Is this lifestyle plan a good idea? What do you think needs some changing?

J

jimmy

New member
Ok i am currently 17 going to college and i have been accepted to the best university in my state.... University of Michigan. Now I'm thinking about my lifestyle... Here is where it starts...

I turn 27 and i have a Bachelors degree and a Masters degree (MBA). Now I'm 32 and i start doing my job as a CPA Manager making $97,000 a year. I'm now 33 and my job has been relocated to Denver,CO. I go and rent a house in Littleton,CO. My rent pays for $2200 a month. Now I'm 35 and i buy a '05 lamborghini gallardo for $80,000 and pay it in cash so there wouldn't be a monthly payment (Lol my dad's friend has one of those and says his insurance is only $2000/year and i heard him say he had a clean record and is 52.. Don't get me wrong, i know it's an expensive car but just get your facts right). Now i'm 38 and i finally buy a $400,000 house. I paid it in cash so i won't have any monthly payments. That's pretty much it... This is all i could ever want in my life. Is this possible?? Any changes?
@ME123 What do you mean..? :l
 
Nothing major wrong with the plan - you're planning to do things without incurring debt (good idea!), and putting off desires until you can do so.

Here are my two cautions: don't plan for a job to necessarily be able to do this. Plan to start your own business at some point - all of the people I know who are financially in the kind of shape you're talking about have that mindset. They are not all business owners, because some of them chose to accept positions as executives along the way. All of the others own businesses. Secondly, plan to start saving early for retirement. Don't depend upon "traditional" means - if you do the math, you'll see that they are tough to make work. Look at something like Patrick Kelley's book Tax-Free Retirement. These kinds of strategies reward you for making good financial decisions, and allow you to retire (in your case, probably earlier than most) with a good income that will let you do what you want.
 
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