I’m so excited today because we are going to address five year finance goals. Five years into a 10 year plan is when you really start to hit the sweet spot with financial progress. That may seem like a long time for some but in retrospect time always flies. When you arm yourself with knowledge on your financial well-being, you are gunning for huge wins. Within five years, you will be able to change your mindset about money, adhere to a budget that allows you to accomplish other financial achievements, and see the light of your 10 year plan’s end goal.
Revisit your ideal budget
Remember on day five when you created a future budget? Time to break that sucker out. What steps do you need to take to get to that point? If being debt free is a part of your 10 year plan, have you been budgeting for potential expenses or emergencies? What was the income you listed on your ideal future budget?
Take a look at your future budget. Did you underestimate yourself? Adjust it, if needed, and use it as a guide for creating your five year finance plans.
Think of the other categories in your 10 year plan
I think it’s safe to say that some of your goals for your 10 year plan may require money. Do you want to take a vacation? Own a house? Boat? Pay for your child’s college education? What are you doing to make that happen? Set benchmarks with your goals. For example, by 2020 I want to have $20,000 saved for Sophia’s college tuition. Sure, Sophia may not enter college until 2025 but at least you are creating smaller, manageable steps that make the end goal feel more achievable. Do some of your health goals include an extensive workout schedule? Perhaps, you want to think about saving for home gym equipment or saving for a personal trainer.
If this seems a little too overwhelming, remember this:
The average American household will earn over $2,700,000 in a lifetime. That’s with 40 years of labor under your belts.
Don’t let that money slip through your fingers. Know where it goes. Creating and using this 10 year plan will help you stay on track.
If you are just joining the challenge, don’t miss out on some FREE worksheets! I have eight worksheets that will help you through the first eight days of the challenge.