Achieving Personal Wealth: Chapter 1- GOALS

[_Charles_]

Chapter 1: GOALS

Life is a journey

Life is a journey, but without an understanding of where you are coming from and where you are trying to go, how will you ever know when you arrive? While setting goals sounds easy, is it truly realistic? Are your goals obtainable, and how do you know if you actually reach them?

On your road to financial freedom, you need to set realistic goals, both short-term and long-term that you think you can reach. Once you've done that, write them down and tape them to the wall behind your computer screen. Look at them. Are the easy? If so, you might want to re-think them. You want to achieve personal wealth, right? Well, getting there shouldn't be easy (unless you are already wealthy...in which case, you wouldn't be reading this).

Note: I define Short-term as 5 years, and Long-term as 15+ years

So what is a realistic goal? If you said 'To rule the world', you may be a little off, and if you said 'to be a porn star like Ron Jeremy', than you are in the wrong forum. Each person's goal's are based on your past, your present, and your future. Remember, make short and long-term goals.

I'll share my current Short-term and Long-term goals.

Short-term:
Goal #1: Increase Creidt score from 640 to 750+
Goal #2: Build a stable, secure, but diverse portfolio
Goal #3: Build a savings account and emergency fund

Long-term:
Goal #1: Become Debt-Free
Goal #2: Become a millionaire by retirement

Try and quantify your goals, and make them something that you could actually achieve, but also be open to changing your goals as life changes occur. These goals are not written in stone, they are meant to be flexed, to be molded, to be changed as need be.

So what are your goals? (feel free to share if you desire). By discussing different people's goals, you may find other goals that you like better, or they may help you refine your own.

Next time:
Achieving Personal Wealth: Chapter 2- HOW YOUR PAST AFFECTS YOUR FUTURE

[John]

Short Term:
1. Reduce current interest rates on finances.
2. Increase credit score from 620 to 740+ this will allow me to use other people's money to live my life style
3. Obtain a new or secondary piece of real estate
4. Diversify and reinvest my portfolio more aggressively so as to promote growth and continually increase income.

Long Term:
1. Own multiple pieces of real estate (5 by age 38 )
2. Own waterfront property to live on
3. Be able to live a lifestyle greater than what my parents or grandparents knew
4. Retire comfortably and leave a nice amount of wealth behind for my children

[Amortized]

Short Term
1. Get out of CC Debt
2. Purchase first new vehicle w/CASH.
3. 6 months reserves saved.
4. Purchase Home
Long Term
1. Pick up 3-10 rental properties over next 5-10 years.
2. Gererate Substantial (7 Figures) Income Stream.
3. Purchase land Downtown.
4. Build 15-20 Story Executive office building, selling some floors prior to construction (if needed to raise funds), while leasing the remaining.

[John]

Originally Posted by Amortized

Short Term
2. Purchase first new vehicle w/CASH.

If you have the cash, why not let your credit earn you money? Finance the car, get a low interest rate, and invest the cash into something with a return rate greater than your interest rate. This way your money is earning you more, and you're making your payment on time, further boosting your credit score

[Amortized]

unstable income, poor savings habits

[_Charles_]

Originally Posted by Amortized

unstable income, poor savings habits

Pay yourself first....oh wait...that isn't till chapter 3 or 4....

Charles

[Rdline1]

Originally Posted by RiceRocket

Pay yourself first....oh wait...that isn't till chapter 3 or 4....

Charles

this sounds like its coming from a familiar book......hmm..... good post charles. i pretty much share the same goals as everyone on here. i want to retire by 55, have $2 million in assets, no debts, and to own at least 5 pieces of property.

[Whaazup17]

short term
1. save up more money for a house and rent out some rooms
2. finish college get my education
3. start a business that isn't a dead end business one that I can grow bigger and bigger

long term
1. not actually have to do physical work and not have to be at a place from say 9-5.
2. be worth 50 million +

[Whaazup17]

oh yea I would like to start some new car dealerships. Don't care if they big or small. Just think that would be cool.

[Steve B]

a lot of this sounds like it was taken from "Rich Dad, Poor Dad" by Robert Kyosaki (sp?). has any one read this book, there are alot of great ideas in there.

[_Charles_]

Originally Posted by rubberneck

a lot of this sounds like it was taken from "Rich Dad, Poor Dad" by Robert Kyosaki (sp?). has any one read this book, there are alot of great ideas in there.

Actually, you will see several 'themes' from several popular books. The fact is, it works. The main difference here, is that you can ask questions, and taylor it to your own situation if you like.

Kind of like weight loss....everybody has there own diet or plan, but in teh end, eating less and working out ends up being the answer. Sure, you could win the lottery, but chances are, you won't. There are no 'get rich quick' ideas here. These will all take time and sacrafice, and a desire to make it work.

Charles

[Steve B]

Originally Posted by RiceRocket

Actually, you will see several 'themes' from several popular books. The fact is, it works. The main difference here, is that you can ask questions, and taylor it to your own situation if you like.

Kind of like weight loss....everybody has there own diet or plan, but in teh end, eating less and working out ends up being the answer. Sure, you could win the lottery, but chances are, you won't. There are no 'get rich quick' ideas here. These will all take time and sacrafice, and a desire to make it work.

Charles

your absolutely right, i think the most difficult part is maintain the discipline required to execute the plan. I am learning that that comes easier with maturity.

[Miles]

short term:
1. get my first cc, low limit of course, to start building credit
2. begin shuttling first 10% of income directly to some aggressive mutual funds
3. find a damn local bank (suncoast schools is great if you live in tampa... not so hot in o-town)
4. begin building a small emergency fund

long term:
1. reap rewards from ungodly great gains from #2 in short term
2. build diverse, risk managed portfolio
3. start a business and franchise til i've got money coming out of every orifice
4. get myself a nice house, 30 year mortgage... refinance every 3 or 4 years as interest rates dictate.

[Charles]

Originally Posted by Miles

short term:
3. find a damn local bank (suncoast schools is great if you live in tampa... not so hot in o-town)

In this day and age why would you actually need to visit a bank anyway?

Direct Deposit, online billpay etc..... only time I've ever visited there branch was to sign the paperwork for my car and open the account originally. Hard to beat the rates etc at Suncoast FCU

[Rdline1]

i think the trick is to start investing as young as you can. the earlier you get into the habit of putting money away, the better. im 19 and have already invested approx. $3k and will soon be buying a house, but i actually wish i could have started sooner, like when i was 16. those 3 or 4 extra years of compound interest will be the difference of $200,000-300,000 when I'm nearing retirement.

[Whaazup17]

Originally Posted by Rdline1

i think the trick is to start investing as young as you can. the earlier you get into the habit of putting money away, the better. im 19 and have already invested approx. $3k and will soon be buying a house, but i actually wish i could have started sooner, like when i was 16. those 3 or 4 extra years of compound interest will be the difference of $200,000-300,000 when I'm nearing retirement.

3k huh that isn't bad i'm 19 also. You going to be using that as a down payment?

[Strokd85]

Short Term -
Eliminate CC debt
Start setting pre-determinded amount of money aside each month for DRIP investments.
Double the BBQ Seasoning Salt business output in 3-5 years.

Long Term -
Continue DRIP investments, potentially pursue other investment opportunities (realestate, etc)
Continue to market BBQ Salt Business to larger corporations, food chains, etc to achieve level of income to be self employed.

[Zate]

Short term goal
Get my fucking Green card.

Long Term Goal
Wory about that when my fucking green card gets here.

[Just Dave]

Zate, aren't you good now that your son is here and you're married?

[Miles]

Originally Posted by Charles

In this day and age why would you actually need to visit a bank anyway?

Direct Deposit, online billpay etc..... only time I've ever visited there branch was to sign the paperwork for my car and open the account originally. Hard to beat the rates etc at Suncoast FCU

my job is a little piddly local hootenanny. we can't even afford a damn ice machine, let alone fancy bells and whistles like direct deposit.