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Saturday, April 5, 2008

Budget Update Friday

What do you want first,
the good or the bad?

Let's do the good first.
I need to,
and it's my blog.

This month I paid a QUINTUPLE car payment.
That was satisfying.

There are no credit card balances.
That was VERY satisfying.

Now, the bad news.

This will ultimately be good news
but last night I was tossing and turning,
overwhelmed with fear and doom and gloom.

Why?

Because Rob and I met with a Financial Advisor.
For over two hours.
Just for a consultation!

By the time we were done just consulting
I was picturing us unable to save up enough to put our kids through college,
destitute and living on the streets at 65,
fighting over a can of Alpo.

Obviously this isn't how it will be
but Lord Almighty do I feel overwhelmed right now.

Terms (that he hasn't even mentioned yet)
like Roth IRA's, mutual funds, 529s and index funds
swirl through my head

and the ideas that I might make a mistake
and that I just can't do it!!
make me want to sit in the corner
rock back and forth
and suck my thumb
while humming Twinkle Twinkle Little Star.

I know we'll get there,
but today I just feel SCARED.

3 comments:

nicrogers said...

Hey leeann, at least you MET with an advisor! lol It will be OK. If you have no credit card debt and your car is on the fast track to being paid off, you are doing ok. And if your kids have to help pay for their educations with loans, well then so be it! Maybe they will work a little harder and appreciate it a little more.

Jen4 @ Amazing Trips said...

First things first. Do you do all your online shopping through UPROMISE?? I HOPE SO!! Thousands of various online merchants (and off line merchants) will put a certain % of every sale that you make in to a college fund for your children. Stuff that you'd be buying ANYWAY. Go, now, quickly and check out this link: http://www.upromise.com/acquisitionLanding.do?ax=searchaff-google-spring10&aqid=Holiday&pc=shop-10&cm_mmc=Other-_-Acquisition-_-Shop-10LP-_-spring

Second: We have our children's college education set up through Vanguard (a Vanguard 500) and although there are 4 kids, we have ONE account. This was done because that way, we don't have to pay maintenance fees on 4 separate accounts, and the interest accumulates faster on one account with a larger balance.

Third: Are you maxing out your 401K, if you have one?? If not, than a Roth most definitely is critical. Even if you do have a 401K a Roth is great >> but we haven't been contributing to ours for at least 10 years. (Must put that on my to-do list!!)

Fourth: The things that you are doing so far, paying off all your debts and maintaining zero balances on credit cards, QUINTUPLE car payments, wow. You are really inspirational.

Keep up the good work and I bet you'll be AMAZED at what you can do!!!

Melanie said...

Well I've never even met with a financial advisor, so you're way ahead of me. We're definitely not saving enough for our future and it scares me to death.

I would imagine that if you can afford to make a quintuple car payment that you must have extra money each month you could be putting towards college and retirement.