My Long Term Goal

Having grown up in a family that was torn by divorce, the crippling changes in the economic situation in my home country and eventually immigration, my only financial goal is to be without a lack of assets. Having to pay my own way through undergrad, as well as providing for my personal needs such as clothing, technology and transportation and almost all of my own groceries since I was old enough to work, at no point in my life thus far have I been able to save any of my income for long periods of time. In the short term, my goal is to have enough money to pay for my education, as I recently found out that there is a limit to borrowing. A mid-term goal is to become debt free by age 30, although lofty, I believe is achievable. As for long term, my goal is to have enough to retire and to help pay for a portion of my future children’s education.
Tracking my finances over the last couple of months has …show more content…
In future years, especially after graduation, the course of my financial plan could be derailed by a medically related events. Although I currently have stellar health insurance, that may change after graduation. Also as I enter the workforce it will be vital for me to stay healthy and be able to work in order to earn money. As I currently do not own a vehicle or property I can’t quite estimate how much a breakdown or an accident associated with it would cost. Ideally, to account for such emergencies, I would have some savings available to cover the necessary repairs of property damage or day to day expenses if I am ill. Some positive unpredictable factors could be getting married or moving in with a roommate. Both of these would alleviate the necessity to spend and be completely self-sufficient as some costs would be shared. This would allow for some wiggle room in the budget to start saving earlier or paying off my debt