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.
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.
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.
Retirement Target Date Funds are rapidly surging in popularity lately. Investors are flocking to this “set it and forget it” retirement tool as an easy way to diversify their portfolio and eliminate the fees of working with a high cost broker.
A few days ago, I pulled up the tax detail on my paycheck to see how much I was paying to Uncle Sam. Since I don’t get paper checks anymore as it’s all electronic through my job, I tend to forget how much of my hard-earned money is going to the government.
When my daughter Zoey was born we met with a financial advisor to discuss her future college needs. He advised us that for Zoey to attend an in-state college like Michigan State University, we’d be looking at a price tag of about $200,000. 4 years of college would cost us $200,000!