“If I really want to improve my situation, I can work on the one thing over which I have control – myself.”
― Stephen Covey
How have the past year’s events impacted you?
I suspect I am not the only one who has gone through some major reflection over the past year. Facebook has a way of reminding you about some of your favorite memories (hence the photo above).
Keep it moving . . .
In taking stock of my life, I am ensuring that each and every day is a progression forward. Getting my financial house in order has always been a goal of mine. Budgeting, saving for retirement and setting aside funds for necessities and wants has transitioned to manageable monitoring with little effort.
So, why the blog?
As an educator, I have maneuvered my modest income to make it work just as hard for me as I have worked for it. In my blog, I wanted to share what I have learned to help others maximize their money.
Millionaire teacher, isn’t that an oxymoron?
Becoming a millionaire in any modest paying profession does not have to be an oxymoron. It is achievable. Let me state that again, it IS achievable. The more thought, planning and discipline you put into it, the greater the return.
It’s as simple as ABC.
Achieving financial independence requires that you stick to a pattern of managing your money with consistency, automation and time. Think back to when you first learned the ABCs. You heard them, you chanted them, you sang them, you read them, you memorized them, and THEN they became automatic. Over time, it became an easy pattern to review, reference, and build your learning upon.
The same goes with managing your money, put time into it and you will reap the rewards.
Why not share what has worked for me with others?
Financial Independence is not a competition. Everyone CAN win. I am looking forward to continuing this journey.
Join me!
Very exciting! I don’t have financial advice but would love to learn. I do write down work/ financial goals regularly. I give myself short and long term goals, but I’m always open to welcoming an unexpected abundance!
Writing down your goals is essential. It keeps your target at the forefront of your mind. I post my goals in a place that I frequent (aka right next to my computer). It’s amazing how one small habit can make a difference. Thanks for visiting the site!
I need a “fool proof” way of setting of budget & sticking to it. HELP
Needs investment advice too
Writing out a detailed budget is key! It’s so important to determine needs vs wants. Gotcha covered. These 2 topics are on the upcoming blogs. Thanks for visiting the site!
How do you figure how much money $$ you need to have saved to retire comfortably?
What is the right amount? What factors should I consider? That is my biggest worry. Any advise would be appreciated.
Great questions! It is really about looking at your monthly expenses NOW. Having a Budget is a solid strategy. You should know where you spend your money. If you don’t have a budget, start there. This will give you a realistic view into your monthly expenses. Then factor in what you want your life to look like at retirement (e.g. Will you travel more? Eat out more? How will you pay for medical care? Will your mortgage be paid off by the time you retire? What if one spouse dies (do you have term insurance)? Do you have any additional income streams (e.g. rental property, pension, etc.)? Will you downsize your home in retirement?
Some things to think about – Most people will likely have their largest asset (their home) paid off, but medical care costs are increasing, people tend to travel and eat out more, not less. during retirement. The perks you received while working will no longer be there (e.g. subsidized health care, frequent flyer miles, mortgage interest deductions, etc.).
I like the retirement calculators that are available through most investment brokerages. They are very detailed and specific to each individual. They take into account current investments, savings, pensions/social security, lifespan, etc. Most provide a “score” to show how well you are doing against your retirement goal. However, there are a ton of free retirement calculators you can find online. Here is one from bankrate.com: https://www.bankrate.com/retirement/calculators/retirement-plan-calculator/
Stay tuned for the upcoming blog on creating a Budget!
Thanks for visiting the site!
Thank you all the information. I will definitely consult a retirement calculator! And look forward to your upcoming blogs. 👏