Future Plans

I guess this page could be labelled as 'goals' but I already typed it, and I'd have to go all the way back up there to delete the title and, well, I'm just a little bit lazy.

Savings
  • Continue building an emergency fund to at least $10,000
  • Continue depositing enough to start a $1000 CD every year for 5 years and create a revolving CD
  • Using the savings account as my 'future car payments' account
Mortgage
  • Use my BM bank (brick and mortar, AKA a 'BM' for those of you with a dirty mind, shame on you!) to continue to trickle enough into the old savings and make an extra payment every year
P2P Lending
  • Decide whether to call it P2P Lending, Marketplace Lending, whatever
  • Grow my Lending Club account to $2500, then continue at maybe a different pace
Loyal3
  • Buy at least $100 of shares a month.
  • Buy more than $100 shares a month
Retirement Accounts
  • Keep plugging away
Overall Goal
  • Get enough passive income built up to take care of healthcare costs during retirement and supplement pension
  • Be comfortable enough to retire at 55 (only 17 years, jeesh)
  • No new debt
  • NEW - Convince wife that I'm not as dumb as she thinks I am and get her as excited as I am about this passive income thing

6 comments:

  1. writing2realityNovember 8, 2014 at 9:05 PM

    Your final goal about the wife made me laugh. My wife wasn't so sure at first, until I showed her the benefits (and results) of my investing. If you hit, or are even able to exceed, some of those goals, in a couple of years you'll be earning something that will show the power of compounding and steady investing. $100 per month doesn't sound like much, but an account that is just $5,000 and yielding 3% will kick out $150 per year. Doesn't take much to start that snowball going.

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    1. FinancialDummyNovember 8, 2014 at 9:20 PM

      Just tonight she was worried that I made a quick purchase in L3 (before the credit card ban) and expressed concern that we will lose all our money in the stock market. It will take some time, but I hope she'll come around and start to realize that the risk can be worth it, and these dividend stocks seem a little more stable than others at times. I mean, we're talking around 20 years for some of these investments.

      Delete
    2. writing2realityNovember 10, 2014 at 4:29 PM

      It's almost like we're married to the same woman! It has taken quite a while, but my wife has really started to see the light of late. Time and patience... of course a few dividends payments never hurt either!

      Delete
  2. Wallet EngineersNovember 20, 2014 at 2:58 PM

    Do you have an HSA? If you do that's a great way to save for healthcare costs in retirement. So many tax deductions, plus it rolls over forever.

    I hope you're not planning to buy a NEW car! :O Don't do it! OR *gasp* a second car!

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    Replies
    1. FinancialDummyNovember 20, 2014 at 9:38 PM

      HSAs are a great tool. I don't use them to their full advantage. I'll have to look at that again. I'm lucky in that I have a good insurance plan right now that will be able to be continued for a time after I retire, but that won't last forever.

      Delete
    2. FinancialDummyNovember 20, 2014 at 10:11 PM

      P.S. ...a NEW car? Heaven's to Betsy! No! It's just that the 2000 Neon is getting close to it's last legs. I foresee that one to get replaced sometime next year. We did get about 8 years out of the ol' girl so far, but the electrical systems are falling apart around us.

      As of right now, the budget is looking at a sensible sedan or minivan with a little below 100K.

      Delete

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