I was gratified to read that I was already embracing some of the ways to stay out of debt and pay myself for our future. I’m 48 now, and for many years, I struggled to make ends meet. About 10 years ago, my company made a matching 401K available, as difficult as times were, raising 2 kids with previous credit card debt, we set up an automatic deduction that equalled the amount my company was willing to match. It was only a couple thousand per year, but at that time, it seemed like alot. It didn’t take any time at all to realize we didn’t miss this contribution. After the first year, we increased by a few percentage points, and still seemed to get by. A few years ago, when mortgage rates were at an all time low, we refinanced our home at a lower rate, took some of the equity to erase our entire credit card debt, and still reduced the years on our loan significantly. Next, we set up an automatic deposit to our savings account. I still use 1 credit card for work expenses, but we pay it off in full each month. We are on our way to a better future, but I only wish we had started sooner.
After reading your book, we have increased our 401K to help make up some time. But the best news is, I was able to convince one of my younger employees to learn from my mistake. He is 30 years old now, just recently married, and in better financial shape than I was at that time. He is now taking going to take advantage of the benefits our company has to offer, do it automatically, and be on his way for a financially secure future. I’ll be OK, but he should be great. There’s no better gift I could ever give.