Well its that time in my life...

[TheoPetro]

So I have been meaning to make a list of goals for a while but never really got around to it untill tonight. I have been donig alot of research on homes/housing, areas of the country to live based on crime rates and cost of living, and its kind of hitting me that im not a kid anymore.

In the next 5 years I am going to be out of college, married, have my own house and a job that I NEED. I guess I never really thought about this untill now and its kind of sobering.

I started this kind of backwards and am making 2 charts, one financial and one personal (they will be combined in the end) and am writing my goals for every 10 years. My idea for this is to start at the end with what I want and work my way down to how I am going to get there. Basically the financial one was easy as hell but the personal one is kind of hard. I have everything I want by 40 and dont know what to put for 50. The girlfriend did one (I have not seen it) and she said hers was pretty easy to do.

Has anyone else done this before?

 

[TheoPetro]

I finished it! Well almost. I deatiled stuff through 2015. Which should take me right to that financial and personal milestone. It feels like of good to have that weight off my shoulders. There was alot of uncertanty in the past and now that I have some type of direction I think I should be prettymuch set!

 

[Compton]

I know a guy who did this. He had two marker boards with all of his goals for the next 15 years. I thought the whole thing was rather disturbing.

 

[Lola]

whoa... too much work
i have goals in my mind, but no set time... it is the journey, not the end result

 

[blue1friday2]

yikes, just let it happen dude. If you plan your life out like that then nothing fun and unexpected will happen. Plus if you don't get all those goals accomplished you will feel like a dolt.

 

[drum]

Originally posted by: TheoPetro
So I have been meaning to make a list of goals for a while but never really got around to it untill tonight. I have been donig alot of research on homes/housing, areas of the country to live based on crime rates and cost of living, and its kind of hitting me that im not a kid anymore.

In the next 5 years I am going to be out of college, married, have my own house and a job that I NEED. I guess I never really thought about this untill now and its kind of sobering.

I started this kind of backwards and am making 2 charts, one financial and one personal (they will be combined in the end) and am writing my goals for every 10 years. My idea for this is to start at the end with what I want and work my way down to how I am going to get there. Basically the financial one was easy as hell but the personal one is kind of hard. I have everything I want by 40 and dont know what to put for 50. The girlfriend did one (I have not seen it) and she said hers was pretty easy to do.

Has anyone else done this before?

A little presumptuous don't you think?

 

[akubi]

Originally posted by: TheoPetro
The girlfriend did one (I have not seen it) and she said hers was pretty easy to do.

yeah i bet it was
1. marriage
2. ??
3. divorce
4. profit!

 

[skyking]

The only thing I recommend for those of you starting out:
set aside a maximum of $333 per month for a roth IRA, right now. If it means not getting that new car and driving the old one for another year, do it.
Roth IRA's are totally free money for you, all the interest is non-taxable providing you leave it alone till you are 59 1/2.
put in 333 per month for 35 years with a rate of return of 9%, and this is the result.


$140,193.00 in, and $847,101.34 interest earned for a total of $987,294.34

 

[CarlKillerMiller]

Originally posted by: skyking
The only thing I recommend for those of you starting out:
set aside a maximum of $333 per month for a roth IRA, right now. If it means not getting that new car and driving the old one for another year, do it.
Roth IRA's are totally free money for you, all the interest is non-taxable providing you leave it alone till you are 59 1/2.
put in 333 per month for 35 years with a rate of return of 9%, and this is the result.


$140,193.00 in, and $847,101.34 interest earned for a total of $987,294.34

So, when do you suggest beginning to put money in?

 

[iamwiz82]

Originally posted by: CarlKillerMiller

Originally posted by: skyking
The only thing I recommend for those of you starting out:
set aside a maximum of $333 per month for a roth IRA, right now. If it means not getting that new car and driving the old one for another year, do it.
Roth IRA's are totally free money for you, all the interest is non-taxable providing you leave it alone till you are 59 1/2.
put in 333 per month for 35 years with a rate of return of 9%, and this is the result.


$140,193.00 in, and $847,101.34 interest earned for a total of $987,294.34

So, when do you suggest beginning to put money in?

That is just under $400,000 in today's dollars, just an FYI.

 

[skyking]

Originally posted by: CarlKillerMiller

Originally posted by: skyking
The only thing I recommend for those of you starting out:
set aside a maximum of $333 per month for a roth IRA, right now. If it means not getting that new car and driving the old one for another year, do it.
Roth IRA's are totally free money for you, all the interest is non-taxable providing you leave it alone till you are 59 1/2.
put in 333 per month for 35 years with a rate of return of 9%, and this is the result.


$140,193.00 in, and $847,101.34 interest earned for a total of $987,294.34

So, when do you suggest beginning to put money in?

now. remember how interest works, the longer you wait the lower your total return.

 

[skyking]

Originally posted by: iamwiz82

Originally posted by: CarlKillerMiller

Originally posted by: skyking
The only thing I recommend for those of you starting out:
set aside a maximum of $333 per month for a roth IRA, right now. If it means not getting that new car and driving the old one for another year, do it.
Roth IRA's are totally free money for you, all the interest is non-taxable providing you leave it alone till you are 59 1/2.
put in 333 per month for 35 years with a rate of return of 9%, and this is the result.


$140,193.00 in, and $847,101.34 interest earned for a total of $987,294.34

So, when do you suggest beginning to put money in?

That is just under $400,000 in today's dollars, just an FYI.

the interest earned, or the whole 987k?

 

[iamwiz82]

Originally posted by: skyking

Originally posted by: iamwiz82

Originally posted by: CarlKillerMiller

Originally posted by: skyking
The only thing I recommend for those of you starting out:
set aside a maximum of $333 per month for a roth IRA, right now. If it means not getting that new car and driving the old one for another year, do it.
Roth IRA's are totally free money for you, all the interest is non-taxable providing you leave it alone till you are 59 1/2.
put in 333 per month for 35 years with a rate of return of 9%, and this is the result.


$140,193.00 in, and $847,101.34 interest earned for a total of $987,294.34

So, when do you suggest beginning to put money in?

That is just under $400,000 in today's dollars, just an FYI.

the interest earned, or the whole 987k?

I did it on $1,000,000, but close enough. Assuming a 3% inflation rate.

 

[skyking]

Originally posted by: iamwiz82

Originally posted by: skyking

Originally posted by: iamwiz82

Originally posted by: CarlKillerMiller

Originally posted by: skyking
The only thing I recommend for those of you starting out:
set aside a maximum of $333 per month for a roth IRA, right now. If it means not getting that new car and driving the old one for another year, do it.
Roth IRA's are totally free money for you, all the interest is non-taxable providing you leave it alone till you are 59 1/2.
put in 333 per month for 35 years with a rate of return of 9%, and this is the result.


$140,193.00 in, and $847,101.34 interest earned for a total of $987,294.34

So, when do you suggest beginning to put money in?

That is just under $400,000 in today's dollars, just an FYI.

the interest earned, or the whole 987k?

I did it on $1,000,000, but close enough. Assuming a 3% inflation rate.

400K would go quite a ways to supplement a retirement from your employers, eh?

 

[TXHokie]

I did that 15 yrs ago. So far I'm on track with the house and kids but am behind a bit on the financial plan but I'm catching up. It's good to set personal goals.