4:15 PM update: Thanks, everyone. The waiting list is now full. Keep reading Consumerism Commentary for the next time the waiting list is open.

Once again, I’ve refreshed the list of ING Direct $25 referral links. By using one of these links, a new customer can receive a $25 bonus for opening a new savings or checking account if the initial deposit is $250 or more. As these are “referral” bonuses, the person who provided the link will receive $10 from ING Direct in return for referring a new customer. I no longer have my own referral links to share, so I’ve opened Consumerism Commentary to serve as a conduit between current customers who have referral links and new customers looking for a $25 bonus. I earn nothing from this arrangement; in fact, it takes a significant amount of my time to set up the waiting list, contact Consumerism Commentary readers with instructions for sharing their links, monitoring the list of published links, and adding new ones as the posted ones expire.

I have reached the bottom of the current waiting list, so I am now opening the list again to current ING Direct customers. If you’re a current customer and you’d like to earn referral fees by posting your links on Consumerism Commentary, please leave a comment here using the email address on record with ING Direct. Make sure the email address you enter in the appropriate field is the same email address that ING Direct has linked to your account. This will help me match up your referral links with the name I put on the waiting list. No one else will see your email address and you can use an alias in the name field if you’d rather be anonymous on this blog.

If you’ve already posted links on Consumerism Commentary and you have more remaining to share, feel free to join the waiting list again. Keep in mind that I will contact you with instructions when it is your turn to provide links, and you must follow the instructions precisely. Recently, new customers have been using about ten links referral links per week. I’m looking to have 100 names on the waiting list. The only way to be added to the waiting list is to leave a comment on this post. Once the list reaches 100 names, I will not accept more names until further notice.

4:15 PM update: Thanks, everyone. The waiting list is now full. Keep reading Consumerism Commentary for the next time the waiting list is open.

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One lesson I learned this past year, after setting financial goals for 2008 and evaluating my progress as of last week, is that I shouldn’t set goals that are heavily dependent upon forces beyond my control, such as the stock market at large. My main target of a $210,000 “modified net worth” assumed the stock market would not perform so poorly. There’s that idiom about assumptions.

I’ll take a slightly different approach with my financial targets for 2009.

Financial goals for 2009

Income

Last year, I looked past my day job salary towards the income from my side jobs, including Consumerism Commentary. My target for 2009 was to earn $100,000 from a variety of sources outside of my primary job. I succeeded, with an official tally of $121,000. I’d like to see this year-over-year increasing trend continue, but again I need to look at the market.

Most of this income comes from advertisers, and many of these advertisers are financial companies. I don’t have to look hard to find news stories about the troubles facing companies in the financial sector. In addition, experts are predicting a slow year for internet advertising across all sectors. While a year ago I was considering following some of my blogging colleagues by quitting my day job and pursuing blogging and related projects full-time. This is a luxury I’d like to have, but I’m still playing it conservatively. As long as I can continue to basically work full time with two jobs without losing more of my sanity, I’ll do so.

My goal for “Other Earned Income” in 2009 is $108,000, or an average $9,000 per month. My stretch goal is to surpass this year’s success with $132,000.

Investing

My investing progress for 2008 was haphazard and unorganized. I’d like to be more clear in 2009 about achieving investing targets. This is what I’d like to accomplish by year end (or by the time I file my 2009 tax return in April 2010). The ability to reach these goals depends on earning the “Other Earned Income” I’ve indicated as my goal.

• Contribute the full $16,500 to my 401(k).
• Contribute the maximum to a Roth IRA if possible; if not, contribute to a Traditional IRA and convert the account to a Roth IRA in 2010.
• Contribute the maximum to an SEP IRA.
• Invest $250 per month into an account to help pay for future children’s education.

Saving

According to my year-end balance sheet, I currently have over $80,000 in various savings accounts and money market funds. I have a sinking feeling that a good portion of this is earmarked for the IRS. I’m working on finding a tax accountant to ensure that my tax bill isn’t any higher than it is supposed to be. After I pay my taxes, I’d like to take half of whatever I have left and earmark that amount for a down payment on a house.

Net worth

Last year, I made the mistake of setting a goal for my total “modified net worth.” I failed thanks to poor performance in my investments. Had I moved my investments to something safer than stocks at the first sign of trouble, I may have been able to make my goal. By doing so, I would be reacting to short-term indicators. Had I sold off stocks and bought safer bonds, I might have achieved a positive return on my investments and surpassed my 2008 goals. Staying invested in stocks was the right choice for my investments that won’t be tapped for a few decades.

For 2009, I will not set a net worth target. It is more meaningful to focus on my income and keep my spending in check.

Throughout the year, I will occasionally compare my progress against these goals. I have fewer goals this year, and the ones that I am keeping are the most meaningful, measurable, and mostly within my control.

What are your financial goals for 2009?

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Top December articles

Here are the most popular articles written in December:

1. 9 Tips for Choosing and Achieving a Purpose in Life
2. I am Debt Free as of Today!
3. The Best Online Savings Accounts
4. ING Direct Electric Orange Interest Rate Drops to 0.5% APY!
5. Personal Income Statement, November 2008
6. Personal Balance Sheet, November 2008
7. The Schwab Bank Invest First Visa Signature Credit Card (by Smithee)
8. FNBO Direct Drops Interest Rate to 2.8% APY
9. The Federal Reserve Cut is Irrelevant
10. Coworkers Excited About Investing

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On Saturday I posted my final balance sheet for 2008 and wrote about my progress this past year. Each month, I take a look at my income and expenses as well to get a fuller picture of my finances. This post contains my income and expense report.

December continues to be one of the most expensive months of the year. Continue reading for the details. For the end of the year, I included some yearly totals going back several years. To zoom in, click on the thumbnail version of the table. Read the rest of this article »

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The stock market found a way to trash my net worth goal last year. Had the S&P index and my company stock increased in 2008 like they did in 2007, I would have surpassed my net worth goal for the year. Investments have a way of being volatile over short periods of time, and that was the case in 2008. Rather than finishing the year with a “modified net worth” of $220,000 or so, I ended with $186,237.

For more than five years, I’ve been tracking my financial progress live on Consumerism Commentary. I don’t do this to brag; when I started this website, my situation was not as good as it was now. I track my finances publicly to keep myself accountable and to learn from others. You may notice I didn’t put my numbers in the title of this article. This will allow readers to skip articles about my financial success and failure if they desire.

Despite the stock market’s performance, and despite not achieving some of my goals, I’m happy with my progress this year. The year-end balance sheet includes the closing balances going back seven years. At that time, I had just left my job at the non-profit arts organization and trying to put my life in a new direction. Read the rest of this article »

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