As of May 1, 2011 I have $9780 in my investment account. I am $220 short of having $10,000, my first step in my millionaire goal. This month I will be depositing $219.75 into Fidelity. This income will come from our rental, $200 and the 2% reduction in social security $19.75. I am considering just putting in the extra twenty five cents just to hit the $220 and reach $10,000 this month.
The remain $50 (or 49.75) I will now be putting towards my fiance's disability insurance payment. It looks like we will have the disability insurance paperwork finished by the end of the month and we will have a new annual bill of $360. We will begin to look for life insurance in a few months.
It looks like I should have $10,000 (if the markets cooperate)by May or June of this year. I plan to increase the amount going to the IRAs once we save enough for the disability insurance and life insurance. This should be in two months, July of 2011.
My next minigoal will then be $25,000 where I can stop investing in target date funds and diversify myself using mutual funds. It looks like I will be able reach that goal in three to four years once we increase the amount going to the IRA.
Sounds like you're doing great- baby steps is where it's at... pretty soon you'll be at 99,950!
ReplyDeleteThat would be nice, thanks for the encouragement, youngandthrifty.
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