Once you’re past Freshman year of Frugal School, you’ll understand the importance of setting goals. What you might not have learned is that one effective way to stay accountable to your goals is to publicize them.
Like the old management quote says, you can only change the things you monitor.
In this spirt, the goals for my family and this website are listed on a new area called Foundry Goals. Just like in a role-playing game, each goal has levels that are more challenging then the previous ones.
You’ll note that there are no dollar signs to be found on these goals. That’s because the amount of money the Foundry makes is somewhat irrelevant. What’s more important is keeping a high savings rate by minimzing spending and maximizing income, which in turn will drive up the amount of investment income our savings can provide. When investment income matches spending, you don’t require paid employment any more, if you don’t want. While it’s important to track and optimize spending/income (which are measured in dollars), they aren’t goals in and of themselves.
I’d love to hear suggestions for other goals, or hear about your goals.