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10 Year Financial Plan

June 2, 2011

I was browsing recent posts at The Simple Dollar this week and came accross one that delighted my little planner heart:  Our Financial Plan for the Next Ten Years.

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.

Drat.

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?

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7 Comments leave one →
  1. June 2, 2011 8:37 am

    I would have the same problem. DH and I are trying to find jobs abroad, but at the same time there are opportunities here that may come up which would keep us in the States. I can do a year but that is it!

  2. June 2, 2011 8:47 am

    I just had a job interview and they asked me what my five and ten year plans were. It was a really tough question and I answered the best that I could. I see us in the same location with another child, building a new house, and me in a stable career that I love.

  3. June 2, 2011 9:22 am

    We finally can make definite plans for the next two years or so. During that time I’ll be enrolled in my MBA program and my SO is all set up with a good job in the area. But after that our plans are a lot like yours, if-thens centered around job offers. We do have a long-term goal of not needing to work for money within ten years. So I guess the one sure thing is that we’ll keep saving and taking care of our finances.

  4. June 2, 2011 9:53 am

    I gave up on making mid-term plans in my mid-20s, although now that I’m staring down my mid-30s, I’m starting to think I should get back in the habit.

  5. June 2, 2011 6:19 pm

    I’d love to make a 10 year plan,, but my finances are far from stable since I’m still a student doing internships. To be honest I have no idea how much I’ll be making in 1 year let alone 10!

  6. June 2, 2011 7:29 pm

    Hmm. I have travel goals for the mid-term but in terms of career stuff for both T and I…nope, no solid plans!

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