John and Jane had spent many months planning for their special day. They had also budgeted and spent many thousands of dollars to celebrate their wedding. Now what?
Since John and Jane have made a for richer or poorer commitment to each other, it's time to do something about it; and they need to start right away. Following is a list of the primary areas that will need their immediate attention:
Your death will create problems. There will be three types - emotional, legal and financial. You can do certain things now, while you're alive, to reduce or increase these problems and make your heirs either love you or hate you.
You can increase the emotional upset after your death by leaving your affairs in a mess. Hide your will, or better still, don't make one. Have a number of secret bank accounts and investments.
For the book The Millionaire Next Door, researchers asked the question, 'Do you know how much your family spends each year for food, clothing and shelter?' Almost two thirds (62.4 percent) of the millionaires said 'yes.' Only about 35% of non-millionaires said they did, even though they are high-income earners.
The millionaires also budgeted very carefully for savings and most save 20% or more of their gross income. Few save less than 15%. 'Why save so much,' you ask? Quite simply, for emergencies, opportunities and to provide future income.
