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Thread: What are your financial goals?

  1. #1

    Join Date
    Mar 2009
    Location
    England (but moving back home to Oz next year!)
    Posts
    78

    Default What are your financial goals?

    Hi all,

    Just interested in what everyone financial plannning aspirations are? I keep reading on different forums on how people want to pay off their mortage in 5 - 10 years, and I think how do they do it! I am currently on the pound so probably why I can't comprehend it as I'm not on the Aussie Dollar.

    For us the plan is?.



    Rental Property - $165,000 loan. When our mortgage reverts back to Variable in Jan 10, our rent will cover our mortgage (provided interest rates don't go back up!) We are currently pay 8.5% fixed. Rent this out until we retire.
    Purchase Home - Purchase home upon returning from the UK for around $400K.
    Holiday Home - Once we have enough equity in other properties (5-10 years down the line), purchase holiday house for around $350K - 5-10 years down the line, prices may have doubled!

    That's the dream! Not sure if it will ever go ahead, but good to have something to aim for!

  2. #2

    Join Date
    Feb 2008
    Location
    Near the Snowies!
    Posts
    2,975

    Default

    We don't have any "set" financial goals...at the moment we're just trying to survive! But ultimately I think we would like to buy a house and have savings put away. I can always hope!

  3. #3

    Join Date
    Oct 2006
    Location
    Adelaide, SA
    Posts
    3,962

    Default

    Our financial goal was to save a decent deposit for a home loan - we've now done this and are about to start building our dream home.
    Our next goal is to have the house paid off in 15 years - I think this is a realistic goal for us.
    After that - purchase a motorhome!!

  4. #4

    Join Date
    Mar 2006
    Location
    soon to be somewhere exotic
    Posts
    1,550

    Default

    my biggest financial goal at the moment is to get out of the debt my xh left me with - I had minimal debt when we first met - now it is tenfold from there - that is what you get for having an emotional abuser in your life, you get bullied into things you'd not have said yes to normally.

    Then I want to buy another property, rent out the one I have, one day I'd love a holiday home, but I'd love it overseas

  5. #5

    Join Date
    Apr 2007
    Location
    Recently treechanged to Woodend, VIC
    Posts
    3,473

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    A couple of years ago my goal was to pay this house off within 5-10 years then buy another house in Tassie with the intention of renting it out or relocating there.

    But things change. Our family is growing, we need a bigger place but I don't want to go back to work full-time for another few years. So we'll probably rent a bigger place for a couple of years and then make a call on whether to carry on renting or to buy. If we buy, it will mean doubling our mortgage so it will be at least another 10 years before we're debt-free.

    After that, Tassie dream back on. I think I saw a pig flying BTW!

  6. #6

    Join Date
    Jan 2007
    Location
    on the sunny Eastern Shore
    Posts
    1,165

    Default

    Pay off our personal debt, buy a house and have some savings to back us up JIC. That is the dream. reality is just paying the bills on time and living!!

  7. #7

    Default

    We're saving for an extra bedroom and a holiday home somewhere cold.

  8. #8

    Join Date
    Sep 2008
    Location
    Bunbury, Western Australia
    Posts
    3,963

    Default

    We started by renting a house from my parents to get used to "living" together.. make sure we were compatible!
    Our goal was then to purchase our first home, which we did in Oct 2007. Basically anything that was "cheap" so we could have a practice run at what it was like paying a mortage, rates etc etc...
    Next we did a few reno's (by a few, I mean we gutted the entire place!) and have sprused it up a hell of alot! We've just started working on the gardens...
    Next we want to buy some land, about 5 acre's, and build our dream home, and we'll probably stay here until we cark it . Hopefully we'll be able to keep the house we have now and rent it out (i don't think I could part with it anyway, we've put in so much work and it's so pretty!) so it will be able to pay for itself to an extent iykwim and use it as a kick start for our own childrens futures.
    Fingers crossed!!

  9. #9

    Default

    Each financial year I write out a list of our financial goals. At the moment the main one is to get the mortgage paid off while interest rates are low.

    Liz

  10. #10

    Default

    At the moment it's survive but when I'm back at work we want to do up the front and back yard, pay off our furniture (interest free card) and then save to buy a new car and hopefully then start saving for our next home. God that is alot, LOL!!
    I'd love to go and speak to someone who can help us get our money sorted out so we can build our wealth for some financial security.

  11. #11

    Join Date
    Jul 2009
    Location
    Ormeau
    Posts
    1,028

    Default

    Nurse Dan- Me too, can anyone recommend where you get onto a financial planner that would be free, or cheap? We have some debts that we really need to clear up so we can start saving to buy our first house, we do up a strict budget each fortnight, but I want to see what a proffessional would do with our money...

    We have just got a new car which was one of our goals, now the goal is to get rid of the debts so we can put that money into a home deposit fund!

  12. #12

    Join Date
    Aug 2009
    Location
    Cairns Queensland
    Posts
    15

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    I just opened a new savings account the other day. Its for saving for a deposit for a house. Sick of renting and paying off someone else's mortgage Hopefully in 12 months time will be looking at buying or maybe building.

  13. #13

    Join Date
    Dec 2007
    Location
    Taking a ride on my grdonkey :D
    Posts
    2,716

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    We're putting our savings away with a few 'goals' in consideration. Right now, those goals are to buy a house, and to finance relocating to Canada (so, the 'buy a house' bit could well fit, just not buy a house in Australia!).
    We're in the process of selling DH's dad's yacht atm (someone has put a deposit on it and we're just doing some final negotiations before the papers are signed) so if that works out we're looking at either putting that money towards the aforementioned goals, or using it to pay our car out so we're not paying so much interest on the repayments.

  14. #14
    Matryoshka Guest

    Default

    Our priority at the moment is making money from our shares & increasing our super. Since we put all our super in to a self managed fund we have increased it by 30% (its been about 4 month now!). We also have shares in some very solid companies and are using our trading profits to reduce our peronal debt. Once we've cleared our personal debt we plan to get a new car and then using the same share trading system sink all the profits in to our mortgage to get that down as quickly as possible.

  15. #15

    Default

    I want to pay off the mortgage!

    (Lotto anyone?)

  16. #16
    SugarDust Guest

    Default

    My finacial goals atm are to get a job and save!

  17. #17

    Join Date
    Oct 2006
    Location
    Perth
    Posts
    3,299

    Default

    Pay as much of the house as quickly as we can whilst doing minor reno's along the way (ie painting, landscaping etc). We'd eventually need another bedroom so would either like to buy a bigger house or build preferably a bit closer to the city so DH can cycle to work more than once a week.

    We'd also like to upgrade the car and don't really want to take out a loan so are also saving for that.

  18. #18

    Join Date
    Jul 2009
    Location
    Melbourne
    Posts
    31

    Default

    Ours are to save save save and get the backyard finished. We mostly just want to build on our nest egg so when I do fall preggers, we have something to fall back on

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