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.
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.
Having an Emergency Fund is one of the first and most important steps in creating wealth. This simple act of saving will protect our families from the unexpected events of life and the dreaded ‘rainy day’.
Hello all! Andy Hill here … We have a new guest post from personal finance author Elle Martinez from Jumpstart Your Marriage and Your Money. Elle’s mission of helping couples improve their money-smart ways is right up my alley. Her article below gives you the skinny on how couples can truly take advantage of a dual income household. Enjoy!
Two incomes are better than one, right?
Marriage can be a beautiful partnership when spouses combine their gifts, talents, and support. Two incomes for a couple can also be a blessing – if used wisely. Let me explain.
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.
It seems the more we earn, the more we spend. There is always something new to buy, a service we want or an upgrade that is an absolute must-have. We see our neighbor’s new boat. Now, something inside of us “needs” that new boat too! And even if our income isn’t enough to buy it, well that doesn’t stop most of us. We’ll just borrow, put it on credit and go into massive debt trying to maintain a lifestyle that we simply can’t afford.
It is the first Monday of the month my friends! That means, we’re throwing down another MKM Challenge. For you “personal challenge types” out there (like me), this can be a lot of fun and, if you stick to it, quite rewarding.