A few days ago, we blogged about our plans to reallocate our assets to raise money for school. Part of this plan involved putting a large chunk of cash into prosper.com. Ultimately, and I feel a bit sheepish to say it, my mother talked me out of it. For what its worth, my mom retired with a very high net net worth to Hawaii, so I trust what she has to say. The reasoning is essentially that, while popular, prosper is still too new to risk large sums of capital in.

So, at this point, I’m brainstorming to see how I can turn $70,000 into a thousand dollars of income per month. Right now, I’m thinking about Canadian energy trusts or preferred stocks.

Stay tuned, I’ll keep you updated when a good solution presents itself.

Best,

James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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