This week Coleen and Angela address being wise with our money. Below you’ll find an outline of the topics discussed.

  1. Budgeting
  • Budgeting software options
  • Work on your budget together as a couple
  • Budget for everything
  1. Getting out of debt
    • Pay off highest interest debts first
    • Pay more than the minimum
    • If you aren’t carrying a balance on your credit card DON’T START!
  1. Saving
  • Emergency Funds
  • Saving for bigger purchases
    • Christmas
    • Vacations
    • Home improvements
    • Cars
  • Saving for retirement (which will tie in with investing)
  1. Investing
    • Types of investments
      1. Debt (bonds)
      2. Real Estate
      3. Equity (stocks)
      4. Derivative investments (options, hedges, other very complex instruments)
    • Why Invest
      1. Inflation
      2. Lifetime avg return on the market
    • Basics
      1. Start early
      2. Max it out, get every match dollar
      3. Diversify (talk about risk)
        1. Individual stocks >40
        2. Mutual funds
        3. Diversify across asset type as well
      4. Shift strategy with age
  1. Not so great financial decisions
  • MLMs
  • Credit cards
  • Buying too much house
  • Viewing a car as an investment
  • Not saving for retirement
  • Whole life insurance
  1. Giving
  1. Teaching children to be wise.
  • Young children
  • Teenagers

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