How I Will Be Rich

There’s a new carnival coming to town!
Cash Money Life is starting a new carnival entitled the Carnival of Financial Goals. To start the carnival off right he has asked people to make a financial New Years resolution. He’s giving away some prizes and I really think it’s going to be a great carnival. I really love new carnivals because I think that they are a great way to help newer blogs get their name and their message out there. I believe carnivals are what single-handedly got this blog to where it is so far. With that being said, I support every new carnival that comes my way.

Picking one specific financial goal is difficult.
I have so many things that I hope to accomplish in 2008. By the end of the year I hope to be in so much more of a better position financially than I currently am. My one main goal sounds so cliche I am almost embarrassed. By the end of the year next year I want to be completely free of credit card debt. I have over $11,000 in credit card debt and it’s not even at a good interest rate. I want it gone and I want it gone as soon as possible.

The SMART goal format.

Specific
I am going to pay as much as my monthly budget allows in order to pay down my credit card as fast as possible. This won’t be an easy task. In order to pay it off in a year, I will need to pay an average $1,000 per month. Some months I will have to pay more to make up for the months that I had to pay less.

Measurable
It will be easily measured. By December 31, 2008 I will have a credit card balance of zero. I have amortization charts laid out in Excel so that I can accurately track my progress.

Actionable
It will be difficult for me to achieve this goal but it is very possible. The last few months in a row I have already paid large amounts towards the balance. I am expecting a wage increase in February which will make it even easier to achieve my goal. I will set aside the money at the beginning of each month before purchasing anything else. It will be my number one priority in my monthly budgets.

Realistic
It’s difficult but it is very realistic. Between my expected wage increase in February and the various alternative income streams that I have started generating, it should only get easier and easier.

Timely
One year to eliminate the largest chunk of my debt is a very short time frame. It’s a difficult task on my current income but I am confident that I can do it and come January 2009 I will have one less financial burden keeping me from my goals.

I am really excited about this carnival.
I know it’s going to be a success and I can’t wait to hear about other people’s financial goals. It will help align bloggers with people with similar goals and create even more of a community where people can help each other get on the right path to achieve their goals.

Photo Credit: lemonjenny

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