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Mr CreditCards’ Financial Goals for 2008

12/30/2007

As we are about to end the new year, here are my two biggest financial goals not just for 2008, but for the foreseeable future.

1. Pay off my mortgage – Readers of this blog will know that I have no credit card debt. However, I still have my mortgage. Though my mortgage only accounts for about 20% of our gross income, I am still bothered because our incomes are not exactly stable or predictable (hint : we’re not teachers nor do we work for the state or federal government).

The reason why I want to get rid of my mortgage is because it accounts for a rather large portion of our income. After taking away taxes, mortage and living expenses, we are left with not much to really enjoy ourselves.

Furthermore, I have always wished we could tithe more, contribute more to charity. But this whole lump sum that goes towards our home mentally inhibits me contributing more. How I will accomplish this is somthing to think about. At present, I think we will contribute a monthly figure to pay down principal on top of our regular mortgage payment.

2. Achieving a seven figure payday in 2008 – We are far from that at the moment. But Mrs Credit Card owns her own business. One of the beauties of owning your own business is that its success is entirely up to the business owner. It depends on your vision and your ability to execute. Mrs Credit Card could business as usual or aim for the usual 10% to 20% increase in sales! But she has decided to aim higher and has worked out a strategy to how to achieve this. I am very excited for her as well as myself.

For me, I have a regular job. And the difference is that my payday goal is tied to who I work for and to a very large extent, the industry I work in. Hence, I can understand the wonders of owning a successful business and determining your own destiny.

The other reason why I’m excited for Mrs Credit Card is that if she achieves this goal, we are only a couple of years into achieving total financial freedom. This certainly beats having a twenty year goal, being extremely frugal (out of necessity). And I’ll certainly pay off our mortgage. Also, if and when this goal is achieved, all the worrying over investment performance will become redundant. We’ll be slightly more conversative and be prudent.

Anyway, that’s it. Two big goals and a slightly different route we are taking. We are as “Rich Dad” said trying to take the fast route, not the slow route. Since this is now in writing, we’ll be accountable (at least on this blog) at the end of 2008.

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