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."
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