10 Year Financial Plan
I immediately thought I should do a similar post with my own plans for the next 10 years. Here is where I came up with:
T works at small start-up this summer. Maybe. This is 2 weeks from now, and he hasn’t even decided for sure! If he does, we’ll probably gross at least an extra $10k over his usual summer earnings. But he’ll have to go to a “real job” instead of being a pure researcher.
Save aggressively for retirement. We might even be able to increase T’s savings, since he got a fellowship for the whole next year that pays a little more than what he had last year.
Go to Russia/Norway this summer
That’s it. That covers 12 months, at best, and not in any detail. After that it would turn into a messy If-Then flowchart.
If he gets a job in the area, then we’ll probably need another car. If he gets a postdoc abroad, then we’ll sell everything we own (not really). If he gets a tenure track position out of the area, then I have to figure out how to make it work with my career. If he pursues industry, financial rewards will come more quickly and life will be easier… but ultimately, we’ll have less flexibility in our future life. That just covers a small subset of possibilities. Kids & house don’t fit well into if-then logic.
How about you? Do you have trouble with mid-term plans, or do you basically know where you want to be 5 & 10 years from now?