Thinking Things Through
Posted by John | Filed under Thinking Things Through
Under these posts we’ll have an opportunity to share our thoughts about our journeys and our growth. These questions will make you think. You don’t have to answer right away. Noodle for a while and then come back and jot down your ideas. Or start your own notebook where you track your journey privately. I’m hoping this will help to bring clarity to those who are struggling with the question, “What do I really, really want?”
This week:
33. What would being financially successful feel like to you?
Take your time and really think about this. If you think you know and want to respond right away, do so. But then come back in a couple of days, re-read your response (or review your response in your notebook) and see if you want to add, subtract, change anything. This is a journey and it is one that will help you uncover what is really important to you if you take time to think.
February 17, 2012 at 9:22 pm
Hmmmm…financial success = financial security. So, under that heading, I would include
-a relatively reliable job (got it; I’m a teacher in an economically stable and growing community)
-never use overdraft protection (not there yet)
-no consumer debt (working on it…not counting student loans, I’ll be free of that within a year, and the student loans will be gone shortly after that)
-an emergency fund of $15k (not even close)
-a car savings fund (for a new-to-me car) of $10k (my repairs keep eating into this one)
-the ability to make my parents’ lives financially easier (the thought is that once the consumer debt is gone, part of the money previously spent on that could go to this direction). They’ve helped me out, now it’s my turn.
-ok, and, to be honest, I’d like to have the above plus a wee bit extra so I don’t have to budget so tightly for treats. But that’s a long-term goal!
March 18, 2012 at 11:10 am
Financial success. I want to retire within the next 3 years, to do so I need to be this successful. My idea of retirement is to find a meaningful part time job that provides a take home income of $250/month and have time to do volunteer work. I will be 55 in May, am single, am mortgage free and have no debt. Part of my financial success will be to move around $30,000 from some scarey mutual funds into safe GICs. I also need to do the same within my RRSP. Another part of being FS will be to learn how to live on the ‘jars’ based on my estimated db pension of $2300 per month net. My goal over the next few years is to “power save” the difference between my estimated pension and what I make now to build at least $100,000 in savings:
- Emergency fund [within TFSA] $15000 [done]
- Retirement savings [RRSP] maxed out: [low room due to DB pension]
- New car fund [TFSA and non registered]: $25000 [$10000 to go]
- Vacation fund [non registered]: $10000
- Future needs [non registered]: $30000 [$5000 to go]
I want financial safety nets in place before I can consider myself financially successful and start my dream retirement