My Lifetime Goals

Have you developed your lifetime and absolute overall goals to define your own sense of freedom? It took me two weeks to define mine. Where did I ultimately want to be 20 to 30 years from now? What did I want to own and have as I near my retirement age? And what did I need to do now to make sure I made all the proper steps to achieve my goals?

My Lifetime Goals

1. Be able to live off of interest from non-retirement accounts. - This is my hardest goal. To have enough money in savings and investments to where the interest gained can take care of me on an annual basis.
2. Increase net worth monthly. - Only one month recently has this goal not been met and primarily due to the holiday season. But my goal is not onlly to attain a positive net worth, but to also assure that my net worth continues to increase on a monthly basis.
3. Decrease debt monthly, improve credit score. (Most debt, if not all paid before 32) - I need to update this goal. I do not want my debt hanging over my head for the next 5 years. I want it all gone now, so I will dedicating a lot of my time and energy towards decreasing all of my debt. The only debt I hope to own by the age of 32 is my mortgage.
4. Continue to build investments while studying forms of investing. - Each month I dedicate $100 towards an automatic investing plan towards my permanent portfolio while reading up on market conditions to take advantage of cheap and quality companies.
5. Dedicate more time to work for overtime pay. - I try to work a lot now and bring in more cash, so that I do not have to work later. I do not want to work for the next 40 years of my life unless if I am working for myself. My goal is to build a business to where I can work my own hours and time without the stresses and the politics of a 9 to 5.
6. Learn better money management & savings techniques. - Every day I spend time researching personal finance blogs and message boards to improve on my knowledge. The numbers show that it has been a great help for me.
7. Purchase car & house with confidence. - Good news is that I will not need to worry about getting a new car if I can last until December. A family member is looking to purchase a new car during the 2008 holiday season. If I can manage to last a few more months, then I’ll have a free car! Secondly, I am looking to get myself a home mid to late 2009, but I must first focus on continuing to raise money in my savings and investments until then.
8. Build and maximize retirement accounts (401K & Roth IRA) – Each month I contribute the maximum amount towards my 401K for the employer match. At the beginning of 2009, I will begin increasing that amount by 1% and continue with that procedure until I reach a maximum goal. This way I will over-contribute towards my retirement, bringing more earnings and savings.
9. Open a business or provide a self-employment service. - I have begun this with HelpMyCashGrow.com and I am looking to start more ventures in the future as well as play an active role in real estate. My first home I am proposing to purchase in 2009 is only one of the first properties I plan on buying and selling.
10. Be able to, one day, donate (church an charity). - I have accomplished this goal. Each month, I donate a small amount towards the United Way Campaign and also donate blood every three months.

How beneficial are lifetime goals?

It’s like setting a travel route to where you want to ultimately arrive. There was a time I did not take my future seriously. I lived for today to survive tomorrow with no worries of anything beyond that point. Things have definitely changed since then. Since creating these life goals, I have bettered myself as a person with goals and ambitions to do better for myself. Each month I make monthly goals that are tied to my lifetime goals, that way every month when a goal is accomplished, I take another baby step towards my ultimate goals. Now, there have been times where unfortunate actions were to take place that would defer me from my lifetime goals, what I have to realize and what I want for you to realize is that these actions are only for the moment. I never let anything stop me from achieving what I want out of my life. Things may jump in your way, but you have to be strong enough to realize the bigger picture that lay in front of you. Believe me, it’s easier said than done but it can be accomplished.

How to achieve your own life goals?

Take as much time as you need and picture your life 20 to 30 years from now. What is it that you want to be doing? Where do you see yourself? Are you working or are you retired? How much would have liked to have saved by the time your reach that 20 to 30 year mark? What is your definition of comfort? Where will you find happiness, freedom, security? Don’t just go by these questions but ask yourself your own questions as well. It may take you a couple of minutes or even a couple of weeks, as I did, to define your own lifetime goals. As long as you are happy with what you can come with, then you have something to work with. Even if you are not comfortable with them at some point of time in your life, or even if you find yourself beginning to accomplish lifetime goals earlier than expected, then redefine what you can do.

It is also good to create goals that are never accomplished but always beneficial. I have several listed above, but for example “Increase net worth monthly” has no specific stopping point of accomplishment because I hope to increase my net worth for the remainder of my existence. Continuing to attack and build on this goal will better myself as well as my finances.

To define your annual and monthly goals, ask yourself, what can you do each month or each year to make some type of contribution toward your lifetime goals, no matter how big or how small. By doing this, you’ll find yourself inching closer and closer to where you would like to be decades from now. The completion of a lifetime goal should be a major accomplishment in your life.

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