Where Will You Be In 5, 10 and 15 Years?

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?

4 thoughts on “Where Will You Be In 5, 10 and 15 Years?”

  1. I am retired, slightly early, and remember when I started work I hoped to reach senior engineer status by year 5, engineering department manager by year 10 and be running the place by year 15. I got senior engineer at year 3, department head at year 7 but it took me 19 years to be the plant manager. All in all having measurable and challenging goals had a lot to do with me hitting those milestones. I worked with an enormously talented group of friends and all of us were competing for the same positions. It may be the only reason I got the coveted promotions first was because I had specific goals and I do not believe they did. I suspect you’ll meet, surpass or almost reach your target goals as well, just because you have them!

    1. Not everyone has a thoughtful plan. Just winging it does not always work. I really like to write out my goals because it makes it more real and keeps me accountable. That is actually one of the reasons I created this blog. Thanks for the comment.

    1. I am not happy with my tobacco stocks right now, but I do see it as a buying opportunity. I will increase my position within the next few weeks and just hold them for long-term gains. I think a lot of people are focused on the short-term and I feel that is not the way to go. I like investing in companies that I can hold for several years. Thanks for the comment.

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