Turning 50 has made me think about how I want to live the next 50 years. And that thought process has sparked a fiscal battle between the competing goals of retirement savings, emergency fund and college savings accounts.
After some thought, I ordered my priorities:
1. Emergency Fund: This account will be my No 1 priority for the next six months. The goal is to build the account until I have enough savings to cover living expenses for three months.
2. College Savings: With teenage and tweenage kids, building an education fund is another top priority.
3. Retirement Savings: I don't plan to retire. But from about age 70 and on, I would like to run a small business and that will require capital. A robust retirement account will provide start-up capital and flexibility for me to pick and choose my clients
Over the next six months, I will experiment with strategies and options for building those accounts. I am curious about your goals and strategies.