14 Aug It’s Not About The Money. It’s About The Preparation For The Money.
It's Not About The Money. It's About The Preparation For The Money.
For years I’ve been sharing with you that you should be saving a lot of money.
Preparation is KING!
What does a 4-year university cost?
There is a range… $60,000 up to $200,000 and more.
How much is a wedding?
From $5,000 in the backyard up to who knows how much?
What about your kid's car when he or she turns 16?
You can buy a ‘piece-o-junk’ for $3,000 – $5,000, or a really safe car for $25,000, give or take.
And let’s not forget about your retirement?
Do you need a cool million, two, three, four or five?
Well, it depends on a lot of things; your life style, whether or not your house is paid off, if you plan to travel a lot… etc.
But here is the bottom line question: Are you prepared?
Do you know specifically how much you have to save every year for the next 15, 20 or 25 years to make it all happen?
When I found out the numbers for me, I literally threw up. It wasn’t just a single day of anguish, it was probably a month before I accepted that I had to save ten times what I was already saving!
It was scary to say the least, but once I found out, I was able to build a plan. So that's what I did.
I’ll share more soon.
Tell me about your situation. What are you doing to prepare?
Don Meincke
Posted at 11:24h, 14 AugustIn our case we knew that we would have two daughters in college at the same time. And one was then going to law school and the other to get a Masters & Ph.D. (at Columbia, no less). So we faced up to the fact that we could never save the money fast enough. So, we had a 2-point strategy: 1) Save as much as possible through automatic drafts to our savings account each month; 2) Pay off as much debt as possible (credit cards, car loan) so that our credit score would allow us to qualify for and assume the debt we would have to take on to pay for both daughter’s education. We also asked them to personally assume some of the debt, which they both did.
CWL
Posted at 12:49h, 14 AugustYou can also spend your time preparing for the inevitable death march or live while you are alive. Saving is good, living while alive is better!
One day all of our worldly possessions will turn to dust and only the life we led will remain in the memories of those who loved us. Just try not to leave them any bills, LOL…..