First off, I wanted everyone to know that is was 70 degrees here yesterday! This changing weather is really killing me. I think the low was around 25, so it's such a huge difference.
Anyways, arlier this month I posted my 2012 goals, and then I noticed that Niki over at Debt Free by Thirty posted her 5-year plan. I guess this will just be a month full of me stating goals and hopefully accomplishing some. I hope no one is too bored.
Making a 5-year plan is very helpful. However, it's hard to tell what my life will be like 5 years from now because I still feel so young and 5 years just feels forever away. I always think about how my life will be though. Not everything in my list is financial related, it's also about things I would like and things that I need to do.
I'm hoping 5 years from now, I still have my same great friends, my wonderful BF, and my wonderful dogs.
Here's what I/we hope to accomplish:
- Get my MBA
- Decrease my student loans to $15,000 (which would mean that I would hopefully have them done by early next year)
- Increase my net worth to $85,000.
- Fully fund $15,000 Emergency Fund
- Finish decorating the house
- Finally pick up the pool table. Our friend is selling his pool table for $200 (it's really nice, he just needs it out of his house and he's our friend so he gave us and his other friend a deal) but we just really aren't looking forward to moving it. It weighs a ton. Hopefully we'll get on that this year.
- All of my goals can be found in this post for 2012
- Pay off student loans completely (I would hope to have this done by the beginning of the year by using a lot of my bonus and any tax return money)
- Start aggressively paying off mortgage. Maybe $2,000 extra a month? This would just be me applying the same amount that I was paying for student loans.
- Add a bathroom to the basement
- Add a bar area to the basement
- Since my school loans will be paid off, I want to start saving more also
- Do more upgrades to the house
- Have our house at least 50% to 75% paid off. If we paid off at least $2,000 extra a month, this is very possible, or at least close. Of course if we decide in the next couple of years to move, then we most likely won't be paying off such a large amount every month.
- Start planning and deciding if I want to get my Executive MBA. Yes I know, more school, kill me.
- Go on a month long vacation
- Go on a long hiking trip
- Be successful in my career
- Do lots of networking in my field
- Go to Thailand because I hear the beaches are amazing
- Get married. Right now we are just saving for one (ok not really), but we're not in a rush. We already have pups and a house, and are pretty happy with life.
Do you have a 5 year plan? Where do you think you'll be in life?
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I have a five year plan too and even though I am probably almost twice your age, I've got a similar perspective. We will be taking out a 30 year mortgage on a house we are buying (paying in part by selling our current home). The plan is to pay extra principle each month so that the debt will be gone when we retire. But if things get tough, we have the lower payment to go back to.My job is going to be phased out over the next five years most likely. So I am using this time to do "catch up" 401(k) contributions to make up for what I won't contribute after 55, and we are planning to pay extra mortgage too. With an estimated return of 7% on investments, I think we're still better off putting more money towards retirement.Keep your ROI in mind for your retirement and base that against the % interest on your various loans. IMO, It doesn't always make complete sense to pay off all loans at the expense of retirement savings. But it seems you'd already know that!
Thanks. I do need to keep that in mind, because sometimes investments are better!
Great plans! I don't really have a 5-year plan, but it might be nice to make one for a change.
Oh, I'm so doing this for my next post. I have been aimlessly thinking about how my 5 year plan looks like, but it will be of great help to actually write it all down. I need to make myself accountable for my progress or lack of thereof!
I would definitely do this!
No 5 year plan yet…but will think about it now. Keep up the good work!!
wow i think its awesome you plan that far ahead. i plan for like a year ahead maximu mhttp://underthefluorescents.blogspot.com/
You still haven't failed to empress me. $2K a month extra towards the mortgage is a very aggressive target. But I'm sure you can do it.
Great goals you have! Super jealous its 70 there!xo Shane
I hope to be an attorney who has passed the bar, and hopefully engaged or planning a wedding. I also want to be saving money for a baby, hopefully have a place by then, making renovations, and near family and friends.
Love that you got all your goals planned out for the next 5 years! I'm sure you'll get to accomplish them all plus more 🙂
Five years from now I want to be financially secure, in a home, and be a stay at home mom.
It is so hard to "see" where life will take us in 5 years…. I admire your 5 year goals. And it is okay to be a perpetual student. 🙂
I need you to be my financial planner
Great goals! I've worked out our budget and if we stick to it… we'll be out of debt except for the house within 3 years! I am determined to make this work because I want another trip to Ireland before we add too many more to the family and can't afford to take them with us. Or maybe just us two. that would be nice too.
An Ireland trip sounds wonderful!
goals are definitely very important! you have some very aggressive goals michelle but i love the aggressiveness. you dont' want to get tied down by debt and i definitely seeing you achieving that! good for you!
I do not have a five year plan but I like the idea of one. Thanks for sharing 🙂
Awesome goals! I used to do this regularly, but fell off sometime 3 years ago. Inspiring me to sit down with myself…
Wow, awesome goals! I don't have a specific five-year plan, although I have a good idea of where I'd like to be 5 years from now: student loans paid off (with the amount that was going to my student loans going as an extra payment on my husband's student loans) and a new (to me at least, I still haven't decided whether to buy new or used) car with any loan I'd have to take out paid off. Maybe with enough money saved up to convert our side porch to a sun room?
You have SUCH an amazingly awesome blog!! We're so happy to have found it! Loved reading through your 5 year plan! How Fab!!! We too would like to accomplish some of those things…one definitely being paying off the student loans!!You can and you WILL accomplish it all! Positive energy your way!ox,-Davie+EricaWardrobe Stylists, NYC.>> <a href="http://;http://www.lpfashionphilosophy.blogspot.com” target=”_blank”>;http://www.lpfashionphilosophy.blogspot.com
I'm your newest follower! I don't know why it took me so long to find your lovely blog though! 🙂
These are great goals, Michelle! I especially like the "get married" one…five years from now! :)!5 years from now we will be empty nesters with two kids in college..YIKES! (Gee, I guess I'm a bit older than you..:)!)I love that you want to continue to education yourself and be independent! Good.for.you. I want the same for my daughters!!
I love your five year plan. I feel like my life is too up in the air to have a five year plan which is so lame, I should really just get on that! Le sigh. Thanks for inspiring me to get going!
Amazing! I love this. I've been saying for 6 months now that I'll put one on paper but I haven't yet… you've inspired me.Good luck!!!!
that's such an inspiring 5 year plan! I love the part about a month long vacation – i think EVERYONE could use that! newest follower <3Visit sometime, and follow back?<a href="http://barbie-bombshell.blogspot.com" rel="nofollow">*Barbie-Bombshell*.blogspot.com
Such a great idea to make out a 5 year plan. I totally agree, a trip to Thailand sounds amazing!!
you were mentioned on my blog today, make sure to check it out!!
that's a very inspirational 5 year plan. good luck! i am going to go and plan mine now.
Thanks everyone!
Thanks, its interesting. I like something as simple as this.Now to bookmark this page and thanking consumerist for posting your blog on their information news site.
Thanks!
I so need to sit down and write out my 5 year plan… I have it in my head but I need to put it on paper, or on my blog! Thanks for the inspiration, I'll now be doing this sometime this week 🙂
We will be debt free including our mortgage in 4 years is all goes well. I would like to be able to teach until my husband retires and then sell or give up the studio. We will go on a mission and travel. Hopefully we will have more grandkids, but these are my goals and I can't force the kids to have more kids!
Sounds wonderful!
I really don't have a 5 year plan, more like a year plan ahaha come enter my delicious giveaway
My 5 year plan includes:* meeting the guy I'm going to marry* deciding whether or not I want to have kids* making a good dent in my mortgage – hopefully having it down to a $100,000 balance* a net worth of $400,000* getting the next promotion at work* traveling to Australia, New Zealand, India, and AsiaGood luck with your five year plan!
Best post EVER! You've inspired me to really sit down and write out my goals. I need to figure out what is important to me and how willing I am to work for these goals.Vacationing for a month sounds AMAZING!