5 year plan

[memoriesbymichelle]

So one of the couples in my bible study, who are either in their 60's or very close to it bought a new house the other day. They currently have a VERY nice house, but said it was "in their 5 year plan to downsize". And while that's all well and good, the new home is not that much smaller, but they won't have their own pool (although there are two in the community) and won't have to pay for a landscaper either. Anyway that wasn't the point of the thread....

While I'm not against having a "plan" because as my husband used to say, "If you don't have a plan, you've got a plan to fail". It just made me think...I DON'T HAVE A 5 YEAR PLAN! I guess my 5 year plan would be to hopefully be out of debt in 5 years.

I have always had a hard time making plans for far out in the future. The bible says we don't know what tomorrow will bring and it has enough trouble of it's own (paraphrasing). So while I AM able to say, if the Lord wills, I will do this or that, I don't have any major set in stone plans.
Is this bad? Do you guys have plans?

It also made me realize (and be grateful too) that these people allow me to be in their group, because I am SO not in the same element as any of them! They are all married, I am a widow. Well there are 2 other single people but they are ALL better off financially than I am. I really enjoy being in their group, I just don't totally fit, does that make sense? And I can't understand why they even allowed me in, based on that.

So....what's YOUR 5 year plan?

 

[dayhiker]

I don't have a 5 yr plan that I've written down somewhere.
I go plan ... but its kinda general and can be changed at any point. I didn't plan to buy another house, but the times made is a smart thing to do I think. So I did.

I plan to be active, I plan to go out and meet new people.
I plan to prepare to live to 100 (longevity genes run in the family), so I'm saving money and working to make money in the stock market, plus have an apartment I rent out.
I plan to travel.
I plan meet a woman that wants to be in my life.

In contrast, I'm painting my house, try to get some of that done every week but there is no plan on when to have it done. Same for a number of other upgrades. I'll work at them and have them done when they get done. A little work here and a little there will add some to a good days work by the end of the month! LOL

 

[memoriesbymichelle]

Maybe it's something married folks do? IDK?
I do think they would be shocked and amazed at how I live paycheck to paycheck literally!

 

[dayhiker]

If anyone knows what's going on the the world, they know most people live pay check to pay check. Its a very small percent that have extra money at the end of the week.

I've always made enough money so that I wasn't living paycheck to paycheck. A big blessings. But I've also lived smaller than I could have. I never borrowed money to buy anything beyond my car and house. So now if I can get thru till I retire, I think I'll not have to ask others to look after me and have a little to pass on to my kids.

 

[blackribbon]

Okay...initially after Billy died, having a 'week plan' was a major accomplishment.

I'm now up to a two year plan...and that is sort of pre-planned for me since that is how long it will take to get through nursing school. At that time both my kids will also be wrapping up high school.

I am starting to work on a fuzzy plan for after the kids get out of the house...okay, maybe not so much a plan as trying to find new dreams since the ones I used to have got erased when Billy died. I hope to be back to debt free (selling the house will help) and starting to address putting a little away so that I can retire someday. I am getting ready to finance my school years with my hubby's retirement monies..so I'll also be savings free. <sigh>

 

[dayhiker]

Sounds like a great plan and it sees as far into the future as is needed.

 

[Life2Christ]

I have always had a hard time making plans for far out in the future.

Me too which is why I try not to. I try to make 2 year plans like: I want to go on the Disney cruise in 2014 or I want to travel some place else. Those kinds of plans. I try not to make serious plans.

 

[blackribbon]

I kind of think that we need to have some sort of plan if we want to finance something big...like a house, an a/c unit, or even retirement. Without a plan, it is easy to spend everything in front of us and never get ahead. If there is a solid goal, it is easier to forgo something fun and actually put the money aside.

My brother has no "plan" of any sorts...and I don't think he will ever be able to "retire"...however, I also don't see him taking care of himself very well (physically as well as financially) and don't know that he will be able to work for his entire life. I try not to think about it but I kind of expect there will be a day when I have to take care of him...not something I really want to do. If you fail to plan, you plan to fail.

I think I avoid planning sometime because if I honestly look at what I need to plan for, it includes taking care of both my mother (only because she is old because she has taken care of herself very well both financially and physically) and taking care of my little brother (like I said, because he hasn't taken care of himself). I was okay with this future when I had my husband here to lean on ... but the idea of doing this alone is kind of overwhelming to think about.

 

[blackribbon]

I also think I avoid planning at times because I want to leave room for "wishful thinking" and not plan for the life I actually have. I think part of accepting the life that God has given me is to face the future that goes with it...so my planning should be for being a single. Honestly, it is easy enough to change most plans if our life situation changes as long as we plan taking in consideration of the potential "worst case" scenerios.

 

[memoriesbymichelle]

I think I would LOVE to have a plan knowing that it would be a flexible plan. Some things I have planned since my husband died.

I got life insurance so my kids would be OK and be able to pay off the house and bury me and still have some cash. It's good for 20 years.

I also put money into my IRA thru work. Mostly I do it for the tax shelter and the match of 50% my boss gives. I would do more if I could but currently I do 30 bucks a week and he matches half so it's 45 a paycheck or 180 a month.

I somewhat planned my funeral. I have the plot next to my husband so my kids don't have to worry about that. And I have a will.

Other than that, I HOPE to be out of debt in 5 years or less, but that is rather daunting when I am such a slave to the lenders of credit and I can only make a few dollars over the minimum.

Hard to put money aside in this situation.
Anyway, I guess it's not ALL bad, I kind of have planned some things.

 

[blackribbon]

Michelle, I think it sounds like you do have a 5 year plus plan. You are working with the tools you have and that is all any of us can do. I think when a lot of people talk about their '5 year plans', they are talking about vacations and retirement...but haven't really put much time into planning for life's surprises like job loss, death, illness, etc.

I have a friend who is in her early 50's and her husband just divorced her. She is sitting there wondering about all the sacrifices they made to 'save for their retirement'...and now she won't probably ever be able to retire. I also watch them and I don't know that even if they had stayed together if they would ever have done all the fun things they planned because they were in the habit of "not spending money" and I think it almost hurts her to spend money now. She did get a huge chunk of money from their savings...but doesn't "feel" financially safe because that money is "to save" NOT to spend.

 

[memoriesbymichelle]

Thanks for making me feel a little better Blackribbon . As far as planning for a job loss or illness (the death I have covered) I would have to use what little money I have in my IRA.

As far as that goes though, even IF I had IDK, say 100G in a retirement account, I would not "feel" safe.

In a way, I think it takes a little more faith to live the way I do (like having less than 50 bucks in cash) than to live as some of my aquaintences that have savings AND retirement accounts AND extra money at the end of the week, ya know?

 

[dayhiker]

5 year plans ... I think some include schooling they plan to take to get degree x.
- promotions the are looking to position them selves to get.
- if changing careers, then what to they have to do to get there.
- Money saved, ira created and funded
- children do X
- learn a new craft
- be a board member of the local museum.

There are so many things that can be in a 5 yr plan. each has to make their own according to their interests.

 

[memoriesbymichelle]

true but is it necessary? Should we ALL have some kind of plan?

 

[Niels]

For the most part, I agree that failing to plan is planning to fail. Although some things can't be planned for, in which the best course of action may be to let the chips fall where they may, I think planning is a good idea. Even if it's just a vague framework for what one will and will not do, that's better than nothing. Do I think we should plan for every little thing? No. God often has other plans for us, but I think it's a good idea to plan for what we can.

 

[blackribbon]

If I didn't plan, I couldn't be going into nursing school. However, my 5 year plan five years ago didn't have me needing to go to school because it still included my husband.

I say plan but then recognized that God is God and learn to trust while you are doing the best you can with what God has given you.

I'm thinking about the parable with the guys who were trusted with the bags of gold...

 

[dayhiker]

I suspect most people have some sort of plan even if they don't think they do.
Michelle, I can certainly understand your financial limits limit the plans you can make.

 

[memoriesbymichelle]

Thanks dayhiker...I think my plans are mostly hopefuls but I don't get bent out of shape if my plan has to change. So I plan to an extent.

 

[dayhiker]

Agree, we all have to change our plans. There are just too many things we have no control over that will effect how we do things. That is actually one of the strengths of America is how fast we adapt to new circumstances.

 

[exitstageright]

Sounds like a great plan and it sees as far into the future as is needed.

A couple of years ago,at a job interview,I was asked,"Well,what are your plans to be five years from now?" I answered her,with a straight face,"Well, FIRST of all,I plan to be ALIVE five years from now."

She had a very surprised look on her face. Yes,I got the job. I am still working this job today.