If you don’t take care of yourself how can you take care of anyone else? This is our golden rule for the fourth phase in our financial freedom plan, self first, then kids, then wants. This phase begins after all your debts have been paid off, except for your mortgage.
In this phase you set yourself up to be secure by establishing a full emergency fund of six months worth of expenses and ensure that a full 15% of the gross household income is being saved for retirement. TIP: Establish an automatic deposit into your retirement fund to make sure that money gets to where it needs to go!
Then you can establish a college fund for your children if you so choose. Setting aside a set amount each month is the best way to reach your college fund goal.
After those have been established, then some of your wants can be funded as long as there aren’t any loans involved! Set up accounts for each of the wants like cars, trips, and toys. TIP: Please keep the total value of ALL vehicles less than 40% of your annual gross household income.
Take advantage of our FREE offer before time runs out! Until Friday, June 19th, we are offering a FREE analysis of your financial situation. Just complete the worksheets by clicking the link. There is no cost or obligation and of course your information is kept confidential and secure. Simply submit your worksheets, we will carefully review them, then schedule a follow up call to discuss how to accelerate your financial freedom journey.
