing plan.

9. Look for a new home. No one looks at homes in January in Michigan. ;-)

10. Earn additional income. I made my list this month -- now I need to get going on it.

Overall, I think I'm off to a good start. How about you? How are your resolutions coming one month later?

Here's what some other members of the MBN are saying about their resolutions:

• Mighty Bargain Hunter
• Five Cent Nickel
• Get Rich Slowly
• Consumerism Commentary
• No Credit Needed

Comments

[Ron@TheWisdomJournal]

On the credit report thing, you might enjoy reading my blog post called "My Identity Was Stolen."

Pulling your own credit report is something I recommend to everyone. Check it often. You will almost always be amazed.

[Aaron Z]

Michigan house-hunting...

FMF,

I'm in my first year out of college and I am renting in Ann Arbor thru June, looking to buy a house or a condo thereafter.

Any recs on things I should take into account? For reference, I'm trying to buy on the low end of the pricing spectrum ($100K or less if I can help it) because my fiance has a large amount of student debt that we'll have to pay off.

I'm operating under the assumption that Michigan houses will rally over the next decade, though not to the extent that houses will rally nationally.

Would appreciate any advise, either here or at my email, Thanks!

[Phil]

Hi FMF,

Crazy thought, but if "no one looks at homes in January in Michigan", would that make it a buyers market for a savvy investor like yourself? :)

[FMF]

Aaron --

My advice -- "bid very, very low."

Look over my real estate categories -- could be something useful for you. You can find it here:

http://www.freemoneyfinance.com/real_estate/index.html

http://www.freemoneyfinance.com/real_estate_2008/index.html

Phil --

Could be, but unfortunately 1) almost everyone takes their homes off the market (it's really slim pickings now) and 2) it's already a buyer's market. ;-)