Generation Millionaire

Happy New Year!

2011-01-14T18:50:00.002-05:00

Yes, I know we're well into 2011 and "Happy New Year" is so fourteen-days-ago! :) But, 2011 has gotten off to a busy (and cold!) start. I wanted to drop in to say a quick hello to everyone and THANK YOU profusely for being a part of the Generation Millionaire blog, Facebook, and Twitter community! I'm glad you're here!

I hope you will find 2011 to be a great year, and I hope to inspire you to make great financial choices that will yield million$ of possiblities down the road!

If you aren't following our Facebook page yet - please be sure to do so! www.facebook.com/generationmillionaire.

Stay tuned...

Changes in the New Year

2010-12-28T15:17:00.002-05:00

Hoping you all had a wonderful holiday season and are excited going into the new year.

Going in to the new year - we have some exciting changes going on with Generation Millionaire.

First - we are taking a sabatical with the blog and urge you to follow our facebook fan page.

http://www.facebook.com/generationmillionaire

please like us - and refer ALL of your friends.

Next, we will continue our in person college and military presentations but we are adding a webinar option. This will give the organizations more flexibility and hopefully more people will be able to view the presentations.

You can contact me at generationmillionaire@gmail.com or 513-374-4217 to discuss hiring GenM to educate your students.

Looking forward to a wonderful 2011.

Stay tuned......

2010-12-14T10:57:00.002-05:00

Have you ever bought something and then regretted it?

Did you know that if you walk in to a store and try on a shirt that costs $80 - if you put it on and don't like you will take it off and put it back on the rack. Now if that exact same shirt is on sale and now say $40 dollars - a whole different set of things happen.

You will look in the mirror, turn around a few times, stand on your toes to see how it looks and there is a very good chance you will buy the shirt! This is a proven fact.

You will second guess your own judgement - to not miss out on what appears to be a good deal.

Then you will probably never or very rarely wear it.

Here is how I shop. Nothing is ever on sale. (even if it is). Either I love it or I don't. No one is going to mess with my judgement ever again!!!

Stay tuned.......

Way Back When

2010-11-23T17:31:00.003-05:00

"Who recalls when folks got along without something if it cost too much?"
~Kin Hubbard

Not too many generations ago, the idea of making a purchase when money wasn't readily available was practically unheard of. If something was wanted or needed, it was saved for and it wasn't purchased until it could be paid in cash. In our society of instant gratification, it's almost a laughable concept. I want it now, can't pay for it now, so I'll charge it.

Much can be learned from the wisdom of those long ago years. Once things were obtained, they were more appreciated. They were cared for and valued in a way that our instant gratification way of thinking doesn't readily allow. Back then, if it was broken, it wasn't immediately replaced.

Think about your computer. If it suddenly crashed, finding the money to buy a new one would probably be a priority for most of us. And it's understandable as many of us make a living or go to school on our computers. It's not easy to just go without Internet access now when we have so much of our lives wrapped up in cyberspace. So we'll concede on this one… maybe this waiting-to-purchase philosophy isn't so great for every aspect of our lives. But are there other areas to which we can apply it?

New shoes, new coat, new cell phone, new car, new clothes, new iTunes downloads… Are these purchases that HAVE to be made immediately? Maybe. Something spills down your shirt on your way to an important meeting, you may have to stop and buy a new shirt. But pausing before purchase…many, possibly most of your wants might be delayed, at least until you've saved enough to pay cash.

What do you think?

Thanksgiving on a Budget

2010-11-18T17:27:00.001-05:00

With our discussions about holidays on a budget – we thought this was a great article about saving during a meal traditionally noted for excess…

Thanksgiving Dinner on a Budget 101

Andy Reynolds

Your Thanksgiving dinner doesn't have to be bare bones just because you're on a budget.

The holiday season is all about excess. But in this financial climate, simple meals and décor can seem tastefully elegant instead of Dickensian. This year, it's de rigueur to forgo the fancy spread and get back to basics. Here's how:

Plan Ahead -- Open your day planner and circle Nov. 1 with a red pen. This is when you should start planning your menu. The turkey will account for nearly 40 percent of the cost of Thanksgiving dinner. Buy it early, and get a frozen bird -- it'll store easier, defrost better and roast up juicier. A week before Thanksgiving, commit an afternoon to prep work. Tear up bread for stuffing, mix dough for pie crusts and dinner rolls, and simmer chicken to make stock. Plan your shopping excursion on double-coupon day, and take careful inventory of your pantry so you don't buy unnecessary items.

Stick to the Classics -- Thanksgiving is no time to experiment with unusual dishes or recipes that exceed your skill level. You've got a hungry crowd waiting, and they'll expect traditional dishes. When that clove-studded, orange-infused turkey falls flat, you'll have to tack on another $20 to your budget to cover Chinese takeout for your hungry guests. You really can't go wrong with a classic menu of roast turkey, stuffing, green beans, mashed potatoes, cranberry sauce and pumpkin pie. As a rule of thumb, choose recipes with the fewest ingredients and steps to save money and time.

Deviate from the Classics – An untraditional Thanksgiving dinner can make a chic culinary statement and cost less than the storybook spread. Instead of roasting a turkey, grill turkey burgers. Knead fresh tarragon into the patties, and finish them off with a Gwyneth Paltrow-approved condiment: cranberry ketchup, a combination of cranberry chutney and tomato ketchup. Instead of Champagne, serve cranberry-sparkling water spritzers, or make a root beer float with pumpkin-flavored ice-cream.

Add More Décor -- Nothing sets the occasion quite like an enchanting dinner table. You don't have to spend a fortune at the florist to create an autumnal wonderland; rather, collect natural elements from your backyard for free, fresh décor. For the centerpiece, fill a vase halfway with acorns, then arrange willow branches, sturdy sticks and gold and red leaves to cascade over the top. Make place cards with tiny squares of ivory card stock secured to pinecones. Light a few taper candles, and the dining room will be aglow with the magic of the holidays.

Tell Guests It's BYOS (Bring Your Own Side) -- As long as you let guests know well in advance, they won't mind bringing something to dinner. You can focus on the bird and assign the starches, vegetables, cranberries and dessert to friends and family. This way, you can put a little extra toward your wine budget.

Be a Discerning Host -- If money is tight, you don't have to be the hostess with the mostest -- it's better to be a discerning host. Make thoughtful, smart choices about your dinner spread while keeping your guests' tastes and your financial means in mind. For instance, if your crowd prefers white meat, purchase a smaller, less expensive turkey breast. Perhaps a full dinner isn't an option this year. You could always host a morning brunch. A few pastries, quiches and mimosas will hold over your friends and family until they're off to their dinner celebrations. Or, throw an after-dinner soiree: Put on a pot of coffee, mix up a signature cocktail and arrange petit fours, fresh fruit and cheese on a tray. You'll close out turkey day with style and panache!

Where do I invest the money I am saving?

2010-11-15T12:44:00.004-05:00

Thank you University of Arkansas Little Rock

Thank you UALR for a great Wednesday, November 10, 2010. I enjoyed meeting and presenting to your student body. Where do I invest my small amounts of money I am saving?

For young adults this couldn't be a better time. The market is low and you have time. All you have to do is ACT! What are you waiting for? T Rowe Price has an account you can start for $50 a month or $1000. If you go with the automatic account builder it will help you make small changes so you can continue to contribute every month. We are talking $12.50 a week. One less fast food meal and speciality coffee a week - will start to build you wealth and security.

Basic Rules for Investing in an IRA
1 Need earned income
2. 2009 limit $5000, if over age 50 $6000
3. Can not contribute more that you earn
4. Roth IRA is normally the best choice for young investors
5. Investment - research all in one funds/target retirement date

T. Rowe Price gives an excellent data sheet on the differences and eligibility for IRA investing. If you have concerns feel free to comment on the blog and I will be happy to answer your questions. After much research T Rowe Price had the lowest minimum to get a new investor started. Other discount firms such as Fidelity Investments had a minimum of $200 amount on an automatic account builder and Vanguard had a $3000 minimum.

All the above companies have licensed representatives available to answer your questions and assist you. They are all salaried and not on commission. This keeps fees low and the representative from pressuring you into a product you don't need. Minimums may change so be sure to ask when you are calling to discuss your options.

As always check with a financial professional prior to making any investment decisions.

Happy Investing... Stay tuned................

Veteran's Day - the Cost of Serving

2010-11-11T17:41:00.002-05:00

At Generation Millionaire, we teach about saving for tomorrow, paying yourself first, and making smart financial decisions. We live in a country where it is possible for anyone to become a millionaire with creative ingenuity and the passion to make it happen.

Today, we celebrate Veteran's Day and we thank those who have served our country.

Those who enlist in the armed services are fighting, not only for our freedoms, but for the security and freedom to persue our individual dreams. We honor them today and are grateful to them for the sacrifices they make...not only do they risk their lives, they sacrifice the time with parents, siblings, spouses, children, and friends. They live in conditions many of us dependent upon central air and heat can barely fathom. Every day, they sacrifice to enable OUR dreams to become reality.

To the veterans who have served or are currently serving in the armed forces - thank you. Thank you for making the sacrifice for those of us at home.

20-Somethings – Get Ready for a ‘Thrisis’

2010-11-10T16:01:00.001-05:00

We had another post planned for today, but when we saw this article – we decided to repost it and hold ours for Thursday. Great article for the 20-somethings out there!

20-somethings -- get ready for a 'thrisis'

By Andrea Lavinthal and Jessica Rozler, Special to CNN

Editor's note: Andrea Lavinthal and Jessica Rozler are authors of "The Hookup Handbook" and "Friend or Frenemy?" Their latest book "Your So-Called Life" mixes humor with advice for women headed for their 30s.

(CNN) -- Despite lackluster reviews and declining ratings we're holding out hope for "$#*! My Dad Says," the new CBS comedy starring William Shatner. No, we're not particularly big fans of the 79-year-old actor, but we do appreciate the prime-time sitcom's realistic portrayal of adulthood.

For those who don't know, the show is based on the wildly popular Twitter feed of Justin Halpern, a comedy writer who moved back into his parents' house in his late 20s and started documenting the hilarious -- and profanity-laced -- musings of his father.

With more and more adults living under the same roof as their parents -- 85 percent of college seniors planned to return home after graduation, according to a recent poll) -- one thing is for certain: For most 20-somethings, and a lot of 30-somethings, the road to becoming a genuine grown-up, minus the air quotes, is an increasingly long one.

Sure, delaying the onset of adulthood isn't exactly breaking news, but here's what is: People are finally paying attention to the late 20s and early 30s, that gray zone when you're not young enough to be young and not old enough to be old.

Forget the quarterlife crisis -- that post-college moment of clarity when you realize that working at a job actually requires -- you know -- work.

This is a "thrisis" -- an uneasiness people experience as they hit the big 3-0. Or the big 3-uh-oh, as we like to call it.

These feelings of anxiety crept into our own lives as we left our 20s. Our peers -- whether single or married, with or without children, unemployed or climbing the corporate ladder -- had to two primary questions as they neared 30:

• Is this what it feels like to be an adult?

• And am I normal?

(Spoiler: The answer to both questions is most likely "yes.")

While a discussion of 20-somethings inevitably turns into a lament about the younger generation, with their buffet-of-life choices, lack of responsibility, and refusal to grow up, here's the truth: This isn't your mother's 30.

These choices come with the pressure to not only have it all, but to make it perfect -- the HGTV-worthy house, gifted children, high-powered career, and soul mate. A tough current economic climate has made it difficult for people of all ages to mark the "traditional" adult milestones, making adulthood even more complicated.

In addition to the pressure for perfection, today, we also have the added anxiety of living our lives more publicly than ever before. Thanks to social networking and other forms of digital dishing, not only can we spend hours navel-gazing online, but we can also gaze at each other's navels via social networking sites.

Now you can log onto Facebook or Twitter and find out that your younger cousin is pregnant (again), your best friend got a promotion, and your college roommate is engaged. It's easier to compare and contrast our friends' life trajectories to our own and then blog, tweet, text, and instant message about it.

While the thrisis isn't exactly fun, there is some good news: You'll realize that part of being an adult is understanding that "figuring it all out" is a lifelong task even for the biggest grown-ups among us, not a goal that must be reached by an arbitrary birthday. You'll also gain a lot a more out of a thrisis than you'll lose -- good stuff like maturity, self-awareness, and perspective.

Speaking of perspective, let's step back for a moment and not forget that 30 isn't exactly geriatric, for gosh sakes. Plus, more research shows we actually get happier as we get older. We should all be so lucky to have a life re-evaluation at age 100, although "century-is" or "hundred-is" just doesn't have the same ring to it as thrisis does.

To Dry Clean...or Not to Dry Clean??

2010-11-04T17:10:00.002-04:00

Did you know that clothing manufacturers are only allowed to list one way to care for a garment? Very often - they choose dry clean only simply because that's the safest method. It's also the most expensive.

Consider the fabric. I've done this for years and have only had two "Oops!" moments. Take silks, wool, taffeta, velvet, and other known delicate fabrics to the cleaners. Save money on your clothes made from cotton, linen, polyester, acrylic, and nylon. They can almost always be washed at home. We recommend turning clothes inside out, and using the gentle cycle.

Add to your savings by hanging clothes to dry (or with sweaters - lay them flat to avoid weird ridges that hangers make in the shoulders). You may wonder why you shouldn't use the low-heat setting on the dryer? For one - it will take longer to dry the clothes and use more energy (translation: money). Besides - if you clean your lint tray out regularly, you know that the dryer slowly and systematically breaks down fabric...that's what you peel off and throw away!

Make your clothing last longer with smart care and remember that when the manufacturer says "Dry Clean Only," they are looking out for their best interests (fewer customer complaints), not your wallet.

Making Your Clothes Last Longer…

2010-11-02T17:04:00.002-04:00

Today's blog is a repost from Reader's Digest and is a great resource for taking care of clothes. The longer they last - the less you have to spend!

Super Saves for Stained Clothing

Did you spill red wine all over your shirt? Is that lipstick smear hanging around? These secret stain removal tips will help you save your favorite clothes.

Wash out make-up spills with baking soda
If you've spilled liquid foundation onto a blouse, go to the kitchen and get some baking soda. Sprinkle the powder onto the stain until it's completely covered and press it gently into the fabric. Wet a nailbrush or a toothbrush and lightly brush the spot. If any make-up remains, repeat the process until all traces have disappeared.

Foundation shaker #2: Bread
Blot up liquid foundation make-up spills on washable fabrics using a piece of fresh white bread kneaded into a ball. The bread treatment should also erase pencil marks on wool and washable clothing. Resist the temptation to use a pencil rubber to erase pencil marks; in most cases it will only make them look worse.

Lipstick smear remover #1: Petroleum jelly
Dabbing petroleum jelly onto lipstick marks before washing a garment is a removal method used by stain specialists. If it's good enough for pros, it should be good enough for you.

Lipstick smear remover #2: Bread
Tear out the doughy center of white bread and knead it into a ball, then blot the smear repeatedly with the dough until the stain lifts from the fabric. Now wash the garment. The dough ball is also safe to use on lipstick marks on dry-clean only wool clothing.

Soak out tomato sauce stains
You have to be brave to eat pasta while wearing a white shirt without a napkin tucked into the front collar. For an effective tomato-sauce spot eradicator, combine 1/2 cup (125ml) 3 per cent hydrogen peroxide and 3 cups (750ml) water in a bowl or clean sink. Soak the stain in the solution for 30 minutes before washing the shirt.

Shaving cream tomato-sauce remover
Take a can of non-gel shaving cream and spray it onto the stain, rub it in gently and let it dry before washing as normal.

Milk an ink stain
To get rid of a nasty ink blot on a shirt, put 2-3 tablespoons cornstarch into a bowl and then stir into full-fat milk until you have made a thick paste. Cover the stain with the paste and let it sit for 3-4 hours. Then brush off the paste and wash the shirt. Another paste to try is 2 tablespoons cream of tartar mixed with 2 tablespoons lemon juice.

Remove red wine stains
Although the wine tasted terrific, the drops left on your pants don't look all that great the next morning. Soda water is a common antidote for red wine stains, but if that doesn't work, try one of these treatments:

Borax
Dissolve 1 tablespoon borax in 2 cups (500ml) warm water. Submerge the stained part of the garment in the solution and soak for 1 minute, then put the item in the washing machine.

Liquid hand soap and vinegar
Dilute liquid hand soap and gently scrub it into the stain; rinse gently with water, then apply a drop of white vinegar. Pat dry and rinse again with water.

Salt and boiling water
Pour a generous amount of salt onto a still-wet stain and see if the salt turns pink as it soaks up the wine. If it doesn't, pour boiling water over the salt. In either case, wash the stained garment as soon as possible.

Baking soda
Heap baking soda on the stain and let it sit for an hour or more to absorb the stain. Then shake off the baking soda and wash the garment.

Prevent perspiration stains
Spread baby powder or talcum powder along the collar and underarms of soiled clothing and press gently with a warm iron. The powder should absorb the sweat and make it easier for the rest to come out in the wash.

Pop out bloodstains
It can all-too-easily happen: you're near the end of a bike ride when your front wheel hits a pothole, sending you and the bike clattering to the ground. Hopefully, all that's hurt is your pride and a bleeding elbow, which manages to leave bloodstains all over your clothes. It seems ridiculous, but soaking bloodstains overnight in cola removes them. Try it, it may sound insane, but it actually works!

A toast to club soda
The most successful way to get rid of stains is to treat them before they dry and become set in the fabric. If you spill food onto your clothes at a dinner party or in a restaurant, ask for a glass of club soda and a lint-free cloth napkin. Retire to the bathroom with the soda water and apply as much as you can. Wait 1 minute, then blot the stain gently with the towel.

Generation Millionaire Services…

2010-10-28T18:08:00.002-04:00

Generation Millionaire is an educational company, with Stephenie Rulli providing educational seminars and workshops across the country. She is a Financial Advisor, Educator, and Professional Speaker with a powerful message! Pay yourself first and watch your dollars grow!

Stephenie provides her audiences with realistic goals and strategies that won't leave them feeling deprived, but leave them feeling empowered!

Stephenie is available to present at:

High schools

Colleges

Universities

Greek-life organizations

Military bases

Conferences

Non-profit groups

Stephenie is also available for one-on-one financial planning and budgeting.

Please contact us at generationmillionaire@gmail.com for your next event or to schedule consultation services.

Identifying Your Spending Habits

2010-10-26T17:12:00.002-04:00

We frequently talk about paying yourself first and tracking excessive spending. But it's often a task easier said than done. If you have a hard time sitting down and setting financial goals and facing the reality of your spending habits, there are software programs available to help you (i.e., Quicken or QuickBooks).

Your bank may also help with this by providing spending tracking reports and provide financial reports on how much you spend over a period of days. Do you use this tool?

Are you familiar with www.mint.com? They are a free online (and secure) program that taps into your accounts and centralizes all your incoming and outgoing financial patterns. You can create budgets and they also have a new feature to allow you to set financial goals.

Whatever tool you use – identifying your spending habits is a crucial part of closing the gap on the millions of opportunities that may be slipping by! As uncomfortable as it may be to identify these issues, making the commitment is the first step to securing your financial future. You may not be aware of spending habits until you are able to see the financial summary available in these programs.

The Costs of Video Games

2010-10-21T17:54:00.001-04:00

This morning, we talked about the cost of video games. In June, MSN reported that the cost of them may go up. See below for full details:

Top video games may soon cost more

More complex code, anti-piracy systems pressure the price tag

By Tom Loftus

June 17 — What price happiness? Today a top new title for your game console debuts at $49.99. But as development costs for some titles continue to climb, change may be in order — either in the price of games, or the kind of games themselves.

YOU COULD BE paying an extra 10 bucks a title by the end of this year, predicted Michael Pachter, an analyst with Wedbush Morgan Securities who has been tracking some of the biggest players in the industry. Other analysts disagree, citing the game industry's general reluctance to change price patterns — in either direction. But while static or cheaper prices for your games may sound great in theory, the reasons behind game pricing may make you think twice.

THE 'LIFE CYCLE' MODELGame title pricing isn't just a matter of costs plus markup. Understanding the pricing game requires understanding how what analysts call the console "life cycle" affects supply and demand.

The "life cycle," as the name suggests, is the time between a console's debut and its eventual replacement by a more powerful gaming system. The life cycle of early consoles such as the 8-bit NES or the 16-bit Sega Genesis was about five years, for example.

The current generation of 128-bit consoles, now in their third year on the market, are entering what industry experts call the second half of its life cycle; the period where price points in both hardware and software trend southward.

"Once we see the price of consoles coming down, we see more mass market usage, then we'll see the price of games coming down." said Hal Halpin, president of the Interactive Entertainment Merchants Association, a retailing group. "It has this domino effect. The more mass market, the broader the base, the faster the recoup cost."

Case in point: More than half of the games sold for Nintendo 64 and Sony PlayStation games occurred after 1998, almost three years after the consoles debuted.

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So far, the life cycle price model appears to be holding for today's consoles. Hardware prices have decreased and, on average, prices for Gamecube, Xbox and PlayStation 2 titles have gone down. Older, greatest hits games are priced at $19.99 and $29.99.

But new triple-A titles remain stuck at $49.99.

BUILDING THE BIGGER BANG

Here's one reason why: If today's consoles are in the second half of the cycle, development costs should be in decline as game developers reach the technical limits of the platform. That's not happening.

"Research and development costs continue to go up," said Richard Ow, a game analyst for the NPD Group.

In 1996 a typical PlayStation game cost less than $1 million to make and sold for $49. Today, development costs for an Xbox or PlayStation 2 game run anywhere from $5 million to $7 million per title and sell for $49.99. And some game titles can cost upwards of $30 million.

Several things are driving development costs up:

First, compared to the last generation of consoles, the current 128-bit generation requires at least 40 times as many lines of code to fully exploit its capabilities. And that costs money.

Shiny president Dave Perry says that the more advanced the console, the larger the development team. He should know: Shiny's "Enter the Matrix" cost more than $20 million to develop.

"To keep pushing the limits, that not only takes more people, but better people," Perry said. "Great development staff are therefore becoming more and more valuable, and as our industry moves to Playstation 3, Xbox 2, etc., then they will be at a new premium," he said.

And then there's the other costs — things like the hour of exclusive video footage shot just for the "Matrix" game. Does the game feature licensed content or characters? That costs the game publisher an additional $1 to $10 per game unit.

The actual manufacture of the game — including printed materials and anti-piracy code installation — is done by the console manufacturer. For this honor, the publisher pays an additional $10 to $11 per unit in royalty and manufacture costs. Then there's marketing — flyers, commercials, tradeshows — third party distribution and a fund to be used as security against returns.

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With so many costs built into production, said Halpin of the game retailing group, a triple-A game price change in favor of higher prices and higher margin or lower prices and higher sales would not be easy.

"Right now it's too much a part of philosophy in way of conducing business," said Halpin. "Especially for public companies. They would need to re-scale their economics."

THE END OF THE $49.99 GAME?

Another reason why the prices of top games haven't gone down, said Ow of NPD, is that customers accept the price point.

"There just doesn't seem to be negative reaction to game prices," said Ow. "Even if one publisher took the chance to lower the price of triple-A game, it could bias the consumer that it's a lesser game."

So why haven't prices for the top titles gone up more than 99 cents since 1996? Pachter, the Webush Morgan analyst, believes that publishers just don't know any better.

"Game publishers don't understand consumers, they understand video games," he said. "Prices never go down. People don't have a problem with prices going up, the publishers do."

One title, "SOCOM: US Navy Seals" already hit the $59.99 price point when it debuted last August. "Sony included a cheap headset, the kind you could find on any Jet Blue flight, and charged $60 and no one complained." said Pachter.

Over the next year, approximately 750 new titles will hit the market. If past sales figures offer any clues, said Pachter, the top 50 to 60 games will rake in 50 percent of the total sales. "Once you see those numbers, it's easy to see that half could command a $60 price point," he said.

The key word is "could." Pachter said he believes that the Xbox version of "Doom III," scheduled for release later this year, may go for $59.99. But he admits that he's the only guy on Wall Street to predict the price jump.

OR NOT?

Developers also pooh-pooh the thought of price increases. Development costs have risen, true. But so have game sales.

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Last year Americans spent $10 billion on game hardware and software. Hundreds of thousands of consumers purchased triple-A titles like "Grand Theft Auto: Vice City," at $49.99 — analogies of second-half life cycle price decreases be damned.

"Can games get more expensive (to develop) and still break even (at current prices)?" asked Jason Rubin, president of the game development company Naughty Dog. "Of course we can. As long as sales keep climbing, you're fine." said Rubin.

And that's what appears to be happening. Rather than boost the prices, many console game publishers have taken the Hollywood approach to increasing revenue: The blockbuster.

Ultimately, a price increase may rest with the customers. If one publisher sells a hot new title for 60 a pop and makes a killing, publishers with similar titles may follow. But if consumers determine that the gameplay can't match the price hike. ... Well, hell hath no fury like a gamer spurned.

Making Yucky Math Fun…

2010-10-19T16:34:00.001-04:00

So…what did you think about the answer to our quiz? Surprised? Wonder how we got that figure? Take a look at the chart below. The rest of this week, we're going to calculate where that $3000 savings can come from. You might be surprised at the answer…we're definitely not looking to change your quality of life, but in the face of a million dollars – how badly do you really need that latte??

		Example One			Example Two

Age at Investment	Year	Investment (+Previous Year's Interest)	APR	Annual Interest Accrued	Investment (+Previous Year's Interest)	APR	Annual Interest Accrued
20	1	$ 3,000.00	8%	$ 240.00		8%	$ -
21	2	$ 6,240.00	8%	$ 499.20		8%	$ -
22	3	$ 9,739.20	8%	$ 779.14		8%	$ -
23	4	$ 13,518.34	8%	$ 1,081.47		8%	$ -
24	5	$ 17,599.80	8%	$ 1,407.98		8%	$ -
25	6	$ 22,007.79	8%	$ 1,760.62		8%	$ -
26	7	$ 26,768.41	8%	$ 2,141.47		8%	$ -
27	8	$ 31,909.88	8%	$ 2,552.79		8%	$ -
28	9	$ 37,462.67	8%	$ 2,997.01		8%	$ -
29	10	$ 43,459.69	8%	$ 3,476.77		8%	$ -
30	11	$ 46,936.46	8%	$ 3,754.92	$ 3,000.00	8%	$ 240.00
31	12	$ 50,691.38	8%	$ 4,055.31	$ 6,240.00	8%	$ 499.20
32	13	$ 54,746.69	8%	$ 4,379.74	$ 9,739.20	8%	$ 779.14
33	14	$ 59,126.42	8%	$ 4,730.11	$ 13,518.34	8%	$ 1,081.47
34	15	$ 63,856.54	8%	$ 5,108.52	$ 17,599.80	8%	$ 1,407.98
35	16	$ 68,965.06	8%	$ 5,517.20	$ 22,007.79	8%	$ 1,760.62
36	17	$ 74,482.27	8%	$ 5,958.58	$ 26,768.41	8%	$ 2,141.47
37	18	$ 80,440.85	8%	$ 6,435.27	$ 31,909.88	8%	$ 2,552.79
38	19	$ 86,876.12	8%	$ 6,950.09	$ 37,462.67	8%	$ 2,997.01
39	20	$ 93,826.21	8%	$ 7,506.10	$ 43,459.69	8%	$ 3,476.77
40	21	$ 101,332.30	8%	$ 8,106.58	$ 49,936.46	8%	$ 3,994.92
41	22	$ 109,438.89	8%	$ 8,755.11	$ 56,931.38	8%	$ 4,554.51
42	23	$ 118,194.00	8%	$ 9,455.52	$ 64,485.89	8%	$ 5,158.87
43	24	$ 127,649.52	8%	$ 10,211.96	$ 72,644.76	8%	$ 5,811.58
44	25	$ 137,861.48	8%	$ 11,028.92	$ 81,456.34	8%	$ 6,516.51
45	26	$ 148,890.40	8%	$ 11,911.23	$ 90,972.85	8%	$ 7,277.83
46	27	$ 160,801.63	8%	$ 12,864.13	$ 101,250.68	8%	$ 8,100.05
47	28	$ 173,665.76	8%	$ 13,893.26	$ 112,350.73	8%	$ 8,988.06
48	29	$ 187,559.02	8%	$ 15,004.72	$ 124,338.79	8%	$ 9,947.10
49	30	$ 202,563.74	8%	$ 16,205.10	$ 137,285.89	8%	$ 10,982.87
50	31	$ 218,768.84	8%	$ 17,501.51	$ 151,268.76	8%	$ 12,101.50
51	32	$ 236,270.35	8%	$ 18,901.63	$ 166,370.27	8%	$ 13,309.62
52	33	$ 255,171.97	8%	$ 20,413.76	$ 182,679.89	8%	$ 14,614.39
53	34	$ 275,585.73	8%	$ 22,046.86	$ 200,294.28	8%	$ 16,023.54
54	35	$ 297,632.59	8%	$ 23,810.61	$ 219,317.82	8%	$ 17,545.43
55	36	$ 321,443.20	8%	$ 25,715.46	$ 239,863.25	8%	$ 19,189.06
56	37	$ 347,158.65	8%	$ 27,772.69	$ 262,052.31	8%	$ 20,964.18
57	38	$ 374,931.35	8%	$ 29,994.51	$ 286,016.49	8%	$ 22,881.32
58	39	$ 404,925.85	8%	$ 32,394.07	$ 311,897.81	8%	$ 24,951.82
59	40	$ 437,319.92	8%	$ 34,985.59	$ 339,849.63	8%	$ 27,187.97
60	41	$ 472,305.52	8%	$ 37,784.44	$ 370,037.60	8%	$ 29,603.01
61	42	$ 510,089.96	8%	$ 40,807.20	$ 402,640.61	8%	$ 32,211.25
62	43	$ 550,897.15	8%	$ 44,071.77	$ 437,851.86	8%	$ 35,028.15
63	44	$ 594,968.93	8%	$ 47,597.51	$ 475,880.01	8%	$ 38,070.40
64	45	$ 642,566.44	8%	$ 51,405.32	$ 516,950.41	8%	$ 41,356.03
65	46	$ 693,971.76	8%	$ 55,517.74	$ 561,306.44	8%	$ 44,904.52
66	47	$ 749,489.50	8%	$ 59,959.16	$ 609,210.96	8%	$ 48,736.88
67	48	$ 809,448.66	8%	$ 64,755.89	$ 660,947.84	8%	$ 52,875.83
68	49	$ 874,204.55	8%	$ 69,936.36	$ 716,823.66	8%	$ 57,345.89
69	50	$ 944,140.91	8%	$ 75,531.27	$ 777,169.56	8%	$ 62,173.56
70	51	$ 1,019,672.19	8%	$ 81,573.77	$ 842,343.12	8%	$ 67,387.45
71	52	$ 1,101,245.96	8%	$ 88,099.68	$ 912,730.57	8%	$ 73,018.45
72	53	$ 1,189,345.64	8%	$ 95,147.65	$ 988,749.02	8%	$ 79,099.92
73	54	$ 1,284,493.29	8%	$ 102,759.46	$ 1,070,848.94	8%	$ 85,667.91
74	55	$ 1,387,252.75	8%	$ 110,980.22	$ 1,159,516.85	8%	$ 92,761.35
75	56	$ 1,498,232.97	8%	$ 119,858.64	$ 1,255,278.20	8%	$ 100,422.26
76	57	$ 1,618,091.61	8%	$ 129,447.33	$ 1,358,700.46	8%	$ 108,696.04
77	58	$ 1,747,538.94	8%	$ 139,803.12	$ 1,470,396.49	8%	$ 117,631.72
78	59	$ 1,887,342.05	8%	$ 150,987.36	$ 1,591,028.21	8%	$ 127,282.26
79	60	$ 2,038,329.42	8%	$ 163,066.35	$ 1,721,310.47	8%	$ 137,704.84

Generation Millionaire

2010-10-14T17:21:00.001-04:00

Have you heard? The United States is in an economic crisis. Well, it really isn't news is it? We hear it every day and as citizens, we share the growing concerns about our nation's economy and growing unemployment rates. Even when circumstances begin to improve, the effects of this climate will impact numerous individuals and families for years. Many people question whether it is even possible to save money these days…especially those who are discouraged and living paycheck to paycheck. But, I believe that with a little know-how, it is a possibility.

Founded in 2008, Generation Millionaire is a unique educational program, designed to provide our country's newest adults with simple (and realistic) steps that will enable them to make sound financial decisions. There are "million$" of possibilities waiting for those who are willing to let their money plus time yield security…the ultimate results being financial freedom and the wisdom to make choices that ensure a solid financial future.

The tools that Generation Millionaire will provide positive changes that will last a lifetime! The Founder of Generation Millionaire, Stephenie Rulli, aims to help her clients gain control over credit card debt, student loans, and everyday expenses…before their finances take control of them! She is committed to empowering America's up and coming leaders with the knowledge that can change their lives!

Will you let her tell you more? Please give Stephenie a call for a free consultation. Learn how Generation Millionaire can help you! Please call 513.893.3680 or email generationmillionaire@gmail.com at your earliest convenience.

The Cost of Identity Theft

2010-10-12T17:05:00.001-04:00

Last year, according to www.fightidentitytheft.com, 11.1 million people were victims of identity theft, with a grand total cost of $54 billion. In addition to robbing people of money, damaging credit, identity theft simply creates a lot of headaches for victims and their financial institutes.

If you've been the victim of identity theft, you know the hassle of trying to follow the trail of financial destruction that an identity-burglar leaves behind. Some of the financial impact may be washed away if you take precautionary steps prior to falling victim or report the situation in a timely fashion. But the headache of filing fraud alerts and reviewing credit reports and the tedious details involved in protecting your bank accounts, hard earned money, and your name! OH! It's overwhelming!

Identity theft, as previously mentioned, totals $54 billion per year. On average, each case of theft ranges between $5000 – 6500 and in roughly 32% of victims are left paying the debt though they didn't incur it or at least, incurring out of pocket expenses due to the theft. Also, in 2006, it was estimated that victims must spend up to 40 hours trying to resolve the matter of identity theft.

This week, our Facebook page is exploring the costs associated with identity theft and steps you can take to protect yourself. Stay tuned for more details!

The Problem with Produce

2010-10-07T17:43:00.001-04:00

At Generation Millionaire, we believe that every little bit saved counts. The philosophy is making smart financial decisions! This week, we've focused on grocery-store savings. One problem we regularly hear about is the cost produce.

It's expensive and often, it goes bad before it can be consumed.

Our suggestion is to compare shopping notes with a friend. Look for opportunities to split the cost of produce, saving money and reducing the waste of food. This can also be effective for bulk-shopping, including toilet paper, paper towels, meat, canned goods, etc.

Other ideas:

Go to the local Farmer's Market where produce is often fresher as well less expensive.
Grow your own garden in yours or a friend's back yard. Share the labor and produce.

Do you have any other suggstions?

Grocery Saving Tips

2010-10-06T17:25:00.001-04:00

A repost from a MSN article… This is the last part of an article from an article titled Secrets of Superstar Grocery Shoppers.

By Melinda Fulmer

10 tips from great grocery shoppers

I hear "I don't have an money" Here is what advertisers believe....

2010-10-03T09:30:00.003-04:00

Marketers get creative targeting hard-to-reach college students
Posted

By Eileen Blass, USA TODAY

Villanova University junior Courtney Chupka (left) of Chatham, N.J., hands a pair of free American Eagle Outfitters flip-flops to fellow student Nicholas Benenati, a sophomore from Miami. Chupka was one of a team of Villanova students dressed in matching T-shirts to promote American Eagle Outfitters on campus.

"Marketers get creative targeting hard-to-reach college students ";
var articleSummary = "Savvy college marketers have learned that they can no longer reach students by old-school marketing and are turning to peer-to-peer marketing. "
By Bruce Horovitz, USA TODAY

It may have seemed like just another freshman move-in day at West Virginia University. But for American Eagle Outfitters, it was D-Day.

Long before the new students arrived at their dorms a few weeks ago, the oh-so-trendy clothing retailer had a detailed marketing battle plan in place specific to this Morgantown, W.Va., campus. Facebook updates promoted free car-to-dorm room help with heavy stuff on move-in day — not to mention free flip-flops.

The savvy strategy wasn't executed by an American Eagle exec. It was overseen by 21-year-old Gina Damato, a WVU senior PR major who, in her spare time, manages a pizza parlor, writes for the school paper, snowboards and, oh yeah, is a student rep for AE.

"College students are wary of old-school marketing," says Paul Himmelfarb, managing director at Youth Marketing Connection, which specializes in linking marketers with the college crowd.
"You have to take a brand and incorporate it into the college lifestyle by peer-to-peer marketing."

Savvy college marketers have learned that they can no longer reach students by simply putting up posters, handing out samples and hanging ads from dorm room door handles.
That's why there are now nearly 10,000 student reps like Damato on campuses nationally. They are paid in cash, products or a combination of the two — up to $1,500 per semester.
Much of their work is via social media, such as relevant Facebook updates and targeted tweets via Twitter. It is detail-oriented marketing intricately tuned-in to things vital and specific to student bodies at each of the nation's 4,100 colleges and universities — and in many cases to the individual student. So there is little wasted messaging.

PARENTING: First weeks can be tough for college kids
FRESHMEN YEAR: May be harder on parents than students
If there were a college class for this, it would be New World College Marketing 101.
"College marketing used to be block and tackle," says Matt Britton, founder of marketing agency Mr. Youth, which recruits thousands of students nationwide. "Now, college students are immune to those tactics and expect something much more deeply intertwined in their lives."
These days, it's about reaching students where they are — which is mostly (but not always) on their cellphones or laptops. So the most sophisticated college marketers — from American Eagle to Apple to Red Bull — are increasingly turning to social media focused on students' wants and needs.

For brands like caffeine-stoked Red Bull, the college crowd isn't the gravy, it's the meat.
"Think about college life," says marketing chief Amy Taylor. "It's made up of five main activities: study, work, play, party and, if there's time, sleep. Our product can help with four of those five."

Students are a rich resource
Why reaching students on campus is fundamental for marketers:
• Students have money to spend, often courtesy of Mom and Pop. Discretionary spending by the nation's 19 million full- and part-time college students will reach $76 billion this year — up $2 billion from last year — projects Alloy Media + Marketing.

• Students will have more dough in the future.
• Students, particularly freshmen in their first extended time away from home, are developing brand affinities that can last.

But they're very clear about how they want to be reached by marketers. When college students were asked in 2009 how they want to get information on goods and services, 46% said the Internet, reports research specialist Student Monitor. That's up from 26% in 2000.
Where they're not interested in getting information: TV or magazines. While 59% looked to TV ads in 2000, that number shrank to 44% last year. And while 42% depended on magazine ads for information in 2004, that fell to 25% last year.

Not that everyone can be reached. Bijah Gibson, for one, just wants to be left alone.
The 21-year-old journalism major at Colorado State University in Fort Collins says that while it's hard to miss all the college marketing coming at him — he mostly ignores it.
"It doesn't affect what I buy," he says. "My friends have a much bigger effect on what I buy than what I see on some website or on a Facebook update."

The life of a college student rep
But such exceptions don't slow down Damato, the student rep at West Virginia. Before her gig as ambassador for American Eagle, she repped for both Apple and Disney.
In return, Apple lent her gobs of computer equipment, Disney helped her get class credit for a six-month internship in Orlando and American Eagle sends her checks.
Damato says being a student rep has helped make her a big shot on campus. "I'm not only recognizable to students — but to professors," she says.

For Apple, she manned tables at freshman orientation last June — supplying detailed Apple product information to students and parents at a moment when many were most susceptible to purchase. Apple doesn't let her make the sale at the tables, but refers students to an Apple site specific to her school and she gets commission on each purchase made there.
Last fall, she organized Apple tailgate parties at school football games where students played Guitar Hero on Apple laptops in the parking lot. She posted Facebook updates on the tailgate fun.

But this fall, she's all about American Eagle.
She recruited 40 volunteers — mostly by arranging an AE donation for a fraternity's favorite charity — to work on freshman move-in days. She touted their services on the WVU Facebook page for incoming freshman with updates such as: "Need help moving in: No worries. AE will be there."

Was it ever. Over six hours, her crew helped 100 freshmen move into their dorms.
And each of those freshmen got a free pair of American Eagle flip-flops (valued at about $15) and a store coupon for 15% off at the American Eagle store at the local mall. As an incentive to get them there quickly, the coupon was set to expire in 30 days.

"The motive is brand awareness," says Fred Grover, executive vice president of marketing. "Our target is a 20-year-old."

Here's what a handful of AE's peers are doing to also seek that 20-year-old on campus this fall:
• Red Bull. The brand sells more than 4 billion cans a year in the U.S., a lot of them to college students.
So it's no accident that Red Bull has an astounding 8.4 million friends on Facebook. That and Twitter are primary ways it communicates with students.
Also, when students returned to school this fall, thousands got sample Red Bull Energy Shots (2-ounce bottles that retail for $2.99) at college bookstores.
Red Bull has student brand managers on 250 college campuses who host — and promote via social media — events such as a recent student chariot race at the University of Georgia.
Red Bull also is active in mobile marketing. There are mobile games and phone apps produced by Red Bull — some of which are free. College students might learn via text message about where to get a free four-pack on a Thursday night, Taylor says.

•Hewlett-Packard. The tech brand's college marketing platform focuses by campus. "We've got to be where the students are — on campus and online," says Lisa Baker, director of student education marketing.

HP student reps at Washington State University recently participated in the annual back-to-school music fest featuring local bands. HP student reps demonstrated HP laptops in the thick of the action and announced special HP deals for the 4,000 students at the event. Students who signed up for information there or on Facebook got free giveaways.

•Zipcar. Since launching its first student rep program in 2001 at Harvard University, the nation's largest car-sharing service now has reps on 50 campuses.
In the spring, Zipcar will set up fake beach scenes on campuses, complete with sand, beach chairs, umbrellas and swimsuit-wearing students. Fellow students who stop to check out the "beach" also will see a poster with this pointed spring break reminder: "You need a Zipcar to get here."
Zipcar courts students via Facebook, Twitter and location-based social network Foursquare. "Students are accustomed to getting things on-demand in the way they choose," says Zipcar chief marketing officer Rob Weisberg.
So it's no coincidence how much Zipcar's latest iPhone app appeals to college students — Zipcar members can use their iPhones to beep their car horns or even unlock car doors.

• Barnes & Noble. In the past 12 months, Barnes & Noble College Booksellers has expanded from 40 college-specific Facebook pages to 636, says Lisa Malat, vice president of marketing.
"We need to go where the students live," she says. "We can't wait for them to come to us."

Maintenance Continues…

2010-09-30T19:04:00.001-04:00

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?

Maintenance Warranties

2010-09-28T18:24:00.001-04:00

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!

What Can Social Media Cost?

2010-09-23T18:42:00.001-04:00

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, CareerBuilder.com 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.

How Much Time Do You Spend on Facebook?

2010-09-21T16:05:00.001-04:00

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.

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

2010-09-16T17:04:00.001-04:00

"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!):

You can shop online! (We surprised you didn't we…you didn't expect that one to be number one!)
Emergency money in case the car breaks down, the furnace breaks, or other unexpected expenses arise (notice, we didn't mention emergency Starbucks-runs!)
Rewards… Credit card companies do offer some pretty cool incentives to keep you using plastic.
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.
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!)
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

Have You Been Pre-Approved to Apply?

2010-09-14T15:51:00.001-04:00

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.

Cooking 101: Tips and Recipes for College Students

2010-09-09T16:53:00.001-04:00

With our Facebook theme being "Entertainment," we thought this article from Delish was terrific! Reposted from: http://www.delish.com/recipes/cooking-recipes/cooking-tips-for-college-kids?gt1=47001

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

Entertain Me…

2010-09-07T16:30:00.001-04:00

According to VisualEconomics.com, 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!

Your 5-Minute Guide to Car Expenses

2010-09-03T00:23:00.001-04:00

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

Reposted from: http://articles.moneycentral.msn.com/SavingandDebt/SaveonaCar/Your5MinuteGuideToCarExpenses.aspx?page=all

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

Leasing is just another method of financing. It could make sense if you like to trade every two or three years and don't drive a lot. Negotiate the cost of the car first. Put as little down as possible; gap insurance on leases won't repay any "capital reduction" if you total the car. (See "A $199-a-month car isn't always a deal.")

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

Bottom of Form

Ways to Save on Your Car

2010-08-31T17:27:00.001-04:00

You know the feeling…you've just gotten your car serviced, you've just filled up with gas, and you've just had the car cleaned… Does it feel like it runs better or is that in your imagination?

Whether real or imagined – car maintenance will keep your car running smoothly and save big money in the long run. Failure to get regular oil changes, filter changes, or scheduled maintenance could leave you stranded on the side of the road. This week, on Facebook, we're exploring ways to make our dollars go farther on our cars, but in no way are we advocating for you to ignore the needs of your car. Just be smarter about it…

Take a do-it-yourself workshop on how to change your cars oil and filter and enjoy a well-run machine at a fraction of the cost.
Pull out the old bucket and sponge and wash it yourself!
Don't take your car to the dealership for service, go to a reputable independent mechanic who knows cars and will do the work for less.
- EXCEPTION: If you have a specialty car, such as a Hybrid or unusual foreign model – it's probably best to stick with the people who understand the unique quirks of your car type.
Make sure you're tires are good…worn tires slow down your car and actually cause you to burn more fuel.
Oh and speaking of tires, learn to change it yourself.

Stay tuned for more ways to save on your car's maintenance this week on Facebook! And be sure to suggest our page to your friends!

College Student Discounts

2010-08-26T18:26:00.001-04:00

Hey college students! Did you know you have special benefits and perks that can help you financially? You qualify for discounts on:

Computers
Software
Groceries
Travel
Entertainment
Clothes

Why do these retailers offer these discounts? Because they want to build loyalty from you now while you're young and keep you as a customer as you grow older… Do you have some particular retailer with whom you have established such a rapport that you will remain loyal to them even with or without a discount that may be available to you? As consumerism experiences grows – customer service will become a feature as important as a price point and retailers and business are depending on your future business as much as your current…

We've taken the liberty of sourcing a few online sources that can direct you to other places who will offer financial incentives for college students:

Three questions for you:

Do you take advantage of student discounts?
Do you have other sources for discounts?
If a student discount is not made apparent – do you ask about them?

Financial Security

2010-08-24T19:26:00.001-04:00

Generation Millionaire teaches a program that teaches how to make small changes in your life to reap big benefits. We want to show the up and coming generation how they can be millionaires! Careful planning and a little discipline are the key ingredients. This week, we're talking about financial security. What does it mean?

For some, financial security is the typical American dream: big house, fancy cars, exotic vacations, and expensive jewelry. For some, it's having money put aside to cover unexpected expenses. For others, it might be just having enough to cover the costs of monthly living. Today, we had a fan of our Facebook page today who said that for her, financial security was being able to hire someone to do her laundry.

Everyone's definition is different. But one thing is consistent: in order to achieve your personal definition of financial security, you have to be committed to making smart financial decisions. Using the pay-yourself-first philosophy, Generation Millionaire is committed to showing you the way to financial security…no matter what your personal definition of it may be.

Money Trouble for Gen Y

2010-08-19T15:41:00.001-04:00

Today, we are posting an article about problems Generation Y may face according to a recent Western Union survey.

Survey: Gen Y'ers face a big pile of money trouble
Investment Advisor - Aug. 16, 2010
Copyright 2010 Investment Advisor. A Summit Business Media publication.
All rights reserved

By Joyce Hanson

A financial storm may be brewing for the debt-laden, stressed young Americans who are part of the Generation Y demographic, according to a recent Western Union survey. Financial positions in the first half of 2010 deteriorated for one out of three of 87 million Americans age 18-34, the index shows. Nearly 30% of Gen Y'ers reported having difficulty in managing their spending, more than 20% waited longer to pay their bills, 35% borrowed money from friends or family members, and 50% reported feeling increased stress about financial obligations.

"Gen Y'ers are generally described as creative, independent, and tech savvy, while at the same time they are sometimes seen as overly confident and impatient. Many are also in trouble financially," says a Western Union news release for the latest Money Mindset Index.

Western Union has a good understanding of financial trouble. Now over 150 years old, the company went bankrupt in 1994 and survived by undergoing a corporate facelift that incorporates modern electronic tools such as global account transfers and prepaid credit cards. The company's consumer-to-consumer segment, representing 84% of overall revenue, offers money transfer services that are popular with immigrants as well as college students and their parents. As a result, Western Union has become something of an expert in the spending patterns of America's youth. The survey was conducted for Western Union in May 2010 by Javelin Research, which surveyed more than 3,000 consumers online about their current behaviors and emotional mindset regarding debt and personal finance issues.

One bright spot for Gen Y'ers is their use of technology to better manage their finances. "The silver lining is that, in spite of the difficult economy, Gen Y is
engaging in money-savvy behaviors that can help build a better financial future," said David Shapiro, Western Union senior vice president, in a statement. "The Money Mindset Index identified Gen Y's use of tools such as online bill pay to manage their budget and credit standing. Factor in their high comfort level with web-based programs and budgeting tools, and Gen Y has a solid foundation for getting their finances back on track."

The survey also found that 27% of Gen Y survey participants have been turned down for a loan or line of credit. Sixty percent have not seen their credit score in the past year, and 44% have never seen their credit score. Older Americans are experiencing less financial trouble, according to the survey.
"Gen Y's difficulties are in contrast to other survey respondents, many of whom are seeing positive changes in their financial situation, including less impact from economic challenges such as changes in credit card limits and increased interest rates, a declining need for spending cutbacks, and decreased shopping at discount retailers," according to the Western Union news release.

Financial Wisdom of the Ages

2010-08-17T16:46:00.001-04:00

This week on Facebook, we've posted a variety of money-saving quotes from famous voices in history. Why? Because history repeats itself. What we are going through economically is not a new situation. Our country and societies / cultures around the globe have gone through economic hardships and depressions. In recent years, we have come the closest to repeating the Great Depression and as a whole, our nation has buckled belts a bit tighter and started seriously looking at finances, ways to cut back, and ways to save for the future.

Many have embraced old habits of making clothing, planting gardens, and other do-it-yourself cost saving strategies employed by generations past. These are critical skills that we should embrace – economic hardships or not!

About a year ago, a colleague of ours interviewed a Great Depression survivor who, when asked if people in today's society could survive another Great Depression, shared, "I don't know because people today aren't as self-sufficient as we were back then." There's a lot of truth in that statement. Think of the things we spend money on instead of taking care of it ourselves:

Using what you know about American history – what are some of the things you pay for that are really a matter of convenience versus a need. Are there things you could do at home to be more self-sufficient AND save money? Please share your thoughts here or on our Facebook
page. We will be exploring some do-it-yourself ideas in Thursday's blog.

Paying for College

2010-08-12T11:30:00.001-04:00

Today's blog is a repost on paying for college… there's some great advice in here!

How to Pay for College

Wednesday, December 2nd, 2009

Although it may seem like after January 1st, all you have to do is sit back and wait for your acceptance letters, there's a long way to go before you move into your college dorm.

Applying to college is only the first step. If you hope to enter the hallowed halls of your first-choice, you need to find a way to pay for college, and fast.

Calm down, applying for financial aid is all about the basics: loans and scholarships.

Loans:

Alright, here's is the catch: you might get some cash for your college education, but it won't be there for long, so you can't treat it as a windfall and go on a major shopping spree. That's the thing about loans-you have to actually pay them back.

So they are more like "temporarily free money." But that's still a huge help for the students relying on a loan as part of their financial aid package. In fact, college loans are the largest form of student aid, making up 54% of the total aid awarded each year.

There are basically two broad categories of loans: loans based on financial need and loans not based on financial need. Either way, you must fill out the FAFSA (Free Application for Federal Student Aid) as a first step. (By the way, these are long and complicated, and there are some cool companies like fafsa.com who can make this a breeze).

If your FAFSA application does demonstrate need, a need-based loan will be less expensive than a non-need loan (need-based loans usually have better payback terms). As mentioned above, to be eligible for any loan, you have to fill out the FAFSA first. Below are some of the different kinds of loans:

Need Based Loans

Subsidized Direct Loans
Subsidized Stafford FFEL Program Loan
Perkins Loan

Non-Need Based Loans

Subsidized Direct Loans
Subsidized Stafford FFEL Program Loan
Perkins Loan
Private Loans

Scholarships:

The great thing about scholarships is they don't need to be paid back. Scholarships are generally offered through colleges, businesses, private individuals and outside sponsors. There are no standardized scholarships, meaning they vary from college to college. Those awarded by the college itself are often called merit aid. For some scholarships you need to be nominated. For most of them, you apply directly to a sponsor (the person or institution who is issuing the scholarship). So, check with your college to see what types of scholarships are available. Or, go online to scholarships.com to search thousands of scholarships for the ones that perfectly match you.

Some students are very successful at getting many little scholarships or occasionally landing a substantial award. These scholarships are awarded on a broad-base of criteria, the most common being academic merit. However, others are based on conditions such as financial need, affiliation with a church or community group, demonstrated leadership, athletic talent, artistic or musical ability so don't rule them out. Think of your skills and your community and get creative! Apply for as many as you can, as a bunch of little awards can add up to one big scholarship.

Beyond the Basics

Okay, so now you know the basics of applying for financial aid. But what's next? How do you find these mythical "scholarships" and how do you know which loans to apply for? Well that's where the "Pay For College" page comes in. CampusCompare has just launched a new page to deal with all your financial-aid worries. You can search and compare scholarships and loans to find the right combo for you! And as the dollars add up, you'll be that much closer to the college of your dreams.

Still don't understand the ins-and-outs of financial aid? Check out our Financial Aid FAQ's, glossary, and more expert advice on the "Pay For College" page. It has everything you need to go from $0 to your full college tuition.

The Clock Is Ticking

2010-08-10T19:00:00.001-04:00

Are you ready for school? It's coming before long…do you have the money to make it? Our blog today is featuring a number of online resources that point you in the direction of scholarships.

As much as a credit card seems like "free money," applying for college scholarships is the only way to get "free" money for college. Is it time consuming? Yes. Is it competitive? Highly. Is it worth it? If you want to do what you can to avoid high debt after school, definitely.

Check out these sites…let us know if you're able to obtain any financial assistance…

Some Advertising to Ponder

2010-08-05T16:03:00.004-04:00

I recently drove past a car dealership with the usual hype - gleaming cars arranged in rows, "On Sale" posters in the windshields, waving banners bearing the name of the brand... And on top of the dealership was a giant blue gorilla wearing sunglasses.

Yeah - that made me want to stop in and look around.

It prompted my curiosity and I began to realize how often some silly representation is there designed for the sole purpose of luring us in...

Consider the following:

Do you feel more rewarded when you buy a hamburger from a clown?

Do you enjoy your chicken sandwich more when a cartoon chicken has just boasted about extra juicy those sandwiches are?

Do you feel compelled to buy car insurance from a lizard, eh-hem, excuse me...a gecco?

Do Frosted Flakes taste better because they are represented by a tiger?

Do Scrubbing Bubbles really enjoy their trip around the toilet bowl as depicted in commercials?

Advertising is all about the gimic. They want to lure you in with a repetitive icon so that you will buy their product.

I'm still scratching my head over the big blue gorilla...not quite able to wrap my brain around the marketing genius on that one, but I will say this - I never drive past that car dealership without taking note of it.

What gimics do you find amusing? Do you think they work?

Wants vs. Needs

2010-08-03T15:32:00.002-04:00

We learn it early on - the difference between a want and a need. However - it's a lifelong lesson and sometimes, we have to take the time to learn it over...and over...and over again!

Sometimes the ability to distinguish the want versus the need lies in the effectiveness of a good marketing ploy.

We all know we NEED food to live. But, McDonald's, Burger King, Subway, any restaurant works hard and spends a lot of money to make sure we eat their food. The makers of Snickers candy bar even has the tagline, "Snicker's satisfies." The marketing brains behind these operations are trying to convince us that their product is the best thing to fill our NEED for food but unless we're trapped on a deserted island and the only option is a McDonald's kiosk - let's face it. That need is probably a want.

Can we live off fast food and Snickers? Sure - many people exclusively eat fast food. We've even heard of a guy who wrote a book on his daily Big Mac (should be some fun reading there - "Monday, I ate a burger. Tuesday, I ate a burger. Wednesday, I ate a burger...") But is that Big Mac a want or a need?

Let's say you're five miles from home and starving. McDonald's is just on the left and oh what you wouldn't give for a Big Mac and Fries. But - home is just a few more miles away and you just bought groceries yesterday, including the fixin's for hamburgers. At this point - the craving becomes a want instead of a need. You have food, you have access to food, and yet you may be willing to let your want override the fact that money has already been spent to supply the need.

It's in this mentality of want versus need that we often find ourselves in financial shortages. We've focused too much on the want and not enough on conscience spending.

How do you combat the want versus the need? Do you find yourself falling victim to marketing schemes designed to make wants look like needs?

When I Finally Get My Time Machine...

2010-07-29T07:59:00.002-04:00

One of the questions I am regularly asked during my presentations is: "Are YOU a millionaire?"

The answer is, most unfortunately, no.

But I would be. I could have been. IF I had made the decisions I advice high school and college-aged students to make - I would be a millionaire by now. If I could go back in time and change some of my financial decisions, some of the things I'd do differently include:

Practicing the "pay myself first" concept by setting aside money every paycheck.

Made conscience decisions relative to fast food purchases and unplanned expenses.

Falling prey to advertising schemes.

There are other things too, but these are three things that are so easy to apply. These are three habits I could have developed that would have really empowered my life today. The good news - I have learned these skills and now practice what I preach!

With the upcoming school year - I am concerned about the next generation. It's at this time in their lives that credit card companies began to lure them with plastic money that appears to be "free" but will cost so much. I started Generation Millionaire to help educate and empower the up and coming generation to make smart choices on their own. I am passionate about helping them avoid the same costly mistakes that I and so many others have made.

Financial Advisor vs. Generation Millionaire

2010-07-27T16:59:00.003-04:00

No offense to the Financial Advisors out there - but Generation Millionaire endeavors to be something different.

We don't want to tell someone how much they can or can't spend - we want to educate them to make their own sound choices...without our help. And specifically - we want to educate high school students and college students on how to avoid financial pitfalls. Why them? Because they have the best opportunity to become millionaires and secure their financial future if they act now.

Generation Millionaire is an education program that is designed to show students how to avoid credit card debt, pay themselves first, and live comfortably without the undo pressure of keeping up with the Joneses.

Early today, we posted on Facebook that we offer consultations for up and coming college students or recent college grads. We are committed to helping them find practical solutions that are applicable to any situation or financial situation. Please email generationmillionaire@gmail.com for more information or visit our website, http://www.generationmillionaire.com/.

Other People Get to Take a Vacation! Why Not Me?

2010-07-22T17:18:00.003-04:00

When we talk about saving money, pay yourself first, and still encourage you to do the things you enjoy from a money-conscience perspective - it's easy to get frustrated, throw your hands up and say, "I hope I win the lottery."

We know that the Pay Yourself First Concept is sometimes daunting when very little is coming in and it's even more overwhelming to think about being able to do anything for yourself in the here and now. A friend recently shared her vacation planning strategy and we thought it was a great way to plan for and save for your plans...

Figure out when you want to take your trip and outline the costs. Where can you save? Could you pack a box of oatmeal for breakfast or book a hotel room in a hotel that serves free breakfast? Make lunch your big meal for the day and go lighter on the more expensive meal. Budget your spending money into increments...figure out your most cost effective / fuel-efficient means of transportation. What kind of portable snacks / lunch can you take with you so you can reduce food costs on the road?

Once you have figured out your budget...create an envelope for each travel day and figure out how much you need. You'll probably need more gas money on the first and last days. Then, start buying gift certificates. Buy gas cards and gift cards to common restaurants.

This method helps you save, plan, and feel like you're in control of your expenses of your trip.

Take the envelopes with you. Each day - hold on to your receipts and whatever is left at the end of the day can be rolled over to the next or saved for future use.

The Pay Yourself First Concept

2010-07-20T16:36:00.002-04:00

Remember that first paycheck? You were handed an envelope that represented hours of hard work. Do you remember that feeling of pride...knowing that the sweat of your brow was represented in the enclosed check? Do you remember the sense on anticipation when you tore back the seal on that envelope and then.... Who the heck is FICA?

The government has no qualms about dipping into your income and taking their portion before you ever see it. When it comes to "the pay yourself first concept," you should feel no different.

Yesterday, we posted on our Facebook page about Pay Yourself First. We presented the ideal scenario as 15% of your salary tucked away to mature and grow in smart investments. We also presented the alternative - just tuck away something, even if it's only $10.

What does that look like in real numbers? Say you're a recent college graduate, working 40 hours a week at a $12.50 per hour job. Let's do the math...

40 hours x $12.50 = $500 per week
$500 per week x 52 weeks per year = $26,000

If you file taxes as single, without any dependents, unable to be claimed as someone else's dependent - you would qualify in the 15% tax bracket.

With that estimate in mind, your net income per paycheck would be roughly $425 or $1700 per month. That will make for a tight budget, but what if you deducted money for your future before you ever saw it?

Many companies offer a direct deposit option for their employees. If you had even 5% of your net salary ($21.25 per paycheck / $85 per month) moved to a savings account - what would that look like in a few years with a smart investment plan?

Don't rely on yourself to do this... Determine what you can realistically afford to do and have it automatically moved before you see it. Otherwise, the temptation to spend it may be too strong.

Generation Millionaire has a myriad of ideas around the Pay Yourself First concept. To learn more, contact Stephenie Rulli to schedule a consultation... generationmillionaire@gmail.com.

How Much Do You Spend on Entertainment?

2010-07-15T13:46:00.003-04:00

A focus of Generation Millionaire's is to make our audience think before they spend. Today - we want to look at the cost of entertainment.

If you took the time, even for a month, to calculate every latte, lunch expense, drinks after work, etc., you might be surprised at how much money leaves your wallet on a regular basis.

We're talking about Conscious Spending. A reminder and disclaimer. We're not asking you to live off Ramen noodles and never go out / have fun. We're talking about smart, financially sound decisions while still enjoying life.

It's pretty simple...

First - what is your income?
Second - calculate your monthly living expenses. How much is left?

What percentage of what is left are you saving versus what you're spending in entertainment? If you have more going into entertainment than you do in savings, then you may want to make some conscious decisions to rethink those outgoing dollars and make them work for you first.

Practice the "Pay Yourself First" philosophy. You'll never regret it.

College Expenses: Textbooks

2010-07-13T09:25:00.003-04:00

Yesterday, on our Facebook page, we posted that the average college student spends $900 a year on text books.

We admit - that number made us cringe.

A textbook is revised every three to four years making it an expensive commodity for a book publisher. It has a limited shelf-life and factoring the costs of printing and distribution - it ain't cheap. Some colleges, such as the University of Phoenix, offer their students e-books as an alternative. When this program initially piloted, UoP students could plan to pay $60+ for electronic versions of these books. It was a slightly less expensive alternative, but not everyone can read a book on a screen!

So - that brings us to our question. Would you rather pay the cost of a "real" hard book or the slightly discounted price of an "e-book?" What are the benefits of each?

Hard Book Benefits
- Bought used, the price may be equitable to an e-book.
- Bought used from a brainy student who just finished the same class, you get the benefit of their prior experience via notes in the margins!

Hard Book Negatives
- Lugging them to and from class.
- Dorm space is only so big...those books are huge!
- Shipping costs, if applicable.
- Supply and demand factors.

E-Book Benefits
- Environmentally sound.
- Easier to search for key words.
- No worries about the bookstore running out.

E-Book Negatives
- If you have to print the whole thing to read it - the environmental factor has just been thrown out the window.
- Can't make notes in the margins.

What are other positives and negatives about hard-back text books verus e-text books? If you are a college student - which format would you prefer?

Fun vs. Financial Freedom Part 2

2010-07-08T14:54:00.003-04:00

On Tuesday, we explored some scenarios that would enable one to save money while simultaneously allowing one to have fun and to "have a life."

The scenarios included:

Going out with cocktails with the girls.
Double date night with your best friend and his / her significant other.
Formal dinner party with the boss and his wife.
Planning a bridal shower for your sister.
Going to a ballgame with the guys.

So - how'd you do? Did you think of any options to keep these events a minimal cost?

Here are our thoughts:

Going out for cocktails / going to a game

This can get pricey with cocktails averaging $7+ a drink plus tip. Before going out - consider these money saving (and safety-conscious) ideas:

Designate a driver so that cab money isn't necessary. It's cheaper to pool together for a tank of gas than to pay a driver to drive everyone home.
Limit yourself to one or two drinks and then switch to water or soda.
Eat before you go out...this will save money on appetizers and junk food.

Double Date Night

Consider low-price alternatives to the traditional double date of dinner and a movie. How about the following:

Research local events. Is there a cool art exhibition that everyone would enjoy? Or perhaps movie night in the park?
Potluck! One couple provides salad and dessert, the other the main course.
Start a couples book club. Meet up at a local bookstore for coffee and discussion.

Formal Dinner Party

Who wants to spend a bunch of money on a fancy-schmancy event with people you work with! Consider these ideas:

Borrow or rent formal wear instead of buying. How often are you going to wear a $300 cocktail dress??
Mom says you never go to a party empty-handed. But, don't feel like you have to break the bank on an expensive bottle of wine. Ask the store clerk for a nice bottle within your budget.
Minimize the drinking so you can drive yourself home and not incur cab fares.

Bridal Shower

Go potluck. Ask guests to bring a dish to help with the food.
Go minimal on the decorations. No one is going to remember them.
Make the cake yourself.

What other ideas do you have?

Fun vs. Financial Freedom

2010-07-06T18:43:00.003-04:00

If you're a college student or just starting out - chances are good you've recently been burdened with student loans which are overwhelming if you are still job-hunting or have entered the workforce with an entry-level position. The size of those numbers are astronomical when you've gone from zero debt at Mom and Dad's to five figures or more in the span of a few years.

How are you going to make your finances work for you and still have a life? Is it asking too much to have your cake and eat it too?

Generation Millionaire is about teaching you strategies that give you informed options. We don't want you to sit at home every night staring at walls. We want you to go out and enjoy your life while still making smart financial decisions.

Here's a little quiz for you...pretend you got it out of Cosmo (you just saved $5). We'll give you a scenario and you tell us a way to make it more economically viable for your wallet.

Going out for cocktails with the girls.

Double date night with your best friend and his / her significant other.

Formal dinner party with the boss and his wife.

Planning a bridal shower for your sister.

Going to a ballgame with the guys.

What kind of ways can you enjoy yourself without breaking the bank? We want to hear from you! Post your answers on www.facebook.com/generationmillionaire and look for our perspective on this in Thursday's blog.

The True Freedom of Credit Cards

2010-07-01T21:31:00.004-04:00

Earlier today, we posted about the national average for credit card debt... $8000. We pulled this figure from MSN Money, but like everything - it's open for debate. Personally, I thought the figure was a little low and www.creditcard.com agrees with me. Per their site, the average credit card debt totals $15,788.

This was a really interesting site with some staggering numbers. We'll explore this more indepth in future blogs, but for now - let's talk numbers for the credit card companies.

CREDIT CARDS IN CIRCULATION

Visa: 270.1 Million
Mastercard: 203 Million
American Express: 48.9 Million
Discover: 54.4 Million

CREDIT PURCHASES / VOLUME

Visa: $9 Billion
Mastercard: $5.9 Billion
American Express: $3.6 Billion
Discover: $1.6 Billion

Those numbers are so staggering, the figures are virtually unrelatable to most Americans. But consider these numbers:

84% of students have credit cards.
Half of America's undergrads have 4+ credit cards.
Only 2% of undergraduates have no credit history.

Wow. So out of 10 college students, 8 are going to have credit cards and 4 are going to have 4 or more credit cards.

As we get ready to celebrate Independence Day - think about your credit situation. Are you independent (free of debt) or dependent?

The Hidden Costs of Your Car

2010-06-29T20:20:00.002-04:00

Did you know that you can save money in the way you drive? Here's some great tips that can help save both your car and your wallet...

Limit your driving.

Car pool when you can.

Map your route...there's no reason to drive all over the city! Consolidate your errands.

Stay up to date on your car's maintenance.

Fill up the tank instead of making frequent trips for smaller gas bills.

Avoid idling...park, and walk inside.

Use a consistent speed and utilize your cruise control on long trips.

Avoid stopping...if you see a red light ahead, slow down. It won't take as much gas to accelerate from a slower speed than to restart.

When you do have to restart, increase your speed slowly.

Avoid using the air conditioner.

When shopping for a car, be realistic. Do you really need a SUV for just one or two people? Think fuel efficiency when you make a new car purchase.

Wash / clean your car yourself.

What other ideas do you have to save money on your car?

What can you buy for a dollar?

2010-06-24T16:36:00.003-04:00

Take a dollar out of your wallet. Money may be tight...we'll wait if you need to count out change. Got a dollar? Okay, now think about what it's worth. What can you buy with a dollar? It's actually harder than you think...there's not much a dollar can do these days. We'll help you out with a few ideas of our own:

Anything off the McDonald's Dollar Menu

A movie rental from the RedBox

A popsicle

A soft drink

A candy bar

A notebook

A pen or pencil

A pack of gum

Have you made any of these purchases recently? Over time, will your dollar investment in any of these things (or anything on your list) have made a difference to your future? Maybe. Perhaps you will meet your future spouse while sharing a movie you rented together at the RedBox. But chances are great that the fries you ordered off the McDonald's Dollar Menu are going to be quickly forgotten, perhaps even by the end of the day of your purchase!

Generation Millionaire is all about strategizing ways to build your nest egg, ways to cultivate million$ of possiblities for your future. We are certainly not suggesting that you don't deserve that pack of gum, but THINKING things out before a purchase can really make a huge difference to your wallet.

One dollar + time can equal a downpayment on a car, an extraordinary vacation, a new computer, and investments into your future. The possibilities are endless!

What kind of things do you buy that you know you can live without?

No Net - Make A Choice To Be Prepared

2010-06-14T17:47:00.003-04:00

GenM this is what I have been preaching for the past 3 years! You do not have a net underneath you for retirement. Time is your best resource at this point - and saving NOW! This does not have to be a negative for your generation - it all depends on your choices.

What to do when your pension is frozen
BY M.P. Dunleavey,
Money Magazine
™ and © 2010 Cable News Network and Time Inc. and/or their affiliated companies. All Rights Reserved.
Money Magazine — 06/10/10

You've been looking forward to retirement — and the steady income your employer was supposed to provide — only to learn that your company has frozen its pension plan. Now what?

You're joining a well-populated club: Overall, about a fifth of workers in private-sector pension plans — 3.3 million people — have been affected by a "freeze," or suspension of benefits, according to the Bureau of Labor Statistics.
Kraft, HBSC, TWX, are among the largest employers who have frozen their plans this year, following 190 fortune 100 companies in 2009.

Industries such as aerospace, defense, and natural resources — along with state and local governments — are likely to offer defined-benefit plans for years to come, experts say.

But the firms that have frozen plans aren't likely to thaw them. So if your pension is iced over or at risk, you'll need to adjust your retirement strategy ASAP.

What a 'freeze' means
Unlike 401(k)s, which are funded in large part by employee contributions, a pension is paid entirely by the employer using a formula typically based on your years of service and highest pay.

A company might, for example, multiply 1.5% of your top salary by your tenure, meaning that if you worked 25 years and now earn $100,000, you'd get $37,500 a year.

Companies can freeze plans in one of two ways. Under a "hard" freeze, the pension is literally frozen. The benefit you've accrued as of today is what you'll get at retirement. "You don't accrue further years of credit, and your benefits are based on your salary at, say, 50 instead of 65," explains Alicia Munnell of the Center for Retirement Research (CRR).

A "soft" freeze is less severe — your benefit still grows, but based on a new formula. The company generally doesn't allow you to accrue more years of service, and it may cap the salary it uses (taking a five-year average, say). Either way, your pension is worth much less.

Who it affects the most
If you're under 35, or have been with the company a short while, you probably haven't amassed much of a benefit. Also, firms that freeze pensions generally offer a new or enhanced 401(k)-type plan, and younger people have time to make the most of such offerings. Folks within five years of retirement are also not so bad off: You'll have accumulated close-to-peak benefits, says Munnell.
It's those in the middle who "get the worst of both worlds," says David Certner, legislative policy director for AARP. You lose the guaranteed income and "you don't have time to recoup your losses by joining the 401(k)."

Absent a freeze, if you'd been hired at 35 and stayed on until retirement, you could expect about 43% of your final salary at age 62, according to a CRR study. But if your company instead froze the plan when you were 50, and you immediately started contributing 6% of salary to a 401(k) plan with a standard 3% match, you'd be likely to get only 28% of your final earnings at retirement.

How to make up for it
First, contact the pension specialist in HR to find out exactly how much you're entitled to at retirement, says Falmouth, Mass., financial planner David McPherson. "Make sure you understand the rules," he says. Get details on any new or improved 401(k) match too.

Next, use the program at basic.esplanner.com to reassess your retirement picture, weighing projected income and savings against expenses. If there's a shortfall, you'll need to save more to cover it.

Even with only, say, 12 years to save, a sweetened 401(k) can help you make up time. In the standard plan noted earlier, if you contributed up to the match, starting at age 50 with a salary of $100,000 that rises 2.5% a year, you'd have $184,000 by age 62, given a 7% average annual return, says McPherson. With an enhanced dollar-for-dollar match up to 6%, you'd have $245,000.

Though it may not sound appealing, postponing retirement can also help you bridge the gap, says Newtown, Pa., financial planner Michael Garry. You generate more savings and reduce the number of years you need to rely on those savings. Besides, as with Social Security, delaying your pension until full retirement age (as set by your company) results in a bigger benefit.

Overwhelmed? You can find pension assistance locally via pension help.org. But don't delay dealing with the issue. The sooner you take the reins, the more you stand to gain.

Stay tuned......

The Younger You Start Saving - The Better

2010-06-08T16:10:00.002-04:00

It has been a while since I talked about the original mission of Generation Millionaire. To teach and encourage you to use the time you have to make your retirement more secure. So what is one of the pieces of the puzzle?

"Time + Regular Investing" into a diversified portfolio = Long term success. The sooner you start investing in a 401k or IRA the more $$ you have for retirement. If you invest $60 a week starting at age 18 for 50 years with an 8% return = $1.9 Million. If you invest $60 a week starting at age 25 for 42 years with an 8% return = $1 Million. By waiting 7 years to invest a mere $60 a week - you give up almost one million dollars.

Where am I going to get $60 a week or $8.50 a day ?? It is so easy with simple changes you won"t notice in the long run.....Pack your lunch instead of eating out - Go to the library for movies, cds, books and games - Plan your route to avoid extra driving - Go to a matinee, Drink water vs ordering soda, coffee, tea etc. Buy used books for classes, Don't use your charge card.

Little changes that will not affect your quality of life TODAY will pay off big TOMORROW. This information can change your entire generation - WILL YOU BE A MILLIONAIRE? Save any amount you can - less is better than none.

I challenge you to write down every time you spend a penny - you will be amazed at the way money trickles out of our wallets. Always check with a financial expert prior to making any investment decisions. Play with the financial calculator under the calculator link tab at the top of the page.

Stay tuned.......

Secrets of Self - Made Millionaires

2010-05-25T13:40:00.003-04:00

5 Secrets of Self-Made Millionaires

user
by Reader's Digest Magazine, on Fri Apr 30, 2010 12:04pm PDT
By Kristyn Kusek Lewis

They’re just like you. But with lots of money.When you think “millionaire,” what image comes to mind? For many of us, it’s a flashy Wall Street banker type who flies a private jet, collects cars and lives the kind of decadent lifestyle that would make Donald Trump proud. But many modern millionaires live in middle-class neighborhoods, work full-time and shop in discount stores like the rest of us. What motivates them isn’t material possessions but the choices that money can bring: “For the rich, it’s not about getting more stuff. It’s about having the freedom to make almost any decision you want,” says T. Harv Eker, author of Secrets of the Millionaire Mind. Wealth means you can send your child to any school or quit a job you don’t like.According to the Spectrem Wealth Study, an annual survey of America’s wealthy, there are more people living the good life than ever before—the number of millionaires nearly doubled in the last decade. And the rich are getting richer. To make it onto the Forbes 400 list of the richest Americans, a mere billionaire no longer makes the cut. This year you needed a net worth of at least $1.3 billion.

istockphoto.comIf more people are getting richer than ever, why shouldn’t you be one of them? Here, five people who have at least a million dollars in liquid assets share the secrets that helped them get there.

PLUS: 13 Things Your Financial Adviser Won't Tell You

1. Set your sights on where you are going - Twenty years ago, Jeff Harris hardly seemed on the road to wealth. He was a college dropout who struggled to support his wife, DeAnn, and three kids, working as a grocery store clerk and at a junkyard where he melted scrap metal alongside convicts. “At times we were so broke that we washed our clothes in the bathtub because we couldn’t afford the Laundromat.” Now he’s a 49-year-old investment advisor and multimillionaire in York, South Carolina.There was one big reason Jeff pulled ahead of the pack: He always knew he’d be rich. The reality is that 80 percent of Americans worth at least $5 million grew up in middle-class or lesser households, just like Jeff.Wanting to be wealthy is a crucial first step. Says Eker, “The biggest obstacle to wealth is fear. People are afraid to think big, but if you think small, you’ll only achieve small things.”

PLUS: 17 Things Your Mother Wants You to Know

It all started for Jeff when he met a stockbroker at a Christmas party. “Talking to him, it felt like discovering fire,” he says. “I started reading books about investing during my breaks at the grocery store, and I began putting $25 a month in a mutual fund.” Next he taught a class at a local community college on investing. His students became his first clients, which led to his investment practice. “There were lots of struggles,” says Jeff, “but what got me through it was believing with all my heart that I would succeed.”

2. Educate yourself - When Steve Maxwell graduated from college, he had an engineering degree and a high-tech job—but he couldn’t balance his checkbook. “I took one finance class in college but dropped it to go on a ski trip,” says the 45-year-old father of three, who lives in Windsor, Colorado. “I actually had to go to my bank and ask them to teach me how to read my statement.”One of the biggest obstacles to making money is not understanding it: Thousands of us avoid investing because we just don’t get it. But to make money, you must be financially literate. “It bothered me that I didn’t understand this stuff,” says Steve, “so I read books and magazines about money management and investing, and I asked every financial whiz I knew to explain things to me.”

PLUS: 6 Moneymaking Tips

He and his wife started applying the lessons: They made a point to live below their means. They never bought on impulse, always negotiated better deals (on their cars, cable bills, furniture) and stayed in their home long after they could afford a more expensive one. They also put 20 percent of their annual salary into investments.Within ten years, they were millionaires, and people were coming to Steve for advice. “Someone would say, ‘I need to refinance my house—what should I do?’ A lot of times, I wouldn’t know the answer, but I’d go find it and learn something in the process,” he says.In 2003, Steve quit his job to become part owner of a company that holds personal finance seminars for employees of corporations like Wal-Mart. He also started going to real estate investment seminars, and it’s paid off: He now owns $30 million worth of investment properties, including apartment complexes, a shopping mall and a quarry.“I was an engineer who never thought this life was possible, but all it truly takes is a little self-education,” says Steve. “You can do anything once you understand the basics.”

PLUS: 17 French Restaurant Words You Need to Know

3. Passion pays off - In 1995, Jill Blashack Strahan and her husband were barely making ends meet. Like so many of us, Jill was eager to discover her purpose, so she splurged on a session with a life coach. “When I told her my goal was to make $30,000 a year, she said I was setting the bar too low. I needed to focus on my passion, not on the paycheck.”Jill, who lives with her son in Alexandria, Minnesota, owned a gift basket company and earned just $15,000 a year. She noticed when she let potential buyers taste the food items, the baskets sold like crazy. Jill thought, Why not sell the food directly to customers in a fun setting?

PLUS: 15 Foods You Should Never Buy Again

With $6,000 in savings, a bank loan and a friend’s investment, Jill started packaging gourmet foods in a backyard shed and selling them at taste-testing parties. It wasn’t easy. “I remember sitting outside one day, thinking we were three months behind on our house payment, I had two employees I couldn’t pay, and I ought to get a real job. But then I thought, No, this is your dream. Recommit and get to work.”She stuck with it, even after her husband died three years later. “I live by the law of abundance, meaning that even when there are challenges in life, I look for the win-win,” she says.

PLUS: 20 Secrets Your Waiter Won't Tell You

The positive attitude worked: Jill’s backyard company, Tastefully Simple, is now a direct-sales business, with $120 million in sales last year. And Jill was named one of the top 25 female business owners in North America by Fast Company magazine.According to research by Thomas J. Stanley, author of The Millionaire Mind, over 80 percent of millionaires say they never would have been successful if their vocation wasn’t something they cared about.

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4. Grow your money - Most of us know the never-ending cycle of living paycheck to paycheck. “The fastest way to get out of that pattern is to make extra money for the specific purpose of reinvesting in yourself,” says Loral Langemeier, author of The Millionaire Maker. In other words, earmark some money for the sole purpose of investing it in a place where it will grow dramatically—like a business or real estate.There are endless ways to make extra money for investing—you just have to be willing to do the work. “Everyone has a marketable skill,” says Langemeier. “When I started out, I had a tutoring business, seeing clients in the morning before work and on my lunch break.”A little moonlighting cash really can grow into a million. Twenty-five years ago, Rick Sikorski dreamed of owning a personal training business. “I rented a tiny studio where I charged $15 an hour,” he says. When money started trickling in, he squirreled it away instead of spending it, putting it all back into the business. Rick’s 400-square-foot studio is now Fitness Together, a franchise based in Highlands Ranch, Colorado, with more than 360 locations worldwide. And he’s worth over $40 million.

PLUS: 10 Smart Money Moves to Make Now

When extra money rolls in, it’s easy to think, Now I can buy that new TV. But if you want to get rich, you need to pay yourself first, by putting money where it will work hard for you—whether that’s in your retirement fund, a side business or investments like real estate.

5. No guts, no glory - Last summer, Dave Lindahl footed the bill for 18 relatives at a fancy mansion in the Adirondacks. One night, his dad looked out at the scenery and joked, “I can’t believe we used to call you the black sheep!”At 29, Dave was broke, living in a small apartment near Boston and wondering what to do after ten years in a local rock band. “I looked around and thought, If I don’t do something, I’ll be stuck here forever.”He started a landscape company, buying his equipment on credit. When business literally froze over that winter, a banker friend asked if he’d like to renovate a foreclosed home. “I’m a terrible carpenter, but I needed the money, so I went to some free seminars at Home Depot and figured it out as I went,” he says.

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After a few more renovations, it occurred to him: Why not buy the homes and sell them for profit? He took a risk and bought his first property. Using the proceeds, he bought another, and another. Twelve years later, he owns apartment buildings, worth $143 million, in eight states.The Biggest Secret? Stop spending.Every millionaire we spoke to has one thing in common: Not a single one spends needlessly. Real estate investor Dave Lindahl drives a Ford Explorer and says his middle-class neighbors would be shocked to learn how much he’s worth. Fitness mogul Rick Sikorski can’t fathom why anyone would buy bottled water. Steve Maxwell, the finance teacher, looked at a $1.5 million home but decided to buy one for half the price because “a house with double the cost wouldn’t give me double the enjoyment.”

Stay tuned......

Livn the Dream

2010-05-24T07:04:00.012-04:00

There are many ways to create the opportunity to live your passion.

I realize we all need money to survive and we all want the best for ourselves and our families. But what is the best? More stuff.... Bigger houses.... Name brand everything.... Eating out...... The newest electronics?

What we all really want is...... to be connected to people we love...... feel good about our work - make a difference.......... Be healthy........ Be a part of the bigger picture by helping others, working to clean up the environment, finding a cure to a disease, helping animals etc.

So how do we close the gap from wanting everything NOW and shifting our thinking to How good do I feel because I have this vs doing that?

It takes a conscience decision everyday with every decision. Eventually, it will be second nature. But for the first few months - before every purchase you need to stop and think - "Why am I buying this, Do I really need it NOW, Is it going to sit in a pile with other things I have bought and didn't really need.

Look at your actions - is it easier to buy things for others verses spending time with them? When I talk with people and ask what is important to them - they always tell me stories of when they spent time with their parents, kids, siblings and friends, volunteering and the difference they made. I have never had the response I feel great because I have all the latest electronics, a new sports car or the biggest house on the block. Never makes the top 100 responses.

The blog I need motivation asks great questions.

Health is the top answers all the time - but what are you doing to stay healthy? Our lifestyles are killing us. Fast food, hormones in meats, pesticides sprayed on all our vegetables and preservatives in all the processed foods we eat are terrible for us. 40 years of eating like this and you will not have a fun and healthy retirement. (if you even make it to retirement)

It takes as long to go through a fast food drive thru as it does to go home and grill a piece of chicken and steam some vegetables. Stores like Trader Joes and Whole foods have made eating without preservatives pretty easy. Local grocery stores are also labeling foods and setting up sections to make it easier.

I often hear that it is more expensive to shop at the above stores or to eat healthy. This is possibly true depending on how you go about it. Ways to keep costs down are: plan your meals, watch for sales, use coupons, go to farmers markets and eat what is in season. If you cut out soda and junk food, the extra money will cover the cost of the additional cost of the healthier food as well.

The long term cost to you is your health - so if you even start with some of your meals - it is a benefit.

So to recap -

Before spending any money - THINK - Don't sleep walk thru purchases. Marketers have trained you do this. Take control back.

Are you really fulfilled with what you are doing with your time? Would you rather be spending time with people or causes you care about? Playing a game, going for a walk, cooking a meal together are great ways to reconnect.

Staying healthy - Huge issue. We have been convinced that fast and processed is better. Go simple. Be able to name all the ingredients in the foods you eat. The less in it the better. Get back to the basics of eating. It will add years to your life.'

Lastly, here is the money part - take inventory of where you are financially. List all your debts and assets. Look at how much you are spending on rent, cable, cell phones, food etc. Can you reduce spending anywhere. Seriously, can you live without 2000 TV channels or eating out everyday?

The next post will cover more on the shift in thinking with spending money.

Stay tuned......

Living Your Passion

2010-05-19T06:32:00.006-04:00

Hey Generation Millionaire -

I want to go back to my original mission. Live your life's passion, live a balanced life, give back to society, and live within your means.

Did you notice that the money goal is listed last? That is on purpose because if you follow the basic principles - money isn't the goal - it is the means.

Living to make money and get stuff is not rewarding - it is a grind.
Going to a job that drains you of your energy - is cheating you out of living your best life.

Only thinking of yourself and what you can get - robs you from the rewards of seeing someone else do well and having compassion. Also, it is true - energy comes back to you - so when you put out positive energy and help others - it seems like things start to go our way as well.

Money - is important - however, we need to recalibrate how we view it and what it means in our lives.

The next few posts are going to talk about each topic and how by recalibrating your views on money and living your passions will provide you the opportunity to live the life you want. I will suggest books, give tips, and yes, we will talk about the basic principles of money - back to the basics.

I have been busy redesigning my mission - I am adding programs for toddlers through retirement planning. Although your generation is my key focus - as you have to change now to hope for enough money in retirement - if we can influence younger kids now - our tribes grow and we can spend time enjoying life vs. managing it.

Stay tuned....