Five Year Plan

Inspired by My Pretty Pennies, I’ve been thinking a lot about what I want in the long term future. Perhaps not five years, but where I want to be in the “future”.

As I mentioned before, I’m currently a Post-doctoral Researcher. I just signed today a lease that will keep me in my current apartment until August 2011. Thus, my “goal” is to be done with my post-doc and into a permanent faculty position at a university by the 2011-2012 academic year.

I have a whole host of other goals I’d like to have accomplished by then financially:

1) I’d like to have all of my credit card debt payed off.
Currently, at my payment schedule, I won’t be able to pay-off my credit card until August 2012 (according to the CNN debt calculator). A year behind when I’d like to pay it off. This means that somewhere along the way I’m going to have to increase my monthly payments by at least $200/month.

2) I’d like to have an Emergency Fund of $3,000
With a savings rate of $100/month this should be obtainable in 2 years, which will definitely be within the time frame of August 2012. Of course, this is presupposing that I don’t have to USE my emergency fund for anything.

3) I’d like to get myself a part-time job teaching at the local community college
This money will go to help pay off the credit card, fund the EF and of course help cushion the standard of living. =)

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