Ask the Readers: Where Do You Want to Be, Financially, in 5 Years?
Editor's Note: Congratulations to Kim, Liz, and Louly for winning this week's contest!
Most of us have goals for our money, whether specific (pay off the mortgage) or general (maintain a comfortable lifestyle). We set our financial visions on different timelines, too — each person's circumstances are different, after all. This week, let's talk about where we want to see our finances in 5 years.
Where do you want to be, financially, in 5 years? What is your main goal for the next few years? What changes to your lifestyle (if any) will you need make to get your finances where you want them to be?
Tell us where you want to be, financially, in 5 years and we'll enter you in a drawing to win a $20 Amazon Gift Card!
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- Post your answer in the comments below. One commenter will be randomly selected to win a $20 Amazon Gift Card!
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We would love to have built up savings for our children's college funds.
In five years, one kid will have moved out (he's 21 now) and one will be in high school. The house will be almost paid for and the retirement accounts will be nearly full. Retirement will be five years away. We're actually doing quite well.
I want to have enough money saved for my son's college education
I would love to have a down payment for a house on top of my emergency funds.
I would like to be close to having my house paid off and starting to increase investments for finsncil independence.
In 5 years I plan to be down sizing and eyeballing retirement. I have saved and invested all my life. I am well prepared to start drawing on my investment income while leaving the priciple intact.
My goal in 5 years is to have zero student loan debt between myself and my SO, and have paid for some bigger home renovations in caash.
My husband and I are working really hard to reach financial freedom in 3 years, so in 5 years we will hopefully be into our first retirement (we might go back to work eventually, as money dictates).
To be living off one paycheck with a paid for home!
I would like to have enough saved up for the down payment of a house.
I would like to continue saving for retirement and start thinking about an investment property or another type of investment.
I'm hoping I have a decent amount in a Roth (hoping to finally get myself to open one by Oct) and regularly saving.
My goal is to build my emergency savings to 6 months and max out my yearly retirement account contributions.
In 5 years, I hope to be debt free from two cars and three credit cards, retiring from the military and looking for our first house!
By the end of this year we hope to be current with all our bills and have no debt. In five years, I'd like to have a six-month emergency fund and have enough saved to pay for a car.
I'd like to buy a house
In 5 years, I plan on being able to travel and live off my investments.
In 5 years I'd like to have my car and house paid off and have a nice cushion.
In 5 years I am hoping that all of the apartments at our rental property would be fixed and undated. I hope that our net worth would reach 2 millions by then.
Build up an emergency fund and save enough for a down payment on a house.
In five years, I'd like to have built up my savings at least on par with others my age. I want to be just about ready to buy a piece of land and build my first tiny house.
I would like to saved money towards our retirement and kids college education.
I would like to have $0 in credit card debt in 5 years.
I hope to have my car paid off, 2 years early!! Also, fund my emergency fund to a full 8 months while continuing to fund retirement accounts.
Financially, in 5 years we would like to pay off both cars and have money built up in savings.
Husband is self employed and we built the building he is working out of, would like to pay it off in 5 years.
I would love to have a new house.
To be debt free. Just paid off a big loan so now I am inspired.
I want to have bought my own house!
In 5 years, i hope to have a solidified a nest egg that is working for me. I would also like to continue to receive passive income from business ventures, I have yet to invest in.
In five years I would like to be out of debt!
We want to be retired
In five years I hope to be downsizing from our family sized home since both our children will be working or in college. And with this (hopefully) simpler lifestyle I want to continue to save while also doing more traveling.
In five years I hope we have our house paid off and more money in retirement.
I plan to retire in 8 yrs, so in 5 yrs I'd like to be confident that I have enough money to fund my retirement.
Debt-free except for our mortgage. CC balances crept up over the years my husband was unemployed/underemployed. now that he has a job that pays him well we have started saving an emergency fund and started paying down the CC balances.
I need to start saving for my daughter's college fund.
We'd like to maintain our spending, have built up a bit more savings, and spent our travel savings!! (We finally have enough for a trip to Paris/London -- been saving for 3 years, can't wait!)
I would love to have saved enough money for me to take a trip through Europe
Where will I be financially in 5 years? I hopefully will be at my next job, still saving money, but have a slightly bigger budget than now. I would like to be able to travel to at least one getaway vacation with my boyfriend. We love to travel.
My main goal is to increase the amount of money I can put back into my savings and invest. I started freelancing full time about two years ago, and with that come ups and downs in income. It's taken a toll on my savings account.
I am working on increasing my monthly income by seeking steadier work at a better rate (I have been undercharging, as I didn't have the confidence to charge what I SHOULD have at the beginning). I am also looking into different income streams. Better financial security while staying self-employed is my goal!
I'd love to be working at a decent paying job with good benefits and getting ready for retirement. I'm currently going back to school to make that happen.
Hopefully, we'll be making more money, so we can pay off more debt, give more to charity, and start saving for retirement again. I don't want to have taken on any more debt, too.
I'd like to have my student loan paid off by then (almost there!) and have even more money saved up for a down payment on a house.
We have some goals, but in 5 years, we'll be knocking on 40's door, with a 10 year old and 8 year old. We hope to have no debt other than our mortgage (and working aggressively on that), 12 months in an emergency fund, and BIG 401K / IRA balances. And to keep building the kids' 529 accounts.
In 5 years I would like to have my house paid off. Not sure I can manage this, but that's where I'd like to be. I'm already debt-free other than the mortgage, but will have to replace the car in the next 5 years and I don't want a note for that either.
1 year- open a new index fund, sell old house
3 years- have the mortgage paid off on new house
5 years- investment properties
:)
Student loans paid off, large emergency fund, starting to save for a house.
Build up retirement/college savings. Have 2 kids in college.
I'm hoping to have my student loans paid off, and a nice cushion of savings in the bank.
Retired with a good emergency fund and growing investments.
I would like to see our family debt-free except for the mortgage.
We want to have a lot in our 529 accounts for our girls for college.
In 5 years, I would love to be debt free other than our home and car. I would love to be in a better place moneywise, so that we do not run short each month and have to skimp to find meals. Although...it does make me manage our money very well to make it!
I want to be able to put more money towards more mortgage each month.
In 5 years I hope to financially be independent from my parents.I recently finished college so my main goals for the next 2 to 3 years is to finish paying off my student loans. I hope to start saving for my retirement fund. I also hope to start saving for more elaborate travels. I hope to start investing more in the next 5 years.
i wish to be more financially stable in 5 years
I would like to have my private student loan paid off and at a job that isn't anywhere near retail work..
In 5 years I would like to generally worry less about money. I would like to have a proper emergency account built up and. Additionally I would like to learn how to properly run household finances as a couple so I do not have that struggle in a future relationship.
I would like to purchase a new car minus the loan as well as do home improvements such as a newly remodeled kitchen/dining room.
In five years, I'd like to have my full emergency fund funded ($30,000), to be fully funding my Roth 403(b) annually and living on my own (preferably owning my own home!).
I would love to own my home and have built up my 401k and to have two paid off vehicles
Would love to have a healthy retirement fund as well as enough money for a down payment on a house. Am debt free now so all of my money now goes straight to savings & investments!