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Creating a bucket list is all about refining your goals and striving to achieve the things that are truly important to you. A financial bucket list is no different. All you need to do is ask yourself one question: “What kind of financial security do I want to cultivate, both in the short and long term?” There are a variety of ways to manage your money, so go ahead and be as creative as you want when you set your financial goals, then step up and find a way to turn them into reality! Below are a few common financial bucket list contenders.
It’s not impossible to become a bona fide millionaire these days. If you plan early and sensibly for your retirement, you should be well on your way to putting away $1 million or more by the time you hit retirement age. How can you accomplish such a lofty goal? It’s not that complicated. With a decent job and regular income, all you need to do is avoid the debt trap and follow a budget. If you put money away each pay period, it will soon start to add up. You can watch those savings grow even bigger over the years when you make some smart investments guided by trustworthy professionals.
Buying a dream retirement home is one of the most common financial goals. And why not? Owning your very own home is a great achievement, especially when it fits all the criteria you’ve imagined. Whether your dream home is situated on a patch of wild prairie grass or perched next to the ocean, it’s within your grasp. First, be very clear and honest with yourself about what you want from your dream home and come up with a reasonable price tag. Next? Work hard, stuff your bank account and build a fantastic credit rating.
Owning rental property is a great way to bring in constant income. Of course, the more buildings you own, the bigger the income. Being the landlord of a whole apartment block holds a certain charm for many would-be real estate investors, and there’s no reason that dream can’t come true in time for semi-retirement. Like all investments, purchasing an apartment building takes careful planning and savings. Don’t just jump in and buy the first building you find on the property pages or choose the least expensive because you are impatient. Patience and planning are indispensable to the savvy future landlord. As with your dream house, all it takes to own a rental block is a great profile on paper, coupled with some big savings.
Nearly every retiree has invested in one way or another, generally though RRSP or IRA plans, but becoming a professional investor is something that takes real dedication. This isn’t just about throwing money at stocks and bonds, it’s about becoming educated about the different kinds of investments and how they can benefit or hurt you in the future. If it’s your dream to be a professional or hobby trader, invest in a course to learn the basics. A little extra knowledge will put you leaps and bounds ahead of all the other people who dream of turning their savings into millions of dollars.
Whatever your financial goals, a bucket list can help motivate you to achieve them.