:::: MENU ::::

Posts tagged with: debt update

What does a 5 year plan look like?


I’ve been making list upon lists of what I want down the road, what my future will look like, what my personal goals are, both financial and otherwise. I have about filled a notebook with my scribbles and wandering thoughts.

As I begin to narrow down what I want, I have begun to make lists of how to get there.

So my question is, what does a 5 years plan look like? Is it just a bulleted list of goals? Does it include a breakdown of steps to achieve these goals?

I’ve become pretty good about setting baby step goals and achieving them. And as a project manager professionally, I am pretty good at scoping out longer term plans and goals, considering resources and other constraints.

What do I Want

I guess I’ve never sat down and thought too much about life after kids. Other than my desire to travel and thoughts of living in an RV someday…just really haven’t put too much thought into it. So this has been a fun and enlightening experience.

It’s also made for interesting discussions with the kids. Each of them have a different perspective on what they thought I would do and what they want me to do. But thankfully, I have become very clear in that this step, this plan is about my future, my security, my finances.

And in focusing on me, hopefully, I will free them from the burden of me in my latter years.

So, BAD community, what does your 5 year plan look like? Where do you keep it? What does it include? What does it not include? How detailed is it? Who do you share it with? And how often do you review and update it?

Low Interest Rates, Higher Inflation?


Thank you for all the feedback on how to handle teacher gifts this year. I believe the consensus is clear, gift cards it is.

The election and unknowns and misinformation has our country at odds all the way across the board. No matter your politics, it is a sad state of affairs. No matter who won or wins, it is a sad and perhaps dangerous state we are in. And no, this is not going to be a political post.

But I heard that while the election has us all distracted, the chairman of something or other announced that while they plan to keep interest rates low, this governing body may elect it’s right to adjust for inflation. Or something like that.

Sorry, as you all know, the financial world is not my first love so I’m not well versed in most of it. But I am paying more attention. Not to mention, both of the girls are taking economics this year so we’ve had lots of discussions around it and their studies.

How to Manage Your Money

Back to my point or rather question…so if interest rates stay low, but inflation goes up, how should we manage our money to survive it best? Especially those without large nest eggs or steady income.

My understanding is that low interest rates will make purchasing homes more manageable for more people. Yeah.

But higher inflation will push the cost of every days goods up…food, gas, etc. Which is bad in my mind. It will force everyone to spend more on every day items. Leaving us little choice but to up our budgets while incomes will most likely not rise.

Am I misinterpreting this?

Plan to Survive and Thrive

So BAD Community, my question is twofold, is what I am hearing and how I am presenting this correct? Is this what is coming?

And two, if it is true, what advice do you have for the average, debt fighting person to survive and even thrive in this type of economy?

Links to resources to learn more, read more would be greatly appreciated.