Tuesday, November 20, 2012

My Financial Plan


My Financial Goals


2 years
        Pay off $7000 of School Debt.
        Have 1000 dollars in savings
        Have a small personal business (I don't want to share my business idea.)
        Have one child.

            Strategy
            Make and follow a monthly budget.  Never miss a month.
            Network
            Find and Qualify for good paying internships. I want the one in California.
            Continue being frugal in my expenditures.
            Spend money on assets and things that can produce income.
            Save a bit of money to start the business.
           
5years
        Enter into a 401K plan with my future job.
        Have 5000 dollars in savings.
        Grow the business.
        Make around $70,000 a year from full-time job and business.
        Invest 1000 dollars in an SP 500 mutual fund.
        Have another car for my wife and me.
        Have 2 Children

            Strategy
            Continue to follow a monthly budget.  Never miss a month.
            Continue being frugal in my expenditures.
            Obtain a job as a Long Term Facility Head Manager or CEO.
            Pray for revelation as to which lot to buy and which business opportunities to take.           

10 years
        Buy a lot and start building a home on it.
        Make 90,000 or more dollars a year
        Invest into college plans for children.
        Have 4 children
        Take out a loan for a $150,000 house ( I estimate that the payment will be 800 dollars a month)

            Strategy
            Continue to follow a monthly budget.  Never miss a month.
            Continue being frugal in my expenditures.
            Move up to a new position at work because of hard and smart work.

40 years
        Be ready to retire and serve the Lord on missions with my beautiful wife.
        Invest enough money to retire with 70,000 a year just from interest.
        Have a beautiful home with gardens and greenhouses.

Strategy
Live the word of wisdom
Invest larger amounts into the 401K and make sure the company has a match up to 5%.


2 comments:

  1. This is amazing, Tyler! You see, I’ve read somewhere that you should prepare to earn less after 40. It said that we have nowhere to go but up until we hit 40. But if you can carry out this plan -- invest more than spend on temporary pleasures -- I’m sure you can probably punch a hole through the ceiling. :] -->Jaden Allred

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  2. Your financial plan is great, but I suggest creating more specific plans and objectives. I mean, try to produce particular financial actions that you want to make and happen. With this, your target course will be clear and easy to track. Good luck and keep it up, Tyler! :]

    - Brooke Claudio

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