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!

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!

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!!

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 :)

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!

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!!

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

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!!

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

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.

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!

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 :rolleyes: Hopefully in 12 months time will be looking at buying or maybe building.

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.

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.

I want to pay off the mortgage!

(Lotto anyone?)

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

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.

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

We only have 1 firm financial priority:

To give our children the best quality education we can afford. So far we have spent well over 100K on this... and that's just for our first child... we have 2 more.

A possible second priority is for me to return to uni.

After a good education everything else falls into place.

We rent. We don't want a mortgage... at this stage of our life that would mean we couldn't fulfill our first priority.

Our financial goal is to pay off our mortgage while at the same time buy a second property to renovate. DH is a builder without the quaification who can turn his hand to anything renovation-like, so we would be silly to not capitalise on my ability to service a bigger mortgage and make a profit on another property.

Like Bath, we want our kids to have access to a good education - we will do that by moving to an area with better state schools (one near us is Carl Williams' alma mater, so that pretty well sums this area up as far as I am concerned LOL!)

I think I will always want to work so for me its just about using our money in the most sensible way.

Great thread!
The option of secondary private school education for our kiddlie winks is our goal if that fits and is suitable to each child by that time.
Have just done some projections of what it is likely to cost per annum by the time each child hits year 7, the first in 2018. Bowel loosening stuff!
It's going to be tough and require us both to work hard to earn income and to subsequently invest smartly along the way.
So we are still plotting the best way forward.
It is very satisfying to finally reach your goals. We just paid out our mortgage whilst living frugally and going without certain luxuries whilst living on one income over the last few years. It was a very satisfying moment indeed. Also made us enjoy the money we did splurge a great deal more!

........screeches in with a new goal...........

DH and I decided last night that if/when I am on mat leave with baby #3, we will take all 3 kids on a 3 month-long tour of eastern Australia (Melbourne-Flinders Ranges-Alice Springs-FNQ-Northern NSW-Melbourne). Now to start saving!!!

Better hurry up and TTC - optimum time to do this trip would be July-Sept next year :)

Oooh how exciting Rory! Start a thread about it in the travel and holidays section! :D I terms of a financial priority, I too agree that travel is way above and beyond most material priorities for us eg a flat screen TV. If I had $5000 to spend it would be the beginnings of a trip to Europe.

we have acouple of goals and it is all going to be met by the beginning of 2012

1. was to fall pregnant and have enough for everything we need..which is sorted.

2. have the personal loan paid off by April 2010

3. have the Prado loan paid off by December 2010

4. Overseas for my 21s & DH 26th

5. have a decent deposit & our own home by 2012

living remote is def helping ALOT with our finanical goals. but i do miss perth ALOT.

Short Term - save as much as possible before settlement of our 1st Investment Property early next year as a buffer for both personal and investment purposes (and ensure we get finance to cover the cost of this property). Also a family holiday would be nice in the next couple of years.


Long term - own around 4 or five residential investment properties (maybe a commercial one as well - who knows) and our primary place of residence outright, as well as have other investments (ie, stocks and bonds) to help fund our kids tertiary educations and see us through retirement.