One of the habits of the rich that we’ve talked about in the previous article here at Romania Experience was goal setting. And not your regular monthly or yearly set of goals which most of us already have in our agenda (and I personally keep failing them), but goals a little bit far off in the future: a five year plan.
I never went further than one year with my planning until now. Of course, when I was younger I had plans to get married someday, have kids someday, own a house some day, visit Thailand someday… but it no longer works like this! If you have a specific deadline for each of your goals, it is easier to make it happen. If you have “some day” as a deadline, then it means it’s not going too happen too soon. Because if you don’t set your goals and your deadline, new things will appear on the list and, even worse, it’s a lot easier to say that you’ll start working on that particular goal “tomorrow”. At least this is my case and this is one of the main reasons why I feel the need to create a five year plan right now!
So after spending some time with the outdated pen and paper (I still love to write on paper and I have my desk filled with scribbles that always end up in the trash somehow), I managed to come up with a challenging five year plan, but also a five year plan that I am confident I am able to fulfill before the deadline. So here are my big plans for the future:
1. Buy a house by March 2015
Even sooner than five years, this is probably the most important task right now – we need a house to call our own and we need it fast. Now that Baby Romanian has been born and our living area has been turned into the child’s nursery, things have to change. Selling my big money making website was the first step in getting closer to having the money for the house and hopefully by March 2015 we’ll have them all. Because unless impossible otherwise, we don’t plan on loaning (and in Romania you can get a nice 3 bedroom house with around 75,000 Euros so we’re not planning to save up hundreds of dollars… yet)
2. Set up a one year emergency fund
We started working on this one already, but we’ll probably have to use the money here for the house. I want that by August 2018 (the deadline for all the goals from now on) to have the one year emergency fund in the bank and never having to use it. Since we’re living in Romania we don’t need an awful lot and 14,400 should be enough for this fund.
3. Visit the USA
Probably every person born in Eastern Europe has this goal high on their priorities list. I do have it too and I dream about this ever since I was a little kid. I want to go there and experience things that seem natural to US residents. I want to eat a real hot dog, I want to eat a real hamburger, I want to try out all those foods I’ve only seen in the movies, I want to be surrounded by Americans and interact with them, I want to visit a skyscraper, I want to go at a barbecue party, I want to watch a baseball game (although I don’t really understand it), I want to feel the US soil under my feet!
4. Vacation in the Caribbean
If I am going to visit the US, why not go a little bit to the South East into the Caribbean paradise? One of my more recent dreams is going on vacation to the Caribbean islands. I have checked out some offers for the Dominican Republic and we actually afforded to go there this year. But Baby Romanian had to come this year so we have delayed this indefinitely. But by the time he’s five we have to get there!
5. Get an average income of $5,000 per month
Of course, the sooner I make this happen, the better, but the goal is to reach 5,000 USD per month in net income by August 2018. I was already there with the blog that I sold, but now that it’s gone, my earnings have dropped considerably and some really hard work is required to get back on track. But that’s what I do – I am a hard worker, so this should happen as soon as possible!
And this is my five year plan. Strangely (or not) all the items on this list have something to do with money. Of course I want to be healthy and happy, but that’s kind of a lifelong plan and “be healthy” would be too vague at the moment… so I decided to cut stuff like that off the list.
What about you? Do you have a five year plan or you prefer to go for short term goals?