What we really, really wanted was to move to Calgary to give the entire family even greater opportunities than we have right now. So now that we are on our way to making this goal a reality we have to quickly set in place new goals, especially since we have essentially multiplied our mortgage by 3, without any jobs in place. The weird thing is this is one area of the plan that I am not too worried about and I do not believe I am over confident.
Going into the new house we will be walking into a 25 year mortgage but I am determined to get it down to 15 years, so that would put us mortgage free in 2029 when we are 55 years old. The girls will be 22 and 24 respectively.
So how are we going to get there? Here are the initial steps of the plan, more to follow as things unfold.
1) 50% of our annual tax return is going to go against our mortgage, the other 50% towards RRSP’s
2) Create and follow a Budget – we are good at creating Budget’s but not revisiting them
3) Create a reminder system that this goal is important to us, especially when we get tempted by unplanned indulgences that we could easily do with out or truly don’t fit into our “Master Plan”
4) Review and revise on a regular basis to ensure that this goal still makes sense given other factors/variables that might be at play
With our current house, we were able to get our mortgage down to 5 years and the only way we accomplished this was to set aggressive goals. The funny thing is once you get going and then look back we didn’t feel that we neglected anything. Of course there were sacrifices along the way or rather choices we had to make but we did it.
In some ways the goal of paying off our mortgage in 15 years is somewhat arbitrary, as the more important element of this goal is simply creating a family plan that we have control over as opposed to simply going where the wind takes us with no destination in mind. I guess I have some control issues, but I like to think these ones are from the healthy menu.
Do you have a plan in place for something you really, really want?