Thursday, January 19, 2012

My Plan for the Next Five Years ...

In about a month I will be turning 20!
The big Two-Oh. right?

This is Part one Of a Two Part Series. (the next will discuss 25 things I want to do before I am 25)

To me it's a big deal, I have been playing grown up for quite some time now, paying my own bills, managing my money. But it has all been in a day by day basis, with no real plan for the future.
Its always in the back of my mind. I know I SHOULD be saving, I SHOULD have some kind of a plan, but when you're 19 its okay to make mistakes. I am, however, done with living like that. I am the kind of person who needs to know where I am going.
Auston and I have sat down and we have figured out where we want to be in five years.
I have written it down and now I will share it with all of you.
Now of course, five years is a while down the road, and plans may change. But this is a rough idea of the things we hope to accomplish.

My Five Year Plan

  • Fund my $2,000 emergency fund - A large feat, considering it currently sits at $0.
  • Sign up for a Sign Language course
  • Start saving for adoption – Start sewing&selling to raise money
  • Start a Retirement Plan
  • Get married – Small, intimate wedding, filled only with people we truly care about.
  • Plan a weekend away for Auston and I (sealed pot money)

  • Increase Emergency Fund to $4,000
  • Continue with learning sign language
  • Save $1,000 to Spend New Years Eve in Times square (12/31/13).
  • Start adoption process
  • Start saving for a down payment on a house. (atleast 3,000)

  • Increase Emergency Fund to $6,000
  • If I wasn't successful in the previous year, continue adoption process.
  • Take a vacation out of the country
  • Make $40,000/year
  • Be consider “proficient” in Sign Language
  • Continue saving for a house down payment.(atleast 6,000)
  • Increase Emergency Fund to $8,000
  • Start looking for a house to buy.
  • Get something – Anything – published.
  • Increase Emergency Fund to $10,000
  • Start creating my dream bathroom, in whichever house we chose to buy. : )
  • Make atleast 3 extra Mortgage payments.

Now, you may notice that I only plan on saving roughly $2,000/year. This is for a couple of reasons 1) so we will have money to do other things with, such as vacations and toys. and 2) so that we can put a good amount towards a downpayment on a house. 3) this doesn't include our retirement plan (as I have yet to decide on one).
I believe saving is extreamly important, but I also think it is important to live, and to have fun with the money you earn. After all, we have no guarentee of tomorrow, what if I were to save and save and save, in hopes of one day living a dream life full of money and things - just to never make it there. I want to live responsibly, but I also want to live in the now. Not in the tomorrow.

How about you, do you have a plan?
Do you think I am saving to little, or just enough?

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