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I wrote about some of my accounts a couple of days ago which are part of my Get Rich Quick strategy and today I’ll share part of my Get Rich Slow strategy.   My Get Rich Slow account, 401k, got maxed out at $15,500 this year and my employer kicked in $5k which means I’m up 20k in my 401k for the year.

I did manage to save an extra 5k in my “frivilous expenditures” account that I have yet to spend partly because I couldn’t find the right LCD TV and a few other things I had been hoping to buy (iMac, Mac-Mini, etc) this past holiday season.   I ended up extending my 40k of credit card arbitrage money onto June 2008.

My goals for 2008 are pretty simple to achieve but I’m doubting a few of my goals.

1. Pay all debt off which would include a new car and my home mortgage.

I have doubts about doing this because we are entering a high inflationary period and the debt will simply inflate itself away but I would be curious to see how my FICO score would change with zero debt.  I have also serious concerns about the banking system.

2. Earn 20% or better in all my accounts.

The past two years I’ve been very successful hitting this goal or coming very close on multiple accounts to a degree which I think I can replicate fairly consistently now but we’ll see what this third year of investing the ETF Covered Call way will yield.

3. Develop a Trust/Tax strategy.

 The biggest problem I have financially is the large tax liability I incur with all the income I receive each year.  I’m guessing that I’ll end up paying about 50k to 70k in fed income taxes for 2007.   I don’t qualify for Roth contributions or, to the best of my knowledge, non-deductible IRA contributions at my income level.  The good news is that I now qualify for a deferred income compensation plan which will allow me to shelter pre-tax income and receive matching contributions on that income tax-deferred.    I will also work on getting a living/revocable trust setup to avoid probate in the event of some horrible happening.

That’s pretty much it for some of my financial goals.   My other goals include taking some serious vacation time off in 2008 perhaps visiting Asia during the summer and Caribbean during the winter and possibly moving into a new home depending on how good the bonus payout is this year with my employer.