reachingourbalance.com
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If you sign up for a product or service this blog will receive a small commission. Over the past 24 hours this blog has received more traffic than the previous 2 months. Part of it is because I haven’t posted as much, but part of it was my success story on public service loan forgiveness was published on CNBC and it has driven a bit of traffic to this little corner of the internet. If you sign up through the link you will receive $20 and I will receive $20.
What I really desired was to keep myself honest on my financial journey, chronicle my goals of paying down our debt, and ultimately reach financial independence. I want more experiences than stuff, but I also want to leave legacy of some wealth for him so that he can be generous with others. Now that doesn’t mean I am want to create some upper crust family who doesn’t work for a living. I don’t want him to have to worry about how he will provide for his family.
I actually got this piece of advice from the Dave Ramsey show (and I think he is right about cars). For example, if you owe $20,000 on your car and it is worth $16,000 then take out a personal loan for $6000 at your local credit union. You need to be able to borrow enough money to pay the difference between what it will sell for and what you owe so you can send the money to the dealer, get the title, and give it to the new owner of the car. Unless I hit the lottery and even then I think I would still want to buy something that 2 years or older.
The normal way to plan for college expenses is to put money into a college savings plan like a 529 plan or an Coverdell Educational Savings Account (ESA). A couple of other things that have me thinking in this direction is that in 18 years college education in the United States will probably be funded quite differently. Early retirement is probably not in the cards for me, but that doesn’t mean I want to teach full-time until I am in my late 60s or full-time in the United States. If I want our son to have this college benefit one of us would probably have to work full-time until later on in our lives, much later than I thought.