I’ve been a total slacker on keeping up with goals and tracking them. But it was just so hectic and up in the air the last 2 months that I just let it sliiiiide.
Time to get back to business!
Financial Goals
1. Finish up spending money on the business set up.
$500 has been earmarked towards new hard drives. Anything after that, and I’m just being silly. You can quote me on that (for now).2. Clear $15,000 in debt.
Will do this before end of October because … October is the last month I’m working (for the foreseeable future). This one should be a nice relief.3. Save all the rest in Savings/Emergency Fund.
Umm.. what? Y’all want concrete numbers for all of the above?
Okay.
Assuming last paycheque for $10,000 is a ‘write off’ and will cover:
*Note: Out of that $10,000, $1240.35 was GST/QST tax I collected from the client, and on top of that, the income is still taxable by the corporation and personally.Anyway, that cheque should cover:
– Living Expenses until the end of October 2008
– Business Expenses (Past and upcoming $500)
– Reimbursing myself and putting the money back into Savings which I raided to pay for Business Expenses.I am expecting the following paycheques (rough estimate, may be actually more money):
(These are all gross with corporation/personal income tax still pending but net of sales taxes that I had to charge the client and still have to reimburse the government)
$8800
+ $14,025 *this is for 3 weeks not 2.
+ $8800
+ $8800
Total: $40,425 (still gross, needs to be taxed)PAY DEBT
-$15,000 *Actually it’s around $13,000 but I’m being conservativeLeaves me with $25,425.
LIVING EXPENSES
-$4000 *Assuming $2000/month, NOV + DECLeaves me with $21,425
PUT INTO SAVINGS/EMERGENCY FUND
+$21,425 *not yet taxedWhich will propel me towards a net worth of around $35,000 (give or take a couple thousand) at the end of October/beginning of November.
But I may be taking out some of that in dividends in January so it’ll just stay in the corporation until then.
Phew.
Personal Goals
1. Get my driver’s license and a car
I may not be able to do this until January because of the license transfer laws, but if I can, I’ll get ‘er done in November.2. Scan. Scan scan scan.
I’ve been slacking here. I need to scan all my documents and do a proper backup3. Clean/Organize Hard drives
They’ve been a bit messy lately due to my reorganization of everything. I need to clean up and out songs, videos, documents and information no longer relevant and make sure my backup strategy is kosher.
And that does it for 2008 Goals. But October will be a big month for me. I’mma gonna be DEBT FREE BABY!!!!!!!!!!!!!!!!!!!!!!!
Congrats!
WOW, you totally inspire me! I think it’s time to get my “debt” blog up and running again. With all the financial turmoil in the world, I gave up on trying to pay down my student loans but I think I should start again.
WOW!
What fantastic news-debt free, yaay!! You deserve it after all the hard work my dear, enjoy the feeling!!
Good luck with your goals! Have you started looking for another contract position?
SO fantastic!
Uh, good luck with sticking to the $500 budget on the new business tech, though. 😉
I know it’s not really “normal,” but I love watching the trajectory of your net worth.
Yeeeeeeeeeeeeeeey!
Congrats FB 🙂
That’s AWESOME!!!! Congrats!!!
thats fabulous that you will soon be debt free!!!