Monday, March 07, 2005

Am I "Financially on Track"?

Over at CNN's personal finance area the Armchair Millionaire has a quick quiz to find out if you are "financially on track" so I thought I'd see how I'm doing....

"Have you figured out what you need to retire?"
Sort of. I've just started calculations in earnest within the past 6 weeks and it's really opening my eyes. I'd say I have a rough idea, but since I'd like to retire early, I need to do some more calculations. Even the "ballpark estimate" calculator vexes me. Right now I'm aiming for $1million by 60, but that might translate into $1.5million by 50 (if that's even a doable goal for me). Knowing this number asap is a high priority for me.

"Do you save a portion of your income regularly?"
Not yet, not counting non-retirement. I have been regularly maxing my 401(k) contribution for about 10 years with the exception of my full year of unemployment. But I have a whole $50.03 in my spanking new ING savings account. This is changing as of this month. By next week, I will be socking away $1500/mo.

"Do you pay off your credit cards every month?"
As of now, that's the plan. The delicate time will be the next few months as I get some savings banked so I can handle unexpected large expenses. Fingers crossed.

"Are you protecting what you have?"
This question was about health, homeowner's and life insurance. I'm 2 for 3. My employer pays full health and dental, including domestic partner benefits. The homeowner's is set but could probably use a refresher. We did opt to pay it ourselves with our last refinance so that money's not sitting in will be sitting at ING instead.

Well, it's pretty clear that I am not yet completely on track (one wheel on? one off?)...but I like to think I'm on my way. I still have some ground to cover, but that's why I'm here after all.

1 comment:

  1. SOunds like we're in similar boats... not in a great place now, but getting on track.


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