:::: MENU ::::

Browsing posts in: Reader Q&A

Question of the Week – Long Term Goals

by

This is our Sunday series where we all respond to reader questions. If you want to submit a question, please go to this post.

Question of the Week

Beyond paying debt, what are your long-term goals? posted by TPol

Stephannie

First, I want to say Happy Easter!!  I am so thankful that I can spend this day with my family, celebrating Jesus and the sacrifice He made for me. I hope ya’ll are with your loved ones, as well!  Ok, so our primary long term goal is to be prepared for retirement as early as possible.  I don’t necessarily mean full on, staying home retirement. My husband has a great job that takes care of our needs but it’s not what he loves to do.  Cars are his passion and we hope that with a few years of hard work, and getting our debt down, that he can leave his job and do what he loves. This is also the reason we have an investment property and may add more as we go.

Jim

Beyond paying off debt, there are many goals I have for the long-term.  I like to break them into three sections, financial, business, and personal.  Funny thing is though, a lot of them still have something to do with financial.  Financially I would like to start planning for my retirement and put money away for my children’s future education.  I thought I was going to be able to pass down my GI Bill to my children, but for some reason I think I only have 10 years to start this.  I have to ask someone at the VA.  Business goals – I want a real living breathing lifestyle business.  At one time I thought this would be getting into the food truck/vendor arena.  I had a dream to sell homemade italian ice at festivals and fairs, especially music fairs.  And I would still love to do this at sometime, especially once my children are old enough to help me run this business.  But my current long-term goal, is to make use of all this internet marketing education I have been learning since 2007, to make even more money than I do now.

Personally I would love to be able to remarry my wife, I feel as I ripped her off and getting a quick marriage. She was very unhappy with her dress, and we were both unhappy with how our pictures came out.

Hope

My ULTIMATE long term goal and by that I mean 10 years…would be to have my home paid for and be in a position that I could either 1) work far less and/or 2) be in a position to help my children as my parents have helped me over the young adult years.  I have that time frame in mind as that is the year my youngest will graduate from high school and hopefully, head to college.
Other than that, I would like to be able to travel, not huge trips so much, as just be able to get in the car and go when the travel bug hits.

Ashley

I’m not sure if this is supposed to be “financial” goals or otherwise, so I’ll give a bit of both. Financially, I’d love to be stable enough to be able to “retire” early. I enjoy working so I imagine I’d probably continue working for fun rather than necessity, but probably only a part-time job that allows me some freedom and flexibility. Instead of having to work to survive, I’d love to be able to develop some hobbies I’ve always wanted to cultivate. I would love to garden, for example. Hard to do when we don’t own a home and have been moving about every year or so. I’ve been making more food products home-made for health and financial reasons (cheaper and no “gross” unnatural ingredients), but I would love to get into this more and in additional avenues (beyond food). A friend of my mom’s makes beautiful soaps, for example – I’d love to learn to do that! Having more time to do my scrapbooking/crafting would be fabulous. And being able to spoil my friends and families with little trips or thoughtful gifts! Basically, I’d just like to be able to do what I want without feeling like a slave to a job out of necessity. 

Question of the Week – Defining Success

by

This is our Sunday series where we all respond to reader questions. If you want to submit a question, please go to this post.

Question of the Week

Beyond the numbers – how will you define success throughout this process? posted by Jenna

Stephannie

This is a question that I would have answered very differently just a couple of weeks ago.  My moms recent diagnosis has really made me look at things in a different way. One thing that has not changed is that I have never been a numbers person. I avoid them at all costs which, let me tell you, that strategy has done wonders for our debt situation. Sarcasm aside, the numbers were never really what I considered when I thought about success in becoming debt free. I used to think that I’d feel successful when we would only rely on ourselves for the things we want and need. When we would use good judgment and if we did not have money for things we want then instead of running out and getting a loan we would reassess and either save up or realize it was something that we didn’t really need. I always thought once our thinking was changed and it had become second nature, I’d feel successful.  Now, I just want to be able to take care of my family. If my mom needs me to take her to the doctor in Houston I don’t want to have to worry that I can’t afford to take a day off of work because I need to pay a furniture loan, or pay on a credit card that has some charges that I don’t even remember what they’re for. Having to make that choice just seems so stupid. So, now I will feel like we are successful when debt no longer rules our lives. We go to work everyday and spend more time with coworkers than we do with our family. I want that money that I make those sacrifices for, to really count. 

Jim

As in life, things are mostly done in baby steps.  Having these small achievements will keep me motivated for the long haul.  There is three things that if came true, I would define it as success.  The first being is the numbers, let’s be honest seeing your Debt Number really does motivate you every day.  The second, is to get in a different mindset, one that is set up for success.  And the third is to change my children’s thoughts about money.  My daughter really has a hard time grasping the idea of money, she thinks that we can buy anything, whenever we want.  She is always begging for everything, just to not play with them.  I really would like to change her thinking.

Hope

Great question! I think there are two ways I will truly measure success other than the debt numbers…First, seeing a change in my children’s attitudes towards money.  Seeing them make wiser decisions with their own money, learning to budget our grocery money and being willing and even excited to earn money.  This would be a huge plus to me out of this whole process!

Second, the stress reduction and loosening of then noose around my neck as I am able to pay bills easily without strategizing so much each and every time I get some money would be awesome. This will come not only from the lowering of the debt numbers, but continuing to consciously choose more frugal choices in a lot of areas, enough so that those choices become habits rather than things I have to think about each and every time.

Ashley

This is a hard one because I am intrinsically motivated by the numbers (seeing the debt amount go down, the amount in savings go up, etc. etc.), so I think I automatically associate the numbers with “success.” But, obviously, theres so much more to debt-reduction than just the numbers! For me, I think another way to measure success is in becoming content with what we have. Its so easy to be tempted with things we see in stores or on TV and the “I want” mentality is rampant at least in the U.S. (and elsewhere too, I imagine??) I’ve been trying to learn to want what I have and be content with that. I am very fortunate. I have a great family and a blessed life. I’m still working toward it (it’s so easy to be tempted by “stuff”), but I think that finding peace with what we have and not always desiring to have the next “hot” gadget or gizmo is a good goal to have. I would love to instill the same values in our children, as well. That, in my opinion, would be a huge “success” on this debt-repayment journey.