OC What are your financial goals? (Short, mid and long term)
Hey everyone! I loved personalfinance on reddit and I'm really looking forward to reading useful personal finance advice on here.
It would be great to hear everyone's short, mid and long term financial goals.
Mine are:
Short term - save up a better emergency fund
Mid - plan to pay off our mortgage (8 years)
Long term - really not sure!? Work on our financial security more?
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Short- get my emergency fund back to to where it was before buying this house (~40k).
Medium- put a few thousand bucks (or maybe whole end of year bonus) towards mortgage principle since my rate is 5.65%
Long- max 401k contributions on top of IRA yearly. Buy into ownership at my company (probably me and one other guy, the owner is in his 60s and eyeing retirement)
House buying and house renno also wiped out my emergency fund and that is also our plan to pay off as much as poss on the mortgage especially with these rates. Unfortunately have to remortgage in August.
Long term plans sound really interesting and a great opportunity!
Great plans! We were also considering moving in the mid term but finding it difficult to find a place we want to move to. Also the housing market here in the UK is just ridiculously high.
I've always been fascinated with fire but don't think it's realistic on our current salaries. But I enjoy reading about people who are working towards it, and retiring before 50 would be a great feat!
Short - Close and move into our home
Mid - Either pay down mortgage at a faster rate, invest that money instead, or a combination of both.
Long - Probably the same as above. Once the house is paid off, invest heavily. Eventually I want to add additional revenue steams.
Nice plans! Good luck with closing and moving into your home.
Its good to see other people's long term plans as I realised, while making this, I didn't really have any other than to vaguely make ourselves more secure and grow wealth as much as poss. What are you plans for the additional revenue streams?
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