Since we are now less than 5 years from my planned early retirement date (the date is based on me reaching a certain age, and my birthday is in June), I think it makes sense to review what I’ve done over the past five years. I read somewhere that people generally over-estimate what they can accomplish in 1 year, but under-estimate what they can accomplish in 10 years. Based on my experiences, I think that is a pretty accurate statement.
Here are some accomplishments and life events my wife and I have experienced over the past five years:
- I got engaged, and then married
- My wife and I have welcomed two beautiful children into the world
- My wife and I have bought and sold a house
- I have lived in three different states
- I’ve been with the same company for the five years, but have been promoted twice, and my base salary is now just over 150% of what it was when I joined the company
- I bought a car, originally financed over 4 years, but I paid it off in about 2.5 years; my wife has a paid-off car, as well
- I paid off all of the student loans I had from graduate school, after graduating with my MBA in 2006
- I have increased my investible assets by over $300,000, growing my taxable brokerage accounts from $0 to six figures
- I’ve read countless books, including fiction books, as well as non-fiction books, including history, philosophy, finance, investing, and self-help/motivation
- I started a blog called Turtles’ Tipping Point
While life is not linear, and it’s difficult to predict what will happen in the coming months and years, here are some goals I plan to accomplish, and their deadlines, during the next five years:
- Continue to raise two healthy children, being the best father and husband I can be – ongoing
- Keep my mind healthy, focusing on the future and positive thoughts and actions – ongoing
- Move to the same place where my wife lives, either through a job with my current company, or a new one – by late 2016
- Dividends at an annual run rate of $3.5k – December 31, 2016
- Gain financial freedom – June of 2021
- Dividends at an annual run rate of $100k – June of 2021
- Have contributed >$50k to each child’s 529 college savings account – June of 2021 (tracking the contributions because I have (at least some) control over the contributions, but really no control over how Mr. Market behaves over time)
- Weigh < 160 – December 31, 2016
There are many other short-term goals I need to accomplish while on the way to accomplishing those goals, but those are the main ones I’m focusing on at a high level for the next five years. Examples of the nearer-term sub-goals I am working on include things like improving my savings rate, promotions and raises at work, and fitness goals, such as running a certain distance in a certain time, or lifting a certain amount of weight.
What about you? How have your last five years gone, and what are some of your goals and expectations for the next five?