When You Finally Get It, Will It Be To Late?

Written by: Dina Harbour

Women Obtaining Wealth,
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I sent a text message to a good friend of mine that lives in California. We met in 2000 at DeVry Institute. She graduated and I didn’t. But we stayed friends through the years and I value our friendship. I was at her graduation and was truly happy for her. At the time, I was already working in the “information systems” industry and she wasn’t.

Soon after graduating, she became a Mom and we talked about her financial future. She has been married to her husband for about 13-14 years now and they have done “ok” financially but not enough to purchase a home. I’d purchase my first home in 2000, so I was explaining to her the process and things she should do to make homeownership a reality for her and her family.

Fast-forward eight years later, she is making more money than before. However, she is still living in an apartment and now going crazy with a busy 5 year-old son. She is still married and dealing with a new car note payment that her husband insisted on. He raised the issue that he had never owned a brand new car. So each tax year, they owe in taxes because they make to much money without having enough tax write-offs or deductions.

Without saying, “I told you so” I simply expressed concern and gave her some suggestions. I explained to her that like it or not, tax wise the government reward those who do things that they agree with for example owning property, a business, and/or having a family. Otherwise you pay a lot of taxes.
Is it to late for my friend to turn things around? No, not really but she has a lot of work to do. Most important, she has to make better decisions now to have the things she wants in the future.

Now decide to have an excellent day!