I have a very special special guest blogger today, my wife and "Money Mammal" executive producer, Eileen Lanza. Eileen inspired me to really get my money act together after being something less than money-savvy in my 20's. Her advice is simple and effective. Listen to her. I do.
A dollar a day?
So, I am a Money Mammal, right? And a Money Mammal Mommy, too! Because I sell Real Estate (in Los Angeles), I have decided to put $1 a day away for each of my children starting at birth to go towards a down payment for their first home. Since I just thought of this, I have some catching up to do; my girls are 2 & 4. I decided to buy in to a mutual fund and keep it in my name until they are old enough & wise enough to purchase their own homes. I looked for a no-load mutual fund with a low minimum and purchased shares of American Century LiveStrong 2035 online.
I have always funded my 401ks, IRAs and the girls 529 plans and I have never missed a single dollar. It is very satisfying getting the statements in the mail and seeing how much money I have socked away. Can you imagine how much money they will have in 20 years? All because I saved $2 a day!? C’mon & join me! Your kids will thank you in 20 years...and they won’t live with you until they are 35!