I May Be Getting Old...

Because I've started to think further in the future than the next 3 months.

Don't get me wrong; I've had plans in my head of things I'd like to accomplish and experience "one day" for as long as I can remember, but I never planned anything out in specific terms.  Until now.

Today, I thought a bit about where I want to be in 5 years.  Not things like "I want to be on a beach, sipping a mojito with a hot cabana boy fanning palm fronds over me" (though that would be nice), or even "I want to be doing X job in Y city" (since as I wrote earlier, I have no idea), but financially, where I want to be and where I'd be comfortable being.  And then I priced it out, to see if I could do it.  And I think I can.  So here are the goals:

In five years, I'd like to

• Have saved up at least $30 000 for retirement
• Have saved enough to put a downpayment of at least 20% on a home (I've priced this at $60 000 for now.  In light of today's market in Vancouver, this is a pretty optimistic idea of 20%, but I'm also hoping that the market drops a bit.  Plus, as discussed in an earlier post, I don't know where I'll be living; however there aren't too many places that are more expensive than Vancouver, so while this number is up for revision I think it's as accurate as it can be for now)
• Save $2500 a year for traveling
• Donate $500 a year

That's the "big picture", at least for now.  Assumptions I'm making that may not apply to others: that in five years I'll still be single, and I won't be having any kids.  With some quick calculations, it means I would need to save $18 000 a year.  That's a lot of money.  But hopefully I'll be making more money as I get older, and will be able to save more.  Is it daunting?  Yes.  But I'll never be able to meet a goal without having one in the first place, so here goes.

(oh god, help)