028 Beyond Your Wedding Day Podcast- Dream Together

by mike on April 6, 2011

028 Beyond Your Wedding Day Podcast- Dream Together

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In this episode of the Beyond Your Wedding Day Podcast, we continue discussing the book Smart Couples Finish Rich by David Bach. We discuss step 7 (chapter 7) entitled “The Dream Basket”.

As adults, we often stop dreaming as a couple

*kids are great b/c they dream and dream big

*adults often stop dreaming because we don’t have the money to make our dreams a reality

*the truth is that most adults get boring as they get older

*allow yourself to dream and have fun again

Make a dream list

*List your top three to five dreams individually

*Then, share your lists with each other and make a “we dream” list

Create a systematic investment plan devoted solely to funding your dreams

Set aside 3 percent of your income into your dream basket

Put your dream basket investing into mutual funds

Why you should invest in mutual funds:

*they are easy to invest in (you can set up as little as $50 per month to automatically be deposited from your checking or savings account)

*they offer instant diversification

*they offer professional money management as the fund managers have tons of experience and research

*the fees are often very low

*they are boring: not subject to the ups and downs of the market

For short-term dreams (less than 5 years) put the money in a money market account

For long-term dreams (5 years or more) put your money in a growth stock mutual fund

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