Hello Folks,

Its a busy day here for both of us. Miel is overseeing her charities business in Congo, and I’m checking some data at the University. However, since job losses and the economy are on everyones mind, I wanted to quickly reiterate some rock solid financial advice that makes sense:

1) Pay off high interest debt. If you’ve got any kind of consumer debt that’s higher than, say, 8% and you can’t deduct it, pay it off ASAP! Credit cards, rent to own schemes or car loans don’t improve your bottom line, pay them off! These will destroy your ability to build wealth, especially in the current economy.

2) Build up an emergency fund. Provided you don’t have an emergency fund, it wouldn’t hurt to build one up. If you have an emergency fund already, you might consider strengthening it a bit more. With the high level of job losses, the typical advice that one keep 6 months worth of expenses may not be adequate.

Thanks all!

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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