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February 2018 Financial Progress Report
- Debt: $0.00
- Emergency Fund: $10,000.00
I started this blog to keep myself more accountable and today I am going back to those roots. I am bringing back financial progress reports. Hopefully these motivate me to smash my goals and allow you to get useful information. Here we go!
I am currently reading Think and Grow Rich by Napoleon Hill. Chapter 2 discusses practical steps to becoming rich. Those steps suggest establishing the amount of money you wish to attain and a date when you intend to possess the money you desire. I aspire to become a millionaire by time I retire, which will be in about 30 years. Thinking about my goal in such concrete terms made me realize that I need to step up my pursuit.
I am currently building my three to six-month emergency fund and I aspire to have about $10,000-$13,000 saved. Fortunately, this month, I saved $2,647.98 bringing my emergency fund total to $10,000. I have been debating whether I felt satisfied with $10k and if I am ready to move to the next step – investing.
Considering my long-term goals, I think it is time to move on to investing 15% of my salary to my 401(k) retirement plan. Beginning with my second paycheck in March, I plan to make the adjustment. That will slow my saving rate, but I think it is time to focus more attention on my long-term goals. Comment below and let me know your progress smashing your financial goals this February.
By Simone, creator of @SlimFitWallet