Learn common things you should be saving for.
Add to that list:
7) Save for children’s education.
If you plan to have children, you should start saving for college the day they are born. You have 18 years to compound the money and it’s much easier to save gradually than to try to come up with the money when the kids go to school. Plan for approximately $240,000 per child which is $13,333 per year, about $1,111 per month. If that’s too much, then start with $200 per month and add any raises to the amount.
8) Save for a wedding.
If you have a daughter, you may be footing the entire bill of $50,000+. That’s $200 per month or $2400 per year for 21 years. If they marry later, great! You may get away with just covering the groom’s side like the rehearsal dinner, a tuxedo and you and your husband’s outfits, but likely more than that. Any extra can be redirected to your retirement fund!
9) Save for vacation.
Why not plan to save for your vacation rather than putting it on credit cards, going into debt and then having to pay high interest on it? A vacation savings account makes a lot more sense to me than a veterinarian account!
I’m having a summer giveaway through the end of September…you could:
Win 6 awesome prizes:
5 of The Wealthy Mindset Blueprint (audio course): Learn how millionaires think the right thoughts for wealth before it happens (value $197)
1 Wealth Journal (book): Learn the 6 Steps to Wealth (value $67)
Here’s what you need to do:
1. Leave the “Be Wealthy & Smart” podcast a review on iTunes (or Stitcher Radio for Android).
2. “Like” my Facebook Fan page at http://facebook.com/lindapjonesfanpage
(if you’re on FB, if not, that’s ok).
3. “Follow” me on Twitter at http://twitter.com/lindapjones
4. “Follow” me on Instagram @LindaPJones
5. Send me an email @ firstname.lastname@example.org and let me know you did this!
(If you’re not on FB, TW or IG, that’s ok, just send me an email @email@example.com and let me know you left a review).
If you’ve already done all 4 above, great! Thank you! No need to do them again! Just email me @ firstname.lastname@example.org and let me know.
All names will be dropped in a hat and a drawing will be done in early October for winners!
This episode is sponsored by Audible. It’s the way I “read” more books and stay ahead of the curve. Audible is, of course, the easiest way to read books because all you have to do is just listen – like you are right now! There are over 150,000 titles to choose from for your iPhone, Android, Kindle or mp3 player and…your first audiobook is FREE! Just visit http://www.audibletrial.com/BeWealthyandSmart That’s audibletrial.com/bewealthyandsmart.
Write about your thoughts in your wealth journal: Wealth Mini-Course & Journal by Linda P. Jones
Sponsor: Audible – Get your first audiobook for FREE today. Over 150,000 titles to choose from for your iPhone, Android, Kindle or mp3 player. This is the way I “read” more books and stay ahead of the curve. Visit Audible and get your first audiobook free!