Vanquishing My Debt

I'm 29 and trying to get a handle on my finances so that, one day, I can buy a home of my own. I've been reading personal finance blogs recently and decided to start one chronicling my own struggles and success (hopefully). I am lucky, considering the amounts of debt and tales of tragedy I've read about... but I am making some positive changes and moving in the right direction.

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Location: Los Angeles, CA

Tuesday, August 15, 2006

Where, oh where, do I see myself in 5 years?

I'm catching up today on some the blogs that I haven't reading as faithfully as I'd like to lately, and I found a post on LaMoneyGuy's blog called Where do you see yourself in 5 years? He wrote this about the classic interview question... but it got me thinking about myself and my personal life instead.

I've never thought of myself as an unambitious person, but I've never really had goals like this before. I think part of that was because I was just kinda drifting along with the status quo, instead of actively trying to start my "adult" life. I say "adult life" because even though I'm almost 29 and have been an adult for awhile now, I feel like I have started my grown-up life in earnest because I am now with the man I'll be marrying, having children with, having a home and life with. (Don't get me wrong, ladies - I'm not saying that my life has started because I found me a man! That's not at all what I mean, even though it may sound like that at first!) For the first time, I am planning (not just idly thinking about) children, a family, a future, a retirement. I'm also trying to look down the road to figure out how I can help my mom with her retirement (she is turning 60 in a few months and will not ever financially be able to retire without a lot of help). I'm trying to educate myself a bit about different investments and am reading about finances.

I've always felt like an old teenager with adult responsibilities. I'm now feeling like an adult woman.

In 5 years, when I'll be 34 and R will be 40...
...R and I will be completely debt-free, including my car loan and his student loans. (Obviously this is assuming that we won't have a mortgage.) Once we pay our off current debt, we will not rack it up again. Ever.
...we will be physically fit... or physically fit-ter.
...we will have a savings account with at least 6 months of emergency expenses, hopefully more.
...I will be in a different job, or even better, working for myself out of our home.
...R will have one of the city jobs we're hoping for, which come with benefits and a pension plan. He'll also invest the max in his 401k plan.
...we'll both have started saving in earnest and investing.
...we'll have our first child (or maybe both) by then, which we're planning on adopting. mom will be working part-time at the most, but hopefully completely retired. Ideally, I'd love for her to watch our kids during the day instead of enrolling them in daycare. (And yes, we'd pay her)
...I'd like to own at least one rental property, but that may not happen within the next 5 years. It depends on kids and my mom's situation.

What are everyone else's personal plans or goals for the next five years?


Anonymous LAMoneyGuy said...

Awesome goals. Especially everything to do with your mom. Best of luck in achieving all of them and more!

2:44 PM  

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