I have a very special guest blogger today: my wife and The Money Mammals executive producer, Eileen Lanza. Eileen inspired me to really get my money act together after being something less than money-savvy in my 20’s. Her advice is simple and effective. Listen to her. I do.
A dollar a day?
So I am a Money Mammal, right? And a Money Mammal Mommy too! Because I sell real estate (in Los Angeles), I have decided to put $1 a day away for each of my children starting at birth to go towards a down payment for their first homes.
I just thought of this, so I have some catching up to do since my girls are 2 and 4. I decided to buy into a mutual fund and keep it in my name until they are old enough and wise enough to purchase their own homes. I looked for a no-load mutual fund with a low minimum and purchased shares of American Century LiveStrong 2035 online.
I have always funded my 401k’s, IRA’s and the girls’ 529 plans, and I have never missed a single dollar. It is very satisfying getting the statements in the mail and seeing how much money I have socked away.
Can you imagine how much money they will have in 20 years? All because I saved $2 a day! C’mon and join me! Your kids will thank you in 20 years, and they won’t live with you until they are 35!
Eileen (Money Mammal Mommy)