Can you share some of your financial goals?

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sharukh
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Can you share some of your financial goals?

Post by sharukh » Fri Jun 23, 2017 2:03 pm

Hi,

I see many suggest this
"For every dollar you’ve salted away, you have an eventual use in mind—and the dollars are invested accordingly."

Currently I save, just for the sake of saving and dont have clear goals in mind. (no debt, no plans to buy a home, just saving to live off that some day)
Can you share any template you have that I can follow on?

Thanks.



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Meg77
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Re: Can you share some of your financial goals?

Post by Meg77 » Fri Jun 23, 2017 2:16 pm

I don't have a specific goal in mind for my savings either, but I don't think that is necessary. One day I might have a want or a need arise that I won't have to take years to save for. Maybe I'll want to quit my job or start/buy a business or buy a nice car or move or buy a second home or have a child or retire or travel the world for a year. Money gives you options. Dreaming of those options is enough for me to stay motivated to save.
"An investment in knowledge pays the best interest." - Benjamin Franklin

delamer
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Re: Can you share some of your financial goals?

Post by delamer » Fri Jun 23, 2017 2:22 pm

But you do have a goal in mind -- you want to use your savings to be able to retire some day. So your savings should be invested to allow you to stop working at whatever age you decide you'd like to retire.

sharukh
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Re: Can you share some of your financial goals?

Post by sharukh » Fri Jun 23, 2017 2:23 pm

very nice, thanks for quick replies, yes, currently the only goal is to live off the savings.

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DaftInvestor
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Re: Can you share some of your financial goals?

Post by DaftInvestor » Fri Jun 23, 2017 2:27 pm

After buying a home I've had 3 three "goals" for every dollar and "invest accordingly" for these:
1) Near term stuff (Emergency Fund, Next Large purchase - car, appliances, furniture, etc.)
2) Send the kids through college debt-free savings (finished this goal - now withdrawing from it until complete).
3) A comfortable Retirement (this is certainly the biggest one - and perhaps the only one relevant to you).

tesuzuki2002
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Re: Can you share some of your financial goals?

Post by tesuzuki2002 » Fri Jun 23, 2017 2:30 pm

traveling and freedom, but no specifics. I have a high saving rate and looking to general a portfolio that is kicking off $30k a year in passive income just for when things come up.

snarlyjack
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Re: Can you share some of your financial goals?

Post by snarlyjack » Fri Jun 23, 2017 2:30 pm

Sharukh,

I'm a young guy with a B.A. degree in Finance.
I enjoy studying/reading Financial Independence
articles & have put together a plan...

a). No debt.
b). Financial Independence Retire Early (FIRE).
c). What's the best way to achieve FIRE.
d). What's the goal & plan (you got to have a plan)!
e). The sooner you start the easier it is!
f). Start now...start planning...
g). Start by reading everything that Jack Bogle has written!

retire57
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Re: Can you share some of your financial goals?

Post by retire57 » Fri Jun 23, 2017 2:55 pm

Every January I make a table listing savings goals. One column is for the budgeted amount and another is for goal progress.

Right now the items in the table include completing my Roth contributions for the year. Next up is setting aside 1% of my portfolio in cash to use for miscellaneous expenses e.g. homeowner's insurance, condo fees, auto insurance, taxes ... (80% there already). Another goal is our traditional charitable contribution that we do every year around the holidays.

Long-term goals include saving for 2 cruises that we have planned in 3 years. So I know that any surplus at the end of 2017 goes in that bucket.

Come January, we evaluate our current and future goals. Simple but effective!

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Re: Can you share some of your financial goals?

Post by indexonlyplease » Fri Jun 23, 2017 3:03 pm

It's getting a really good job that you enjoy going to work every day. Then everything becomes easy. Savings for big ticket item, car or home. Investing to retire one day. Maybe you invest really good over the years and you get to retire earlier. Along the way who knows what may change everything. Marriage, child both make life better but change financial situations.

I would state the best thing I ever did was paying off my first house in 10 years and then living debt free. It makes what ever comes along that much easier.

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Re: Can you share some of your financial goals?

Post by CppCoder » Fri Jun 23, 2017 3:21 pm

In my best William Wallace (OK, Mel Gibson) voice: FREEDOM!

Most days, I don't dislike my job, but if I didn't need the paycheck for financial security, I would do something else. I like to think I'd be productive, maybe start a company, write open source software, write books, or teach. Who knows, maybe I'd just make more Boglehead posts :happy . As it is, due to an inability to pursue my passions (really, a risk aversion to not having a steady paycheck), I work for a mega corp. I could very early retire (40s), but I'd rather work long enough to generate enough inter-generational wealth so my kids don't have to make the same decision. Otherwise, I'm not improving their lives over my own. You've got to break that cycle of upper middle class/working affluent somewhere, right? :D I figure, oh well, in for a penny, in for a pound...I'll work until I'm 55 or 60 so my kids don't have to (yes, still early retirement by most people's definition).

runner540
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Re: Can you share some of your financial goals?

Post by runner540 » Fri Jun 23, 2017 3:54 pm

Keep saving, stay properly insured to protect it (healthcare is the biggest risk, and I'm fortunate to be healthy now).

Afty
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Re: Can you share some of your financial goals?

Post by Afty » Fri Jun 23, 2017 4:26 pm

I think it's a good idea to think hard about what your end goals are. I fully admit though that I'm one of those people who saves just to save and, until recently, never really had financial goals.

Here are some goals that I've been tossing around:
  • We can buy anything we need without incurring financial stress or hardship.
  • Our family can live a comfortable, middle class lifestyle.
  • We can choose work that we enjoy and find fulfilling, even if we need to take time between jobs, work part time, or take lower paying jobs to do it.
  • We can pay for our children’s college and potentially graduate school.
  • We can retire early, when the children are done with college.

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JDCarpenter
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Re: Can you share some of your financial goals?

Post by JDCarpenter » Fri Jun 23, 2017 4:32 pm

DaftInvestor wrote:After buying a home I've had 3 three "goals" for every dollar and "invest accordingly" for these:
1) ...
2) Send the kids through college debt-free savings (finished this goal - now withdrawing from it until complete).
3) A comfortable Retirement (this is certainly the biggest one - and perhaps the only one relevant to you).
This was ours (although plan was to cashflow the colleges). Like many of those responding, we started saving for retirement in our first year out of school, and just kept saving. A rather hazy couple of goals: "pay for each kid's 4 years of undergrad wherever they go" and "retire 'early' to travel and have fun." (Our jobs were not well-suited for extensive travel.) Not until the kids started hitting college did we get much more detailed. ("early" turns out to be 57/56; not great by early retirement standards, but we are not paragons of frugality....).
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Re: Can you share some of your financial goals?

Post by DomDangelina » Fri Jun 23, 2017 4:37 pm

Not to die poor is my financial goal.
"Often the remedy causes the disease. It is by no means the least of life's rules: to let things alone." | Baltasar Gracián, S.J., The Art of Worldly Wisdom, Maxim 121

aceoperations
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Re: Can you share some of your financial goals?

Post by aceoperations » Fri Jun 23, 2017 4:38 pm

When I started saving about 6-7 years ago in my first job, I did not have any specific goals. I was not going to buy a home anytime soon, no kids, no fancy vehicles, etc. But I'm glad I continued to sock away, because you know, life happens and specific goals develop later on. Now, I am saving up for a home, have two kids in daycare/pre-school, and also saving for their college. As expenses rise, ones ability to save takes a hit, at least for a few years with young kids. At this time, it is good to see the retirement portfolio have a decent amount of money in it, since after all, retirement is also an eventual goal. I would venture to even say, retirement becomes a mandatory goal because there is no guarantee that you can or will want to work till your very last days. Sometimes, short term goals show up, when there is a need to replace a car, for example. I save for those when necessary.

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Toons
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Re: Can you share some of your financial goals?

Post by Toons » Fri Jun 23, 2017 5:06 pm

Our financial goal?
To have some "gold" during the retirement years.
As Of Today,
Mission Accomplished.
:D
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

MnD
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Re: Can you share some of your financial goals?

Post by MnD » Fri Jun 23, 2017 6:44 pm

We really didn't have any fundamental purely financial goals. But our life goals did take some financial wrangling.
Our specific financial goals flowed from these, but only as a means to an end.

Have kids (at least 2).
Own good sized older home with character on big fenced lot in a nice safe neighborhood to live and raise family in.
Have real family vacations (cost consistent with current financial situation).
Kids college paid by us - no debt for them. Max cost best in-state state U they could get into.
Retire mid-50's, no mortgage or any other debt - with sustainable financial standard of living equal to or greater than when working.
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blueblock
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Re: Can you share some of your financial goals?

Post by blueblock » Fri Jun 23, 2017 7:06 pm

It sounds like maybe your larger savings and investment goal could be "FIRE" = Financial Independence, Retire Early.

http://www.firecalc.com is a great calculator/tool for working on this.

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Re: Can you share some of your financial goals?

Post by RadAudit » Fri Jun 23, 2017 8:28 pm

Now that I'm in retirement, my main financial goal is to make the portfolio last at least as long as the DW and I are alive and still go where I / we want to go and do what I / we want to do.
FI is the best revenge. LBYM. Invest the rest. Stay the course.

pasadena
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Re: Can you share some of your financial goals?

Post by pasadena » Fri Jun 23, 2017 8:36 pm

I was too late to the game for FI, but my goals are :

1) Peace of mind - have enough money to weather any storm life may throw at me
2) Buy a home - hopefully in ~2 years. It'll be my first, and I'll be 45 years old. Talk about starting late :wink:
3) See 1.

Basically, my long-term goal is to be financially secure when I retire, and to not retire late (65 is my maximum, 62 would be better, 60 would be amazing). Two things to achieve that is to have a paid-off home at that time, enough money in the bank to maintain it and supplement whatever I will get from my country's social security, live well and sleep well for the next 40 years.

The Wizard
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Re: Can you share some of your financial goals?

Post by The Wizard » Fri Jun 23, 2017 8:40 pm

In retirement now, my financial goals are to have both my income and my portfolio increase a bit each year.
This may seem a bit perverse and/or contrary, but thus far it's worked out ok.
But thus far, we've not had a stock market crash, so I've not experienced the full range of possibilities...
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Tycoon
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Re: Can you share some of your financial goals?

Post by Tycoon » Fri Jun 23, 2017 8:44 pm

Investment income > salary
...I might be just beginning | I might be near the end. Enya | | C'est la vie

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Peter Foley
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Re: Can you share some of your financial goals?

Post by Peter Foley » Fri Jun 23, 2017 9:11 pm

We live in Minnesota and do not enjoy winter. One of our financial goals was to have enough money to be able to spend a couple winter months in warmer climates (traveling and renting, not buying).

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munemaker
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Re: Can you share some of your financial goals?

Post by munemaker » Fri Jun 23, 2017 10:19 pm

Major financial goals of our lives:
(Our parents paid for our educations, so we did not have any student loans.)
- Live below our means (ongoing)
- Take family vacations every year (ongoing)
- Pay off our mortgage (done)
- Pay cash for all vehicles, now and in the future (done)
- Provide used cars for our two kids while they lived at home and attended college (done)
- Pay all expenses associated with our two kids' educations so they have no debt (done)
- Fully fund retirement (done)
- Take SS at 70 (pending)

That's about it, and they have pretty much all been successfully completed
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Gropes & Ray
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Re: Can you share some of your financial goals?

Post by Gropes & Ray » Sat Jun 24, 2017 6:42 am

I have a spreadsheet with my budhet and savings goals. Right now there are simple things like a vacation and a newer car. I also save for retirement. I would like to retire in my early 50s. That's about 20 years away.

ZenInvestor
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Re: Can you share some of your financial goals?

Post by ZenInvestor » Sat Jun 24, 2017 7:15 am

Age: turning 38, wife 36, Daughter 3

Starting at age 22

- Pay off credit cards: DONE
- Build Emergency Fund: DONE
- Begin maxing 401k: DONE
- Pay off student loans: DONE
- Pay off cars: DONE
- Begin investing in brokerage: DONE
- Pay off house: DONE
- Pay off Daughter college: DONE
- Financial Freedom: On track. will pass $500k portfolio this year. Saving $60k - $120k per year into this portfolio going forward. Expenses are under $7k per month, and can crunch to $4k.

My strategy was to continually improve my free cash flow position, and snowball that downhill to knock out all of lifes expenses. The strategy is working as intended.

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Re: Can you share some of your financial goals?

Post by RadAudit » Sat Jun 24, 2017 7:38 am

Tycoon wrote:Investment income > salary
For you, that goal is already on the horizon (the far horizon). Just wait until you retire .... :wink:
FI is the best revenge. LBYM. Invest the rest. Stay the course.

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Tycoon
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Re: Can you share some of your financial goals?

Post by Tycoon » Sat Jun 24, 2017 8:52 am

RadAudit wrote:
Tycoon wrote:Investment income > salary
For you, that goal is already on the horizon (the far horizon). Just wait until you retire .... :wink:
The sad truth is that goal has been surpassed for quite a few years and yet I still work. I guess it's my nature.
...I might be just beginning | I might be near the end. Enya | | C'est la vie

KlangFool
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Re: Can you share some of your financial goals?

Post by KlangFool » Sat Jun 24, 2017 9:10 am

OP,

Sleep Well At Night = SWAN is my financial goal.

Over last 10+ years, I had no job security. It is between quarterly laid off and annual laid off. I was unemployed for more than 1 year a few times.

But, due to my high saving rate and investment, I "Slept Well At Night" (SWAN).

Now, I "cash flow" my 2 kids through college. My job may only last 6 more months. But, I can SWAN because I know I can pay their way through college and survive.

Sleep is too easily taken for granted. But, looking through all my slept deprived co-workers worrying about their jobs, it is precious.

KlangFool

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BolderBoy
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Re: Can you share some of your financial goals?

Post by BolderBoy » Sat Jun 24, 2017 9:14 am

sharukh wrote:very nice, thanks for quick replies, yes, currently the only goal is to live off the savings.
That is an admirable goal. It was also my goal and is being used as the fruit right now.
"Never underestimate one's capacity to overestimate one's abilities" - The Dunning-Kruger Effect

staythecourse
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Re: Can you share some of your financial goals?

Post by staythecourse » Sat Jun 24, 2017 9:16 am

I can tell your 90%+ of folks big financial liabilities (thus the reason to save) comes down to 3: 1. House, 2. College education for kids, and 3. Retirement. The smaller stuff really doesn't matter this way or another. I am including a car as well, i.e 20k this way or not does not matter in the end.

The 3 big ones above and the decisions one makes towards them, i.e. financial planning goes A LONG way to determining if you are successful or not.

Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle

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Re: Can you share some of your financial goals?

Post by LadyGeek » Sat Jun 24, 2017 12:24 pm

This thread is now in the Investing - Help with Personal Investments forum (how to invest).

sharukh - I see that you are living in the US on an H1/H4 visa with a child who is a US citizen. The discussion is here: How to invest for Indian living in USA on H1 visa?

Do you need further assistance? If you need help or have more questions, please don't hesitate to ask.
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DomDangelina
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Re: Can you share some of your financial goals?

Post by DomDangelina » Sat Jun 24, 2017 8:50 pm

KlangFool wrote:OP,

Sleep Well At Night = SWAN is my financial goal.

Over last 10+ years, I had no job security. It is between quarterly laid off and annual laid off. I was unemployed for more than 1 year a few times.

But, due to my high saving rate and investment, I "Slept Well At Night" (SWAN).

Now, I "cash flow" my 2 kids through college. My job may only last 6 more months. But, I can SWAN because I know I can pay their way through college and survive.

Sleep is too easily taken for granted. But, looking through all my slept deprived co-workers worrying about their jobs, it is precious.

KlangFool
Way to go. Great work! :sharebeer
"Often the remedy causes the disease. It is by no means the least of life's rules: to let things alone." | Baltasar Gracián, S.J., The Art of Worldly Wisdom, Maxim 121

CurlyDave
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Re: Can you share some of your financial goals?

Post by CurlyDave » Sat Jun 24, 2017 8:52 pm

My overall goal is simply to become every one of my descendants favorite ancestor.

If you spend a few minutes thinking about this you may realize it is a far more subtle and powerful goal than any of the more specific goals stated so far. Now the way to accomplish this is going to involve specific sub-goals, but I think we miss out if we do not have an overall life plan.

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Phineas J. Whoopee
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Re: Can you share some of your financial goals?

Post by Phineas J. Whoopee » Sat Jun 24, 2017 9:25 pm

My personal investing mission statement, which developed over years out from two earlier objectives, only the second of which I could articulate at that time, and which took ever so long to formulate then even longer to express compactly, as I've posted before is:

To meet my future financial needs, and within reason wants, without taking undue risk.

PJW

sharukh
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Re: Can you share some of your financial goals?

Post by sharukh » Tue Jun 27, 2017 12:32 pm

Thanks very much for sharing your goals and ideas.

Jack FFR1846
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Re: Can you share some of your financial goals?

Post by Jack FFR1846 » Tue Jun 27, 2017 1:07 pm

1) Pay for kids education
2) Pay for health insurance once retired
3) Pay for retirement expenses
4) Buy a Nissan GT-R
Bogle: Smart Beta is stupid

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WoodSpinner
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Re: Can you share some of your financial goals?

Post by WoodSpinner » Tue Jun 27, 2017 2:24 pm

OP,

Interesting question -- would you share your goals?

Here are mine from my Retirement Policy Statement
  • Goals (priority order):
    1. Retire while the two of us are still young and healthy enough to travel, enjoy life, volunteer, and experience the joy of being active grandparents.
    2. Retirement Portfolio will need to provide sufficient income to fund our expenses and be strong enough to weather financial, medical and other challenges we will face.
    3. Actively support a variety of charities either through direct contributions, Donor Advised Funds (before age 70 ½), and Qualified Charitable Distributions (after age 70 ½ when RMDs begin)
    4. Leave remainder to our heirs for them to leverage and enjoy.
Not sure they are earth shattering, but they are ours.

Thoughts?

LFKB
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Re: Can you share some of your financial goals?

Post by LFKB » Tue Jun 27, 2017 2:40 pm

Pay off house and have $7 million of liquid net worth by age 50 so I can retire.

Dottie57
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Re: Can you share some of your financial goals?

Post by Dottie57 » Tue Jun 27, 2017 2:45 pm

1. Retire within5 years.
2. If money allows, buy condo with a large porch. I have complex picked out. Doubtful this will happen
3. 2 months in winter .. rent in the south.
4. Smaller items: see Grand Canyon, Yellowstone, Giant Redwoods, Vancouver,. Cruise the coast of Europe. Riverboat down the Mississippi. Follow Lewis and Clark path. These are smaller goals and less costly.
5. Maybe perhaps buy a computerized loom. But love the looms I have.

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Meaty
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Re: Can you share some of your financial goals?

Post by Meaty » Tue Jun 27, 2017 2:51 pm

Mine is simple - I want out of the rat race as soon as possible. Unfortunately it'll be at least 15 more years
"Discipline equals Freedom" - Jocko Willink

LiterallyIronic
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Re: Can you share some of your financial goals?

Post by LiterallyIronic » Tue Jun 27, 2017 3:06 pm

I have three financial goals:

1. Retire at 50 (currently have 6% of target in retirement accounts)
2. Paid off house at 50 (still a renter)
3. Buy a DeLorean (haven't saved a cent for)

These are in order. That is to say, I can't sacrifice #1 or #2 in order to accomplish #3. As you can see, I'm not remotely close yet. :(

I could see a trip to Europe becoming a financial goal - either fourth or replacing the third.

equanimity511
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Re: Can you share some of your financial goals?

Post by equanimity511 » Wed Jun 28, 2017 1:52 am

1. Live healthy so dietary/lifestyle-driven diseases do not syphon our retirement savings in my elderly years. Crappy American diets and sedentarism are worse than high expense ratios. Health is wealth. Mediterranean diet, endurance exercise, laughter with a stiff cocktail after dinner, and sleep....

2. Maintain a well-paying job for the next 15-20 years and likely do some per diem work thereafter.

3. During that time, pay ourselves 30% of gross salary each year so that we are not a financial burden on my children. Portfolio split 75/25 next ten years. 60/40 thereafter. To do in following order:
- Keep adequate EF
- Max out 401(k) accounts and HSA
- Backdoor Roth IRA x 2
- Fund taxable account
- Pay down low-interest (2.65%) med school debt (goal = done in 5 years)
- Maintain sufficient health, life (term), disability, and umbrella insurance

4. Pay down 15 year mortgage so that when we own home by retirement.

5. Pay for kids' undergraduate. Graduate school also if possible and depending on career paths.

6. Retire at age 60 with no mortgage and enough money saved to live simply with my partner doing things we love. Exercise, cook, and occasionally travel. Goal is to live Summer/Springs in the mountains of CO (cabin in Buena Vista) and Fall/Winter in TX.

B. Wellington
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Re: Can you share some of your financial goals?

Post by B. Wellington » Wed Jun 28, 2017 7:40 am

IMO, Charles Schwab had a great quote. "I wanted to get as far away from ZERO as I could get."

On a personal note, DW and I grew up with very little "wealth" and I wanted to get as far away from zero as I could get as well.

One day to leave the rat race and do what we want to do, when we want to with no money worries...

lowndes
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Re: Can you share some of your financial goals?

Post by lowndes » Wed Jun 28, 2017 8:05 am

My goals are pretty simply (except for maybe one which is my ultimate dream):

1. Develop consistent savings habits by continuing 401K, Backdoor Roth, 529 and taxable contributions each month;

2. Eliminate all debt (including mortgage);

3. Buy a 4 bedroom ski house in Telluride (hopefully by age 40);

4. Avoid all future debt but at all costs never let lifestyle creep above current base salary income until my retirement accounts are funded enough to support a larger financial outflow. I'm 33 and my earning potential is by far my greatest asset so I will probably find this one to be the one that needs the most focus.

That's pretty much it. Overarching theme though is to do things now to help secure a comfortable retirement and have some fun along the way.

garnertr
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Re: Can you share some of your financial goals?

Post by garnertr » Wed Jun 28, 2017 8:54 am

I have 3 savings funds

x-mas funds for the boys - I have 4 boys and I sock a little away each paycheck and at xmas we give them a "payment" and then the cycle starts over again

Car Fund - I have an old car and it's a good car, so I just ensure I have enough to cover expenses, every time I do an oil change or tire replacement, I sock those funds into it so that it's there for if I ever need it

Play fund - I like to save money for items and them buy it, extreme discipline involved and I tend to find that when I saved enough to purchase what I "want", the want has passed and I start saving for something else... example like I want a new monitor for my computer (larger screen), so I find the one I want and start saving until i reach that goal. If I still want it when that threshold has been met I pay for it in cash. If not I move onto my next want.

I also have an emergency fund and that is there too - so really 4 funds.

:)

I have only recently started this so the funds are low, but with discipline they will grow over time! :)

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Will do good
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Re: Can you share some of your financial goals?

Post by Will do good » Wed Jun 28, 2017 9:10 am

1. Financial independent
2. Retire early
3. Able to help out adult children in the future, if needed.
4. Travel or buy what ever I want, if I want
5. Sleep well at night
6. Leave my portfolio in whole (and grow even bigger) to pass on to future generations

Done, Done, Done, Done, Done,

vested1
Posts: 1503
Joined: Wed Jan 04, 2012 4:20 pm

Re: Can you share some of your financial goals?

Post by vested1 » Wed Jun 28, 2017 10:34 am

Goals change depending on reaching previous finish lines. My current goal is completing our delay of SS. One more year to go until my wife and I are 65/66 respectively and can begin drawing benefits, her own/me restricted application.

Drawing from savings and wife's DB pension matches our pre-retirement income after taxes. Variable withdrawal rate resulted in 1st year over 8% with 4% gain above that (fortunate) and a strengthening of our plan. Projected WR rate of 5.5% this year, decreasing 2% starting this time next year. At my age 70, 100% survivor pension and SS will cover more than 100% of expenses.

I retired 1.5 years ago, preceded by my wife a year earlier. Despite withdrawals, entirely indexed portfolio has grown by 45k since I retired. My goal after age 70? Reinvest or gift portion of RMD's, travel even more. Long road trip this year with the new travel trailer and 16 day 25th anniversary trip to Hawaii. Thank you Mr. Bogle, you changed my life.

rgs92
Posts: 1994
Joined: Mon Mar 02, 2009 8:00 pm

Re: Can you share some of your financial goals?

Post by rgs92 » Wed Jun 28, 2017 10:54 am

Does anyone want to die broke?
Or at least with annuities that expire with you (or other income streams that do the same)?
Of course I'm seeing that this is easier said than done. Certainty or extremes is hard-to-impossible in finance.
It seems very difficult to leave without a legacy when you don't know how long you will live. There are always leftovers it seems.

crazcarl
Posts: 21
Joined: Wed Jun 28, 2017 11:27 am

Re: Can you share some of your financial goals?

Post by crazcarl » Wed Jun 28, 2017 11:46 am

I find it easier to start with a very high level goal that you (and family) can work towards. I have found that having an end goal helps everyone to work together and see the big picture.
Mine is a net wroth of 800k by the time I am 36. Why this? Because we will be selling everything and buying a 40 ft catamaran and living aboard and eventually sailing around the world. We plan to have a paid off boat and spend about 15k /year on living expenses.

Then have smaller goals to get to that large goal.
I max out my 401k, her 403b, and both of our tIRAs. Pay an extra $400 to house payment per month, and invest rest in taxable accounts. The goal is to have the house paid off by the time we are ready to sell, so that we can use that money to purchase the boat. This allows us to get the money out without paying taxable gains.
We live very simply and only spend about 2500/month including total house payment. We spend 80% of our time outside with the kids or at parks. This helps us get in the mindset and just feels amazing to spend more time outdoors and see many areas that most do not.

We still will go out to eat once in a while, and are very generous to others, but really just enjoy being active.

We both grew up working our way through college and do not plan to pay for our kids schooling, as we feel this helped teach us a lot about good work ethic.

To reach the investing goals we have even smaller goals such as a budget and other little things such as not spending money for a whole weekend or not driving the car for a weekend and riding bikes everywhere. These are accomplished more often to give us little wins and keep the dream alive as you may say. Without the little goals in life, the daily routine can get boring for some, which I believe is why many people spend money on needless things. Just my thoughts and Good luck!!

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