So, you’ve found the one! Congratulations. What a feeling! Being married to the love of your life is absolutely incredible. I’m speaking from experience here … meeting and marrying my wife substantially increased the awesomeness of my days.
I am continually amazed with the amount of talent we have in our world. Designers, creators, entrepreneurs, artists, developers … These are people who push the bounds of what is possible to create a product, service or business that revolutionizes their respective field. While these folks might be masters of their craft, the creative class can sometimes lack the financial know-how to be masters of their money.
It’s home buying season! If you’re looking for a house right now, this very well could be one of the most difficult times to buy real estate. The amount of available homes is super low and prices have skyrocketed. In metro Detroit where I live, available homes have dropped 38% from last year to this year and prices have increased 9% already. As I googled other real estate in major metro areas, a similar story of low inventory and high prices spanned the country.
The cost of college is completely out of control. Every year, the cost to attend a 4-year university increases by twice the inflation rate. To put it in some more personal terms, by the time my 5-year old little girl goes to undergrad, we’ll need around $200,000 to make a 4-year in-state university a reality. Did I mention I have two kids?!
The home mortgage is quite often the largest expense in your typical annual budget. Since your mortgage eats up such a huge chunk of your monthly income, completely ridding yourself of it could be quite freeing.
My wife Nicole and I completely agree with this sentiment of mortgage freedom. We’re just not interested in having a mortgage anymore. So, we’re getting rid of it.
Life is precious. One day, we’re spending quality time with our family and making beautiful memories together. And the next day, we’re diagnosed with inoperable stage 4 brain cancer. I don’t say this to be flippant. I say this because we truly don’t know what tomorrow will bring. That is why we need to protect our family’s financial future with life insurance.
A lot of people dream of creating their own business. Not a lot of people act on it. The thoughts around startup costs, the time commitment and the competition swirl in their heads until they are completely paralyzed. To combat the small business paralysis, I believe the budding entrepreneur should start off with an inspirational book. It is a low-cost way (or no-cost way with the library) to take the first important step on your entrepreneurial journey.