Saturday, October 27, 2012

New Short Term Goals

I have reached some major long term financial goals lately.  As of January my income soared into the 6 figure range.  And as of last month I now have 10 rental properties (four duplexes, a condo and a town home).  Now it's time to focus on some shorter term goals.

  1. Get new rental property ready and leased by September 2012.
  2. Refinance $167K rental mortgage from 6.875% to 4.5% or lower by October 2012.
  3. Decide whether to convert Traditional IRA to Roth in 2012 before my income ticks up next year.
  4. Pay off $26K car loan by March 2013.
  5. Increase personal reserves from $25K to $35K (1 year of expenses) by April 2013.

Once I achieve those goals and maintain them (including continuing to max out my retirement accounts), I am going to focus on debt repayment on my rental mortgages.  I will have to decide whether to focus on the smallest loan balance first, or the loan with the highest interest rate, or the debt I owe to my mother as opposed to the bank.

Focusing on the future is exciting, but I also like to look back now and then and see how far I've come!  I wrote a post exactly 5 years ago entitled My Short/Mid Term Financial Goals.  It's so interesting to see where I was just 5 short years ago.  Here are my goals, most of which revolve around preparing to purchase my first rental property.

1. Get EF back above 3 months after depleting it later this year.
2. Increase RE Fund from one month to 6 months worth of expenses for an investment property. 
3. Purchase investment property (or purchase new home and rent out current residence). 
4. Maintain and add to portfolio of marketable securities in case I find myself suddenly needing to pay for a new car, wedding, or other unforseeable thing.

I did another post in 2009 called Current Short Term Goals.  

  1. Take and pass the CFP Exam in November.
  2. Have $10,000 in my Emergency Fund (4.75 months of personal expenses) plus one month of expenses for each of my rental properties. 
  3. Set up new accounts with ING Direct and prepare to execute myNew Savings Plan in 2010.

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