This is probably one of the hardest questions to answer considering that a lot can happen within 5, 10 and 15 years. Even the best plans can be turned upside down, so I will focus on the basic framework of what I would like to see during this time.
First, I want to continue to save and invest money. That is my primary mission in life. Nothing can happen if I do not accomplish that objective. Within the next 5 years, I plan on having my student loans paid off and a major dent toward my mortgage. I strongly believe that is possible. If I continue to execute my plan, I should have around $600,000 within 5 years (2023). The last time I checked I was around $415,000. My tobacco stocks are not doing well right now and has hurt my portfolio a little. That $600,000 does not get me to financial independence, but definitely closer. Once again, anything can happen. I am fully aware that life events can occur and change the best laid out plan. So, if I am able to have student loans paid off and around $600,000 saved I will be happy at this stage.
In 10 years, I hope to be finishing up my career in academics and planning on retiring. I am not sure that I will retire completely, but I would like to leave the education field. Perhaps I will start a new career or maybe just retire and live off the dividends and interest. My wife plans on working, so as long as I can offset my income a little we should be fine. We really do not spend that much money each month. Financially, I am hoping to have around $800,000 at this point. I know that anything can happen, but that is the number I believe is at least possible. So, let’s mark the date; in 2028, I should have at least $800,000. We will see.
In 15 years, I will either be in a different career or enjoying retirement. If I had to do things over I think I would have been a Financial Advisor. Don’t get me wrong, I love being an Academic Advisor and Career Counselor. Helping students reach their goals has been a true blessing, but I love personal finance. Who knows what the future holds. Only time will tell.
The one thing that I am certain of is that I will continue to save and invest. I have been doing this half of my life now and I love it. I get more pleasure from saving than I do spending. I really like the personal challenge and the discipline it requires. Yes, I am focused on hitting certain financial goals, but the money is really secondary. The journey getting there is what I enjoy.
So, the question is where do you see yourself in 5, 10 and 15 years?