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Big loss for Boeing 
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Those are her nipples
Kanye to launch porn studio
So, I’ve been thinking (good start, eh?)... a few weeks ago, I sat down and came up with a list of things I’d like to accomplish. Cool kids these days call it “bucket list” and put things like “travel to 100 countries” or “eating world’s largest burrito!” on it .
Some of my goals and dreams are somewhat silly such as “driving an army tank” or “meeting Kevin Smith“. But other goals are very practical and I view them more like milestones as opposed to “dreams” – for example, starting my own online business that in turn will allow me to pay for my future kids post secondary education or become a silent investor in a business.
You can read the list in its entirety here.
The HUGE dilemma
But here’s the big dilemma I’m currently facing. Let’s be honest, achieving these dreams in most cases will take some money and in some cases a considerable amount of money. While for some of these goals I’ll spend our income without regret (for example paying for our future kids’ education or paying off our mortgage), some of them are just plain silly. Achieving them will make me feel good and giddy, but I will not feel right if I spend my family’s money on them. In fact, I’ll feel selfish if I do so.
For example, buying a motorcycle while sounds kind of cool is just wrong with money we could have used for investments that will in turn make us more money. Come on, it’s a silly dream and a toy, how can I spend my hard-earned money on it while my wife and I could have used this money to move us closer to financial independence? It won’t feel right to me!
So, the solution is to divide the dreams and goals into two categories:
1. Serious goals/milestones that we will achieve by using our work income (paying for our future kids’ education, investing, becoming financially independent, reaching target net worth).
2. Silly personal dreams that I can achieve by the means of side income or “bonus” money (buying a motorcycle, traveling, starting my own scholarship, etc.). This is where the DREAM Savings Account comes in!
Technical mambo-jumbo:
I will start DREAM Savings Account at Tangerine Bank (because Tangerine is THE best bank for opening savings/checking account). It will be attached to our checking account to make it easier for me to transfer funds in and out of it.
As money accumulates, I will spend it on accomplishing our silly dreams. We will not borrow money for them, and I will only use the money I raise through side income.
If it reaches zero, I have to wait until money accumulates again. Once again, not a single dollar will be borrowed for them – after all, dreams come and go, but debt stays with you and grows.
To read the complete story to find out how I’m planning on finding extra money for this new account or to comment on it please go here: http://moneyramblings.com/dream-savings-account/
Also, let’s chat on twitter: http://twitter.com/MoneyRamblings
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.
