Big and Bold Dreams

photographer photographer

I recently was in a situation where I was the student, and a coach asked me some thought-provoking questions about my dreams. It didn't take long for me to realize that when it comes to money, it's tough for me to dream big- really big. It most likely has a lot to do with how I grew up. My mom was a single mom raising three kids on her own. Money was tight. 

Dreaming big is setting an audacious goal- one that seems almost out of reach and impossible to achieve. Dr. Martin Luther King had a dream about social justice and equity for all. President John F. Kennedy announced his dream of landing a man on the moon and having him safely return to earth before the 1960s were over. The moonshot goal was achieved in 1969. 

One of my goals is to get completely out of debt. Except for my mortgage, I recently met that goal! Reaching that benchmark was a huge achievement. It's not a moonshot goal, but it's one step closer to one of my dreams. 

When I bought my 1975ish fixer-upper home, I was beyond excited! It was surreal and challenging to believe I had a home to call my own. My whole life had consisted of moving from apartment to apartment. Shortly after I purchased my house, the economy crashed. An upside-down mortgage didn't help my intentions to fix up the house. And...life happened. So, beyond some essential maintenance, I've yet to make my house what I envisioned. 

However, a little over a year ago, I started drawing plans for a home addition. Over time (and may iterations later), I have drawn (in quite a bit of detail) the plans for my "dream home." I add tweaks as I research and learn more, but overall, it's what I dream of building in a few years. I have been very conservative in my plans until recently. 

You see, I have NO idea how this dream will really happen. I do not have the income or the money in savings that building an addition would require. The projected current cost is exceptionally high! It's like paying for another home only cheaper because the cost of housing is so outrageous! 

I wish I had a magic wand, but I don't. I've been brainstorming and testing the water of some other income possibilities besides my regular job. And for the first time, I see my dream almost touchable. Most importantly, I believe in myself! I know that I can do this! I don't know all the details for "how" quite YET. I'm going to figure this out, though! I'm giggling at myself for the dream getting bigger- not smaller. The funny thing is, this isn't even about having a bigger house! I'm getting closer to retirement, and conventional wisdom says I should be downsizing and not retiring until I'm debt-free- including my mortgage. 

My plans for a home addition make me so excited! This is what I really want to do-

• Live in the small part that is the addition and rent the rest of my house to professionals like traveling nurses. They usually rent for 3 months at a time. That'd give me a lot of flexibility.
• The Olympic Games are coming back to Utah! I really want to host a family during the games.
• My home is very close to the school district office buildings. I would like to offer my home as an alternate place for professional learning. I know principals who would love to take their faculty off-campus for a "retreat" of some sort. I would love to host!
• At some point, I'd love to rent to a cute young family and save the majority of their rent to give them as a surprise gift when they feel ready to buy a home.
• Since I don't have kids of my own, I would love to gift my house to a top-notch teacher (someone similar to my late mom) who could have their life changed by the opportunity of owning their own home. 

In order for my dream to come entirely to fruition, I need to generate enough income to pay off my mortgage AND have enough to pay off the expense of building an addition. My time is running out before I retire. Can I do this?