My Financial Bucket List: 5 Expensive Life Goals
Tuesday, November 29, 2011Tweet
It's been a while since I blogged about finances, so when I ran across this giveaway that involved blogging about financial goals, I figured it was a good opportunity to revisit the topic.
As required: This post is an entry in the $500 Give Me Back My Five Bucks competition, sponsored by Life Insurance Finder, the life insurance experts. (...if you need life insurance in Australia.)
I'm supposed to share with you what's on my "financial bucket list." For those unfamiliar with the term "bucket list," it's essentially a list of things you want to do before you die (i.e., kick the bucket). So I assume, since it's not explained, that a financial bucket list is a list of life goals having to do with finances. Thus, most of these aren't financial goals per se (e.g., paying off debt) as much as they're life goals that our current money-saving efforts are focused toward.
1. Pay off Mike's student loans.
Thankfully, I have no student loans, as I got a full scholarship for undergrad and a teaching assistantship for grad school. Also thankfully, Mike's parents are each paying off a third of his loans, leaving us with only one (big) loan to pay. I keep upping the amount we're paying every month because I want it paid off as soon as possible (interest is evil!) but want to leave our emergency fund intact at the same time. I think I'm going to increase it again, though, so we can have it paid off in the next two years.
2. Adopt children.
Adoption is expensive! I mean, having a kid is expensive, period, but the adoption itself is thousands and thousands of dollars, and there are all sorts of variables that make the actual cost vary greatly. My goal is to have $25,000 saved on top of our six-month emergency fund before we start the adoption process for our first, but then try to save (and continue to make) as much money as possible during the process so we don't have to wait too long before adopting our next child.
3. Buy land.
Mike keep changing his mind about how much he wants to own. It'll probably end up being 15-20 acres, which will cost a good chunk of change. Ideally it would be somewhere not too far and not too close to the city, or wherever I'm working. We want to end up in Washington State eventually, so when we buy land it will be there. Then we can have our little homestead, growing food for our family and having chickens and probably some other animals.
4. Have a house custom built.
As expensive as the land will be, I don't want to take a loan out for it if we can help it, as we'll also be building on it and will almost certainly need to borrow money for that. I guess it's all relative -- we could take a loan for the land and save our money for building the house -- but either way, I want to keep socking away money so when we're ready to get our land and house, we can pay for as much of it ourselves as possible. Our goal is to design a house big enough for a large family but not any bigger than it needs to be, and as energy-efficient as possible.
5. Retire comfortably.
Currently 10% of my income is going toward our retirement fund, as I've been beaten over the head enough times about the power of compound interest to know that I need to be in the habit of putting away as much as I can as early as possible. I know I will probably work past 65 if I can, just because I like working, but once I'm done working I don't want to have to worry about money. I'm sure I probably will anyway, because that's just how I am -- but at least at the moment I can work on making sure that worrying is less justified!
Clearly these each have different timelines and stretch across the next 40ish years, and who knows how things will change, or if we'll even live that long, right? But right now, these are the things I've got my eye on when deciding how to allocate our money. And yes, I say "I," because I pretty much handle all of our finances. Mike just dreams the big dreams about where it should go :)
So: What's on your financial bucket list? Or what was on it that you've achieved?