My Quick Start Challenge Journey
Wednesday the 19th. was the start of The Quick Start Challenge Week 2 Challenge.
Last weeks’ week 1 challenge was just that; a bit of a challenge, but this week is just plain ‘fun’.
The challenge for this week, is to design our ‘dream life’ and then figure out what it will cost to live it.
I’ve been a renter my whole life, so the first thing would be to move into my own home. I’ve always been partial to the bungalow style of architecture. But, I’d also like a large yard so I could let my imagination go wild with the landscaping.
At a 4% interest rate and 20% down, my mortgage rate would be $1,140.00 /mo.
My home would be located in Canada, as I have no desire to live elsewhere permanently (I love living in Canada), BUT, I would also have a little place I could escape to during the much colder winter months, such as Tahiti, maybe Bora Bora or the Maldives. But, for now, let’s go with Tahiti. Although, after checking on rental prices, buying property seems the way to go.
I found a beautiful place, for demonstration purposes, for this exercise.
Say, I chose to move to this locale for the winter season beginning Dec 1st. and I stayed until Mar 31st. At 1670 Euro’s per week, it would cost me in Cdn $2,533.49/week x 4 weeks = $10, 133.96 (not incl. any taxes or extras. Now, multiply that by 4 months… $40, 535.84 This particular rental is not available for long-term; anything over a month. But, if one really wanted to stay for longer, could possibly just make individual rentals for each month, consecutively.
But, if they charged in French Francs, it would work out to only $21.22 /week. Say WHAT?! IF ONLY…
But, I would most likely choose to buy and then just lease out for the months I’m not using it.
So, for a 30yr mortgage for purchasing this property valued at $2,021,707.00, with a 4% interest rate, would be $9,548.31/mo.
I’m throwing out these numbers as if they mean nothing, but I’ve never, ever even seen these amounts of money before, at one time in my whole life, up to now.
Moving on to the all important, transportation – my ‘dream’ car, as it were; a ’67 Mustang Convertible. The going price for this car is anywhere from $19,000 to $26,000 Cdn. I don’t know just how much of a gas guzzler a classic car would be (probably major) but another vehicle I would like to purchase one day is an electric car. The one I was recently looking at, is the Tesla Electric Model S.
At a 4.99% interest rate, 20% down and a term of 12 months, it would be $6,848.00 /mo. to purchase this gorgeous Tesla electric car. So, maybe someday, I’ll own a vehicle ‘like’ this one.
I regularly give to charitable organizations, but I would love to give a lot more. There are so many worthy organizations and so many people in need. I’m leaving this item open-ended, as for the financial aspect, as I wouldn’t know what to budget. I give what I can, when I can to lots of different organizations.
My family & friends have helped me over the years and I would love to reciprocate and help them out financially whether it’s a trip they’ve dreamed of going on or helping them or their children pay off school loans. One day, it would be pretty ‘sweet’ to just be able to open my cheque book and write in any amount that’s needed. ‘Budget’ book, BE GONE 🙂
One day I would love to travel the world by freighter cruise. On freighters, there are only a few passengers, up to 12 people, per trip. You won’t find entertainment coordinators and you’ll most likely find yourself partaking most evening meals sitting at the captains’ table with the captain and crew. And, at each port where they have stops/deliveries to make, the passengers can often disembark in order to sight see. No crowds, no extra fees that you have to deal with on a cruise ship, so you can just relax.
I’ve also dreamed of driving across North America in an RV. Just pack up a few essentials and hit the road, for a few months. The RV pictured above is $56,000.00 ➡ $621.00 /mo. for 10 years at 5.99% interest rate.
Having my own personal chef would be fabulous. I’ve never enjoyed cooking, so tended to eat a lot of processed foods that I could prepare quickly; you know, just heat up, boil or bake. I’ve been vegetarian for a couple of years, but that doesn’t necessarily mean I ate healthy. I did eat quite a few veggies, but I ate too much junk food. But, I’ve recently gone vegan. Since dairy is now not a part of my diet, I’ve discovered just how many foods I used to consume that I can no longer enjoy. It’s forced me to eat healthier. And now, the ‘prep’ time has dramatically increased. Did I mention I don’t like cooking? This includes all the prep. I’m also not much of a cook, probably because it’s such a chore for me, so having my meals prepared for me each day would be amazing.
Summary of Expenses for This Week 2 of The Quick Start Challenge
All prices in Cdn. Dollars
house purchase ($249,000) = $1,140.00 /mo.
winter getaway property ($2,021,707.00) = $9,548.31/mo.
dream car ($23,000.00) = pay in full
electric car($164,700.00) = $6,848.00 /mo.
rv ($56,000.00) = $621 /mo.
personal chef – $300 /week x 4 = $1,200.00 /mo.
TOTAL = $19,359 /mo
So, in closing, if I were to ‘bring in’ a minimum of $20,000 per month, I should be able to get along with living my dream and everything, that entails, but seeing as how I’m not going to be doing EVERYTHING at the same exact time, my expenses wouldn’t be as great as this but be a lot more fluid.
But, with all that being said, I could actually begin living my dream life on only $2,000.00 /mo. I would still be a renter, but I could move out of ‘subsidized’ housing. I could move out of the city to a small town, 5hrs North East of me, where I have numerous aunts, uncles and cousins all residing; family that I rarely saw growing up, except for a couple weeks each summer on school / work vacations.
So, this concludes my Quick Start Challenge – week 2. I’m looking forward to what Dean & Craig have in store for us, in a few days, for week 3.
BRING IT ON! I’m up for the challenge. (particularly after seeing how much my ‘dream life’ is going to cost)
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After dissolving my cleaning business, I then moved into the exciting, unpredictable, ever changing world of online marketing and I LOVE it. One of the best decisions I've ever made.
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