Tuesday, October 19, 2004

The finances of a journalist

I love reading these money makeover columns that newspapers are running. And here is one in the Miami Herald that shows the finances of a student journalism adviser, writer and editor. His wife works for a child advocacy agency.

I would love to be in their shoes.
The Koretzkys have developed some great financial habits. They save 20 percent of their income at all times and they avoid debt. They paid cash for her car and his truck, both new....

When they arrived for the Makeover, they had $55,000 in checking accounts and certificates of deposit. That was more than enough for everything on their wish list:
A down payment on a $150,000 condo for Michael's mom; a new air conditioner ($3,500); Michael's dream computer ($4,000) for his home publishing work; Renata's vacation to Malta with her sister ($3,000); $6,000 on hurricane shutters; and, a $4,000 investment in Renata's hobby of composing and recording music.
He's going to take on more copy-editing work to give them extra income.


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