The holiday season is a time for family, fun and relaxation. For those of us who are in debt or looking to save for the future, the holidays can unfortunately feel like a time of stress and worry.
My 5-year old daughter Zoey is in love with Disney princesses. Ariel, Moana and Elsa have all been her “favorite” at one point or another. When she learned there was a magical place that she could meet all of these charming ladies, she immediately asked me “Daddy, when can we go to Disneyland?”
Given my frugal tendencies, I was not thrilled about the costs involved. According to Huffington Post, the average price for a family of 4 to Disneyland can hover close to $5,000. Sorry Zoey, Daddy loves you, but that’s freaking ridiculous.
After taking a deep breath, I endeavored to find a way to make this family trip possible. After all, a sunny vacation in California did sound pretty nice.
Increasing your savings, making more money and amassing wealth can have a huge impact on your personal finances. Your wealth can allow you to buy things that bring you joy, experience incredible vacations and create more free time for yourself. For some people, building wealth isn’t just about personal enjoyment. It is about leaving a legacy for your family.
I recently sent a letter (yes, a real letter) to my 20-year old nephew encouraging him to start saving for his retirement today. With time and compound interest on his side, his options are endless. In order for him to reach financial independence, he’ll need to invest and adopt some crucial money-smart habits early on in his life.
Cross your fingers for me that the message resonates with him!
When I started my new job in 2013, I immediately signed up for the company 401k program and maxed that baby out. CHECK!
For the last two years, my wife and I have both maxed out the contributions on our Roth IRAs. DOUBLE CHECK!
We’re hopeful that this diligent tax favored savings plan of ours will pay dividends (literally and figuratively). Our overall balances have been growing steadily in this bull market and we’re in it for the long run.
But … Now what?
Marriage is a beautiful thing. You get a best friend for life that loves you, laughs at your bad jokes and tells you when you have one of those stray hairs in your nose.