4 Simple Steps to
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Let’s look at the next steps to get started…
- Determine your Budget Allowance (8% of your total before tax income is common). People often pay up to 35% in income taxes, so why not keep 8% for your family.
- Determine your Mortgage Amount as well as the term of years (15, 30 etc) and interest rate.
- Determine your Amount of Life Insurance needed on the household breadwinners. How much would keep the family protected by paying off the mortgage and leaving money for income replacement?
- Estimate of a Target Retirement Age–make sure your debt retires before you do!