My Financial Bucket List
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I love a good bucket list, and since many people create a “life bucket list,” I say we should create a financial one!
Below are four of my biggest money goals. Please comment and let me know yours!
Financial Bucket List Item #1 – Buy A Car In Cash
I have always, always wanted to buy a car in cash. I just think it would be so amazing to go into a dealership (or wherever) and buy a car and leave. Seriously, how much fun would that be? (Personal finance nerds for the win!)
I’m still driving the car that my parents gave me in high school. It’s 12 years old, and it’s still going strong. So, I’ve never had a car note, and I really don’t want one. I know logically that if I get a low enough interest rate I could “beat” the rate in investments, and at that point, it might be worth it to finance a car. Basically, I’m open to several options, but really leaning towards buying one in cash someday.
#2 – Pay For Private School for My Children
I know it’s not for everyone and can be quite controversial, but I’d really love to be able to afford private school for my children. I’ve worked in education for quite some time, and for a variety of reasons, private school is something I really want to pursue.
I went to a mixture of private and public schools growing up, and my husband was in public school his whole life, so we definitely know that there are some great public schools out there depending on where you live. Plus, education is what you make of it. Still, I’d at least like the option of having enough funds to send our kids to private school if we wanted to. We’re having twins in April, so it will definitely be a financial squeeze since there are two of them, but we’ll see what happens.
#3 – Pay Off All My Husband’s Medical School Loans Quickly
My husband has six figures of medical school loans, which will likely double over the next two years since he is still in the middle of a 5 year program. We’d love to pay these off very quickly, as in 5-6 years after he finishes residency. In order to do that, we’d have to allocate over $70,000+ per year to paying off debt. It’s going to be a struggle and a sacrifice, especially with the two little ones running around, but we’re really devoted to paying off those loans quickly. We’d rather do that than just give the banks hundreds of thousands of dollars in interest that could be used to buy a house (or a car in cash – ha!)
#4 – Max Out Our Retirement Accounts Every Year
I opened my first IRA in January of this year, and I’m so excited that I was able to max it out. It probably doesn’t seem like much to those who have been working and saving for quite some time, but since my employer doesn’t offer retirement benefits, it was my way of starting to save for the future. I’d like to open up a SEP IRA once I go full time with my freelance writing/blog business, and I’d like to start adding to my husband’s IRA too even though he is not currently working.
I feel like my financial bucket list is pretty modest (no fancy houses, cars, or vacations to speak of), but those really are my four biggest hopes for my financial future. I feel that if I can accomplish the above, I will feel really set in terms of my finances, my family, and my future.
What’s on your financial bucket list?
Photo courtesy of: JMR_Photography
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