Long week of work and lacrosse, not upset this week has come to it's end. After our hiccup with the hubbs and his lay off last year we have been working very hard on our finances. If you have followed anything on my blog you know that I read a lot, especially when it comes to finance. I have almost finished Chris Hogan's "Retire Inspired, It's Not an Age It's a Financial Number" (Chris works with Dave Ramsey). It is really enlightening. I highly recommend this book, and it does not matter what age you are. In fact I would recommend reading it in your 20's so that you can retire inspired. I really wish I had started sooner with thinking about things like this and thinking about saving rather than the immature notion of immediate gratification. That may be another one of those all too important life lessons you have to learn for your self.
Our life changed, our thought process changed, and our eyes were opened wide when my hubby was laid off two weeks shy of his 25 year anniversary with his company. Update on that in case you did not know. The hubbs is back with his same company, at his previous managers request, after 6 months of looking for another job. He did get a raise and with their new product launch has been making a great bonus and we are taking full advantage of this extra income to pay off our house. An irresponsible response to this extra income would be to buy new cars that we do not need or take lavish vacations etc. . Because we have been debt free, except the house, for a couple of years now that was not our response to this extra income. It would be so great to be free of house payments so that we could really save for our "Inspired Retirement." We are not only paying down the house but, we are adding to our retirement savings.
Yes, I have two boys getting ready for college in one year and in four more years. We have been saving for college since the boys were born, it is never too early to start a child's saving fund for college. College is important but do not skip saving for your retirement to save for your kids college. This is not a Dave Ramsey thought and I do not remember exactly where I heard it but it makes a whole lot of sense. Banks will let you borrow money for college, they will not let you borrow money for your retirement. This one is a Dave Ramsey, kids can get jobs and help pay for their college. You do not want to have to depend on your kids to support you in your retirement. It is not their responsibility.
Recommendations for today: If you have kids start a college saving fund, no mater what age you are start a retirement fund (IRA, ROTH IRA etc. . .), read a book on finance (Dave Ramsey, Suze Orman, or Thomas J Stanley), and last but not least enjoy this beautiful day.
Stay tuned because college planning is coming. . .
No comments:
Post a Comment