My lofty financial goals

Posted by mapetitechou on Feb 19, 2015 in financial goals

I may not be a finance expert, but one thing I know for sure is you must have financial goals, like most things in life if you want to live a satisfying and meaningful life. I don’t have a whole lot of long-term goals. I call them lofty in jest because they are such huge goals, but I’d like to think they are achievable if we work hard at it. So the two goals that I have are:

1. The biggest one, the holy grail of our financial journey, is early retirement. I don’t have a specific year or age by which we want to retire. But we know we do not want to work until we are 65 (actually now the new retirement age in Canada will be 67 by time my generation of people retire). It all comes down to our income earning capacity, saving rate, and return rate of our investments. We are working on all fronts. If we can make more money, save more money, and put more money into your investments, our retirement will come sooner. It’s pretty simple. But not easy to do.

2. To save enough money for my children’s university education so that they can have the option of going to any university they desire and are accepted into without having to worry about student loans. It would be nice if they had scholarships, but we still need to plan accordingly. I hope they stay within North America just because I don’t my babies to be too far away from me. But I cannot dictate when the time comes. So if they want to go to Harvard or Yale or Standford, I want to have the funds available to support that. Education is very important to our family. Both my parents had university education, my dad holds a Ph.D. Both my husband and I have a Master’s degree. So it’s a given that our kids shall have university education, Master’s degrees at a minimum. I always say the kids can do anything they want, but they must have a Master’s degree. They want to go to Hollywood to be a movie star? Sure! Get a Master’s degree first then go to Hollywood.

I have various short-term goals at any given moment depending on what’s going on in our life right now, such as family vacations and stuff, but they are kind of covered under the big goals ’cause they all affect each other, like you can take that expensive vacation or you can put that money in your ETF. It’s all part of daily life. You are always making choices and tradeoffs right?

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