Financial Resources

Have you sat down to determine what your financial goals for 2009 are yet? If not, it wouldn't be a bad idea to at least jot down a few things you would like to accomplish. I've made a personal list I would like to share with the hope that you'll be encouraged to do the same.

• Pay off my credit cards

This is a long shot but I still list it as a goal anyway since I'm going to give it my best effort. Even if I don't pay them off completely, I'll still knock a pretty good chunk off the balances to save a ton of interest in the long run.

• Max out my Roth IRA

I'm already contributing enough to my 401K at work to take advantage of the match my employer offers so that's a goal already achieved. The maximum I can contribute to my Roth IRA in 2009 is $5,500. Unless I lose my job or encounter some other kind of financial emergency, I should be able to reach my goal.

• Max out ESA's for each one of my kids

For those of you who don't know, an ESA or Educational Savings Account is a way to save for your child's education. Your allowed to contribute up to $2,000 annually as long as you don't exceed the income threshold of $110,000 annually as an individual or $220,000 as a couple. This plan works sort of like a Roth IRA in the sense that your money grows tax-deferred and distributions are tax free if used for qualified educational expenses.

I do have more personal goals for this year but I just wanted to give you a general idea on how to get started with your "to do" list. Best of luck and feel free to share your goals with the rest of us.