I'm the last person who should ever give financial advice. The LAST person. I often joke that my hubby is the CFO of our family and I'm the CSO: Chief Social Officer. (It was a unanimous decision by the board.)
But early in our marriage, the Mr. initiated quarterly Financial Summits. I've capitalized the phrase because it's a significant event in our house. A proper noun -- just like Christmas. But not.
It started as something I dreaded. Each quarter, we'd walk through our finances and pinpoint just where our money was going (JCrew) and where it wasn't (savings). I was forced to face the shameful stares. The frustration. The self-doubt: How could I have bought that extra pair of heels with the Summit approaching? Stupid! Stupid! Stupid!
But, amazingly, it's turned into something that I actually, gulp, like?
Since we've started the Financial Summits, the debt is nearly gone (aside from the house and that pesky 2% MBA loan) and we actually know how much money we need to retire.
At this point, those of you who know me are probably staring at your computer with a perplexed face. Allow me to reassure you, this is Kat's take. You're reading the right blog.
I know there's some wacky stats out there about the number of married couples who fight about money. I know that the number of Americans who save is less than 1%. In short, Americans' waists are getting fatter and our wallets are getting smaller.
The Financial Summit may not be the right way for you. But find a way. Don't owe the man. (And, if you do use the Financial Summit, let me know so I can trademark it. I've got a student loan to pay off!)
2 comments:
Kat, one of the most overlooked components of financial planning is the appreciation of your own earning power and what that can translate into. If you and your spouse earn a combined $120,000/year, in 10 years you have earned over 1.2 million$, in 20 years over 2.5 million$. What will you have to show for it? You can easily retire as millionares with some simple planning and saving regularly. Roth IRAs, all that earnings is tax free!! Save, Save Save!
Kate! Matt and I have monthly "State of the Union" meetings. They are invaluable to us! We too are fabulously debt free except for our house - but check back once baby #2 comes, we go down to one income, and are faced with feeding 2 adults, 2 kids, and 2 dogs! Life is quite the adventure!
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