JD_2B
Little Vixen
Want a million dollars??
Who doesn't, right? LOL!! Seems impossible, to so many people...
You can have a million dollars in 10-20 years by following these rules, and thinking in only the SHORT TERM (but still having the long term goal)- by following these very simple rules of personal finance:
1- Stop buying those little bottles of individual sodas or drinks every day from the machines and the convenience store. You have a fridge, and the capability to go to the store to buy a big giant bottle full of the soda or the coffee beans and make your iced coffee or tea at home. Weekly savings can be up to 35 dollars..
2- Snack machines are the devil! Every time you go to the snack machine you are trading your personal finance savvy for personal convenience..
3- Pack your lunch! If you tend to go out to eat several times a week.. try packing a lunch instead, at least a few times a week! This saves you between 10 and 20 dollars a week..
4- Use alternate transportation- Try riding a bike, walking places, or carpooling with co-workers one day a week, or every day. When everyone pitches in by taking a day to drive, for the rest, then you can save on the gas you would be using the other 4 days a week! Also, consider the amount of gas and gas money you save in a year by walking or riding a bike to the local ballfield, instead of driving even one mile to get there. If you calculate the distance and consider the frequency of those short trips, you may find that you can save hundreds of dollars a year in gas expenses this way..
5- Keep the air filter in your vehicle clean, and do regular oil changes as well as tire rotations. This will help to keep your gas mileage down, and your tire tread from wearing unevenly. This particular tip can save a person hundreds, if not thousands of dollars a year.
6- Whenever you make a purchase at the store, as far as clothing, tools, etc goes- consider something you would be willing to give up or sell, to make a space in your home for the "new arrival". If you buy a new shirt, for example- it is probably because you have an old shirt that is no longer used, or wearable- so consider throwing it away, selling it, or at least turning it into a rag and reusing it for another purpose. If you buy a screwdriver to replace a junky one- be sure to sell or donate that old screwdriver to someone in need. Doing this actively with every item purchased, will keep your spending down, and your home a little more free of clutter, also- which saves money in other ways also (if you have a housekeeper, it might help them to not have to move clutter, so you may get a cheaper rate, for instance)
7- Housekeeping- Many families use a housekeeper these days.. nothing wrong with that. But if you are trying to make your first million by using common sense strategies- then cut down on what is done, or how often the housekeeper's visits are. Use products such as ammonia, bleach, and even vinegar and water to disinfect your home with. If you do not have a sponge, you can cut up an old towel and use it as a rag, also.
8- Speaking of rags- And I apologize because this is an uncommon thing to do anymore, but a great way to save money for women and for any families with teenage girls, is to get back on the literal "rag", rather than using commercially available disposable feminine hygiene products, and disinfect and wash them similar to the way baby diapers are stored and washed.. Keep a small bucket of water miixed with borax in the bathroom, and when the week is over, take some rubber gloves and fish the home made feminine hygiene towels out. Then you wash and dry, being sure to use bleach in the washer. The dryer portion is hot enough to sanitize the pads for reuse. Just sanitize your hands in between opening the dryer and touching the pads themselves. Then put them in a small sized (and new) garbage bag and leave them under the sink for next month. You can sew them and use cutesy material if you want.. It is an option for while you are at home, or at night or something- and can save you anywhere between 10 and 120 dollars a year, per person.
I realize that this is dated, and maybe seems a little gross, but doing this is also very environmentally friendly, and those dollars really do add up, in the long run.
9- Use cloth diapers and breast feed babies- This saves you BOOKOO bucks during the time you have an infant. Breastfeeding can save a person between 30 and 50 dollars a week for a newborn.. Using cloth diapers can also save you an additional 60-80 dollars a week, and both are very environmentally friendly!
10- Save energy- When you take a shower, you are using hot water from a big tank that needs to be heated constantly, to keep the water.. hot. Well, there is an alternative to running this all day, and still having hot water- turn the switch OFF after you take a shower. When you are preparing to take your next shower, turn the switch on about 30 minutes prior. This saves a substantial amount of money (20-35 dollars) a month on your electric bill. Also- insulate as much as possible. Use weatherstripping on windows and doors, to keep out the drafts, and use curtains in the summer- to keep out the hot sunlight. Open the curtains and blinds up as much as possible in the winter, to keep your heating costs down, also. Oh and much can be said about wearing long johns to bed at night, (or throwing a light jacket on around the house) and turning the thermostat down a little, to save money.
11- WATER- OK I know water is cheap in the US right now, but in some places, it is REALLLY expensive, like, people are paying 400-500 a month for residential water bills, and apparently it tastes really yucky too. In Ireland, it is made from sea water, desalinized, an expensive process.. So, if you want to save money on water later on, then it is best to consider conserving it now.. Use a small cup or bowl of water when you shave, rather than leaving the faucet running. Taking a short shower uses less water than a long bath.. In the military, they say "turn the water on, get wet. Turn the water off. Lather up. Turn the water on, rinse off. Turn the water off." You can be that strict, too, if you just like playing with the soap, lol.. Don't overwater your lawn, either- it leads to shallow root systems, and you can end up with an all dirt yard from the wind erosion.. If you hand wash dishes, fill the sink with hot soapy water, then turn the water off. Wash all the dishes, and set them aside for rinsing. Then, once you are done washing them, turn the faucet on, and rinse them all off. (that is my philosophy- the military taught me a few things, lol)
12- Reuse stuff, and get creative! If you have a memo pad, for instance, use both sides of each paper.. If you took notes for class, or work, on one side of a piece of paper, then start on the other side, the next time you take notes.. Reuse magazines as firestarters in the fireplace, or camping. Reuse old greeting cards by taking an origami class and making little gift boxes out of them. You can even reuse stuff that is "garbage" like spoons that got nabbed by the garbage disposal- Turn them into a makeshift wind chime and give it to someone who stops by Christmas day as an incidental christmas present.. Broken glass and mirrors can all be reused for creating artistic things, too. Just because something seems like it should be tossed doesnt mean you are under some rule to throw it away. Learn to reuse your old junk, for a good purpose. After a while, you will find that you save quite a lot of money by turning trash into treasures..
13- I do this thing where I do not spend my change very often, except in a jam, or if my bill comes up to be a certain amount of money and so many cents that are less than 20 cents, and I happen to have exact change and enough time to rummage through my purse and fish it out. (I always have exact change,obviously, lol) Every month, I usually end up with between 25 and 35 dollars in change. Empty your change into a shoebox or an old coffee can. There are plenty of grocery chain stores that have a coinstar machine, which counts your change and issues a receipt. Or you can roll it yourself, if you want to avoid the service charge, which in my opinion is an awful lot at 8%. It is a matter of personal choice, of course.
14- I know a guy who told me that he never spends his one dollar bills.. Incredibly, if you throw one dollar bills into that shoebox, and at the end of the month deposit all of the change and dollars into your account- you will end up with a cool million faster than you ever thought possible.
15- DO be sure that you take every penny saved from these examples and deposit them into an interest bearing FREE checking or savings account. (be sure you are clear that it is free, and ask to be well informed of any charges that might come up) The interest will gain you more money, the more money you have in your account. Say the interest rate is at 3%- If you have only 100 dollars in there, that is still three dollars you get for FREE from the bank, for saving that money with them. If you have 1,000 dollars in the account, you get 30 dollars for free that year... As the money grows, so does the money from interest. One day, you will have a million bucks in your account, making enough interest (30,000 dollars a year) to live comfortably in your retirement.
AAAANNNNNNDDDDDD.. Lastly..
**DO expect to have to put away at least 400 dollars a month to achieve millionaire status.
**DO expect downfalls and windfalls, and be sure to apply portions of windfalls to your savings, to help make up for the downfalls.
** This can take between 10 years and 20 years, depending on how much you can save monthly. If you can find a way to save more, you will reach millionare status sooner.. If you are unable to save as much, it will simply take longer.
Happy retirement everyone! Does anyone have any tips to add to this? I would love to hear them.. Thanks!
Who doesn't, right? LOL!! Seems impossible, to so many people...
You can have a million dollars in 10-20 years by following these rules, and thinking in only the SHORT TERM (but still having the long term goal)- by following these very simple rules of personal finance:
1- Stop buying those little bottles of individual sodas or drinks every day from the machines and the convenience store. You have a fridge, and the capability to go to the store to buy a big giant bottle full of the soda or the coffee beans and make your iced coffee or tea at home. Weekly savings can be up to 35 dollars..
2- Snack machines are the devil! Every time you go to the snack machine you are trading your personal finance savvy for personal convenience..
3- Pack your lunch! If you tend to go out to eat several times a week.. try packing a lunch instead, at least a few times a week! This saves you between 10 and 20 dollars a week..
4- Use alternate transportation- Try riding a bike, walking places, or carpooling with co-workers one day a week, or every day. When everyone pitches in by taking a day to drive, for the rest, then you can save on the gas you would be using the other 4 days a week! Also, consider the amount of gas and gas money you save in a year by walking or riding a bike to the local ballfield, instead of driving even one mile to get there. If you calculate the distance and consider the frequency of those short trips, you may find that you can save hundreds of dollars a year in gas expenses this way..
5- Keep the air filter in your vehicle clean, and do regular oil changes as well as tire rotations. This will help to keep your gas mileage down, and your tire tread from wearing unevenly. This particular tip can save a person hundreds, if not thousands of dollars a year.
6- Whenever you make a purchase at the store, as far as clothing, tools, etc goes- consider something you would be willing to give up or sell, to make a space in your home for the "new arrival". If you buy a new shirt, for example- it is probably because you have an old shirt that is no longer used, or wearable- so consider throwing it away, selling it, or at least turning it into a rag and reusing it for another purpose. If you buy a screwdriver to replace a junky one- be sure to sell or donate that old screwdriver to someone in need. Doing this actively with every item purchased, will keep your spending down, and your home a little more free of clutter, also- which saves money in other ways also (if you have a housekeeper, it might help them to not have to move clutter, so you may get a cheaper rate, for instance)
7- Housekeeping- Many families use a housekeeper these days.. nothing wrong with that. But if you are trying to make your first million by using common sense strategies- then cut down on what is done, or how often the housekeeper's visits are. Use products such as ammonia, bleach, and even vinegar and water to disinfect your home with. If you do not have a sponge, you can cut up an old towel and use it as a rag, also.
8- Speaking of rags- And I apologize because this is an uncommon thing to do anymore, but a great way to save money for women and for any families with teenage girls, is to get back on the literal "rag", rather than using commercially available disposable feminine hygiene products, and disinfect and wash them similar to the way baby diapers are stored and washed.. Keep a small bucket of water miixed with borax in the bathroom, and when the week is over, take some rubber gloves and fish the home made feminine hygiene towels out. Then you wash and dry, being sure to use bleach in the washer. The dryer portion is hot enough to sanitize the pads for reuse. Just sanitize your hands in between opening the dryer and touching the pads themselves. Then put them in a small sized (and new) garbage bag and leave them under the sink for next month. You can sew them and use cutesy material if you want.. It is an option for while you are at home, or at night or something- and can save you anywhere between 10 and 120 dollars a year, per person.
I realize that this is dated, and maybe seems a little gross, but doing this is also very environmentally friendly, and those dollars really do add up, in the long run.
9- Use cloth diapers and breast feed babies- This saves you BOOKOO bucks during the time you have an infant. Breastfeeding can save a person between 30 and 50 dollars a week for a newborn.. Using cloth diapers can also save you an additional 60-80 dollars a week, and both are very environmentally friendly!
10- Save energy- When you take a shower, you are using hot water from a big tank that needs to be heated constantly, to keep the water.. hot. Well, there is an alternative to running this all day, and still having hot water- turn the switch OFF after you take a shower. When you are preparing to take your next shower, turn the switch on about 30 minutes prior. This saves a substantial amount of money (20-35 dollars) a month on your electric bill. Also- insulate as much as possible. Use weatherstripping on windows and doors, to keep out the drafts, and use curtains in the summer- to keep out the hot sunlight. Open the curtains and blinds up as much as possible in the winter, to keep your heating costs down, also. Oh and much can be said about wearing long johns to bed at night, (or throwing a light jacket on around the house) and turning the thermostat down a little, to save money.
11- WATER- OK I know water is cheap in the US right now, but in some places, it is REALLLY expensive, like, people are paying 400-500 a month for residential water bills, and apparently it tastes really yucky too. In Ireland, it is made from sea water, desalinized, an expensive process.. So, if you want to save money on water later on, then it is best to consider conserving it now.. Use a small cup or bowl of water when you shave, rather than leaving the faucet running. Taking a short shower uses less water than a long bath.. In the military, they say "turn the water on, get wet. Turn the water off. Lather up. Turn the water on, rinse off. Turn the water off." You can be that strict, too, if you just like playing with the soap, lol.. Don't overwater your lawn, either- it leads to shallow root systems, and you can end up with an all dirt yard from the wind erosion.. If you hand wash dishes, fill the sink with hot soapy water, then turn the water off. Wash all the dishes, and set them aside for rinsing. Then, once you are done washing them, turn the faucet on, and rinse them all off. (that is my philosophy- the military taught me a few things, lol)
12- Reuse stuff, and get creative! If you have a memo pad, for instance, use both sides of each paper.. If you took notes for class, or work, on one side of a piece of paper, then start on the other side, the next time you take notes.. Reuse magazines as firestarters in the fireplace, or camping. Reuse old greeting cards by taking an origami class and making little gift boxes out of them. You can even reuse stuff that is "garbage" like spoons that got nabbed by the garbage disposal- Turn them into a makeshift wind chime and give it to someone who stops by Christmas day as an incidental christmas present.. Broken glass and mirrors can all be reused for creating artistic things, too. Just because something seems like it should be tossed doesnt mean you are under some rule to throw it away. Learn to reuse your old junk, for a good purpose. After a while, you will find that you save quite a lot of money by turning trash into treasures..
13- I do this thing where I do not spend my change very often, except in a jam, or if my bill comes up to be a certain amount of money and so many cents that are less than 20 cents, and I happen to have exact change and enough time to rummage through my purse and fish it out. (I always have exact change,obviously, lol) Every month, I usually end up with between 25 and 35 dollars in change. Empty your change into a shoebox or an old coffee can. There are plenty of grocery chain stores that have a coinstar machine, which counts your change and issues a receipt. Or you can roll it yourself, if you want to avoid the service charge, which in my opinion is an awful lot at 8%. It is a matter of personal choice, of course.
14- I know a guy who told me that he never spends his one dollar bills.. Incredibly, if you throw one dollar bills into that shoebox, and at the end of the month deposit all of the change and dollars into your account- you will end up with a cool million faster than you ever thought possible.
15- DO be sure that you take every penny saved from these examples and deposit them into an interest bearing FREE checking or savings account. (be sure you are clear that it is free, and ask to be well informed of any charges that might come up) The interest will gain you more money, the more money you have in your account. Say the interest rate is at 3%- If you have only 100 dollars in there, that is still three dollars you get for FREE from the bank, for saving that money with them. If you have 1,000 dollars in the account, you get 30 dollars for free that year... As the money grows, so does the money from interest. One day, you will have a million bucks in your account, making enough interest (30,000 dollars a year) to live comfortably in your retirement.
AAAANNNNNNDDDDDD.. Lastly..
**DO expect to have to put away at least 400 dollars a month to achieve millionaire status.
**DO expect downfalls and windfalls, and be sure to apply portions of windfalls to your savings, to help make up for the downfalls.
** This can take between 10 years and 20 years, depending on how much you can save monthly. If you can find a way to save more, you will reach millionare status sooner.. If you are unable to save as much, it will simply take longer.
Happy retirement everyone! Does anyone have any tips to add to this? I would love to hear them.. Thanks!
It just makes them respect their money and to respect their futures as well, enough to put aside a bit each paycheck, before calculating their bills.. 
hello JD_2B, thanks for sharing these tips!!
