This week Coleen and Angela address being wise with our money. Below you’ll find an outline of the topics discussed.
- Budgeting
- Budgeting software options
- Work on your budget together as a couple
- Budget for everything
- 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!
- Saving
- Emergency Funds
- Saving for bigger purchases
- Christmas
- Vacations
- Home improvements
- Cars
- Saving for retirement (which will tie in with investing)
- Investing
- Types of investments
- Debt (bonds)
- Real Estate
- Equity (stocks)
- Derivative investments (options, hedges, other very complex instruments)
- Why Invest
- Inflation
- Lifetime avg return on the market
- Basics
- Start early
- Max it out, get every match dollar
- Diversify (talk about risk)
- Individual stocks >40
- Mutual funds
- Diversify across asset type as well
- Shift strategy with age
- Types of investments
- 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
- Giving
- Teaching children to be wise.
- Young children
- Teenagers
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