7 to 10...

I’ve always struggled with the question “where do you see yourself in 5, 7 or 10 years”?
 
Realistically, I don’t really know.   
 
In my fantasy world - I know that I don’t want to be working.  I know that I don’t want to be living in Canada during the winter months and I know that I want to be independently wealthy.  I said it was a fantasy world…enough said.
 
On the other hand, the real world tells me that - I’ll still be working, still be living in Canada during the winter months and I won’t be independently wealthy. 
 
BUT  I do have a 7 to 10 year plan to get me somewhere closer to my ultimate goal…
 
To own a vacation property somewhere in the Caribbean.  Ideally I would like to own a vacation property on Bonaire, but I’ll go wherever I can get the most “bang for my buck” - without pirates or warlords of course. 
 
My Plan to Get There…
 
I know buying a vacation home takes money.  Therein lies problem #1.   How do I intend to get the money?
 
1.       I intend to have paid off our mortgage in 7 years.  This is an aggressive goal, but with a little adjustment to our spending habits, it should be attainable simply by doubling up on our weekly mortgage payments.
 
2.       I intend to have our credit line reduced by at least 50%.  This one is likely closer to the 8 to 10 year timeframe.  With all my extra money going towards the mortgage, this one is going to be a little tougher.  As you can see, I haven’t worked out all the details on this one.  Damn details…
 
3.       So with my mortgage paid off and my credit line reduced, I won’t have any difficulty getting a loan, which will finance my vacation property.  In theory it should work…
 
“We are all agreed that your theory is crazy.  The question which divides us is whether it is crazy enough to have a chance of being correct.  My own feeling is that it is not crazy enough.”  Niels Bohr

Comments

Sarah said…
Even if you think it won't work or won't come true, you can always dream!! Plus even if you don't get where you want to be, you will still have gone a long way I am sure. We decided to do the bi-weekly payment thing on our new home mortgage because we will pay it off about 6-7 years early that way. I don't know if we will be in this house that long, but this way if we go to sell it, we will have a lot more equity. Good luck. If you believe, you can achieve. :)
April 5, 2011 at 9:50 PM
Brian Miller said…
chase the goal...it just takes discipline...we axed our credit...working on the mtg now...
April 5, 2011 at 11:16 PM
raydenzel1 said…
A plan is the first step. Goals are only attainable if they are listed. A good start.
April 6, 2011 at 6:41 AM
Simply Suthern said…
My goal is to get the blinds hung and the yard mowed. I dont plan much beyond that. Sad I know.
April 6, 2011 at 8:21 AM
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