Since the 2007 movie “The Bucket List” with Jack Nicholson, and Morgan Freeman there have popped up a number of websites and blogs that offer tips/suggestions to help you compile your list of things to do before you kick the bucket. I will be putting one of those types of list together in the weeks to come, but first wanted to get my financial bucket list complete. Really the same idea but I choose to look at it as a list of financial items I’d like to complete way before I’m kicking anything. I think a list like this serves as motivation, goals that you should continue to work towards. Without a list, you can get caught up in everyday life and never get anything accomplished.
The Financial Bucket List
- Pay off all unsecured Debt in less than 5 years
- Establish Emergency Fund – save at least $60,000
- Establish vacation fund – save $3,000-$4,000 yearly for family vacations
- Build sizable college fund for my 3 children – college ain’t cheap
- Pay off Home Mortgage – will make the next 3 easier
- Save 1 million dollars for retirement
- Retire from current day job at age 55
- Buy Retirement home with Cash – No Mortgage
After writing my list, it almost came out in chronological order. A top on my list is paying off my consumer debt, once that is complete it makes many of the others easier to accomplish. We are currently on track to do this under the 5-year goal that we set. The others relate to cash flow, once all debt is gone I want to make sure all future purchases are done with cash. I want to be able at age 55 to retire from my current career in the IT/Operations field and move on to something else. If that is not possible for any reason I would not walk away at that time. It’s just a goal I’m looking to accomplish.
Do you think I’m missing any major items? Sure it’s my list, but I don’t want to miss out on anything. What’s your financial bucket list look like?