I feel like 2012 has already started zooming by. I mentioned that I have a new financial goal for 2012. I’ve been hesitant about writing about because it’s a big goal and I’m not sure how realistic it is.
I figured that paying off $34,000 in less than a year was something I never though possible last year and I still wrote about it, so I might as well write about this one. My new goal for 2012 is:
Buy another property.
My boyfriend and I have been talking about buying a home together for almost a year now, but I wanted to clean up my finances before I even considered buying another property. He obviously wasn’t thrilled with my ugly debt, so he was willing to wait.
Here’s why I’m nervous:
1) Starting From Scratch
I don’t want to sell my condo OR use equity I’ve gained from it. I want to save my entire portion of the down payment without touching my current property. I have to educate myself on equity lines of credit, but from the little I do know, it’s not something I want to do. It’s still a loan at the end of the day and I want to stay as far away from unnecessary loans as possible.
I’d like to rent out my condo and keep it as investment property.
2) Timeline – October 2012
We want to start looking by October 2012, which only gives me about 8 months to save as much as I can. I’m aiming for $50,000. That number alone makes me nervous.
3) The Job Market
My income fluctuates all the time and it really depends on how well the job market is. I’ll only do well if companies are hiring and although forecasts are optimistic about job creations, I’m still a bit concerned and don’t know how good a year 2012 will be.
This blog keeps me accountable, which is why I decided to write about my goal for the year. If I write, I’ll have to budget an save like crazy to try to reach it.
Those of you who read my blog and comment were so amazing at keeping me on track with my debt repayment goal in 2011. I hope you’ll keep me motivated and give me ideas on how to stay on track this year!
When I look at my 2011 debt repayment in review, here are all the things I did to get out of debt:
- Woke the hell up!
- Started keeping secrets
- Admitted my mistakes
- Exposed myself
- Put elastic bands on my wallet
- Flossed
- Rained on some people’s parade
- DIDN’T dip my feet in milk
- Hustled, hustled, hustled!
- Messed up
- Gave up
- Complained about my friends and work
- Gave ‘interesting’ gifts
- Finally said GOODBYE
I’m going to budget and save even harder this year.
Do you think this is an overly ambitious goal?
What is your take on using an equity line of credit?
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So exciting, Jen!!!
I love setting ambitious goals and reading about ambitious goals! I think that you can totally do it, given your amazing track record last year. Girl power
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