What does your financial future look like

I have to write that check to Maryland. But that is the only check I have to write which is a change from the many years past.

The bride read to me the other day a report that stated one third of the people surveyed did not have a retirement savings or a retirement plan. That is disconcerting. And it might be how the government will sell the forced retirement savings plan, similar to AHA. You have keep your current retirement plan if you like it and keep your broker type of thing.

Read that someone had a good testimony that their plan under Dave Ramsey worked for them and they are debt free. Of course there is that one 2012 post that is making its rounds on social media, again, about the evils of Dave Ramsey. (side note: I have never heard him say or have read anything about if you follow his plan you will be rich. Out of debt, yes, but never rich unless you want to be)

Well, we were doing the Dave Ramsey plan long before Dave Ramsey. I call my plan "I did not want to live like my parents" plan. I think it started when I found out my mother was spending my money I was sending back to be put in my bank account.

The plan is not unlike what you might read in the book, The Millionaire Next Door. He is the guy across the street that is still driving that buick he had when he was active duty and stationed in Alaska, and that was 30 + years ago. The Millionaire Next Door is a good book to read by the way.

1. Set money aside each payday - I tried when I was a kid with the Christmas savings the bank had but then the union would go on strike and I would have to fess up my share. But when I found out mothers are not trustworthy bankers I established an account just for savings and made a point to put in after figuring out what I was going to spend for the pay period. We did that after we were married and each raise went into savings which brings me to

2. Don't live beyond your means - oh boy, that meant we paid cash or did not get it until we could. Larger items like the rings were put on a credit system that did not allow us to have those until we had the money. But helped establish a credit report that was positive. The washer and dryer was on a 90 day same as cash. The lady at Montgomery Wards was upset when she found out what we were doing.

It also meant that we drove used but functional vehicles. We also when not renting or living in base quarters bought a house that we were comfortable with the payments, not what the real estate agent felt we could pay.

3. Pay off the credit card monthly - if you are putting more on the card than you are getting in, you are either a politician or not assessing what you are spending your money on.

4. Re evaluate educational goals - between TA, VA, grants, and accumulated savings we were able to be free of a number of degrees - ours and the kids. Community college is where I stress students starting out if they do not have full rides or tuition reductions. It also helps the student to constantly evaluate concentration and degree. One of the bigger costs is when the student changes degree focus.

5. Re assess your financial goals.

I know there is more to add but chew on this for a while.