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As we are about to end the new year, here are my two biggest financial goals not just for 2008, but for the foreseeable future.

1. Pay off my mortgage - Readers of that blog will know that I have no credit card debt. However, I still have my mortgage. Though my mortgage only accounts for about 20% of our gross income, I am still bothered considering our incomes are not precisely stable or predictable (hint : we’re not teachers nor do we work for the state or federal government).

The reason why I want to get rid of my mortgage is considering it accounts for a rather large portion of our income. After taking away taxes, mortage and living expenses, we are left with not much to really enjoy ourselves.

Furthermore, I have always wished we could tithe more, contribute more to charity. But that whole lump sum that goes towards our home mentally inhibits me contributing more. How I will achieve that is somthing to think about. At present, I think we will contribute a monthly figure to pay down principal on top of our regular mortgage payment.

2. Achieving a seven figure payday in 2008 - We are far from that at the moment. But Mrs Credit Card owns her own business. One of the beauties of owning your own business is that its success is entirely up to the business owner.

It depends on your vision and your ability to execute. Mrs Credit Card could business as usual or aim for the usual 10% to 20% increase in sales! But she has decided to aim higher and has worked out a strategy to how to achieve that. I am very excited for her as well as myself.

For me, I have a regular job. And the difference is that my payday goal is tied to who I work for and to a very large extent, the industry I work in. Hence, I can understand the wonders of owning a successful business and determining your own fate.

The other reason why I’m excited for Mrs Credit Card is that whether she achieves that goal, we are only a couple of years into achieving total financial freedom. that certainly beats having a twenty year goal, being extremely frugal (out of necessity). And I’ll certainly pay off our mortgage. plus, whether and when that goal is achieved, all the worrying by investment performance will become redundant. We’ll be slightly more conversative and be prudent.

Anyway, that’s it. Two big goals and a slightly different route we are taking. We are as “Rich Dad” said trying to take the fast route, not the slow route. Since that is now in writing, we’ll be accountable (at least on that blog) at the end of 2008.

Orginal post by Mr Credit Card

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