In this week’s episode–we shake things up a little bit. It’s what we do here in PTP headquarters. If you listen to my radio show, and usual Thursday podcast postings, you’re familiar with my four-segmented show. Now stay with us–for this special edition episode, we’ve taken the radio show format and we’ve applied it to our Million Dollar Plan podcast. There are a couple extra commercial breaks, but nothing too far off the beaten path. We hope you enjoy. And now without further ado, we introduce: Rubin.
Rubin’s main concerns, in his own words: I am married with 3 children ranging in ages of 15-20. Three years ago, I bought my dad’s business–we perform cleaning services. Sales run about $750,000 per year. I take a salary of $56,500. Profits overall range from $60,000 to $90,000 per year. The only debt I have in the business is $35,000 to my father, of which I pay $475 per month . My retained earnings for previous years have been spent however I do have retained earnings from 2016 that I have not taken. I am in the process of securing enough savings to protect the business (have an extra payroll in the bank, emergency fund, capitol improvements, etc). I purchased the building I was renting two years ago in cash and I also have reinvested some of the earnings to purchase equipment, vehicles, etc.
My biggest concern is having enough money to retire. My second concern is college expenses for my children. We currently don’t have any savings for them. My oldest daughter is entering her third year with only $5,000 in debt. My second child is undecided at this point and will be attending a tech or two year college program. My children are employees and I would like to write off $5,250 per child per year for tuition reimbursement. I thought I can but as of this point I have not confirmed with my accountant. My third concern is my wife is not a saver. She employs the “we could die tomorrow” strategy to spending/saving for the future. I know I’m on the right track to financial security. But solid personal budgeting will open up some money for us.