FormerDoormat

So, I met with my financial advisor today. I brought my daughter along so she could learn from the session and start thinking about planning for her financial future (she's 22). My advisor is helping her set up her first 401K account to begin planning for retirement. I'm hoping to start her on the road to financial independence early, so she won't ever find herself leaning on others for support.

I brought my homework assignment (copies of my credit card statements, checking and saving account statements, my yearly social security statement, 401K statement, pension plan statements, and investment account statements). We talked about what my plans for retirement were (at what age I want to retire, what kind of lifestyle I wanted to live, where I wanted live, did I have a long-term care plan, etc.).

Then we talked about the property I'm thinking about buying. We discussed the location (especially the ups and downs of purchasing land in a rural area), it's potential to be profitable in the future (or not), and the pluses and minuses of purchasing a turn-key (ready to move in) home versus the benefits of buying a piece of land and holding on to it until the market improves so I'd be able to maximize my profits on my current home.

She gave me a homework assignment of searching for 5-acre parcels of land in various areas to see what the average prices of land are today in various cities. The particular piece of property that I'm interested in (with the home in the final stages of construction) has beautiful pastoral views and a breathtaking water view. So I searched on 5-acre lots with similar features.

Another assignment was to determine the cost of building a home with the exact specifications I wanted on said property. It looks like following that plan would save me $100K. Not a bad savings, but there would be additional hassles with overseeing construction and dealing with contractors. But it's definitely something to think about.

Overall, I learned a lot about finances, retirement, and acquiring and building a home today--all in a little over an hour session (plus my homework). A great learning experience for me and my daughter.

We'll be meeting again on Thursday. My advisor will have crunched the numbers and will show me various scenarios to choose from. She said the ultimate decision is mine, but at least I'll be making an informed decision (with numbers in front of me), no matter what I choose.

So, these three sessions cost me ~250.00, but I think it's money well spent, especially if it keeps me from making an uninformed decision that will end up hurting me in the long run.

I think I've come a log way from the scared, indecisive woman I was when I first joined the forum and was afraid to end my relationship with my boyfriend because I was afraid I couldn't make it financially on my own. Like I mentioned previously, I'm not only doing well, I'm thriving.

Not believing in myself was a huge roadblock that kept me stuck in a miserable life. A change of attitude can really be life changing.

Just thought I share....

Bernadette

FD will you adopt me!!!????

For your daughter, and (if I may boldly say so) for all of us- you are setting a great example of taking care of yourself. You're approaching this important decision with such rational step by step solid decision making.

I tend to lose my head when the stakes are this high - really when I need my head the most. Thanks for the inspiration to trust the process and that if you approach this stuff seriously you can trust that everything will work out as it should!

Goooooood Luck!!
Peace,
B.

Pajarito

FD- You rock! I am so impressed. I love your comment about if it's meant to be it will be. It sounds wonderful- and your daughter knows now? All that land sounds heavenly.

I am in the process of getting our house ready to sell, and am fretting a little about where I'll be next. There are so many things to think about. I'd like to live in our neighborhood- great friends and support system, and I need a yard for my dog- and me. I have to be able to garden. It has to have potential to be fixed up and made into a creative, happy home. And- I have to be able to afford it. I've met with a realtor and a financial advisor- my first! So, I know I can handle it, but I need to put the result out into the universe. Somehow I have to believe the house I'm meant to be in next will "show itself" to me when the time is right. I LOVE your story- as usual very inspiring. Good luck- and I'm so with you on a cup of coffee and a trashy magazine- nothing better- except for a chocolate muffin on top.

hbb

Great thread FD ~

Lets see, i'm 34, 5'3 and my weight is not exactly where i want it to be but i am down 70 lbs. over the past several years I'm half Swedish (not blonde though), blue eyes and dark brown straight hair. I don't have any children and have never been married thus far!!

I grew up in a Colonial home that is now 210 years old! My parents still live there and now I live in apartment with a roommate and my brother the next town over. We have a cockatiel (Molly)and a parrot (Charlie). I am also a cat lover, taking care of Lily while my parents are on vacation! Not a fan of litter duty though! I have a great group of friends and an awesome family.

I just finished a women's softball league a few weeks ago. I go to the gym 4-5 times a week and do spin class 3-4 times a week! The gym keeps me sane that's for sure!! I've been at my job for almost 10 years, guess you could say it's now a career!! Lately i have been dabbling on Match.com to see what's out there.....yikes it's scary!!!

Living a 1/2 hour outside of Boston and 20 minutes from the ocean certainly is exciting with lots to do! Oh and i'm a HUGE Red Sox fan!!

FormerDoormat

I decided to tell my daughter because, really, the land is for her. I'm all about the house; she's all about having a place to house and ride her horses. So I thought it was best to let her in on my little secret so we can make decisions that will affect us both together; it's not right for me to choose for someone else (took me a while to realize that--duh).

I had my realtor take her through the property on Sunday morning. We brought along a construction expert to make sure the land would be able to support the barn that we've chosen plus three paddocks for her horses. He gave it the thumbs up.

There just happens to be an additional 5-acre lot next door to the property we like that the builder said he'd sell to us. It has a better view of the water and the same pastoral views. We checked out the comps for similar parcels of land online and this one just happens to be the cheapest one offered in our area. How convenient....

Then we went to the bookstore and purchased a book containing hundreds of home plans. We found two that we really liked and have all the features of the home nearing construction, plus a few additional perks. One of them is lacking a garage, but I'm assuming we could have the plans modified to include one.

We also found a 5-acre partially cleared lot with a creek about 20 minutes closer to where we work for only $76K. Similar sized lots in that area are selling for $500K. That would offer us a potential for a large profit one day. The listing mentions that an easement has never been sought for this lot. I'm assuming that's a big roadblock, hence the fabulous price. I've asked my realtor to explain to me exactly what that means and I'm waiting her reply.

I'll be bringing all the information I found on the two lots and the two home plans we've chosen to my meeting on Thursday to get feedback from my financial advisor.

Even if this doesn't pan out for me, it's been a valuable learning experience. I'm realizing I can learn lots in a short amount of time.

Oh, and a 70-lb. weight loss is a huge accomplishment, HBB! It takes a lot of hard work and determination to accomplish a result like that.

FormerDoormat

Is that a photo of your new car in your avatar? If so, it's a beaut! So glad to see you're enjoying your new ride. Ride 'em cowgirl!