I made a huge goal for myself this year: paying off my mortgage. I have definitely had my ups and downs with this goal, but I thankfully hit one of my major milestones at the end of April and got my mortgage below $40,000!
For nearly a year and a half now, I have been wanting a brand new bicycle. I have not always been a bicycle enthusiast, but I started competing in triathlons last year (which includes swimming, bicycling, and running) and my old 1982 Schwinn wasn’t quite doing the job. In order to compete I knew that I would need an upgrade. However, I am not the kind of guy that just goes to the bike shop, points at a bike, and dishes out $2,000 on the spot. This new bike was a want, not a need, so I decided to make a goal for it.
Bicycles can cost ridiculous amounts of money. For a new triathlon bike, you could easily spend more than $3,000 or $4,000. This isn’t exactly my style either, so I have been on the hunt for a bike that will fit me, will get me moving a little faster, and won’t empty out my bank account. So, instead of going to the expensive bike shops, I decided to take my search online. Thankfully, I stumbled upon a site called bikesdirect.com. From what I have heard and read, bikesdirect sells quality bikes at a severely marked down price (due to the direct shipment model). Sure, they might be a hare below the quality of a Trek bike or a Cannondale, but for my needs, it should do just fine. From this site, I was able to find a nice, brand new 2014 triathlon bike for only $549 (which includes shipping and tax)! I had this bike picked out around Christmas time and immediately made the goal of paying down my mortgage to $40,000 before I made the purchase.
At the end of April, I was ecstatic when I was able to bring my mortgage down to $39,999.99. Not only was that a crazy low number to look at, but this meant that I hit my goal and could now order my bike!
The shipment is supposed to come in on Tuesday and will hopefully only take me an hour or so to assemble (it comes 90% assembled). Take a look at the bike below. Not too shabby huh?
Are You Rewarding Yourself For Your Goals?
Do you have goals that you have set for yourself? Have you also set mini goals along the way to keep you on track for your larger goal? If not, you definitely should. Not only does it push you a little harder to hit your overall goal, but your small rewards along the way will actually mean something to you when you look at them! Instead of getting a feeling of regret for having spent the money on my bike, I will now look at it and think, “I got that bike because I hit my mortgage goal”. These little prizes almost create monuments of our life’s accomplishments! How cool is that?
Do you have future goals? What are your rewards along the way?
10 Frugal Fun Things to Do – by Krantcents
How Much Is the Average Credit Card Debt Per Household? – by Financial Samurai
Earn Extra Money With a Side-Gig – by My Personal Finance Journey
4 Things You Can Do Instead of Going Immediately to College – by Prairie Eco-Thrifter
Should You DIY? – by Narrow Bridge Finance
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.