Recipe For Financial Freedom

Back to money matters again! I seriously apologize to all those who have visited my Money Kitchen in the past few months for such a long break. I won’t go into the reasons as they are beyond the scope and context of this website. In this post I planned to brief you about my financial condition over the past few months.

I shall be updating my goal for the year, the networth as on today. My preparation, steps to improve my financial condition and the way ahead for the year.

Goal Status:
I am no way near my goal; my current financial status is as follows:

I do not have to mention the shortfall to reach my goal. I feel this is the time for revision of my goal and a commitment to me, to stick to this revised goal.

Sometimes I think when I can’t stick to my goal for a short term of one then how would I be able to follow my long term goal if I set any. After seeing my pathetic performance over the year I can still say that setting up goal make you think and work towards your goal whatever it may be.

Now something about my mistakes

• I lost track of my goal, my financial status and even this website and the purpose for which it was created during the past few months.

• I learnt a hard lesson of lending money to my friend without a formal contract. I had to write it off. In other words giving money to your friend is spending money you will never get it back. Now no friend no money, you lose on both the fronts.

• I did not have insurance for my motor vehicle, which cost me dear after my recent accident. No I realize that I don’t have a life insurance though my employer covers me for my health insurance.

The Revised Goal:

• To reduce the debt component by at least Rs 40,000/- by year end that would include both the credit card debt and the personal loan component.

• Try to reduce the student’s loan component by Rs 50000/- by the end of March 2008.

• To have a life insurance and get my bike insured.