--- title: GPS Destination #4: Family Vacation Part II | TIME description: Certified Financial Planner Jeff Rose meets with the family to show them how a healthy work life balance is possible with some smart strategies. canonical: https://time.com/video/gqHZN0ZZ/ og:title: GPS Destination #4: Family Vacation Part II og:description: Certified Financial Planner Jeff Rose meets with the family to show them how a healthy work life balance is possible with some smart strategies. og:url: https://time.com/video/gqHZN0ZZ/ og:image: https://cdn.jwplayer.com/v2/media/gqHZN0ZZ/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: GPS Destination #4: Family Vacation Part II twitter:description: Certified Financial Planner Jeff Rose meets with the family to show them how a healthy work life balance is possible with some smart strategies. twitter:image: https://cdn.jwplayer.com/v2/media/gqHZN0ZZ/poster.jpg?width=720 --- # GPS Destination #4: Family Vacation Part II > Sponsored content. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: GPS Destination #4: Family Vacation Part II [Watch (HLS stream): GPS Destination #4: Family Vacation Part II](https://cdn.jwplayer.com/manifests/gqHZN0ZZ.m3u8) (6:39)  _Published 2016-09-20. Certified Financial Planner Jeff Rose meets with the family to show them how a healthy work life balance is possible with some smart strategies._ --- Jul 27, 2023 8:49 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [GPS Destination #4: Family Vacation Part I](/video/RrMJBeMM/) ### GPS Destination #4: Family Vacation Part I [GPS Destination #3: Private School Part II](/video/tDyRPfn7/) ### GPS Destination #3: Private School Part II [GPS Destination #1: Graduate School Part II](/video/dVPcs1zq/) ### GPS Destination #1: Graduate School Part II --- ## Transcript [ MUSIC ] I recently got a message from Renee and Peter who have been married for almost 30 years. Own a home, and are dedicated parents of two teenagers. The only thing missing from their lives is actually getting to enjoy it. Renee and Peter work so hard to provide everything they can for their kids and their financial future, that fun Isn't even a consideration. They know they need to strike a better balance between their financial responsibilities and living life, they just don't know how. So I got some great options in here so I can show them how they can work hard and play hard, and that taking a vacation doesn't have to break the bank. Hopefully they're ready to make a change so we can show them how we can get them to the desired destination as fast as possible. Let's meet him. [ MUSIC ] Hey Jeff, how are you? Hi. Hello Renee? Come on in yes nice to meet you. Peter? Nice to meet you. Hey thanks for coming by. Thanks for having me. Thank you. Come on in. Well I appreciate you taking time out of your busy day. I know that you guys are always kind of running every which direction. I understand the hustle and putting that time in and showing that work ethic to your kids that's important. But in the same breath, we have to take a break. Let's talk about some of the things that are currently stressing you out with your finances. The mortgage is the biggest and most important bill that we have. That keeps me up at night. I know you've already refinanced your mortgage, correct? Right, right. One other way You know that you can actually save even more interest and pay that loan off faster. It's just a simple money hack that a lot of people don't know cuz a lot of mortgage companies don't feel the need to share this with you. But just by making an extra payment per year or an extra $ 100 a month towards your mortgage can knock off several years off the mortgage and also save you tens of thousands dollars of interest. Which is huge. Wow. And many people don't even know that. And as little as a hundred dollars. Little as a hundred dollars. I feel like that's a big weight off of our shoulders, because we didn't know about that. So I'm curious right now, what are your plans for retirement? I mean, I don't believe that right now I could actually retire. I'll always have to find a way to continue to earn and generate money. Just simply through working hard. Now one of the tools that you could take advantage of, one of my most favorite tools, is the Roth IRA. Are you familiar with a Roth IRA? Have you heard of the Roth IRA? I've heard of it, yes. Yeah, we've heard of it. Okay, one of the exciting things, especially in your situation, with the Roth IRA is that any money that you put into it, it is after tax, so we don't get any tax deduction. But it also means that we have access to the money we put in our contributions at any time. It's just the earnings and the interest that we have to leave there until retirement. Now another exciting things as well is that if you do need to touch the interest or earnings to use that for college, whether it be for your daughter or for your son. You can't access that with no tax for penalty. This is great. That's is good. You are in charge of deciding what you put into that, and you can do it lump sum, monthly. There is no contract you have to sign, so if you can add some now and you have to take a break for three months, you can. And there's no penalty for doing so. When is the last time that you as a family have taken a legitimate family vacation? Vacation, I can't even remember when. At least five or six years. Was it that long? I really, really want you go to on a family vacation. I want you to enjoy that time away, and just Bond as a family, because these are the memories they're going to remember for the rest of their lives. So I have three options that I want to show you to have you go on your first family vacation, would you like to take a look? Yes. Yes, like now. Okay. So, here is option one. This is a five day getaway in the Cayman islands. It's all- inclusive, you don't have to worry about cooking or where you're gonna get your drinks and all that stuff. We're looking at roughly $ 7, 800 for that one. Let's look at option two, we're looking at adventure in the Rockies. This is a aventure getaway. I don't know how you deal with the wilderness. I don't know if your a camper or a glamper. You know, there's. He's glamper of a camper. [ LAUGH ] So, grand total for this one we're looking $ 5, 466 for this one. Now, let's look at the last option. This is a 4 day Bahama cruise. So now. I always wanted to go on a cruise. I did, I've always wanted to go on a cruise. I've been on one when I was younger but we've never been. Awesome so we're looking at Bahamas, all inclusive, we got a room with a balcony so we're not stuck in the basement with no windows, we've got a spa, they've got a repelling wall, pools, everything else and this one, for four days, we're looking at just Just at forty six seventy. Four thousand six hundred and seventy dollars for this one four day cruise. That's not bad. That's pretty good . >> That's pretty exciting right ? >> Yeah. I know you love the beach . >> Yeah the cruise yeah . >> I think this one sounds great. Yes. Yeah. You know now that we've selected our desired destination, you know now we have to figure out how we're going to pay for it. So I suggest we start a family fun fund. You know basically this is where we're gonna put that money in. You as a family saving up for our dream vacation. Well I definitely want to do within a year. I think we can do that as a family. [ NOISE ] Definitely, it could be $ 25 a person each week putting it in, that's our $ 100. Kind of have it be some type of friendly fun competition. Like, okay Christian what are you doing this week to make sure you get your 25 in. What are you S 1 Do you know what I mean, and have it fun! S 2 You know right now you are really not that far off of being at your desired destination. you know it is just a few little tweaks, a few little things here. just being committed towards those mini goals, those big goals that we have. And just implementing them, you know instead of just talking about it, doing it and we can get there. I appreciate you having me. It's been a blast. Thank you so much Send me a picture of you on your cruise. definitely thank you. I'm excited about the vacation because Jeff showed us how easy it was to create a plan and we the plan and to take that vacation and we It was so overdue on that. To see that happening that we can actually do that. To plan it, to make it happen, and enjoy each other's company. I think it's extremely exciting and I'm very excited about that. Before meeting with Renee and Peter, they talked about going on vacation but never truly made it a goal. Now they have a goal that they can work towards as a family. Going on that cruise. And once we've identify what that goal is, now we look at possibilities how they can achieve that goal. As they look at how they can make the $ 100 a week, we start looking at solutions. Not only what Renee and Peter can do, but what the kids can contribute to their family vacation fund. 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