Question

To avoid becoming statistic to poverty, please outline a 10 year life plan (2017-2027). Your plan should state your goals (i.e. educational/professional) and describe the means by which you will pursue your goals. Reference resources that you consider will be helpful in achieving your life goals in this short period of time.

Answer 1

Note* This response is in UK English, please paste the response to MS Word and you should be able to spot discrepancies easily.

(Answer) The best way to achieve a personal 10-year life plan is to break it down into smaller goals that span over the period of 10 years.

Assuming that 2017 marks the end of undergraduate studies, 2019 becomes an attainable goal for gaining either a master’s degree or a certification in a specialised course. The period between 2017-2019 will have gained its optimal utility if the course one specialises in, is the field one chooses to pursue.

Let us assume that you choose a mid-level goal (in terms of finances). A course at a community college that would help you get an office administrator job upon completion. On the onset of 2020, a job of an office clerk should be at hand.

Considering that you attended community college, there wouldn’t be much of your income that goes towards paying student loans. Also, since you have set a simple achievable goal in office administration, you are more likely to get hired as opposed to a niche job.

After at least a year of working, it is wise to begin investments by 2021. If the stock market is too risky or real estate is too expensive, a simple start with options like gold or bank interest is a viable option. Up until 2025, there should be enough interest to collect money for a simple apartment. If you manage to buy your own small apartment, you could save money on rent. Getting a mortgage is also viable as you spend on a mortgage instead of rent.

Throughout this course of time, investment should be steady and continuous. Any discrepancies could halt the plan. Since you will own your own apartment and have a continuous income from your job, you will already be above the poverty line. That will be saying the least. Once you are done paying mortgages, the investment will be free for other purchases and further investments.

By 2027, you will have attained a financially steady life. This would put you above the poverty line and grow financially.

Sources: Investments in banks, fixed deposit accounts, gold, SIP and NAV investments etc. Also, investment in property.