Financial Goals
Posted by
SoNn
Labels:
Emergency Fund,
Forced Savings,
Personal Finance,
Real Estate Investing
Welcome to RichardsonChan.com's Financial Goals page. Moving forward, this page will be a living document that contains details of our (Jersy and me) financial goals. I like publishing our goals because it serves as a reminder of what we should be doing or what we should stop doing, so that our dreams could become reality. For starters, let me show you what we intend to achieve by the end of 2010.
| 2010: | ||
| As of December 21, 2009 | ||
Our emergency fund is funded via a forced savings program with our employer. Every payday, our salary is deducted by a certain percentage of our gross salary. This is by far the easiest way to save money because it is automatic, it will never go through our hands (eliminating the possibility of spending it), and it earns better than a regular savings account.
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Our condo unit at the PalmTree Villas Phase 1 in Newport City is our first major real estate investment as a couple. Turnover is still a long ways to go (4 years to be exact), so our focus is on paying the monthly installment for the unit's downpayment. By the end of 2010, we are expected to have paid Php380,000.
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We also have long term goals that we would like to keep track. These are goals that may take more than one year to achieve.
| Long Term Goals: | ||
Everybody dreams of becoming a millionaire someday. But as they always say, getting the first million will always be the hardest. So we're giving ourselves a little more time to accomplish this goal. We hope to reach this goal by the end of 2011. To do this, we have to continue paying off the DP on our condo, start investing for the long term, and avoid incurring unnecessary expenses. The other two action items are very vague but I promise to make detailed posts about them soon.
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There isn't exactly a set amount for our wedding. But a wedding with this kind of budget shouldn't be so bad. Since our wedding is still a few years away, we're banking on medium to long term investments such as Mutual Funds and UITFs to fund our dream wedding. The initial plan is to invest a yet-to-be-determined amount every month into a diversified portfolio of equity and balanced mutual funds.
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