MIND YOUR BUSINESS
3. Invest in your own future for your children's future.
As a parent, Simmons believes it's important to make the big money moves that feel right for you. In her own life, early retirement is important. Once she builds up her nest egg, she knows she has the practices in place to live off it. Simmons believes in establishing her own financial security so that she can support her kids in their own future goals. Perhaps equally important are the money lessons she passes down. "When they start working, trust me, they will be helping pay for their own college and investing in their future," she said. "It's OK to let your children know that they have responsibility in their financial education."
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2. Get on good terms with your budget.
For Simmons, budgeting is not about deprival. Instead, she refers to her own method of money management as her "budget bestie." "You really need to be close with your budget - to know everything that's going out at any given time," she said. She uses both online tools and spreadsheets to manage her cash flow, analyze her investments and plan for long-term savings goals like retirement. Most experts agree that the highest-impact financial action people can take right now is to set aside a cash emergency fund of at least 3-6 months of expenses.
" In her own life, early retirement is important. Once she builds up her nest egg, she knows
she has the practices
in place to live off it. Simmons believes in establishing her own financial security so
that she can support
her kids in their own
future goals."