By the time you get around to the line items; review finances, and create financial plan on that to do lists. As women, one thing we understand is sacrifice. Whether it is caring for our children, our parents, our co-workers or pets; it is like our brains are hard-wired to put others first.
And so, we often put budgeting, debt payoff planning, credit cleanup and saving for retirement at the end of the to-do list...Letting our focus be daycare drop-off, PTA meetings, grocery shopping, laundry, gymnastics practice, big work meeting, brunch with BFF, etc.
Are you nodding your head? The list goes on and on and on..
By the time you get around to the line items; review finances, and create financial plan on that to do list, you are falling asleep on the couch with a glass of wine. Am I right? So it keeps getting put off, every day.
It is time as women that we make our financial future a priority and all we need to do to get started it as ourselves 1 question.
Ready? The question is would you trade a new monthly outfit TODAY, for $1 million dollars TOMORROW? Not into shopping? lol, just kidding. But, You can swap the word outfit with any of the following, one concert ticket, one hair appointment, one massage, or one bottomless brunch with friends.
Would you hand over that money right now if I told you it would place you in the millionaire’s circle tomorrow? Who doesn’t want to become a millionaire? What is the average price for that outfit, massage or concert ticket anyway? Probably only $200-$250 a month, that’s all it will ever cost you for a secure future. Want to put yourself on the road to financial freedom, not just for yourself but also for your children and their children?
“A record 40% of all households with children under the age of 18 include mothers who are either the sole or primary source of income for the family, according to a new Pew Research Center analysis of data from the U.S. Census Bureau. These “breadwinner moms” are made up of two very different groups: 5.1 million (37%) are married mothers who have a higher income than their husbands, and 8.6 million (63%) are single mothers.”
You may also be asking yourself how is $200-$250 a month going to make me become a millionaire. The secret is compound interest. Compound interest is interest on interest it’s the money earned on your deposits and investments on top of what you already earned from your initial principal.
So let’s calculate your first million shall we? Using a handy calculator, like the one located on Bankrate you can input all the information and it will spit out what your return on investment (ROI) will be after any period of time. So let’s use our example of $200-250 a month and if you are between 30-35 years of age.
- Set the time period for 35 years.
- Make the ROI rate 12% or more
- Set initial investment to zero if you don’t already have a lump sum saved or invested somewhere
- Set annual investment for $2400-3000 per year
- Inflation rate of 3% and tax rate is already preset
- Click the box that says inflation adjustment, meaning your investments will increase per year