Household Finances

 To have a great life, you need a strong household financial foundation .

Preamble to the US Constitution on old paper scroll

This involves not just today, but the foundation for your children and their children.

Setting your household foundation

This takes planning.

 Over the years, We at Life Choices have learned that invested money doubles every 7 years, roughly when invested in an index fund that mirror the S&P 500 in the United States.

 

 

Generations by age table

 Each Generation has different ideologies. Your why for finances is going to be different.  The tax code has also changed.

Instead of worrying about hourly wages, a successful household financial foundation uses wages per year and month.

It does not factor wages per hour in a pay period.

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Coins on wooden table next to a mason jar with bills

Thanks for asking Quora User.

Question:
Is becoming a millionaire easier today than it has been in previous generations?

Answer

Becoming a millionaire is a process that starts with dreaming

You will not do it if you do not have a why that is strong enough…

It will not happen!

 
 

The United States has a wide range of lifestyles that can give you high contentment and a sense of security.

Gen Z and Millennials can be in good shape for retirement in their 60s and a strong household financial foundation in the first 7 years of adult life or the first 7 years after getting formal adult education.

In addition, it will keep you out of the unsecured debt trap.

*****I

If you have not figured it out yet, all lives have unexpected life events.

Debt will likely make “financial freedom” much more difficult to achieve for the middle and working class.