Personal Finance Archives - Page 23 of 46

How to Budget for Black Friday Shopping | Save More in 2024

Are you feeling overwhelmed by Black Friday sales already? Learning how to budget for Black Friday shopping is your key to scoring amazing deals without breaking the bank. Each year, more shoppers are discovering that a solid budget plan is crucial for success.

Smart shoppers know that with the right tools and strategies, you can save hundreds while staying completely debt-free. Imagine walking away from Black Friday with everything on your list and zero financial regrets.

Ready to become a Black Friday budgeting pro? Let’s dive into the strategies that will help you make the most of your holiday shopping budget!

Key Takeaways

Create a detailed Black Friday shopping budget by listing essential purchases and setting spending limits for each category
Use cash-back apps and tools like Rakuten to earn up to $30 bonus on your Black Friday purchases
Track your holiday spending with budgeting apps like YNAB and Rocket Money to avoid overspending
Plan your shopping strategy in advance by researching deals and comparing prices across retailers
Take advantage of early sales and online shopping to get the best deals while staying within budget

Why You Need a Black Friday Shopping Budget

Black Friday can be overwhelming, with retailers competing for your attention and endless “deals” promising massive savings. Without a proper budget, it’s easy to overspend and start the holiday season in debt.

The combination of time-limited offers, doorbusters, and marketing tactics can lead to impulse purchases that derail your financial goals.

How to Create Your Black Friday Shopping Budget

1. Assess Your Current Financial Situation

Before diving into Black Friday shopping, take a close look at your finances:

Review your monthly income and expenses
Check your savings and emergency fund
Calculate how much disposable income you can allocate to Black Friday shopping
Consider any upcoming bills or financial obligations

2. Make a Priority Shopping List

Create a detailed list of items you want to purchase:

Essential items you’ve been waiting to buy
Holiday gifts for family and friends
Replacement items for household necessities
Nice-to-have items (if budget allows)

3. Research Prices and Set Category Limits

Look up regular prices for items on your list
Research historical Black Friday prices
Set maximum spending limits for each category
Add a 10% buffer for unexpected deals

Understanding Black Friday Shopping Psychology

The Science Behind Sales and Spending

Black Friday creates a perfect storm of psychological triggers that can lead to overspending:

Scarcity mindset from limited-time deals
Fear of missing out (FOMO) on exclusive offers
Social proof when seeing others shop
Dopamine rush from finding deals

How to Stay Focused and Avoid Impulse Buys

Create a “cooling off” period before large purchases
Use price tracking tools to verify actual savings
Set phone reminders of your budget limits
Shop with an accountability partner

Tools to Help You Stay on Budget

Rakuten: Earn Cash Back While You Shop

One of the smartest ways to stretch your Black Friday budget is by using Rakuten. Here’s why:

Get a $30 bonus when you sign up and spend $30 within 90 days
Earn cash back at over 3,500 stores
Automatic savings with the browser extension
Quarterly payouts via check or PayPal

Pro Tip: Install the Rakuten browser extension before Black Friday to automatically activate cash back at participating online retailers.

YNAB (You Need A Budget): Master Your Holiday Spending

YNAB‘s four-rule method is perfect for Black Friday budgeting:

Give every dollar a job: Allocate specific amounts for each shopping category
Embrace your true expenses: Plan for both Black Friday and upcoming holiday expenses
Roll with the punches: Adjust your budget as deals become available
Age your money: Use last month’s income for Black Friday shopping

The average YNAB user saves $600 in their first two months – imagine what you could save during Black Friday!

Rocket Money: Track and Control Your Holiday Spending

Keep your Black Friday budget in check with Rocket Money:

Monitor all your spending in one place
Track Black Friday purchases across multiple stores
Identify and cancel unnecessary subscriptions
Save up to $720 annually on subscription costs

Sequin: Smart Rewards for Self-Care Purchases

If your Black Friday shopping includes self-care items or beauty products:

Earn up to 6% cashback on beauty and wellness purchases
No credit card debt – uses debit to help you stick to your budget
High-yield checking account (up to 3.06% APY) for your shopping fund
Access to financial education resources and community support

Making the Most of Your Budgeting Tools

Maximizing Rakuten for Black Friday

Before Shopping:

Install the browser extension
Review special Black Friday bonus offers
Compare cash back rates across stores
Add items to wish lists at participating retailers

During Shopping:

Verify cash back activation before checkout
Stack store coupons with cash back
Screenshot cash back confirmations
Track pending cash back amounts

Advanced Tips:

Use the mobile app for in-store cash back
Check for increased rates on specific categories
Combine with store loyalty programs
Watch for limited-time bonus offers

YNAB Strategies for Holiday Shopping

Setting Up Your Budget:

Create specific Black Friday categories
Set up “wish farm” categories for large purchases
Track historical spending patterns
Build in buffer categories for unexpected deals

Using YNAB’s Four Rules Effectively:

Rule 1: Allocate specific amounts for each store
Rule 2: Break down large purchases into monthly amounts
Rule 3: Adjust categories as deals become available
Rule 4: Save throughout the year for Black Friday

Rocket Money’s Budget Tracking Features

Before Black Friday:

Review current subscriptions
Cancel unnecessary services
Set up spending alerts
Create custom budget categories

During Shopping Season:

Track real-time spending across accounts
Set up merchant-specific alerts
Monitor for duplicate charges
Track shipping and return deadlines

Sequin’s Smart Shopping Benefits

Maximizing Cash Back:

Plan beauty and wellness purchases
Stack rewards with store promotions
Time purchases for maximum returns
Use high-yield checking for shopping funds

Creating a Month-by-Month Black Friday Preparation Plan

Three Months Before (September)

Start saving in a dedicated account
Research historical prices
Sign up for retailer newsletters
Install shopping tools and extensions

Two Months Before (October)

Create an initial shopping list
Set up budget categories
Compare prices across retailers
Join store loyalty programs

One Month Before (November)

Finalize shopping list
Set spending limits
Research early bird deals
Create store-specific strategy

Advanced Black Friday Shopping Strategies

Deal Stacking Techniques

Combine store coupons with cash back
Use discount gift cards
Apply loyalty points
Stack manufacturer and store rebates

Price Protection Strategies

Know store price match policies
Save receipts and price screenshots
Monitor post-purchase price drops
Understand return policies

Technology Tips for Better Deals

Use multiple devices for checkout
Set up auto-fill information
Create wishlist alerts
Use price-comparison extensions

Special Considerations for Different Types of Purchases

Electronics and Appliances

Research model numbers carefully
Compare warranty options
Consider extended protection plans
Factor in installation costs

Clothing and Accessories

Check size charts carefully
Understand return policies
Factor in shipping costs
Consider seasonal timing

Home Goods and Furniture

Measure spaces accurately
Calculate delivery fees
Check assembly requirements
Verify stock availability

In-Store Shopping Strategies for Black Friday

Planning Your Store Visits

Research store opening times and special hours
Map out store locations and optimal route
Check store-specific policies and rules
Plan parking strategies for busy locations

Managing Door-Buster Deals

Prioritize highest-value items
Get store layout maps in advance
Know item locations within stores
Have backup plans for sold-out items

Safety and Comfort Tips

Dress comfortably for long lines
Bring water and snacks
Keep valuables secure
Maintain social distancing when possible

Store Navigation Tactics

Start from the back of the store
Use less crowded entrances
Know alternative checkout locations
Use store apps for inventory checking

Expanded Electronics and Tech Purchases Guide

Research and Preparation

Verify model numbers and specifications
Compare features across different versions
Check professional review sites
Monitor pre-Black Friday price trends

Understanding Tech Deals

Identify previous-generation models
Compare bundle values
Research store-specific variants
Check included accessories

Protection and Support

Compare warranty options across retailers
Understand manufacturer coverage
Research extended warranty value
Check technical support availability

Installation and Setup

Calculate professional installation costs
Research DIY installation requirements
Consider mounting or furniture needs
Plan for software setup time

Long-Term Considerations

Check upgrade possibilities
Research repair options
Consider future compatibility
Calculate operating costs

Post-Black Friday Financial Recovery

Assessing Your Shopping Success

Calculate actual vs. planned spending
Track pending cash back and rewards
Document lessons learned
Update budget categories

Planning for Future Sales

Create a year-round savings plan
Set up dedicated shopping funds
Build a shopping emergency fund
Track annual sales cycles

Managing Returns and Exchanges

Know return deadlines
Track shipping labels
Monitor refund processing
Update budget allocations

Building Long-Term Shopping Habits

Year-Round Savings Strategies

Use cash back tools consistently
Monitor price trends
Build an emergency shopping fund
Track seasonal sales

Developing Smart Shopping Skills

Research before buying
Compare prices regularly
Read reviews carefully
Understand store policies

Final Thoughts: How to Budget for Black Friday Shopping

Successfully budgeting for Black Friday shopping requires planning, discipline, and the right tools.

By using resources like Rakuten for cash back, YNAB for budgeting, Rocket Money for spending tracking, and Sequin for smart rewards, you can make the most of Black Friday deals while staying within your budget. Remember, the best deals are only worth it if they fit into your overall financial plan.

Start preparing your Black Friday budget today by signing up for these helpful tools:

Join Rakuten for your $30 welcome bonus
Try YNAB’s 34-day free trial
Download Rocket Money to track your spending
Open a Sequin account for cash back on self-care purchases

Happy shopping, and remember – the best Black Friday deals are the ones that don’t break your budget!

Disclosure: This post contains affiliate links. When you purchase through these links, we may earn a commission at no additional cost to you. We only recommend products and tools we trust and use ourselves. Thank you for supporting The Budgetnista!

The post How to Budget for Black Friday Shopping | Save More in 2024 appeared first on The Budgetnista.

Living in the time of pandemic: COVID-19 (232)

BalloYear 4 of COVID in the Bay Area. Year 5, Day 201: I did a bunch of work on the weekend to make it possible to be relatively caught up today for the first time in months. I really needed this to free me up for my shift of phonebanking tomorrow, couldn’t make that if […]

Bitcoin in Your Portfolio: A Potentially High-Reward Asset If Rebalanced – But Beware of Black Swans

This is a free article, but it requires an account.

Our FREE account gives you:

🔓Full Access to articles exclusively available to our Wheelers Community Members
🚀Early Access to articles available to all readers

👉 The Wheelers account is completely FREE:

Frugal Family Activity: Snow Cake

123rf

The forecast is calling for heavy precipitation in the next few days, right in time for the new year. Most of us are still in vacation mode, and parents with children are probably wondering how they’ll entertain their children while school is still out. Unfortunately, the cold means there’s no garden to tend to, and unless you’ve installed cold frames and planned for a winter harvest, there’s nothing to pick from the ground. On fair days, when the weather has calmed and the sun is out, it’s an ideal time for outdoor activities like tobogganing, hiking, and skating. What happens when the snow falls fast and fills the streets and yards to the brim, though? Some stay holed up inside with a good book. Others play games or enjoy binge-watching Netflix. On days like those, there’s no opportunity to dig in the dirt. But whether you’re a parent wanting to entertain the kids or an adult looking for something different to do, there is one thing you can harvest after a winter storm. Snow!

My mother was, once upon a time, a preschool teacher. She still works with children and is a true kid-at-heart. I was recently reminded of an activity she used to do with her students and one that we would do at home. When the snow was fresh, we’d pop outside and find an undisturbed mound of the stuff and ‘harvest’ it for baking.

Yes. You heard that correctly. We’d bake a snow cake. The texture is dense, like a pound cake, and the taste was never really it’s shining attribute. But the fact that we were baking with snow was the real spectacle. I asked my mother to share her recipe with me so I could share it with you today on this New Year’s Eve. It’s a fun recipe to try with kids, and it sure beats feeling bummed about the lack of warm gardening-ready weather.

Snow Cake

1 cup of sugar
1/2 cup of butter (margarine can be substituted)
1/2 cup of milk
2 tsp baking powder
2 cups of flour
1 cup of snow**

Directions

Preheat oven to 350F
Mix all ingredients until the batter is smooth
Pour into a baking pan of your choice
Bake for 30 to 40 minutes
Remove from oven and let cool
Add your favorite icing

**Make sure to scoop up fresh, clean snow.

Please feel free to share photos of your snow cake or stories of making this recipe with your kids I’d love to see and hear them.

The post Frugal Family Activity: Snow Cake appeared first on Frugal Gardening.

How to score cheap tickets to Warwick Castle – my personal experience

Nestled in the heart of Warwickshire, England, Warwick Castle is a fascinating journey through over a thousand years of history. Whether you’re interested in medieval architecture, historical reenactments, or a nice day out with the family, this iconic castle provides a vibrant and engaging experience…but the tickets can be expensive….so here are some ways to reduce costs.

Buy tickets in advance – Advance ticket purchases not only secure your entry but can also come at a discounted price, ensuring you don’t miss out on your preferred visiting day.

Look for vouchers on eBay – I found Cadbury 2for1 vouchers on eBay that were a steal for entry into Warwick Castle. I managed to get four tickets for just £52, saving significantly off the usual price of £120 for same day tickets. Remember these tips when …

The post How to score cheap tickets to Warwick Castle – my personal experience appeared first on Money saving blog – Mrs Bargain Hunter.

Millionaire Interview 425

Here’s our latest interview with a millionaire as we seek to learn from those who have grown their wealth to high heights.

If you’d like to be considered for an interview, drop me a note and we can chat about specifics.

This interview took place in July.

My questions are in bold italics and their responses follow in black.

Let’s get started…

OVERVIEW

How old are you (and spouse if applicable, plus how long you’ve been married)?

My wife is 38 and I’m 37.

We have been married for 6 years.

Do you have kids/family (if so, how old are they)?

We have two kids (5 and 2) that keep us on our toes.

What area of the country do you live in (and urban or rural)?

We live in a suburb of a Midwest city.

What is your current net worth?

Our net worth as of July 1, 2024 is $1,546,052.

I track this monthly and it has doubled since July 2021 ($793,862).

What are the main assets that make up your net worth (stocks, real estate, business, home, retirement accounts, etc.) and any debt that offsets part of these?

Checking = $10,000
Brokerage Accounts = $137,115
Tax Deferred Accounts (457, Educator Pension and 401K) = $442,693
Tax Free (Roth IRA’s, 403b-Roth, HSA, and HCSP) = $641,610
House Equity = $280,925 ($521,400 value)
529 Accounts for our kids = $33,709

The only debt we carry is our 2.75% mortgage payment. We have 16 years left until this is paid off.

We have approximately $240,475 left on the loan. We paid cash for our two cars and plan to drive them for as long as possible.

EARN

What is your job?

My wife and I are both career-focused. She has been with the same company for four years and enjoys what she does as a Communications Manager.

I have been in education my entire career. I started as a teacher/coach and progressed to a dean of students, assistant principal, and now lead principal.

I also serve as an adjunct professor at a few local universities.

What is your annual income?

In 2023, our annual household gross income was $322,792.

This is broken down as follows:

Communications manager=$116,279
Principal=$184,000
Adjunct professor=$22,513

Tell us about your income performance over time. What was the starting salary of your first job, how did it grow from there (and what you did to make it grow), and where are you now?

My wife and I have both worked hard to get where we are. We have each averaged 12% increases in salary year-over-year since we started our first jobs out of college.

Some years that was 2-3% increase and others it has been 35% plus. We have found that in order to get the substantial jumps in pay we desire, we have had to move to new companies/ districts.

My first salary as a teacher and coach was approximately $40,000. I taught five different courses, coached multiple sports, and pretty much slept at the school.

It was extremely rewarding, but I knew it wasn’t sustainable as I got older and wanted to have a family. I went back to school to get my administrative license after my first year of teaching and landed a dean of students position a year later.

I moved up to assistant principal after two years as a dean and have been in a lead role for the past four years. With each advancement, I moved districts, which provided me a chance to cash in on some of the benefits in the contracts, such as sick leave and PTO payouts.

Many educators never look at their contracts, but there are substantial differences in benefits even when the districts are a few miles apart. Some contracts even incentivize you to leave if you are in the early part of your career!

I received my doctorate and I’m currently pursuing my superintendent license. These educational attainments have provided great networking opportunities and improved my career outlook.

My wife was not exactly sure what her direction would be coming out of college and bounced around to a few different companies working in a variety of business sectors. She settled into Marketing/Communications about 10 years ago and has seen her income rise steadily after she solidified her path.

She has landed with a company that provides her flexibility and has a great culture. She feels valued and that means more to her than a higher paying salary.

What tips do you have for others who want to grow their career-related income?

Network – Carla Harris did a great TED Talk about how to find the right person to help you get ahead at work. The talk is all about finding sponsors/mentors who will pound the table for you during important times.

I find this to be so important. These relationships will also make you better at your craft!

Hungry – You have to be hungry to improve yourself, your team, and your ability to lead. I listen to podcasts and audiobooks daily.

I also share articles, blogs, etc. with many friends and family members. This shared accountability to enhancing ourselves helps us all improve.

Humble – I have not received every job I have applied for, but I have surrounded myself with good leaders who believe in me. Be ok with asking questions, observing how others have thrived, and replicating those behaviors.

Luck is when preparation meets opportunity.

Smart/Self Awareness – Be reflective. Know when to “hold um’ and when to fold um”.

You should know if you’re well respected and if the company has a plan for you or not. If you don’t know, ask.

Be aware of where you stand and make moves accordingly. When you learn an answer you’re not happy about, don’t be afraid to explore other options.

Be Kind – You can have high expectations for yourself and others while still being kind. A smile goes a long way.

Seeking to understand before you’re understood is key to moving the work forward productively and collaboratively.

By embracing these characteristics, you will open more doors than you ever thought possible for your career.

What’s your work-life balance look like?

In the summer months, my work life slows way down. I still look at emails and reflect on ways we can improve constantly, but as a school principal, the magnitude of emails and phone calls from parents and staff are much less in the summer.

During the school year, I work a lot. I pick my kids up from school every day and we have family time until they go to bed.

There are plenty of nights that I pick the laptop back up after they go to sleep, which I’m fine with because I enjoy the work.

My wife has a lot more flexibility. She still goes into the office 4-5 days a week, but many of her projects are not urgent, so she is able to plan her schedule a few weeks out.

She is also much better than me at shutting the computer for the night, putting her phone away, and being present for our family. This is something I really need to start prioritizing as our kids get older.

Do you have any sources of income besides your career? If so, can you list them, give us a feel for how much you earn with each, and offer some insight into how you developed them?

Outside of our main jobs and my adjunct professor positions, we do not have any other income.

We have discussed dabbling in rental properties, but we feel with the current uptick in the housing market and the uncertainty of if we will move into a larger home ourselves, it is probably best to just stick to mutual fund investing and keep working our plan.

I am interested in learning more about serving on a Board or getting into Venture Capitalist opportunities, but those are more of a dream than a reality at this point.

SAVE

What is your annual spending?

We currently spend between $140K and $150K per year.

The cost of daycare ($31,000) and increased grocery prices have driven up our spending quite a bit in the last few years.

What are the main categories (expenses) this spending breaks into?

Mortgage/Utilities/Insurance = $31,940
Daycare = $30,548 (yes, our daycare bill is almost as high as our mortgage)
Grocery = $10,875
Target = $8,600
CostCo = $7,140
Health care = $6,871 (We pay healthcare out of pocket and let our HSA grow. This was a high year for us because of my son’s surgery)
Restaurants = $5,200
Home Improvement/Repairs = $5,100 (new washer and dryer with a few other things)
Travel = $5,000
Gym Membership = $3,240
Amazon = $3,120
Gas = $2,280
Internet and Youtube TV = $2,000
Car maintenance = $1,000
Misc. (entertainment, gifts, clothing, furniture, kids sports, kids clothing, cell phones, etc.) = approx. 20-25K

Our spending has increased by about $40K since we had kids.

We attribute this to increased food costs and consumption, being a little easier on ourselves for buying the food that we want instead of what is the cheapest, and all of the kids’ toys, diapers, and activities. Kids are expensive!

Do you have a budget? If so, how do you implement it?

Yes, I keep track of our budget and savings monthly. My wife does not like talking about finance (it stresses her out), so we plan two sit-down meetings a year to review our expenses and investing plan.

During our two finance meetings, I pour her a big glass of wine and we sit down to review our current net worth. We discuss our short and long-term goals with money to make sure our investing plan is aligned.

We enjoy planning our future together as a family and making adjustments along the way.

What percentage of your gross income do you save and how has that changed over time?

We currently save 35% of our gross income. This has fluctuated slightly as our jobs have changed, kids, and the cost of everything in today’s world.

Before kids, we saved roughly 40%. I would rather save more now and have options later.

What’s your best tip for saving (accumulating) money?

Be disciplined – Pay yourself first. Set up a plan and automate it.

We have maxed out both Backdoor Roths, HSA, 457, 403, and 401K for the last four years and our net worth has doubled. We also only have a certain amount of money go into our checking account each pay period.

The rest goes into our Vanguard Brokerage. This requires us to stay disciplined with the money we have and not get enticed by a large checking account to buy junk.

Know what you’re investing in and where – We prefer VTSAX and have most of our resources in that diversified mutual fund. We also appreciate the low-cost management fees and user-friendly platform that Vanguard provides.

Regardless, know where your money is going and what you are buying for all of your investments. Track your account performance and make sure it is optimized based on your risk tolerance regularly.

Always be buying – We, nor can you, predict market fluctuations. We buy every other week through our retirement accounts and set up automated monthly investment pulls for our kids’ 529 and our brokerage accounts.

We believe TIME in the market is more important than TIMING the market.

Enjoy life along the way – Life is too short. We have identified what we really enjoy and prioritized our money to support that.

For us, gym membership, good food, reliable cars (not luxury, but solid), and experiences with family and friends are what we splurge on. We also want to make sure our kids understand the value of money and will work to teach them about this as they grow older.

What’s your best tip for spending less money?

Live within your means.

Drive reliable cars that aren’t expensive, live in a great community in a modest home, and think about what your money can do for your family down the road if you invest it instead of spending it.

What is your favorite thing to spend money on/your secret splurge?

Experiences – We enjoy planning trips, barbecues, and activities with our family and friends.

The laughter, stories, and pure jubilation this causes are worth every penny.

INVEST

What is your investment philosophy/plan?

We are big fans of The Money Guys Show and their Financial Order of Operations. This plan has served us well when we have needed to decide where our next dollars should go.

Below is how we are investing our money this year, in the specific order we prioritized.

Our Plan:

Maintain at least three months of expenses in a Vanguard Money Market account approx. $35,000.
Max out both employee-sponsored retirement plans (403B-ROTH and 401K-Traditional) $23,000+23,000 + employee matches.
Max out the second retirement plan for educators (457- traditional) $23,000.
Max out both backdoor Roth IRAs at $7,000/year.
Max out dependent care of $5,000 and maximize HSA of $8,300. Invest in HSA and pay medical expenses out-of-pocket.
Contribute $250/month to each kid’s 529 accounts.
Create and maintain a balanced budget that shows how much we are spending, saving, and net worth. Update monthly.
Spend less than $150,000/year.
Save a total of $120,000/ year.
Add additional funds over the safety net (step #1) into our VTSAX brokerage accounts.
Consider tax-loss harvesting with investments for tax purposes from Oct.-Dec.
Maintain a two million dollar fixed term life insurance policy for me (20 years) and one million for my wife (15 years).

We are optimizers at heart, but know we should also be saving more into a brokerage account, so we have more flexibility as we need it. With additional income raises, we plan to add more to our brokerage account, so we have more liquid assets.

What has been your best investment?

My best investment was marrying my wife. A partner that has a similar outlook on life and happiness.

Someone who is willing to work beside me to create the life we want for our family. She is a great partner and I’m very lucky to be with her.

The person you marry is probably the most important decision you will ever make from a happiness and financial perspective. I made a great decision!

What has been your worst investment?

When I was in my early 20’s, I thought I could pick stocks. I picked UCO (a triple-leveraged oil stock) and threw $1,500 in the fund.

Five days later (I’m not exaggerating), the stock went under and I lost it all. I have stuck to low-cost mutual funds ever since then.

What’s been your overall return?

Overall, it is between 9-11% depending on the investment.

I started tracking our net worth, savings, and budget four years ago. I think it was COVID that really pushed me to start focusing more on our finances, even though I have always been a saver.

Over the past four years we have seen the following returns for our net worth: +57% in 2021, -6% in 2022, +35%in 2023, and currently +17% in 2024. The numbers seem high, but they’re accurate.

How often do you monitor/review your portfolio?

Way too often.

I track spending and saving monthly, but I look at the accounts a few times a week.

NET WORTH

How did you accumulate your net worth?

My parents were not great with money, but my grandparents (on both sides) grew up through the Depression and were very avid savers. Their practices influenced me to be a saver.

I have always saved enough to max out my Roth IRA since I was 18 years old. Other than that, my savings number has escalated as my income has increased.

As I have had more disposable income, I have wanted to be intentional to maximize the likelihood it will grow. I’m still pretty basic and don’t splurge on much.

I value experiences over things. I also get excited to see my net worth number grow.

My wife came from an affluent family but was not handed a silver spoon. She has always been very disciplined and conservative with her money.

When we started dating she had all of her savings in a checking account and she has evolved her understanding and willingness to invest as she has grown older.

Neither of us were taught about investing and have had to forge our own way over the years. We are both conservative with money and tend to stick to low-cost mutual funds as our main investment vehicle.

What would you say is your greatest strength in the ESI wealth-building model (Earn, Save or Invest) and why would you say it’s tops?

Save – we both value the security and flexibility wealth can provide. Our goal is to get to 4-5 million in investable assets before we downshift our yearly saving goals.

We believe this number will allow us to do what we want with our jobs and continue to live a great life.

What road bumps did you face along the way to becoming a millionaire and how did you handle them?

In our early 20’s there were so many unknowns. We were not certain where our careers would take us, who our significant other would be, or what challenges were in front of us.

We have tried to stay persistent, dedicated, and focused on our careers while also enjoying life. Through our 20’s we became more aware of our goals and worked hard to pursue them.

We networked, volunteered, and were not afraid to do the little things to earn promotions. All of these life lessons helped prepare us to take more control of our finances as we entered our early 30s.

What are you currently doing to maintain/grow your net worth?

My wife is working to move into a senior-level position that would improve her salary. I’m obtaining my superintendent’s license and may explore opportunities in a few years.

Other than that, we are maintaining discipline with our plan. With employee contributions, we plan to save $120,000/year for the foreseeable future.

Do you have a target net worth you are trying to attain?

We would like to get to 4-5 million dollars invested before exploring other career opportunities or early retirement. We prescribe to the 4% withdrawal rule that many people in the FIRE community preach.

So when we get to that number, we believe we will be able to live comfortably and have options from a career and overall life standpoint.

How old were you when you made your first million and have you had any significant behavior shifts since then?

I was 35 and my wife was 36.

We have not changed much, but do feel less stressed when it comes to spending money.

What personal habits and/or traits have you developed that have made you successful at growing your net worth?

Knowledge – I read books, blogs, and articles daily, listen to podcasts weekly, and talk with my friends about what they are investing in and where they are putting their money. This shared knowledge has improved my confidence and competence in personal finance.

I feel like I’m driving my own ship now, instead of being a passenger on the deck below, hoping I’m on the right track, but not really knowing where we are going.

What money mistakes have you made along the way that others can learn from?

I was not aware of financial planner fees until I got into my late 20s. My financial planner had me in an expensive term life insurance policy.

I was frustrated when I finally figured it out, but chalked it up to a learning lesson. I now do all my investments myself and do not pay an advisor.

Although, I do plan to work with a fee-only advisor every 5-10 years to make sure the engine is dialed!

What advice do you have for ESI Money readers on how to become wealthy?

Know where your next dollar will go. Have a detailed plan that you review often.

As your wealth grows, stay consistent and hungry. Always reflect on where you are and where you want to be.

Pursue your goals with focus and dedication. As you’re on the journey, don’t be afraid to celebrate your successes.

FUTURE

What are your plans for the future regarding lifestyle?

Our tentative plan is to have my wife work until she is approximately 50 and me 55. My pension, which is paid through the state, is based on my highest five years of salary and total years of service.

I need to work a minimum of 30 years in education to realize the max benefit. From 55 to 62, we plan to use our brokerage account to bridge the gap to when I will start drawing my pension.

We will need to grow this more aggressively as we enter our mid-40s. We reevaluate our plans often, but we are content with our current net worth trajectories and enjoy what we do professionally, so we are planning to continue to ride the wave.

One challenge we are currently faced with is we are in a starter home at a 2.75% interest rate. We are in a solid school district and have enough bedrooms/bathrooms for what we need, but it is not perfect.

Moving to a bigger house might make sense from a lifestyle perspective, but I’m having a really hard time digesting a larger mortgage payment, interest rate, and taxes. I’m fearful of lifestyle creep, but also want to provide a comfortable and enjoyable childhood for my kids.

This decision is probably the most challenging money decision we are faced with right now. We also realize this could impact our long-term plans and want to make conscious decisions that prepare us to be mortgage-free by 55 years old.

What are your retirement plans?

We would like to have a paid-off house, flexibility to spend time with friends and family, and travel. We have a family bucket list that we try to enjoy while the kids are young, but there are some unique locations around the world my wife and I would enjoy visiting.

Other than that, we are active (hikes, walks, golf and pickleball). To me, there is no better way to enhance your relationship with someone than to do something active together.

We hope to do this as much as possible now and when we retire. Why wait?

Are there any issues in retirement that concern you? If so, how are you planning to address them?

The cost of healthcare, inflation, and our own personal health are the items we think about. To prepare, we are trying to build a nest egg that will support us in facing these unknowns.

Also, we try to live in the present, enjoy each other’s company and plan fun activities for our friends and family.

MISCELLANEOUS

How did you learn about finances and at what age did it “click”?

My family instilled the “saver” mentality into me, but I taught myself about investing. I became an avid learner about personal finance around 30 years old.

With a little trial and error and a lot of reading and listening, I have improved tremendously in my understanding of wealth building.

Who inspired you to excel in life? Who are your heroes?

My heroes are family members and friends. I believe you are the sum of the five people you spend the most time with.

I have always tried to surround myself with people who are smarter and wiser than me.

Do you have any favorite money books you like/recommend? If so, can you share with us your top three and why you like them?

So many!

Books:

The Simple Path To Wealth,
Millionaire Mission,
Die with Zero,
Millionaire Next Door, and
Rich Dad, Poor Dad

Podcasts:

ChooseFi
The Money Guys
Millionaires Unveiled
I Will Teach You to Be Rich

Blogs:

ESI Money
Mr. Money Mustache
White Coat Investor

Do you give to charity? Why or why not? If you do, what percent of time/money do you give?

We do not give to charity for tax write-off purposes. We give to causes we believe in or are a part of.

Many times that is for friends/family who come across hard times or work-related causes (school fundraisers, Girls Scout cookies, etc.). We have also volunteered our time for Make-A-Wish and other causes we care about.

Do you plan to leave an inheritance for your heirs (how do you plan to distribute your wealth at your death)? What are your reasons behind this plan?

Yes, making sure our kids are self-aware and prepared to manage their own finances is very important to us. We want to teach them along the way and be a sounding board when they start their own wealth-building journey.

We have discussed potentially doing a dollar-for-dollar match into their Roth IRAs as they start making money, paying for a majority of their college with a 529 plan, and making sure they are launched out of college with minimum debt. Making sure our kids have what they need to pursue their dreams and still enjoy their lives along the way is important to us.

The book Die With Zero does a nice job articulating how we could do this throughout their lives and not just at the end of ours.

The post Millionaire Interview 425 appeared first on ESI Money.

Should I Buy More Rentals or Pay Off Debt? (Here’s What I Did)

🎙️Episode #369 – Trying to decide between buying more rentals or paying down debt to reach financial freedom? I’ll share my own story of facing…

The post Should I Buy More Rentals or Pay Off Debt? (Here’s What I Did) appeared first on Coach Carson.

Dividend Growth Investor Q&A series – The Dividend Guy Blog

Although we can be financially independent if we choose to, we decided to postpone FI by building up our dividend portfolio so we can one day live off dividends. We randomly set an FI target …

10 Life Changing Navy SEAL Quotes Every Mom Should Embrace

I love using navy seal quotes for moms because there’s such a parallel to the endurance and strength required in both. Navy SEALS are elite warriors who embody resilience, strength, and determination—qualities that every mom can use to make motherhood better.

You don’t hear people asking military personnel, “are you happy?! Isn’t it the best!” instead you hear people saying, “thank you for your service and dedication to our country.” That’s something we can borrow for motherhood—instead of thinking it should be easy, fun, and happy all the time, you can view it as a high performance job that requires dedication, devotion, and an abundance of strength you never knew you had.

That’s why Navy SEAL quotes in motherhood can go a long way.

Navy SEAL Quotes For Moms

Here are 10 powerful Navy SEAL quotes and how they can inspire you in your motherhood journey.

UP NEXT: Get 10 Mindset Mantras For Moms

1. “Get comfortable being uncomfortable.” – David Goggins

Embracing discomfort is essential as a mom. Whether it’s sleepless nights, dealing with tantrums, or facing personal growth, learning to be okay with the hard parts helps you thrive. When you accept discomfort as part of the journey, you become more resilient.

2. “The only easy day was yesterday.” – Navy SEAL mantra

Each day in motherhood presents new challenges. The key is to recognize that these challenges help you grow stronger and more capable. Remember, every tough day is an opportunity for growth and learning.

3. “Slow is smooth, and smooth is fast.” – Navy SEAL motto

Rushing through tasks can lead to more stress and mistakes. Moving with intention and calm can make your day smoother. This applies to everything from managing the kids’ routines to taking time for self-care.

4. “It pays to be a winner.” – Navy SEAL mantra

Doing the hard work, making sacrifices, and staying consistent in the small things—like showing up for your kids or managing your well-being—pays off in the long run. Celebrate your efforts and the positive outcomes they bring.

5. “The only thing more contagious than a good attitude is a bad one.” – Navy SEAL wisdom

Your mindset sets the tone for your entire household. Bringing positivity, resilience, and calm into your home will resonate with your children and family, creating a supportive environment for everyone.

6. “Under pressure, you don’t rise to the occasion; you sink to the level of your training.” – Navy SEAL wisdom

Motherhood can be intense and chaotic. How you react is based on the habits and mindsets you’ve built. Prioritizing self-care and positive habits makes you stronger in tough moments, allowing you to handle challenges effectively.

7. “If you want to change the world, start off by making your bed.” – Admiral William H. McRaven

Starting the day with small accomplishments can set a positive tone. Whether it’s making the bed or sticking to a morning routine, these small wins help you feel more in control and capable of tackling the day ahead.

8. “You can’t control the outcome, but you can control the effort.” – Navy SEAL wisdom

You may not always be able to control how things unfold with your kids, but focusing on doing your best each day is what truly matters. This mindset fosters resilience and helps you cope with the unpredictable nature of motherhood.

9. “Embrace the suck.” – Navy SEAL motto

There will be hard days and struggles in motherhood, but embracing the tough parts with a resilient mindset helps you push through and grow stronger. Accepting the challenges allows you to find joy in the journey, even when things get tough.

10. “It’s not about how hard you hit; it’s about how hard you can get hit and keep moving forward.” – Rocky Balboa (popularized in SEAL training)

Motherhood is filled with unexpected challenges. What matters most is your ability to keep showing up and moving forward, even when it’s hard. Each setback is an opportunity to learn and grow, so keep pushing forward with determination.

A Final Note

Remember, you are not alone in this journey—every mom faces her own challenges, but with the right mindset, you can thrive.

Incorporating these Navy SEAL quotes into your mindset can provide the strength and inspiration you need as a mom. By embracing resilience, positivity, and the challenges of motherhood, you can navigate this incredible journey with grace and purpose.

Additional Mindset Resources For Motherhood:

10 Mindset Mantras (download)
How To Stop Negative Thinking (podcast)
Cognitive Distortions Class (membership)
How Mindset Has Changed My Life As A Mom (blog post)
10 Mindset Shifts For Moms (podcast)
Victim Mentality In Motherhood (blog post)
Mom On Purpose Free Course (download)
25 Mindset Tips For Moms (blog post)
How To Have An Empowered Mindset (podcast)
Mantras For The Mental Load Of Motherhood (blog post)
How To Let Go Of Negative Thinking And Reprogram Your Mind For Positive Thinking (blog post)
5 Mindset Shifts For Ambitious Moms To Thrive In Motherhood (blog post)

The post 10 Life Changing Navy SEAL Quotes Every Mom Should Embrace appeared first on Mom On Purpose.

Why I’m Selling Stocks Before the Trump Presidency

We’re going to have a new President in 2025, and for the first time since Grover Cleveland was re-elected in 1893, we already have the

The post Why I’m Selling Stocks Before the Trump Presidency appeared first on Impersonal Finances.

PFB Original Content