|
Money coach Glinda Bridgforth says Marnie and Mark will be well on their way to becoming millionaires if they pay themselves first and invest half of their additional income each year. After taxes, that comes down to about $4,000 they can invest at an annual interest rate of 8 percent. In 30 years, they will have saved half a million dollars!
Extra income = $12,000
Extra income after taxes = $8,000
Invest 1/2 annually = $4,000
30 years at 8% = $500,000
With their daughters taking on more financial responsibility and their relationship back on track, the Widlunds say being on the Debt Diet has changed their dynamic. "Absolutely," says Marnie. "The marriage is a team."
More from Oprah's Debt Diet
From The Oprah Winfrey Show The Debt Diet: Part 5
Published on January 01, 2006
Keep Reading
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.
Follow
Advertisement
Advertisement
Advertisement
