When I read the Total Money Makeover by Dave Ramsey in 2011, I knew going through all of the 7 baby steps could take quite a while. The book’s structure of saving money, paying off debt and investing was simple and easy to understand, but it definitely had some years attached to it. This was not a “get rich quick book” for sure. Nevertheless, I was intrigued and inspired to follow Dave’s 7 steps and see where it took me and my new family.
Last month, I laid down a challenge for my Marriage, Kids and Money friends to get their last will and testament in place. Since my wife and I had gotten our wills set up last year, my end of the challenge was to investigate if my family needed a living trust.
Here is what I learned:
Over the last year on my podcast, I’ve had the pleasure of speaking with a collection of millionaire entrepreneurs, early retirees and personal finance experts. These conversations have allowed me to learn, grow and inspire others to win with their finances and create a better future for their family. After each episode, I share a quote that motivates me and the listeners of the podcast to take action.
Real estate investing has been something I’ve been interested in for a long time. The ability to own a home that provides a monthly passive income and grows in value at a consistent rate over time sounds quite appealing to me.
Last month, I threw down a challenge to start living on a monthly budget. This wealth building habit gives a purpose to every dollar you earn so your money doesn’t go wandering off. That is the essence of a zero-based budget. Every dollar gets a job whether it is for spending, saving, giving or investing.
One sign of hope coming out of the huge student loan crisis lately is that parents are starting to save more for future college expenses. According to Fidelity in 2016, families saving for college has increased from 58% to 72% over the past 10 years. With the cost of college increasing steadily, the more savings we have, the better prepared we’ll all be as parents.
When you’re in your 20’s and 30’s, planning for retirement doesn’t always end up at the top of your to-do list.
“Hmm… let’s see … check out the lineup for Lollapalooza or learn about my 401k investment options at work?”