There is always another rainbow. – Scrooge McDuck

The IRS has updated the new contribution limits for retirement plans. The annual limit on elective deferrals will increase to $23,500 (up from $23,000) for 401(k), 403(b), and 457 plans, as well as SARSEPs, and to $16,500 (up from $16,000) for most SIMPLE plans and SIMPLE IRAs.

That’s great news!

If you can max out your 401(k) with a 10% return, you would have $1M in 17 years. It would only take you an additional six years to get to the next million. You would then be a multimillionaire.

I know what you’re thinking.

How on earth am I going to get to one million let alone two million.

Just hear me out.

Let’s talk about how you can start with nothing and end a millionaire.

I will take you through the origins of a pension and ending with the rise in the 401(k).

Think of it like a roller coaster ride.

Deciding to strap in your seatbelt is the hardest part. It’s getting down the first hill that scares us and then after that it’s pretty much smooth sailing.

What is a pension? A pension plan is a retirement plan that provides a regular income to an employee after they retire. The employer is responsible for managing the investments in the plan and bears the risk of market decline.

Pensions have been around for a long time, with origins dating back to the classical world and before the United States was founded. The first military pensions were adopted in the United States, and the first veterans’ pension was offered to retired naval officers in 1799.

In 1875, the American Express Company established the first private pension plan in the United States, and, shortly thereafter, utilities, banking and manufacturing companies also began to provide pensions.

However, pensions go back even further. All the way to ancient times.

In the Roman Empire, veteran legionnaires received military pensions in the form of land grants or special appointments. This sort of barter system was still going around 50 B.C., when Roman soldiers were paid in salt, a highly valued commodity at the time.

Even the word salary comes from ancient times. The word “salary” comes from the Latin word salarium, which means “salt money. In ancient Rome, soldiers were paid in salt, a valuable commodity used to preserve food. The Latin word sal means “salt”. The word salarium continued to be used to refer to soldiers’ pay even after other forms of payment were introduced.

The word salarium entered the French language as salaire, and then into English in the late 13th century as salarie. The Norman conquest in 1066 introduced many Latin-derived words into the English language, including “salary.” That was during the time of William the Conqueror, but that is another story.

Have you ever heard the saying about being “worth your salt”? Now you know where it came from.

And just in case you were wondering, no, Social Security is not the same as a pension. That is a social insurance program started by Franklin Roosevelt (FDR) in 1935. Social Security is a social insurance plan that is intended to supplement a retired worker’s pension and savings.

Social Security is an earned government benefit for seniors, people with disabilities and children who have lost a working parent. Working people contribute to Social Security with every paycheck. A pension is income you set aside while you’re working so you will be able to get a monthly paycheck when you retire. Pensions have vesting periods and Social Security does not.

Pensions became popular after the Second World War in the 1940’s and through 1970 when as many as 52% of workers had them. Employers managed the program, but they also took on the administrative cost burden and risk associated with them. Then, sadly, pensions started going the way of the dinosaur and Atari game console.

The 401(k) is the PlayStation 5 of our day and bumped out the pension, which is the Nintendo of days past.

Today, about 10% of private employers offer pensions. This started being replaced by the 401(k).

One of the biggest silver linings of having a 401(k) versus a pension is the fact that a 401(k) cannot go bankrupt. However, a company can and once that happens they are under no obligation to pay pension benefits; whereas, your 401(k) travels with you wherever you go like a passport.

A silver lining is a positive aspect or sign of hope in a situation that might otherwise be negative. It’s often used in the proverb “every cloud has a silver lining,” which means that there’s always something good or hopeful to be found in even the worst situations.

Now, that you know more of the history of pensions, let me show you how you can start with nothing and rise to the top just like Jennifer Lawrence in the Silver Linings Playbook. She may be a top paid leading lady in Hollywood now but as a broke teenager starting out, she had nothing.

Actress Jennifer Lawrence at the Red Sparrow premiere in New York on February 26, 2018. REUTERS/Caitlin Ochs

She grew up in Kentucky in a middle-class family and had a middle-class upbringing. Growing up she often felt like a misfit as she did not fit in with her peers.

I can relate to that on some level as I was always striving to get the gold star on the behavior chart every day at school. I was less impressed with class clowns, popular kids or jocks and more focused on reading and getting into college. My parents called me the rebel of my four siblings. I didn’t care. I know I was meant for something else. I wanted to be a writer and a rich businesswoman. Just like Jennifer, I was charting my own path.

After a talent scout spotted 14-year-old Jennifer while on vacation, she told her parents she wanted to pursue acting. She then worked on leaving school and got her GED so that she could start auditing for parts.

She actually audited for the role of It-girl, Serena van der Woodsen, in Gossip Girl, but lost the part to Blake Lively. She has said she was really bummed not to get the part. However, as one door closes, another opens.

She got her first paid role in 2006 and a small part as a mascot in an episode of Monk. However, the movie that got her the buzz she needed to get cast in bigger films was when she got cast for the leading role in Winter’s Bone. Lawrence’s acting amazed critics and audiences alike. I saw the film and I knew instantly that a star was born.

At only 20-years-old, she earned an Oscar nomination for Best Actress in a Leading Role. And from there, Lawrence’s success continued to skyrocket.

In 2011, she landed the role of Mystique in Marvel’s X-Men: First Class.

In 2012, she wowed audiences as Katniss Everdeen in The Hunger Games. The post-apocalyptic, dystopian film was an instant hit. This is the film where she earned her first $1M paycheck. The first women to ever get that million was none other than Elizabeth Taylor for the 1964 film Cleopatra. Jennifer was in good company.

Later in 2012, Lawrence starred in another successful film, Silver Linings Playbook. She won an Oscar for Best Actress for her performance. And at the time, she was the second-youngest actress to achieve this honor. Lawrence was only 22.

If you think her rise to superstardom was fast, then think again. She doesn’t owe any of her success to luck. She worked hard for her multimillion-dollar salary.

In Jennifer Lawrence’s own words: “I put in my time; I lived in a rat-infested apartment when I was 14, and I was told ‘No’ many times. I put my blood, sweat, and tears into all of this. It’s easy to look from the outside and see my career grew very fast, but there was a time before that career when I was working for it. And I definitely wouldn’t have wanted that time to go on any longer.” I feel her on that.

I lived in small apartments, ate ramen for dinner and had times that I lived off of $5 a day. It was only after I put in my time that I was able to negotiate a six-figure compensation package later in my career and started investing upwards to $10,000+ per year, that I started to see some return on my own sweat and tears.

Here is a peak behind Jennifer Lawrence’s financial playbook:

Here’s how she made from playing Katniss and Mystique in these franchises:

• The first Hunger Games installment paid her $1 million. She earned $10 million for the second film and $20 million apiece for the third and fourth movies.
• As Mystique in the X-Men franchise, Lawrence earned $250,000 for First Class, $6 million for Days of Future Past, $8 million for Apocalypse, and $4.7 for Dark Phoenix.

On average, Jennifer Lawrence earns between $15-$20 million per movie. Her paychecks for a few of her films were:

Passengers (2014): $20 million

Don’t Look Up (2021) $25 million

Red Sparrow (2018): $20 million

Jennifer also has other sources of income such as endorsement deals.

In 2012, she became the face of Dior. The luxury brand paid the actress a cool $20 million.

She owns a production company.

She is also a landlord. owns a luxury apartment in Manhattan. She paid $9 million for the unit and now rents it for around $27,000 monthly.

What I have learned from her story is that you have to create opportunities for yourself by showing up and doing the work. Success is not just going to fall into your lap. You have to go get it. Success not only attracts success, but it also leaves clues.

In order to earn her first million, Jennifer Lawrence had to act in numerous plays, move to New York, get an agent, audition for dozens of film and television roles, learn how to become an archer, sit in a makeup chair for 3-6 hours to be painted blue everyday on set for weeks and months and work out 1.5 hours a day for months on end over about a decade time period. Nothing happened by accident. It was intentional.

You must use your 401(k) in the same manner.

I waitressed, was a phone operator, a gas station attendant, scrubbed toilets, working all the while earning a bachelor’s and Master’s degree, read about 15 personal finance books a year, started a blog and was promoted numerous times at different companies to get to where I am today.

My first million is so close I can feel it tapping me on the shoulder.

When Business Insider did my story, I was at $375,000 in investable assets. I have since seen had my investments grow to $422,000. My $500,000 journey is rapidly coming to an end. Compound interest is barreling me toward the finish line. Depending on market fluctuations, I will hit my target of $500,000 in 365-500 days.

A company going bankrupt cannot blow up my retirement. My pension cannot be taken away from me the same way Lucy takes away that football from Charlie Brown. My 401(k) is mine forever. Just let that silver lining sink in.

About The Author

Miriam started Greenbacks Magnet in 2016 to keep a scorecard of her goal of $1M in investable assets. Armed with a Master in Management (MiM) and a calculator, she teaches readers how to achieve financial independence while also helping them learn how to smell the roses along the way. The palpable response she got from sharing her personal finance goal in a public speaking course at Georgetown University encouraged her to share her story and teach finance on her website. She invests in AI companies as artificial intelligence is the new iPhone of the moment as she likes to invest in companies that are disruptive.

Save, invest, prosper with My Own Advisor.

Weekend Reading – How to safeguard your retirement plan Hey Everyone, Welcome to a new Weekend Reading edition on the subject of how to safeguard your retirement plan. While I’m still catching up from my vacation, a bit, including answering reader emails, I’m now up to date for all comments on this site. That said,…

Join the million dollar portfolio journey. The article Weekend Reading – How to safeguard your retirement plan is exclusive to My Own Advisor. All Rights Reserved.

“If all you have is a hammer, everything looks like a nail.”

We’ve all heard that phrase, alongside the concept of having “the right tool for the job.”

I submit that many people in the retirement planning community (especially online in DIYer circles) do not have the right tools or mental models for including long-term stock market returns in their financial plans.

Example 1:

I saw this question on Reddit this week:

Howdy! Currently 26, I can FIRE at 45 if I get 8% returns. What percent returns for the stock market do you guys use planning for 20+ years out? The 100-year average is 10%, but most retirement calculators have returns set at 6%. The difference between 6% and 10% is huge in terms of how much money gets built up. I’m not sure if 8% is too hopeful or if that’s realistic for planning purposes. Cheers.

The first 3 answers came in, and I cringed a bit.

Answer 1: For long term like that I always used 7.2% to be pessimistic and because it makes the mental math really easy. At 7.2% your assets double every 10 years.

Answer 2: 7% is typically used (to include the average of 10% plus 3% for inflation). This gives you money in today’s dollars for reference. The money you will actually have will be higher (hopefully) in proportion to increased spending.

Answer 3: Well, consider the fact that the SP500 has returned 37% over the past year, and almost doubled (87%) over the past 5 years. Crashes do happen, as we’ve seen in 2008, 2020, and 2022, so you have to factor in that you may have a down year (~20% loss). But those are typically good opportunities to use any cash you may have (HYSA) to buy solid stocks that may be undervalued temporarily.

Let’s use these three answers to explain the right and wrong ways to think about future stock market returns.

Lesson #1: We Just Don’t Know –> Add Variance

One of the three answers above is better than the other two (Answer 2).

But we need to start our lessons today by addressing the fact that none of the answers highlighted that:

• We have no idea what future returns will be, and…
• While we can use past returns as an intelligent reference point, we should add significant levels of potential variance into those past returns.

I understand the desire for shortcuts…“Let’s just pick one number…how about 7% per year?”…

But such a shortcut blacks-out so much essential information. This article dives into some of those details: Average Returns vs. Actual Returns.

A better approach starts with varying the long-term average. Perhaps it’s 5%, 6%, up to 10% per year over the long run. That seems reasonable.

BUT! We must also vary the actual yearly returns that lead us to our long-term average. We must consider how the sequence of returns risk could affect our portfolio. More so, we must consider how multi-year negative shocks will affect our psyche.

Those realities are not captured when a smooth average is used. That’s a problem.

Lesson #2: How to Capture Inflation?

The second of the three answers above does a reasonable job of capturing the difference between nominal returns and real returns. This article dives into the details: Accounting for Inflation in Retirement and FIRE Planning

Much like varying our stock return assumptions, we must also vary our inflation assumptions.

Lesson #3: Pessimism and Ease

The first answer above reads: “For long term like that I always used 7.2% to be pessimistic and because it makes the mental math really easy. At 7.2% your assets double every 10 years.”

I get it. It’s a convenient short-hand.

But I have two rebuttals.

Most importantly, we need to go back to Lesson #1. Picking a single annual return doesn’t reflect reality.

I also want to address the idea of “intentional pessimism.” I understand the desire for including factors of safety. But I’m quite wary of overly conservative assumptions. Further reading: The Crushing Cost of Conservative Retirement Planning

Lesson #4: Lack of Perspective

Answer #3 above is, by far, the most dubious.

Yes, the S&P 500 has performed amazingly over recent years. If we included dividend reinvestment (which I don’t think our answerer did), recent performance has been:

• 1 Year: 37%
• 5 Year: 110%
• 10 Year: 256%

Amazing!

But our questioner is 26 years old, hoping to retire at 45, and then hoping to live another 30, 40, 50 years beyond. If history is to be our guide, looking at the most recent 1-, 5-, or 10-year timeline is simply inappropriate.

DIYers need to be wary of “the blind leading the blind.” That’s precisely what this answer is.

What Should You Do Instead?

What should you do instead of making these mistakes in long-term stock market projections?

Ben Carlson recently published this article (he was answering a question specific to a 22-year timeline). Take a look, and I’ll some comments below :

First, these are real returns. Inflation has already been factored in and subtracted out. That’s why the average is (coincidentally, haha) 7.2%.

But look at the variance! Many of the 22-year periods that ended in the 1980s saw less than 4% annualized real returns. Many of the periods ending in the 60s and the 90s/early 00s saw greater than 10% annualized real returns. That is a huge variance that’s not captured with the answer “just assume 7% per year.”

And going back to one of my old articles (Decades of Zero Return), we must also be aware of this chart:

While the long-term average is, indeed, our ~10% returns minus ~3% inflation = ~7% real returns, there have been multi-decade periods of zero return. Smooth averages gloss over that fact.

I mean…just imagine it! What would it be like to live through a 20-year period where your supposed 7% annualized return ends up actually being 0%?!

We must do better.

First, use tools and programs to your advantage. A couple weeks ago, I showed you the wonderful outputs from Engaging Data. That’s one of many online websites that can help visualize past market returns and/or illustrate levels of variance in future market returns.

If you’re comfortable in Excel or other spreadsheet software, start there! Build a 50-year retirement timeline, reference a single cell as your “Average Return” (which is easy to change), and then use a RANDOM function to vary each year’s return. It’s a little sticky, as stock market returns don’t follow a Normal distribution, nor a Uniform Distribution. But directionally, you’ll be better served.

Use Monte Carlo analysis. We use it every day at work to conduct retirement projections for our clients.

I don’t want to totally bash “using the average.” If I’m doing literal back-of-the-napkin math for someone, my go-to numbers are 9-10% for diversified stocks, 4-5% for diversified bonds, 3% for inflation. But I know the limits of such simple assumptions, and I know when not to use them. I urge you to do the same.

Thank you for reading! If you enjoyed this article, join 8500+ subscribers who read my 2-minute weekly email, where I send you links to the smartest financial content I find online every week. You can read past newsletters before signing up.

-Jesse

Want to learn more about The Best Interest’s back story? Read here.

Looking for a great personal finance book, podcast, or other recommendation? Check out my favorites.

Was this post worth sharing? Click the buttons below to share!

Donald Trump will be the next US President and he has promised radical changes to federal regulations around food, healthcare, water, immigration, and taxes. There are huge price increases looming in our future because of all these things. Every day life in the US is about to get eye wateringly expensive. This is a list […]

The post Everything to Do, Buy and Prepare For Trump’s Second Term appeared first on Bravely Go.

Planning for retirement can be one of the most exciting yet challenging phases for couples. With so many retirement planning tools and resources available, finding the right guidance can feel overwhelming. Books can be a fantastic way for couples to dive into financial strategies together, learn from experts, and get on the same page about their retirement goals. Here’s a list of seven insightful books that are packed with practical advice and tailored to help couples plan for a fulfilling retirement.

1. The 5 Years Before You Retire by Emily Guy Birken

Emily Guy Birken’s The 5 Years Before You Retire is a must-read for couples approaching retirement. This book focuses on the critical five years leading up to retirement, a time when making the right decisions is crucial. Birken offers clear and practical advice on how to maximize savings, manage debt, and make informed decisions about Social Security. Couples will find tools and actionable steps to align their goals and ensure they’re financially prepared for retirement. Whether you’re nearing retirement or simply want to start early, this book offers valuable insights for any couple.

2. How Much Money Do I Need to Retire? by Todd R. Tresidder

How Much Money Do I Need to Retire? by Todd Tresidder tackles one of the most common questions in retirement planning: “How much money is enough?” Tresidder takes a deep dive into retirement planning tools and helps couples understand how to calculate their ideal savings goal. He offers easy-to-follow calculations, focusing on realistic spending and future income projections. Couples can use this book to evaluate their retirement budget and create a savings plan that fits their lifestyle. It’s a straightforward, no-nonsense guide to knowing your retirement number.

3. Smart Couples Finish Rich by David Bach

David Bach’s Smart Couples Finish Rich is a classic in financial planning for couples, covering everything from saving to investment strategies. Bach’s unique approach centers on the idea that couples can grow wealth together while aligning their values and goals. With practical exercises, this book guides couples through budgeting, retirement accounts, and smart investment choices. Couples will find a step-by-step plan to improve their finances while building a strong partnership. This book is ideal for those looking to make retirement planning a team effort.

4. Retire Inspired: It’s Not an Age, It’s a Financial Number by Chris Hogan

Chris Hogan’s Retire Inspired shifts the focus from retirement age to a financial goal, emphasizing that retirement should be about reaching a specific financial number. The book provides a variety of retirement planning tools and strategies for budgeting, debt management, and saving. Hogan’s advice is practical, straightforward, and perfect for couples wanting to retire on their own terms. He also includes inspiring stories and real-life examples that encourage readers to take charge of their retirement journey. It’s a motivational and strategic guide to achieving financial independence as a couple.

5. The New Retirementality by Mitch Anthony

Mitch Anthony’s The New Retirementality redefines retirement planning, moving away from traditional views of aging and financial dependence. This book encourages readers to think of retirement as a time for purposeful living and explores ways to integrate meaningful work into retirement. It offers practical retirement planning tools that help couples align their financial resources with their desired lifestyle. With a focus on flexibility and planning for longer lives, Anthony’s approach is refreshing for couples wanting an unconventional retirement. It’s an excellent read for those looking to balance finance and life purpose in retirement.

6. Your Money or Your Life by Vicki Robin and Joe Dominguez

Your Money or Your Life by Vicki Robin and Joe Dominguez is a financial classic that provides a holistic approach to money and life. This book encourages couples to assess their spending habits, think deeply about their values, and design a life that doesn’t revolve around consumerism. It covers essential retirement planning tools, including budgeting, debt reduction, and investment advice. The authors’ philosophy on financial independence is especially appealing to couples looking to live simply and sustainably in retirement. This book can help couples set realistic, meaningful retirement goals together.

7. The Total Money Makeover by Dave Ramsey

Dave Ramsey’s The Total Money Makeover is a straightforward, step-by-step guide to achieving financial freedom. Ramsey offers a series of baby steps that cover everything from paying off debt to building an emergency fund and saving for retirement. This book is ideal for couples who need help building a strong financial foundation and want to eliminate debt before focusing on retirement. Ramsey’s no-nonsense advice provides retirement planning tools that couples can follow together to achieve financial peace. With a clear and motivational tone, this book is a great choice for couples wanting to transform their financial lives.

Planning for a Happy, Financially Secure Retirement Together

Exploring retirement planning books as a couple can bring you closer while setting a strong financial foundation for your future. These seven books offer a variety of retirement planning tools, from calculating how much you need to redefine what retirement can look like. With insights from leading financial experts, couples can tackle everything from debt reduction to creating a purposeful retirement lifestyle. By approaching retirement as a team, you can make the journey to financial security smoother and more enjoyable. Grab a book, start the conversation, and look forward to a fulfilling retirement together!

It’s that time of year again. The air is cool and the Election is in the rear-view mirror. That can only mean one thing when it comes to personal finance: time to start thinking about year-end tax planning. I’ll provide some commentary about year-end tax planning to consider, with headings corresponding to the timeframe required […]

Finding the perfect gift doesn’t have to mean breaking the bank. Sometimes, it’s the simple, thoughtful items that leave the biggest impact. From cozy treats to practical luxuries, there are plenty of affordable options that can show you care without overspending. Here are eight cheap gifts for women that will make her day and won’t empty your wallet.

Scented Candles for Relaxing Moments

A scented candle can turn an ordinary room into a sanctuary. Whether she’s into calming lavender or invigorating citrus, a well-chosen candle can lift her mood and help her unwind. Every time she lights it, she’ll think of the warm gesture behind it. It’s a simple, cheap gift for women that brings a lot of comfort with just a flicker of light.

Luxurious Hand Cream

A quality hand cream may seem small, but it’s a daily luxury that most women appreciate. Especially in colder months, a nourishing hand cream is a lifesaver for dry skin. With a gentle scent and rich texture, it’s a tiny spa experience she can carry in her bag. Plus, it’s practical and thoughtful, making it an ideal gift that shows you care.

The post 8 Small Gifts Every Woman Wishes Someone Would Buy Her appeared first on Budget and the Bees.

If you’ve ever found yourself tempted to swipe your credit card for that big Thanksgiving dinner—or maybe even considered skipping it altogether to avoid the cost—you’re not alone! Today, I’m sharing some of my favorite tips to having Thanksgiving on a budget without sacrificing any of the things that make this holiday special. Sound like something you want? Well then, let’s get started!

Links for This Episode

• Check out these DIY Resources and Templates
• Download your FREE Holiday Budget Worksheet
• Join the Financial Fix Up Membership

Podcast Episode Recommendations

• #32: How to Have Stress-Free Money Conversations with Family
• #31: So You Can’t Afford Christmas This Year, Now What?
• #30: How to Create and Stick to a Holiday Budget
• #17: 9 Things to Consider When It’s Your Chance to Host

Grab Your Financial Fix Up Planner Today

Here’s the deal: in order to achieve your long-term financial goals, you have to have a budget that works for you and your family. That means, getting super clear on your income, expenses, and total debt payoff amounts, so you can make any necessary changes and begin to see progress. That’s exactly what the Financial Fix Up Planner is designed to help you do. With step-by-step instructions to set up your budget, monthly challenges to keep you on your toes, menu planning resources, and space to reflect on your goals, you’ll have everything you need to pursue your dream of financial freedom. Sound like something you need? You can grab your copy today at lemonblessings.com/planner and take back control of your family finances. Once again that’s lemonblessings.com/planner for your copy of the Financial Fix Up Planner.

5 Ways to a Have Successful Thanksgiving on a Budget

Well hey there and welcome back to the Financial Fix Up Podcast! I’m Sarah Brumley, and today we’re talking about one of my absolute favorite holidays – Thanksgiving. The leaves are falling, the air is crisp, and if you live in the United States, you’re probably starting to think about that first of many holiday gatherings. And let’s be honest, those holiday gatherings can start to add up!

Today, I’m sharing some of my favorite tips to keep your Thanksgiving budget-friendly without sacrificing any of the things that make the holiday special. And, no matter where you are in your financial journey, I’m pretty sure you’ll find at least one tip to help you press forward.

Let’s jump right in with the first tip, and one of the easiest ways to get started.

Tip #1: Start Shopping Early

It’s no secret that Thanksgiving shopping can lead to some serious sticker shock, especially if you’re buying everything at once. If you’re hosting or bringing a dish to share, don’t wait until the last minute to grab your ingredients. There are three key reasons for this:

Reason #1: Inventory Shortages

Stores actually run out of popular holiday items, and the last thing you want is to hunt down that one last can of pumpkin puree the day before Thanksgiving. Get ahead of the game by buying items early when they’re in stock and at regular prices.

Reason #2: Specials

Many stores, like Kroger or Fred Meyer in my area, offer holiday deals. Often, spending a certain amount on groceries could even land you a free turkey. If you plan ahead, you can maximize these deals, so you’re not only feeding everyone, but also getting more for your dollar.

Reason #3: Budget-Friendly Shopping

If you haven’t planned for a big, one-time Thanksgiving food budget, spread out your purchases over a few weeks. This strategy can make the cost feel lighter. For example, grab canned goods one week, cranberry sauce the next, and maybe some spices or boxed items the following week. Little by little, you’ll have everything you need without feeling the financial pinch.

Note: Use loyalty points, reward programs, or cash-back apps if possible to maximize savings on Thanksgiving purchases.

Tip #2: Consider a Potluck Thanksgiving

If you’re having friends and family over, why not share the costs by turning Thanksgiving into a potluck? Not only does this take the burden off of one person, but it also brings a variety of foods to the table. I’ve loved doing this over the years – we usually take care of the turkey or main meat, and we ask guests to bring a dish they enjoy.

Think about it – one guest might bring a delicious Green Bean Casserole, while another brings a family-favorite dessert. Not only will you get to try new recipes and have a variety of options but you won’t have to pay for every single dish yourself.

Some ideas for shared dishes are:

• Mashed Potatoes
• Sweet Potatoes
• Cranberry Sauce
• Veggie Tray
• Chips and Dip
• A classic Pumpkin Pie or dessert of choice

Now, in order to make this work, I do recommend clear communication ahead of time. Find out what each person plans to bring as a side dish because the last thing you want to have is five pumpkin pies and no mashed potatoes. Either way, you can get creative, and make it a fun meal where everyone gets to pitch in.

Tip #3: Get Creative with the Main Dish

For those who aren’t tied to tradition, or if you’re finding the cost of a turkey a bit too steep this year, I suggest considering alternative main dishes. The first year that Justin and I hosted our own Thanksgiving, we did so with another family. We had no money and neither did they, but we were all really excited to celebrate together. Needless to say, standing in the turkey aisle at the grocery store that month, we knew we couldn’t afford one. At least not in addition to the potatoes, pie and cranberry sauce that we wanted to include as well. So, instead, we opted for a spiral-cut ham that was a fraction of the cost.

Whatever you do, it’s important to recognize that Thanksgiving is really all about togetherness. If you can’t afford to pay for the traditional meal, make a new tradition with whatever fits your budget.

Turns out, everyone loved the ham that year, so much that we made it a yearly thing for the rest of the time that we lived in that town. It was a hit, and we were able to keep our budget intact so that we could continue on with our holiday season.

Tip #4: Keep Decorations Simple

My next tip is to keep decorations simple and I have to admit that Thankgiving decor is not really my thing, so this isn’t something that I’ve struggled with over the years. In fact, twelve years ago my girls asked me if we could get some decorations for Thanksgiving so together we decided on a really goofy looking fabric turkey that hangs on the wall only during the month of November. And, just last year I added to that by purchasing a fake fall flower arrangement. So, super simple and not costly.

If money is tight, but you must have decorations, then you can always consider using pine cones, pumpkins or leaves to create fun DIY arrangements and crafts.

Either way, if you’re anything like me, the Christmas decor is going up the day after Thanksgiving anyways, so keep it simple!

Tip #5: Plan for Leftovers

The final tip I want to offer isn’t really related to Thanksgiving preparations, but instead, what to do with all of the leftovers afterwards. And I do recommend having a plan in place ahead of time so that none of the food goes to waste. You could consider:

• Turkey Soup
• Turkey Casserole
• Sandwiches
• Quesadillas
• Pumpkin Bread if you have leftover pumpkin puree
• Breakfast Potato Hash

…the sky is the limit, but plan to eat the leftover food. Not only does it prevent waste, but it’ll save you some money when it comes to your grocery budget, too.

Note: One thing I do is note “leftovers” on my meal plan calendar for the three days after Thanksgiving. The truth is that I know that if we don’t have enough leftovers for those three days, it’s likely we can forage for food out of our freezer and not have to purchase all new ingredients for a full meal. Plus, who really wants to cook another big meal right after Thanksgiving?

Embracing Thanksgiving on a Budget

So there you have it, my tips to help you have an amazing Thanksgiving without ruining your budget.

And I do want to encourage you this Thanksgiving season to think about what really matters. Is it the perfect spread, or is it the time spent with loved ones? Because the truth is that with a little planning, you can enjoy the holiday without stressing about the bill.

And before you go, don’t forget to my FREE Holiday Budget Worksheet. It’s designed to help you stay on track this season, not only for Thanksgiving but as we head into the rest of the holidays. You can find it at lemonblessings.com/holiday or by clicking the link in the show notes.

Whatever you decide, just know that I’m cheering you on! You’ve got this! Have an amazing day and I’ll chat with you again next time!

The post How to Have a Successful Thanksgiving on a Budget appeared first on Lemon Blessings.

Investing in stocks can be like navigating a sea of uncertainty, where every wave in the market could either make or break your portfolio. One company that frequently catches the eyes of investors is Altria Group, Inc. (MO). This company boasts a wife product range and solid profits. However, there is the moral part of the equation. Do you want to own a stock in a company that produces a product that kills people? I firmly believe people are adults, it is not my place to be the judge of that. If I want to own this stock, I should not feel guilty about it.

But, is MO stock a wise addition to your investment basket in September 2024? Let’s explore it together.

I spent 5 days in New York and along the way, I saw monuments, museums, and Broadway shows too. What I didn’t do was pay over $3,000 for the trip.

I leveraged every ounce of my frugal ways to save money where it didn’t matter and splurge where it did.

The result was a trip that was bountiful in terms of experiences and low in cost.

The post 5-Day NYC Adventure: Big Experiences on a Budget appeared first on Budget Life List.