Sunday, December 26, 2010

Are my goals a little too lofty?

I am still on the 2011 goals wave...

It’s not a secret that I am dreaming over starting my part-time MBA in May 2012, the same time that I hope to buy my own place. These are two extremely important but also sky high expensive steps to take. I can get a loan for school easily after I have a mortgage, but can’t get a mortgage if I have another school loan. And thus condo comes first. I know that I will be in debt for school again, but that doesn’t phase me. I want my MBA with every molecule in my body. This is a real must have not just a want. I don’t need it to further my career, I already have an accounting designation, but my brain is simply thirsty. It is hard to explain and most of the people I know do not understand this.

Ok so this is not until 2012, and I have a whole year ahead of me where I don’t have school. I am not used to this, the fall I finished university I started working a professional accounting designation.
In September, I visited the school I want to go to and my undergrad will allow me to by pass some of the basic year 1 courses, my part-time MBA will cost about $35K and take about 2.5 years. I am mentally prepared to add that as a debt.

Now for the home ownership plan, currently I pay $1,000/month for my suburbia 1 bedroom ‘paradise’. A condo/townhome in the max $230K price range will probably increase me to $1,500/month. I can easily handle that since at that point instead of debt repayment, the same money will go to the mortgage. Also, once I am not actually saving for a down payment on top of paying off my debt, that frees up a nice chunk of change that can focus on this.
Ultimately, if I end up with a townhome, I plan on renting out at least one of the rooms for a year or two. Ideally it will have a finished, walkout basement that can be rented out as a 1bdrm unit. Cross your fingers on that one!
Eventually I hope this home to be an investment property that I will be able to rent out, as I move forward in life and need a larger home. Lets face it, reality is that I one day will be "married to the penny", not "single to the penny", right? "Married to the Penny" actually sounds a little funny, don’t you think? I will worry about it when I get there.

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