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re: What are your realistic 5 year financial goals?
Posted on 3/11/15 at 3:36 pm to LSUengineer12
Posted on 3/11/15 at 3:36 pm to LSUengineer12
I'm 31, I set these goals at the beginning of the year, currently have $100k in general savings and $20,000 emergency:
1) I want to own a home in the next 6 months, $500k max.
2) Pay off home in five years
3) Set up a $20,000 safety fund (done), bump by $10,000 each year
4) Buy a car for Mrs. Mule in 2016, $50k max (in cash)
5) Buy a car for myself in 2017, $50k max (in cash)
1) I want to own a home in the next 6 months, $500k max.
2) Pay off home in five years
3) Set up a $20,000 safety fund (done), bump by $10,000 each year
4) Buy a car for Mrs. Mule in 2016, $50k max (in cash)
5) Buy a car for myself in 2017, $50k max (in cash)
This post was edited on 3/11/15 at 3:37 pm
1
Posted on 3/11/15 at 4:28 pm to LSUengineer12
I think the goal planning is an excellent practice. At 25, I did the same thing. Roughly 5 years later, I found that I had met the majority of my goals without even realizing it. There can be something powerful about writing something down and having a plan to reach that destination.
I am not exactly where I intended to be but at 37, I am finally in a position where work is optional...granted I never married or had kids. That does make things much more financially feasible.
I am not exactly where I intended to be but at 37, I am finally in a position where work is optional...granted I never married or had kids. That does make things much more financially feasible.
Posted on 3/11/15 at 4:56 pm to LSUengineer12
33 now
My 5 acres will be paid off and hopefully finished building my house
My half of 3 rental properties paid off
350K in 401K
100K in trading account
20k in my daughters trading account (she's 4)
Buy the wife a new SUV and have it paid off
My 5 acres will be paid off and hopefully finished building my house
My half of 3 rental properties paid off
350K in 401K
100K in trading account
20k in my daughters trading account (she's 4)
Buy the wife a new SUV and have it paid off
Posted on 3/11/15 at 7:53 pm to LSUengineer12
Age 35
- Pay off new house
- Continue to contribute enough for 401k match
- Otherwise spend less than I make each month
- Pay off new house
- Continue to contribute enough for 401k match
- Otherwise spend less than I make each month
Posted on 3/11/15 at 8:07 pm to LSUengineer12
I am early 40s and I wanting own a 3 bedroom condo in lower deer valley in 5 years.
Posted on 3/11/15 at 8:39 pm to LSUengineer12
I'm 30, wife is 28 finishing residency in 1 year.
Have wives practice fully established.
Combined incomes of greater than 500k.
We will have lots of debt, so theres that.
Already maxing 401k. Continue personal investments in scottrade.
Set up wife retirement planning.
Have 1 more kid.
Have wives practice fully established.
Combined incomes of greater than 500k.
We will have lots of debt, so theres that.
Already maxing 401k. Continue personal investments in scottrade.
Set up wife retirement planning.
Have 1 more kid.
Posted on 3/11/15 at 10:29 pm to LSUengineer12
in 5 years I will be 40
By then I would like...
$1MM Net Worth
wife's student loan paid off
Move back to US and buy a house w land
Buy a vacation rental
By then I would like...
$1MM Net Worth
wife's student loan paid off
Move back to US and buy a house w land
Buy a vacation rental
Posted on 3/11/15 at 11:13 pm to LSUengineer12
Mine is really hard to lay out. I just took over a 50% pay cut last year, but should have the opportunity to make 10x my current salary within 5 years.
29 now, but would like my business to hit $1mm in revenue in 5 years with me being able to take home t least 40%.
That'll allow me to build a new home with 30-40% equity starting off, and get a good start on saving for rec property (my main goal).
29 now, but would like my business to hit $1mm in revenue in 5 years with me being able to take home t least 40%.
That'll allow me to build a new home with 30-40% equity starting off, and get a good start on saving for rec property (my main goal).
Posted on 3/12/15 at 8:21 am to LSUengineer12
I'm 25:
Max out Roth IRA annually (doing this now)
Max out 401(k) annually (2 year goal)
Max out HSA annually (2 year goal)
Placed down payment towards first home (3 to 5 years out)
Build up a 6 month emergency fund (2 year goal)
Pay off wife's graduate school tuition (1 year goal)
Pay off wife's student loans (2 year goal)
Those goals are what me and my wife have begun attacking. I had a good starter emergency fund but I emptied out about 75% to pay towards wife's loans and a recent move we made. Fortunately I received a significant pay raise which really has helped keep things on track. We're not doing anything flashy this year, and the goal is to manage things unscathed until she completes grad work and finds employment.
So while my wife is unemployed and works on her MBA, I have the luxury of writing software from home in my sweatpants
Max out Roth IRA annually (doing this now)
Max out 401(k) annually (2 year goal)
Max out HSA annually (2 year goal)
Placed down payment towards first home (3 to 5 years out)
Build up a 6 month emergency fund (2 year goal)
Pay off wife's graduate school tuition (1 year goal)
Pay off wife's student loans (2 year goal)
Those goals are what me and my wife have begun attacking. I had a good starter emergency fund but I emptied out about 75% to pay towards wife's loans and a recent move we made. Fortunately I received a significant pay raise which really has helped keep things on track. We're not doing anything flashy this year, and the goal is to manage things unscathed until she completes grad work and finds employment.
So while my wife is unemployed and works on her MBA, I have the luxury of writing software from home in my sweatpants
Posted on 3/12/15 at 8:30 pm to LSUengineer12
26 now, if I can keep maxing my Roth and 401k(have for the last 2 years) and put some money away for a home purchase in the next few years I'll be a happy camper. I'm getting married next year and the fiancée and I both have similar thoughts on personal finance, so I'm very fortunate for that.
Posted on 3/12/15 at 8:56 pm to LSUengineer12
I'll add one. I'd like to have 300 shares of Ford in five years. Currently 24.7
ETA: Also have 6-8k in HSA
ETA: Also have 6-8k in HSA
This post was edited on 3/12/15 at 9:08 pm
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