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Long-term Goals: November 2010 Update November 16, 2010

Filed under: Uncategorized — girlnextdoorfinance @ 9:04 pm

A little over a year ago I created a list of long-term financial goals, the first of which was to have a net worth of $100,000 by two years after finishing my MA program. I remembered earlier today (for the first time in months) that I had made these goals, and now that I’ve started my first career job it seems like a reasonable time to make a progress note.

I’ve been tracking my NW at NetworthIQ.com for quite a while now, and here’s a link to my public profile. Right now my NW sits at $4229. That doesn’t sound like I’m very far toward my 2-year goal! However, there’s some good news. You can see from the chart that my NW has been a bit of an adventure over the past year – grad school really threw me off! I took out about $20,000 in student loans, and I owe nearly that same amount since most of my payments have gone to cover the interest that has accrued over the past year. In early December my first “official” payment is due ($233.44) and I went ahead and set a payment to be deducted from my bank for tomorrow ($500) to cover that. I haven’t received any of the official stuff they’re supposed to send me (not even the emails that I’m supposed to receive regularly), so I’m glad I care enough to log on to the site and make regular payments – had I not set up my account nearly a year ago, I would probably have completely forgotten about when loans come due and would have had no clue how to log on and check, etc. (That’s not true – I would have remembered about them. But I understand completely how other people could forget, and I do think its BS that I haven’t received any of the emails they’re supposed to be sending me. Plus I was a student over the summer while finishing my thesis, but they’re still setting my repayments to begin 6 months after May, which I hadn’t expected since I graduated in August.)

So, is $100,000 NW in two years going to be possible? A part of me leans toward saying no, because that’s nearly my entire salary and I certainly have to live! On the other hand, I do save a fairly significant chunk of my income, my retirements accounts are doing well (and I have an employer match for up to 4% of my salary for my 401(k), which of course I take advantage of), and raises/bonuses/moving to higher paying jobs/etc. are certainly possible within the next two years! So at this time, I don’t think any adjustments are necessary to the goal – I’d rather set it high and miss, than set it low and be content with saving less than I could/should have. I’ll plan to re-evaluate this every few months and keep you all posted!

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2 Responses to “Long-term Goals: November 2010 Update”

  1. Don’t sell yourself short. It may not be doable for some, but who’s to say you can’t rock it?

    If you have a will and a goal, you’ll find the way.

    $100k in 2 years is very admirable

  2. jivko A Says:

    Hi, it is a good thing you have taken the wheel of your own life.
    Your goals are achievable, and fair.

    But money is not everything, I think the skills to communicate with others, friends , clients etc, to be able to “sell” your ideas and suggestions is also very important aspect of life, success and happiness,

    I often have a good idea for streamlining a process, making money or saving money at work, but most of my ideas get rejected because I lack the basic skills to present them in an acceptable and desirable form.

    -my 2 cents.


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