I think it's important to brainstorm and then finalize goals for after our bankruptcy discharge and for the future. This small series will be devoted to outlining some of the ones I've been thinking about.
Long Term Goals
Now that we've (in theory) saved up some money, paid off my hubby's student loans, and paid off my student loans (they'll be gone after 10 years as well) it's probably about 2021. I'll be 41 and my daughter will be 14. My husband will be 50.
At this point we'll spend the next ten years paying off our mortgage.
I used BOA's amortization calculator and found out we'd be able to do this easily.
Now, assuming that I'm working a full time job (worst case scenario, let's say $20k a year) without daycare expenses (she'll be in school) and my hubby is working full time still (probably $45k by then) we'll be able to do this even faster.
We can also save for our retirement.
I'm debating on how much to help our daughter for college. Before I always said she can take out loans and work like I did, but now that I realize the impact non-dis chargeable student loans can have, I'm seriously considering doing the Florida Pre-Paid Plan. I'll look into that and maybe adjust our goals accordingly.
- Save enough for an emergency fund that will cover vehicle replacement, a/c replacement, water heater replacement, etc.
- Pay off student loans in 10 years.
- Pay off mortgage in next 10 years.
- Save for retirement and possibly Fl-prepaid college fund.
What are YOUR goals?
If you're in the process of filing bankruptcy, what are you going to change afterward? Where are your extra payments (the ones you've been making on your dischargeable debt) going to go? Leave a comment and let me know!