Relatively speaking we DINKs are in pretty good financial shape. We’ve managed to save a down payment for our apartment, get married without going into debt, and get over a $1,800 shortfall in our budget. The big question now is what the next steps in our financial career should be.
The answer has been to revisit our retirement goals. If you read DINKs finance you know that we’re planning on retiring with $4,000,000. Realizing that we’ll be far more likely to achieve this level of wealth if we manage the process, we sat down last night and mapped out a series of 5 and 10 year benchmarks to help us reach this goal.
Assuming that we can grow our wealth by 10% annually – this might be challenging – we should be able attain the following networth by the following years:
2012 – $580,000
2017 – $1,000,000
2022 – $1,500,000
2027 – $2,420,000
2032 – $4,000,000
Clearly 2012 is a long way off, but the good thing is we’ve got some numbers to guide the processes of building our net worth. This is a lot better than simply setting our retirement goals and hoping we get there.
Best,
James
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