Wednesday, January 5, 2011

Resolution 5: Increase net worth by $31,000

The fifth of my eleven New Year's Resolutions WAS to "pay off our student loans by our one-year anniversary in September". After a discussion with Peanut over the weekend, though, I'm changing it to "change our net worth by the value of our student loans". As of this writing, that's about $31,000.

Peanut's concern is that I was setting us up for failure by specifying that we pay off the loans entirely in just under ten months. He wants to be able to take advantage of some opportunities that might come our way that would require us to have liquidity rather than using all of our cash to pay off the loans, which are at very low interest rates.
Given that our married finances require input and agreement from both of us, I'm rephrasing resolution 5 to be something we both agree with and want to work towards. If nothing comes to pass, we'll save up every month and pay off our student loans in full as soon as possible. If things go like they might, we'll have some crazy adventures and hopefully be able to save and invest $31,000 along the way.

(If you prefer to think of things by numbers, this makes the end-of-year net worth goal $84,000.)

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