Lessons From My Year of Bliss- #3

​During this past year I have experienced highs, lows; gains, loss; frustration, pure joy; and everything in between. I learned 5 Lessons in my Year of Bliss and I'll share them one by one over the next few weeks before we enter year 2020. Earlier in the month I discussed Lesson Number 1: Give Yourself Permission to Take A Break, and last week I shared Lesson Number 2: Flexibility.
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​3. Give Money A Destination

I found that when I give money a destination, I have money for retirement, savings, and travel every month. Once I pay in full my credit card bill of groceries, gas, and incidentals; health insurance; church offering; and my half of the mortgage, I designate where all the remaining money goes to. I'm happy to share my money destinations.

Retirement: Roth 403b for which I continue to contribute even though I left my previous full-time employer - $250 every 3 months; Regular Roth via a brokerage firm - $100 per month. Biggest Lesson – Have a retirement account outside your employer state  or 401(k) retirement account

Savings: I currently have both a $1,000 savings account and a full emergency account before I even started listening to financial experts Dave Ramsey and Chris Hogan. In 2019, I began contributing $84 per week for 3 months that equals $1,008. At the end of each 3 months I use $1,008 to fund my Retirement, Savings, Travel accounts and additional principal of the mortgage . Finally, I have a mutual fund via brokerage firm - $50 per month. Take Away Lesson – If you need to pay for your emergencies with a credit card (i.e.. car transmission) pay for it immediately with your emergency fund and replenish your fund as quickly as you can.

Travel: I have several domestic and international trips in 2020, ending with my much talked about trip to Ghana in December 2020. Why don't you join us!! In addition, I am already planning and saving for my yet-identified 2021 trips.

Do you give money a destination as apart of your personal financial goals?

Rhonda

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