I’ve recently started reading The Millionaire Next Door (finally!) and it has inspired me to finally set some long-term financial goals (other than “save a lot”). Here is my rough outline of net worth goals for the next 20 years:
Current net worth: 13,382 (as of early this month)
Aug 2010: Finish graduate school. Get a “real” job.
2 years later: Sept 2012: Net worth of $100,000
3 years later: Sept 2015: Net worth of $250,000
7 years later: Sept 2022: Net worth of $1,000,000
8 years later: Sept 2030: Financially free
Obviously, all of these will be adjusted as real-life allows me to save more or less toward my goals (probably more). And “financially free” is not worth determining right now, as I have no clue what the value of money will be in 20 years or how much I’ll need for retirement – my retirement goals/plans will likely change quite a bit between now and then.
I turned 25 this month, so in Sept. of 2030 I will turn 46. The last goal could also be read as “Financially free before age 46” or “by age 45.” The others can also be read in the same manner if you wish to do the math.