One great aspect of my marriage to Miel is that financial management in our relationship is a team effort. For example, over the past 6 months, we dealt with spending more than we earn, and got out of the ARMs on our apartment and our investment property. Because of this, we’re both feeling pretty good about the future.

So, over the course of the last week, we talked about what we wanted to do next. We decided to focus on contributing the maximum to our ROTH IRAs. The main idea is here is that putting as much as possible in our ROTHs will take advantage of the ROTH’s tax benefits (e.g. money deployed inside a ROTH compounds free of taxation).

This means we’ve got to come up with $2,568.75 to complete our 06 contributions and $8,000 to complete the 07 contributions to our ROTHs. We’ve deposited some money in these accounts, but have more to do. Feel free to check out our spreadsheet below to see how much progress we’ve made and how much we have left to do.

Best,

James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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