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  • Feb 28th, 2006 7:16 pm
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[OP]
Deal Addict
May 16, 2005
2771 posts
160 upvotes

Financial goals..

So here is a question for the older members of the board...or for those doing financial planning..

What were some of your financial goals and have your successfully met them?

Example:
- annual income >100k by age 30?
- accumulate 100K RRSP by age 30?
- Retire by 50?
- house by 30?
- etc...

This does not include inheritances or handouts from mommy and daddy..
3 replies
Deal Fanatic
Feb 1, 2006
9543 posts
694 upvotes
Muskoka
My only real financial goal in recent years has been to restructure our life to ensure that we can live a comfortable lifestyle now, while also having both my wife and I working only part time, so we can spend lots of time with our 9 month old son, and future children. We devised this plan several years before our son was born, so we had time to get it fully implemented, and we're just about there, I'll be leaving full time employment this fall.

That isn't to say that we don't have other financial goals, but I haven't defined them by age like in your example. Quality of life now is most important to us, but we also have relatively substantial retirement savings (for 30 year olds), and no non-mortgage debt.
Deal Addict
User avatar
Sep 30, 2003
3908 posts
119 upvotes
Toronto
goals were(are?):

-house before 30. (met)
-house paid off before 40. (we'll see)
-boat before 30 (on track to meeting)
-bigger boat by 50 (??)
-school debt free before 25 (missed, but then again, I'm enrolled p/t so makes sense)
-kids tuition saved before he/she/they(??) are 10


that's about it really.
don't care much to retire since I plan on only working a job I enjoy.
wrt retirement, I figure a number now is meaningless but I'm confident I'll have enough if I stay on track.
--
There is no happy ending
Deal Addict
User avatar
Aug 7, 2003
1187 posts
1 upvote
Toronto ON
Hmmm, I already own my home, (well, me and the bank), so that goal is off the list.

It'd be nice if I was mortgage free by the time I was 60 (I'm 42 now, single parent). I actually think that will happen.

I have a personal policy to carry no consumer debt, unless it's the kind that a store credit card offers up without interest - like Home Depot often does on purchases over $450. In those cases, even if I have the $ to pay it out, I pay it down in monthly installments since the money earns me a (teeny tiny) bit of interest in my account. If Home Depot wants to finance it for free, they can be my guest.

My second personal financial policy is about cars. Once in my life I purchased a new car, I hope I never do it again. I never want to put that kind of money into something that depreciates so badly. When I need to replace my current vehicle (1996 Camry) I hope that I can pay with mostly cash, which is my current financial goal - save enough to purchase a reasonable used car in about two years, without needing financing.

I'm also at the age where my children are starting to think about post-secondary education. It's my goal to be as helpful as I can be, but I also think she needs to bring a fair chunk to the table.

I want to put money away for retirement, which I do consistently, but feel no need to max out my RSPs.

The lifestyle I have now is reasonably comfortable. Oh sure, I can't just pick up and go to Paris, nor can I take my soon to be 18 year old daughter to New York City for the weekend to celebrate her birthday, but with a little bit of planning, I can certainly enjoy weekends away, cultural events, dinner parties, and indulge myself in the odd pair of wonderfully non-practical shoes.

In my retirement, I'd like to be comfortable, have no debt, consumer or otherwise, and waste my money on seeing the globe, spoiling my children and grandchildren and continuing with my seashell collection ;)

Tracy

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