Recently, I’ve realized I have no idea what my financial goals are. And I mean lifetime/long term goals. Achieving a CD ladder is great but I need to know what I am working towards (especially now when I’m having some issues at work and feel like I’m not getting any satisfaction in terms of a career.) And being a personal finance blogger (even if I’m an amateur), I need to set some goals! But what could they be?
First off, what kind of lifestyle do I want 5, 10, 20 years down the line? Of course driving luxury cars (or be driven in one), buying $3000 outfits and vacaying at some luxury resort whenever I wish! Who wouldn’t?! Unfortunately that isn’t realistic for everyone and definitely not for me. My ideal lifestyle will more likely be no 9-5 job, at least one international vacation annually and a few domestic trips, and the ability to shop without worrying about the price tag (within reason of course). A comfortable stress-free living style. And no, sitting at home and doing nothing is not what I aspire to do, but I’d much rather do some free lancing and have the option to become a work-at-home mom one day than be glued to a 9-5 job.
But how do I make sure there’s a steady income in the household and keep up with a comfortable living? Having a spouse/partner that can provide for the household would be great, but, sadly, also not very realistic. Many people see owning rental property as the ticket to prosperity and wealth. And why not? You get to sit back and collect rent every month and chances are your rental income will probably cover most if not all of a mortgage payment and once the mortgage is paid off, it’s pure income. I like this idea. =) And yes, I understand the complications of a rental as well; problematic tenants, maintenance, and insurance, to name a few.
After going on a few ski and rafting trips, I’ve been getting the idea of owning a vacation home. Using it myself with friends to save on a $1000 weekend vacation rental and possibly renting it out to others for some extra income. The idea has been brewing in my head for a while, maybe it’s time to take some action on it.
I recently started following Meg from TheWorldOfWealth blog, under 30 and she has 10 properties under her name! Of course, depending on geographic location, property values vastly differ, but I like how she has made a goal for herself and achieved it. So following suit, I’m setting a mid-term goal for myself! One property under my name within the next 5 years. And since I’m turning 29 soon, this would be a good present for my mid-thirties crisis.
Time for some real planning!