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Tuesday, October 30, 2007

Millionaires in the Making - Frank Furbeck and Trudi Morris

The CNNMoney.com article discusses the finances of a couple in their 40s, Frank Furbeck and Trudi Morris. With a combined salary of $119,000 and two teenagers, they have managed to accumulate:

Online account: $2,500
Savings account: $2,000
CD: $2,000
Home and land: $250,000 estimated value
Deferred compensation: $267,000 combined
Roth IRA: $2,000
529 plan: $16,400

Frank, a systema analyst, earns $83,000 per year while his fiance', Trudi, makes $36,000 per year. Each of them contributes to their deferred comp plans to the max, putting in $15,500 annually. The couple carries no credit card, auto or home debt. The couple leads a comfortable life, without excessive spending or saving. Frank attributes his saving habits to what he learnt early in his life:

"[A man] told me that every time I get a raise I should put that money into my deferred compensation, and I will have something,” Furbeck said. “He was right."

Despite having good combined salaries and savings, the couple is not shy about using coupons and carpooling to work to save on gas. In addition, since both of them are divorcees, they don't plan to spend extravagantly on their wedding.

"I saw my mother struggle with credit cards, and I didn’t want to go that way," Frank said.

For complete article, see:

CNNMoney.com: Millionaires in the Making: Frank Furbeck and Trudi Morris

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Labels: invest

posted by Ruby @ 7:59 AM

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