*Before I start this post, I have a confession: I bought Subway yesterday. :~( I forgot my lunch at home. But I took advantage of their “AnyTober” deal where they have any regular footlong for $5. So what I did was save the other half for today’s lunch. Not the best move but I’m trying to make the best of it…..Hey, a girl’s gotta eat*
As I said before I’m using the website Learnvest to help gain control of my finances and get out of debt so that my life can be fun again. I’m currently enrolled in the “Take Control” bootcamp. Here’s the description:
“Welcome to Take Control Bootcamp! In these two weeks, we’ll take stock of where you are with your finances and help you figure out where you want to go. The first week will be devoted to assessing your current financial picture and spending habits. The second week, we’ll help you dream up some smart financial goals and work out a plan to transform them into reality. By the end of these two weeks, you’ll feel in charge of your finances, and your money will be on the road to supporting the life you want.”
On Day 2 of this bootcamp, they quizzed us on our dream lifestyle and offered suggestions on ways to increase your income to get it. Suggestions included negotiating a higher salary, taking freelance work, or even creating your own business. But what I really want to talk about is the results of my quiz. Below is the whole quiz and my answers:
· 1. What will be your primary residence?
A modest single family home in the ‘burbs. ($250,000)
o A condo in the city. ($300,000)
A luxury home in a gated community. ($600,000)
A house on the waterfront. ($1,200,000)
I plan on staying in NYC, it was a long thought process, but I could not imagine living anywhere else in the U.S.
· 2. Would you want to splurge on a second or vacation home?
No, one home base is enough for me. ($0)
o Yes, I need to get away to:
a cabin in the mountains. ($100,000)
a condo in a beach town. ($250,000)
a condo in the city. ($300,000) a beachfront house. ($1,200,000) Other
I’ll always have Cleveland as a getaway, but I’m thinking that when I have a family we’ll need a closer vacation home. Hamptons anyone?
- 3. What type of vehicle will/do you drive?
None. I’ll ride my bike or take public transportation! ($0) Honda Civic or similar. ($18,000)
- Toyota Camry or similar. ($25,000)
Ford Expedition or similar. ($40,000) Mercedes Benz or similar. ($60,000) Other:
I was going to pick the Civic because I LOVED my little hand-me-down one I had in college, but I figured I would need a grown up car.
· 4. How often will you trade in your wheels for a newer model?
I’d probably get bored with it after four years….I’m just being honest.
· 5. How many kids will/do you have?
I at least want two children so they can learn social skills before the school age. No offense to only children…but most of ya’ll don’t know how to act.
· 6. Who will care for the kids?
My partner or I will stay at home to raise them. ($0)
o My parents live nearby—free babysitting! ($0)
No kids; no childcare needed. ($0)
I’ll work part-time and use daycare on those days. ($18,000 a year)
I’ll keep working, so I’ll get a nanny. ($30,000 a year)
Well, my mom doesn’t live nearby right now, but the plan is to retire her, bring her out east, and have her live in the vacation home or a condo near my family’s. (Sorry siblings yes I’m stealing Mommy)
· 7. Will you pay for your child’s college?
No kids; no college savings needed. ($0)
Yes, for community college. ($10,000)
o Yes, for state school. ($20,000)
Yes, for private school. ($160,000)
My hopes are that my children will be smart or athletic and get scholarships. But I’ll put their education in my budget… why not?
· 8. How much do you like to spend on your appearance?
I’m a minimalist. The basics work well for me, so I stick with them. ($2,000 a year)
o I’m low–maintenance. I mostly wear jeans with a tee but sometimes splurge if I see a deal. ($4,000 a year)
I enjoy fashion. I search high and low, and mix moderately priced labels with thrift-store finds. ($8,000 a year) o I’m a fashionista. I love certain labels and stay on top of the latest trends. ($20,000 a year)
Like I said in a previous post, I’ve never been a salon rat and I don’t buy new clothes all the time. However, I will splurge when I see a good deal for some shoes or a handbag. So this answer works for me.
· 9. How will you spend your free time?
I’ll get my fun for free by reading books from the library, walking and meditating. ($0 a year)
I’ll keep it simple by doing most things at home—from gardening to cooking to entertaining. ($5,000 a year)
o I’ll pursue moderately priced hobbies such as painting and yoga, plus treat myself to nights out. ($10,000 a year)
I want to be able to eat out at fine restaurants, take up sailing and attend charity galas. ($25,000 a year)
While I can be a home body, especially in the winter, I like to get out and enjoy the great city of New York!
· 10. How much do you intend to travel?
Almost never, but always in a car when I do! ($1,000 a year)
Twice a year, mostly to visit family and always domestically. ($2,000 a year)
Twice a year, possibly to Europe or Mexico but also domestically. ($5,000 a year)
o Several times a year, to places like Bali, Shanghai and Cape Town. ($15,000 a year)
I’ve never been out of the country and I want to see it all!
· 11. How do you plan on spending your retirement?
Retirement? I plan to work ‘til the day I die. ($0)
I’ll be working part-time for some extra income. (After part-time income, $40,000 a year)
o I’ll stay in my home but volunteer and occasionally travel. ($200,000 a year)
I’ll live in a gated community with a golf course and travel the world. ($400,000 a year)
The first time I took this quiz I chose the last answer. But after some thought, I concluded that I don’t want to live around other old people and golf isn’t my thing. However, I do plan to travel the world.
· 12. Will you need to help pay for your parents’ care?
o Yes—for day-to-day expenses. ($30,000)
Yes—for in-home care. ($300,000)
Yes—for a nursing home or assisted living facility. ($400,000)
Well if I’m moving her out to the east coast, I have to take care of her. Also, I’m pretty sure she’ll be healthy, so I’ll just be maintain the lifestyle to which she’s accustomed.
o YOUR LIFE WILL COST:
YOUR AVERAGE ANNUAL HOUSEHOLD INCOME WILL NEED TO BE:
Dreaming the American Dream
While you won’t live a lavish life of excess, you do plan on spending more in your lifetime than the average American. Create a financial plan so you can have the lifestyle you want while saving and investing for your larger expenses and retirement. This means boosting your income and cutting unnecessary spending so you have more room for the things that are important to you. These tips will help keep you living the good life!
I honestly don’t feel that my dream lifestyle is unrealistic. It is my belief that I deserve a good and happy life, WE ALL DO! I just have to figure out how to get there.
The first step is to make sure I am doing what I can to one day get here such as not spending frivolously and racking up debt. The second step is to figure out how to get that income. Hmmm…in that case I definitely need a new job. lol
This is my sister’s current facebook status: “Discipline=deciding between what you want now and what you want most…life story…you would think I’d have a stash of patience somewhere:)”
This is EXACTLY why I NEED to get out of debt…so that I can really enjoy my life later. Because I have champagne taste….so this current state of a beer budget is not going to work for me in the future. It’s all about the bigger picture.
I can feel you rooting for me!! Thank you!!