Teaching you to embrace today while making yourself a millionaire!

I wish I would have understood how easy it is to become a millionaire by starting to save small amounts of money when I was younger...

I feel compelled to share the simple concepts you can apply today....


30 September 2010

Maintenance Continues…

This afternoon – we had a reminder about the costs of maintenance. We had to take our car to the shop to have the oil changed and the kind gentleman shared with us that our tires have to be replaced!

Okay – so we concede that we don't quite how to maintain our tires in order to avoid having to pay for new ones. BUT – we do know that certain things we do can help lower replacement costs. Admittedly – we need to remember more often that speed has a direct impact on the life of the tires and the rate at which we slow down can also apply pre-mature wear and tear.

What kind of things do you do that lower or reduce your maintenance costs?

How about simple things like:

  • Running water in the disposal so the blades don't get damaged.
  • Changing the air filter monthly to make sure that your heating and air run more efficiently.
  • Regular oil changes in the car to keep everything running smoothly.
  • Turning off the TV when it's not being used to keep the screen from burning out.


What other ideas do you have to lower maintenance and repair costs?

28 September 2010

Maintenance Warranties

Whether you buy a car, house, computer, cell phone, or washer and dryer – at some point, you'll be asked if you're interested in purchasing an extended warranty. In some cases – this can be a good thing! We know someone who bought a brand new car (brand will remain nameless) to find that the car was a complete lemon, and she routinely had the car in the shop. She hadn't bought the extended warranty so when the basic warranty ran out – the car was traded in! The deal cost her quite a bit because she had to roll over the balance she owed on the lemon to a new car payment.

The problem with extended warranty's is that there are so many "if's, and's, and but's" about the guarantee. Chances are good when you're in the heat of the sale, you're so overcome with paperwork and dollar figures – taking the time to analyze the value of an extended warranty may not rank high on your priority list.

Enter negotiating tactics… If you're advised that the extended warranty offer is only available during the initial purchase – walk from it. They don't care about what's financially viable for you – they care about added commissions or recognition for the sale! Instead, find out if there is a timeframe from the initial purchase during which you can consider it and the shop the same warranty directly with the manufacturer! Skipping the middle man may save you considerably!

Maintenance costs get so expensive and so that's why salespeople rely so heavily on the concept of an extended warranty…they know the equipment they are selling won't last forever and they know the cost of repairs can sometimes be astronomical. However, if those repairs are needed due to normal wear and tear – you'll be paying from your own pocket anyway.

Think smart and shop smart!

23 September 2010

What Can Social Media Cost?


This is reposted from an MSN article. We think this is a very valuable point… Be careful with Social media as it may cost you quite a lot if you aren't careful!


12 Ways to Get Fired for Facebook

By Kaitlin Madden, Writer

According to a 2009 study by Internet security firm Proofpoint, 8 percent of companies with more than 1,000 employees have fired someone for social media actions -- a figure that is double what was reported in 2008. Yet it probably comes as no surprise that Facebook firings are on the rise. Cases of employers firing employees for social media slip-ups have been consistent in the news over the past few years.

Just in case you need a refresher of what not to say online, here's a timeline of 12 ridiculous examples of how Facebook can get you fired.

1. Nov. 4, 2008:  New England Patriots cheerleader Caitlin Davis was cut from the squad over controversial pictures that were posted on her Facebook page. Davis, then 18, was at a Halloween party when she posed for photos with a passed-out man who was covered in graffiti, including swastikas, anti-Semitic remarks and profanity. Davis was fired from the squad after the pictures appeared on various websites and caught the attention of the Patriots' management team. She had been the youngest cheerleader ever to make an NFL squad.

2. Feb. 26, 2009: A U.K. teenager was fired for calling her job "boring." According to The Daily Mail, Kimberley Swann posted comments such as, "First day at work. Omg (oh my god)!! So dull!!" and "All I do is shred holepunch and scan paper!!!" [sic]. Swann was canned after her boss discovered the comments.  

3. March 9, 2009: Dan Leone, a stadium operations employee for the Philadelphia Eagles, was fired for voicing his opinion on the team's trading practices via Facebook. Leone reportedly updated his Facebook status with, "Dan is [expletive] devastated about Dawkins signing with Denver ... Dam Eagles R Retarted!!" [sic].

4. April 27, 2009: A Swiss woman was fired after calling in sick and then logging into Facebook on her "sick day." Apparently the woman had a migraine and called out of work because she thought the light from a computer would bother her and she needed to lie in a dark room. When her employer caught her surfing Facebook, it was presumed that she was indeed well enough to sit in front of a computer, and she was let go.

5. April 28, 2009:  A Minnesota nursing home
employee was fired after rumors spread that she had posted photos of herself with nude patients on her Facebook page. Though no nude pictures were found, the employee did have pictures of herself with clothed patients, which violated the home's privacy policy and led to her termination.

6. August 27, 2009:  Ashley Payne, a Georgia high school teacher, was forced to resign after the local school board came across pictures of her sipping beer and wine. The pictures, which appeared on Payne's Facebook page, were from a vacation she had taken that summer, which included a trip to the Guinness Brewery in Ireland. Payne was quoted as saying "I did not think that any of this could jeopardize my job because I was just doing what adults do and have drinks on vacation and being responsible about it." She sued the school district last November. The case is expected to go to trial this fall.

7. Feb. 11, 2010: South Carolina
firefighter and paramedic Jason Brown was fired for creating a three-minute-long animated video and posting it on Facebook. The video, which showed a cartoon doctor and paramedic responding to an emergency in a hospital, was meant to be a spoof, Brown said. However, his department didn't find the video funny, calling it "an embarrassment," and Brown was fired.

8. March 3, 2010: Gloria Gadsden, a professor at East Stroudsburg University in Pennsylvania, was fired after updating her Facebook status with things such as, "Does anyone know where I can find a very discrete hitman? Yes, it's been that kind of day." [sic] The school said it was being overcautious because of the Feb. 12 shootings at the University of Alabama, in which professor Amy Bishop was charged with killing three fellow professors.

9. May 17, 2010: North Carolina
waitress Ashley Johnson was fired from her job at a Brixx pizzeria after posting a negative comment about two of her customers. Johnson called the customers -- who left her a $5 tip after sitting at their table for three hours -- "cheap." Though she did not mention the names of the customers, Johnson did include the name of the pizzeria in her post. A few days later, management called her to tell her she was fired for violating the restaurant's
social media policy.

10. May 24, 2010: The city of West Allis, Wis. fired a veteran police dispatcher of 21 years over a status update. Dana Kuchler was terminated after posting that she was "addicted to vicodin, adderall, quality marijuana, MD 20/20 grape and absinthe," on her Facebook page. Despite saying the post was a joke, Kuchler was terminated by the city. Her union then filed an appeal, claiming the punishment was too harsh for the crime. The arbitrator agreed, instead sentencing Kuchler to a 30-day suspension without pay. The city is currently in the process of appealing the new decision in an attempt to have Kuchler's termination reinstated.

11. June 10, 2010: Five California nurses were terminated after it was discovered that they were discussing patient cases on the site. The situation was investigated for weeks by both the nurses' employer, Tri City Medical Center in San Diego, and the California Department of Health before the nurses were fired for allegedly violating privacy laws.

12. June 21, 2010:  A Pittsburgh Pirates' mascot was fired earlier this summer, after posting a comment about the team's choice to extend the contracts of two of its managers. Andrew Kurtz, 24, was fired within hours of posting the comment "Coonelly extended the contracts of Russell and Huntington through the 2011 season. That means a 19-straight losing streak. Way to go Pirates," to his Facebook page.

Whether you think the above are examples of employees exercising free speech or simple stupidity, it seems as if Facebook postings are fair grounds for termination at many companies. With that in mind, post at your own risk.

21 September 2010

How Much Time Do You Spend on Facebook?

This morning, we talked about the $2 billion dollar virtual product industry, which includes purchases made to enhance gaming experiences on Facebook. We found this article that is a great calculation about the time spent on these sites. How do you compare to the average?    


Article Title: People Spend 3x More Time on Facebook Than Google

By: Adam Ostrow

Back in July, we reported that Facebook had become the Internet's ultimate time waster, with users spending an average of 4 hours, 39 minutes on it per month, more than any other site on the Web.

Since then, however, that number has only gone up. According to numbers from Nielsen Online, users spent an average of 5 hours, 46 minutes on Facebook in the month of August. To put that in perspective, that's triple the amount of time they spent on Google()!

In fact, the next closest site in Nielsen's top 10 is Yahoo(), which, despite still having huge traffic in time consuming areas like news, sports, and financial data, could only get users to stick around for 3 hours and 14 minutes on average during the month. YouTube(), surprisingly, only occupied 1 hour and 17 minutes of the average user's time.

Of course, one of Google's stated philosophies is that they "may be the only people in the world who can say our goal is to have people leave our homepage as quickly as possible." However, that ethos was set in stone long before users started spending an inordinate amount of time on social sites – sites that now want to compete in search.

For now, Google's answer seems to be extending its reach in search through other products – primarily its Chrome() web browser and upcoming OS. But not having a strong presence in social networking remains the company's Achilles' heel, becoming ever more apparent as Facebook() pulls away from the pack in usage stats.

16 September 2010

If Everyone Wants to Pay Off a Credit Card, Why Bother Having It?

"Okay, Generation Millionaire…you keep telling us to pay off those credit cards… Why should I bother getting one? Wouldn't I be better off living on a cash-only basis?"
~A Credit-less College Student



Dear Credit-less College Student,


We never said credit cards were bad but when they are poorly managed, they can be very hurtful! Credit cards actually can work to your advantage if YOU remain in control versus letting your credit cards control you! Here are a few benefits to establishing credit (even though we want you to keep it paid off!):


  1. You can shop online! (We surprised you didn't we…you didn't expect that one to be number one!)
  2. Emergency money in case the car breaks down, the furnace breaks, or other unexpected expenses arise (notice, we didn't mention emergency Starbucks-runs!)
  3. Rewards… Credit card companies do offer some pretty cool incentives to keep you using plastic.
  4. Establish credit for the BIG purchases you want to make. Unless you are Bill Gate's heir – chances are good you aren't going to buy a house while living on a cash-only basis.
  5. If you drop your wallet or leave your purse hanging on the back of a chair at Starbucks (we didn't say you can't EVER go there!), your bank won't reimburse $100 in cash. But you can put a stop to unauthorized spending on a credit card (just be sure to report it quickly!)
  6. As a piggy-back to # 5, it's safer to vacation with plastic versus cash. If your canoe mate tips the boat – your plastic credit card dries quicker than cash.


I hope we've answered some of your questions… Get credit established…just don't spend more than you can afford to pay off every month (or at least within a few months!)


Your friend,

Generation Millionaire

14 September 2010

Have You Been Pre-Approved to Apply?

A friend of mine called this morning and when she told me she'd gotten a letter that she'd been "Preapproved to Apply" for a credit loan, we shared a great laugh about it. It used to be that you were "Preapproved" for credit…now you get to be preapproved to fill out the application.

So, what does preapproval mean?

Like everything else out there in consumer-land, it's all about marketing. Something about you fit the company's ideal demographics for their marketing campaign. It doesn't necessarily mean that you WILL be qualified for a credit line, but it means that certain criteria, i.e., your credit score, fell within the parameters of potential customers for ABC Credit Cards, Inc. (I made that up – please don't research ABC Credit Cards, Inc. It doesn't exist.)

When you're just starting out – getting that preapproval letter can make you feel all warm and fuzzy. It feels nice…like you're qualified to join a new club or something. And since you know you should establish credit in your name, it's so tempting to take all of them on. And once that pretty little piece of plastic is in your hands – it feels like free money! Until the bill comes… We'll wait while reality comes to a crash landing in your mailbox.

We're not saying it's a bad thing to apply for credit when you've been pre-approved… we're just suggesting that you be cautious. Because when you're 18 and you get that very grown-up-looking piece of mail – it's difficult to stay rational. If you're going to go for the credit line, be smart about it! Don't spend more than you can afford to pay off every month.



09 September 2010

Cooking 101: Tips and Recipes for College Students

With our Facebook theme being "Entertainment," we thought this article from Delish was terrific! Reposted from:


Authors (and sisters) Megan and Jill Carle wanted a better dining option than their college meal plan. Rather than depend on sustenance from the campus cafeteria, the students prepared fresh meals in their off-campus apartment. The twosome knew they weren't alone in their quest, so they documented their findings and recipes in College Cooking and College Vegetarian Cooking, both designed for first-time cooks living on a limited budget with limited resources.


What are the secrets to being a savvy student chef? Jill Carle dishes up her best tips and recipes for anyone looking to eat well while away from Mom's cooking.


By Kiri Tannenbaum

Check Your Dorm Kitchen

While some older dorms don't offer private kitchens, many universities are creating apartment-style living quarters equipped with cooking facilities. But even with a built-in kitchen, remember that your resources are likely to be limited. "Cooking in your mom's kitchen is different than cooking on your own," explains Jill Carle, co-author of College Cooking. Aside from not having a fully stocked pantry, you'll have to adjust to limited equipment and following campus rules. Microwaves are usually allowed, but toaster ovens, hot plates, and electric pots might be prohibited. Check with your school before purchasing.

Photo Credit: Eric Audras / Getty Images

Equipment Essentials

Carle suggests stocking up on the basics: "Bowls, silverware, a plate, and a can opener." If you do have access to a kitchen, also acquire a good knife — a chef's or even a steak knife — and a big pot. "If you have a bigger pot, you can do a lot more. If you don't have mixing bowls, you can mix in a large pot. You can make a big batch of something in a big pot and you can make a small batch in a big pot, but you can't make a big batch in a small pot," Carle says.

Photo Credit: Shana Novak/ Getty Images

Keep Cooking Basics on Hand

To avoid late-night fast-food visits, keep a few of your favorite foods on hand. "Canned goods are good," says Carle, who suggests canned beans: "They always work very well in the microwave." Supplement with rice and you've got a meal. Always have salt and pepper, plus other seasonings, like a Cajun mix, to keep things interesting. If you've got the room, stock basic starches. "Rice, pasta, and even potatoes because they keep for a long time," suggests Carle. "You can always make something with those ingredients plus a few canned and fresh vegetables." If getting or carrying supplies is a problem, learn to substitute. Buy bouillon cubes instead of canned stock. "It doesn't have the same flavor, but they aren't as heavy as carrying home 12 cans of stock," says Carle.

Photo Credit: Foodcollection / Getty Images

Shop Smartly and You'll Save

After tuition and textbooks, your budget is tapped out. Though fast food might seem cheaper, it's more economical (and healthier) to make your own meals. Stock up on items when they go on sale. "If it's something you eat regularly, then there is no reason not to buy sale items," says Carle. Another cost-cutting tip: "If you're cooking for yourself, that doesn't mean you have to cut down a recipe for a single serving. Make the whole recipe and take the leftovers for lunch the next day or freeze it so you have it for a future dinner. In the long run, it's easier, because then you don't have to cook every single day."

Carle's favorite freezable dinner: stuffed shells.

Photo Credit: UpperCut Images / Getty Images

Avoid the Freshman Fifteen

"The first time on your own, it's really easy to eat pizza for every meal and tempting to chow down on ice cream and fries, but it doesn't mean you should," says Carle. Get some variety in your diet. "I would say what every mom says: 'Eat your veggies' or some sort of fiber or it's all just gonna sit there for a really long time." That says it all.

Read on for the recipes!

Photo Credit: Peter Cade / Getty Images

Breakfast of Champions

Craving: After a long night of studying (or partying) you need sustenance. Eggs are the perfect option for a filling breakfast packed with protein.


Try This Recipe:
What's-in-the-Fridge Frittata

Photo Credit: Jessica Boone

Mexican Cravings Conquered

Craving: Tacos. It's hard to resist the convenience (and price) of Taco Bell. But nothing beats packing a warm tortilla with fresh ingredients.


Try This Recipe:
Black Bean and Corn Tacos

Photo Credit: Penny De Los Santos

Pizza Party

Craving: Pizza. In less time than it takes Domino's delivery to get to your door, you could make your own custom pie, hot and fresh out of the oven.


Try This Recipe:
Homemade Pizza

Photo Credit: Penny De Los Santos

Say No to Chinese Takeout

Craving: Chinese. Hang up that phone. You can make a steaming plate of Chinese food that's even more flavorful and less caloric than your local take-out shop's version.


Try This Recipe:
Chinese Chicken and Broccoli

Photo Credit: Jessica Boone

Skip the Ramen, Go Thai

Craving: Noodles. We know: All you need is hot water to have an instant cup of noodles. Invest a few more minutes and make a hot noodle dish that won't taste like the Styrofoam cup it came from.


Try This Recipe:
Tofu Pad Thai

Photo Credit: Penny De Los Santos

07 September 2010

Entertain Me…

According to, the average US Consumer spends approximately 5.4% of their paycheck (or $2698) on entertainment each year. That doesn't sound like a lot, but let's put it in perspective:

  • 5.7% of the average paycheck (or $2853) is spent on health care.
  • 4.8% of the average paycheck (or $2384) is spent on gas.
  • 5.4% of the average paycheck (or $2668) is spent on eating out.

When we put it in those terms – it looks a little more substantial.

What entertains us? Movies – the theatre, the Redbox, Netflix, Blockbuster, premium movie channels, pay-per-view… Video games – Xbox, Wii, Playstations… Social Media – Facebook, MySpace, Twitter… Sporting events, concerts, plays, museums, festivals… We find entertainment in an endless list of mediums and depending on your personal interests – it can get pricey.

Some might argue that entertainment should be cut when you're trying to get out of debt or save money. We agree… and we also disagree.

When one is struggling to get out of debt, pay off loans, and save for a down payment on a house – it seems rather frivolous to go to the movies twice a week when, for a fraction of the cost and a little patience, you can watch that movie for a fraction of the cost when it comes out on video (and buy your popcorn a whole lot cheaper too!)

One of the philosophies of Generation Millionaire to make smart economic decisions while still maintaining a quality of life. If your passion is skydiving – you may want to think about a low-cost alternative such as an indoor skydiving unit until debt is cleared up, but we still want you to have fun!

We just want you to be smart about it and be aware of your choices!



03 September 2010

Your 5-Minute Guide to Car Expenses



This article from MSN on car expenses was too good not to share…


Reposted from:


Your 5-minute guide to car expenses

You'll spend more money on cars than just about anything except a house. Let these 31 tips steer you in the right direction to lower your car expenses.

[Related content: automotive, savings, cars, budgeting, auto insurance]

By MSN Money staff

The cost of a car is a lot more than the sum of its payments. It's the gas, the repairs, the insurance, the parking. It's the lost opportunity to do other things with your money as well.

Your homework should involve a lot more than a test drive. In fact, it starts with simply doing the math. Consider this: If you're 25 and buy a $20,000 car rather than a $30,000 one, and sock away that 10 grand in a Roth individual retirement account at 7%, you'll have $160,000 to retire on. (See MSN Money's Savings Calculator.)

And consider these points:


If you decide to buy, there are still a few key steps before you leave the house:


Tricks of the trade

Will you trade your old car? Selling can be a hassle, and it's not always worth the trouble. But sometimes it is. Consider:

In the hot seat


Estimate your payments as you shop

Here's what you'll pay for each $1,000 you borrow:


At 0.0% APR*

At 2.9% APR

At 5.9% APR

$41.66 for 24 months

$42.94 for 24 months

$44.28 for 24 months

$27.78 for 36 months

$29.04 for 36 months

$30.38 for 36 months

$20.83 for 48 months

$22.09 for 48 months

$23.44 for 48 months

$16.67 for 60 months

$17.92 for 60 months

$19.29 for 60 months

$13.89 for 72 months

$15.15 for 72 months

$16.53 for 72 months

At 0.9% APR

At 3.9% APR

At 6.9% APR

$42.06 for 24 months

$43.38 for 24 months

$44.73 for 24 months

$28.16 for 36 months

$29.48 for 36 months

$30.83 for 36 months

$21.22 for 48 months

$22.53 for 48 months

$23.90 for 48 months

$17.05 for 60 months

$18.37 for 60 months

$19.75 for 60 months

$14.27 for 72 months

$15.60 for 72 months

$17.00 for 72 months

At 1.9% APR

At 4.9% APR

At 7.9% APR

$42.50 for 24 months

$43.83 for 24 months

$45.18 for 24 months

$28.60 for 36 months

$29.93 for 36 months

$31.29 for 36 months

$21.65 for 48 months

$22.98 for 48 months

$24.37 for 48 months

$17.48 for 60 months

$18.83 for 60 months

$20.23 for 60 months

$14.71 for 72 months

$16.06 for 72 months

$17.48 for 72 months

*Annual percentage rate


Fill 'er up . . . gulp

While gas prices have fallen from their 2008 highs, it's still expensive to gas up, and there's no quick fix. But there are some things you can do to ease the pain at the pump:


Squeeze out more savings

Whether driving a new car or the old one, we're all looking for ways to save money. Here are more ideas:


Updated April 22, 2010

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