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......
Showing posts with label freedom. Show all posts
Showing posts with label freedom. Show all posts
14 June 2010
24 May 2010
Livn the Dream
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......
19 May 2010
Living Your Passion
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....
15 October 2009
Keeping Your Options Open
It is very interesting...... the way money can control every move we make in our lives. It is important to have balance. In a perfect world you would have an emergency fund, savings, no debt and a life style that fits your income.
Our youngest son Bradley started Pharmacy Graduate School at Ohio State University this fall. He had an intensive 3 year undergraduate program and was ending that fairly stressed out. While in the midst of that pressure - he decided he wanted to learn Spanish fluently. He picked up the first two classes - and then opted to go to Ecuador for the summer to be part of an intensive language program.
This was a very expensive choice. He said to me I will get plenty of experience in a Pharmacy in time - this option will not affect my "career path". In fact, it will open doors in most parts of the world.
So he applied for more loans and headed to Ecuador for the summer. It ended up being a life changing event. First, he learned Latin Spanish, he can read, text and speak fairly well. He bonded with the family he lived with and will have friends for a lifetime, he traveled all over the country and after spending time with the indigenous people and the shamans - realized he has a passion for Natural Pharmacy Options as well as Western methods.
Upon coming home he applied for a mission trip with the nursing and medical school at OSU and will be going to Honduras in December to help with dispensing the medications and explaining - yes in Spanish - how to properly use the medications prescribed.
He has also connected with Amy Greeson of the Healing Seekers and hopes to work with her in the future.
Our youngest son Bradley started Pharmacy Graduate School at Ohio State University this fall. He had an intensive 3 year undergraduate program and was ending that fairly stressed out. While in the midst of that pressure - he decided he wanted to learn Spanish fluently. He picked up the first two classes - and then opted to go to Ecuador for the summer to be part of an intensive language program.This was a very expensive choice. He said to me I will get plenty of experience in a Pharmacy in time - this option will not affect my "career path". In fact, it will open doors in most parts of the world.
So he applied for more loans and headed to Ecuador for the summer. It ended up being a life changing event. First, he learned Latin Spanish, he can read, text and speak fairly well. He bonded with the family he lived with and will have friends for a lifetime, he traveled all over the country and after spending time with the indigenous people and the shamans - realized he has a passion for Natural Pharmacy Options as well as Western methods.
Upon coming home he applied for a mission trip with the nursing and medical school at OSU and will be going to Honduras in December to help with dispensing the medications and explaining - yes in Spanish - how to properly use the medications prescribed.He has also connected with Amy Greeson of the Healing Seekers and hopes to work with her in the future.
Had we only looked at the money Brad would have missed a very important lesson in his life. He found passion, a new culture, learned a new language, made friends and had a life changing summer that has already opened two new doors for him.
Make sure you are always looking at all angles of the choices you are making. Part of Generation Millionaire is living your passion while making responsible decisions.
Make sure you are always looking at all angles of the choices you are making. Part of Generation Millionaire is living your passion while making responsible decisions.
Stay tuned........
22 August 2009
First You Need To Be Aware....
Virus Protection For The Mind
We all know how destructive viruses on our computer can be and how important it is to have virus protection installed. However we’re not so careful when it comes to protecting our own minds with the, often devastating, effects our own thoughts can have on it.
The more serious of these thought viruses can lead to mental health problems such as loss of confidence, mild depression, self esteem issues, and a distorted perception of ourselves.
Science has shown that there is a link between physical and mental well being and positive attitudes in life. When you are happy and content with life and your thought processes are working correctly your brain releases endorphins which is your brains way of dealing with pain and making your feel happier. Your brain also releases something called Gamma Globulin to strengthen your immune system and another chemical called Interferon which combats viruses, infections and even cancer.
How then do we combat these thought viruses and protect our minds in order to stay healthy mentally and physically?
The answer could be ‘thought awareness’. This is when we recognize the thoughts that could lead to a downward spiral of negative emotion resulting in mental and physical problems, in effect viruses in our minds.
4 Ways to to control the viruses in your mind
1. Negative self talk.
When you recognize that you are talking to yourself in a negative way, recognize it for what it is; Your mind has tried to protect you from being hurt emotionally so starts talking to you in a negative way in order to protect your feelings.
For example; you want to start your own business and have a desire to work for yourself. At first you are really excited by the prospect, but immediately your mind start telling you it will be too hard, you will have to work very long hours, you will have to network, which you hate doing, you will have to do this and that and it will be way too hard.
As soon as you recognize these thoughts creeping in, it’s time to stop them dead in their tracks and carry on with your plans. Everything you don’t know yet is difficult simply because you don’t know it, but when you take steps towards knowing, it becomes less difficult and therefore easier.
When you recognize and stop the negative self talk your thoughts will then start naturally flowing to a positive mind state. Kind of like when you were a child and you believed you could do anything, only this time you have the tools to actually do anything you want.
2. Get rid of the past.
We tend to dwell on negative events from our past in an effort to understand why they happened. This can often occur with traumatic events from our past.
I had a client who had been trying to understand why a certain series of events had happened to her and she had been trying for 25 years and still getting herself upset every time she spoke about it. When I asked her why she was still trying to understand it when she had not been able to figure it out for the last 25 years, she looked at me with a blank stare. I then went on to advise her to acknowledge what had happened to her, not dismiss it, and put it on the shelf at the back of her mind. I advised her, at the moment, she was taking the item from the shelf of her mind every day and trying to analyze it when it would be better just to know it’s on the back shelf and get on with doing other things in her life. This was a turning point for her.
3. Use affirmations to train your mind.
The use of affirmations is well documented ever since the classic book: ‘Creative Visualization’ by Shakti Gawain back in 1978.
Affirmations are short phrases or sentences you repeat to yourself mentally in order to induce a certain state of mind. the classic one being:
‘Everyday in every way, I am getting better and better’ (Emile Coue).
By stating affirmations to yourself in a mantra like way and repeatedly over weeks, months and years your mind becomes trained to think in a different way. If you don’t think this works think about your fears for a second or two. people who are afraid of going into elevators have literally used affirmations and visualization to train their mind to produce a state of panic whenever they have to enter an elevator. So it is true in reverse. People who are confident have affirmed, at every opportunity, to tell their mind they are confident in every situation and confident enough to try new situations. We all use affirmations in our lives without ever knowing that we do so why not put affirmations to good use and consciously train your brain to a better way of thinking.
The use of affirmations is well documented ever since the classic book: ‘Creative Visualization’ by Shakti Gawain back in 1978.
Affirmations are short phrases or sentences you repeat to yourself mentally in order to induce a certain state of mind. the classic one being:
‘Everyday in every way, I am getting better and better’ (Emile Coue).
By stating affirmations to yourself in a mantra like way and repeatedly over weeks, months and years your mind becomes trained to think in a different way. If you don’t think this works think about your fears for a second or two. people who are afraid of going into elevators have literally used affirmations and visualization to train their mind to produce a state of panic whenever they have to enter an elevator. So it is true in reverse. People who are confident have affirmed, at every opportunity, to tell their mind they are confident in every situation and confident enough to try new situations. We all use affirmations in our lives without ever knowing that we do so why not put affirmations to good use and consciously train your brain to a better way of thinking.
4. Open yourself to new experiences.
You are only on this earth for around 80 years, on average, if you are lucky, so why not try and experience as much as you can before you die. We all live in comfort zones and that’s great because comfort zones protect us to a degree. However comfort zones also stop us from learning about ourselves and growing as individuals.
We also we pass on our comfort zones to our children and we all want what’s best for our children so why not try to experience something totally new and step outside your comfort zone. Imagine what the world would have been like if the likes of Emily Panckhurst, Thomas Edison, Henry Ford and Alexander Graeme Bell had not stepped outside their comfort zone.
Apathy is found within the comfort zone, greatness lives outside of it.
Realize that every thought cannot be controlled. It would be naive to say that we can literally control all of our thoughts. It would be impossible to do this. Our aim is not to control our thoughts it is to steer them in the right direction. Right now your thoughts can be likened to 10,000 young children all running about, screaming and shouting in a very large playground somewhere, it would be impossible to control them, however imagine having a big purple dinosaur show up in the playground what do you think would happen. The kids would quieten down and start watching the show the big purple dinosaur was putting on.
So our aim here is not to control our thoughts but to control the big purple dinosaur and that can be done using a handful of techniques like the 4 techniques above.
Stay tuned...
29 July 2009
$ Matters with Mary
Destination: Chicago
Hey Y’all! Anybody check out the Brickyard 400 race at Indy? I’ve got to give a shameless plug for our hometown driver – Brian Vickers. He placed 5th! Way to go Brian.
After leaving the Speedway we were starving. We spotted signs along the road for a farm that served lunch. An hour+ later we were having delicious sandwiches (about $7 each) at the Fair Oaks Farms. This place was fascinating, the staff was friendly, the bathrooms were clean, and there was a gas station next door. Not to mention having the Best habanera cheese ever. So much in one stop. Note to cheese lovers and city people – tired of doing the same thing – or nothing - every weekend? Take the Dairy Adventure! For $10 a person you will have a great time AND something new and interesting to talk about.
Next stop – Chicago. I was Really Happy that Bob was driving. Who knew there was such a thing as 7 lanes each way!? Thank God and Garmin for GPS. Our lodging was fantastic. We were in a newly renovated neighborhood close to an “L” station. For $125 a night we rented a 2 bedroom, 2 bath, 9th floor condo with a balcony and free garage parking. The view of downtown was spectacular. This was half the cost of any hotel we could find in this location. $ Saving Tip – try renting a place to stay on your next vacation at HomeAway.
Next week – Wrigley Field, The Bean, and getting around town
Until then – I’m looking for fun and food in your city………………………….
Hey Y’all! Anybody check out the Brickyard 400 race at Indy? I’ve got to give a shameless plug for our hometown driver – Brian Vickers. He placed 5th! Way to go Brian.
After leaving the Speedway we were starving. We spotted signs along the road for a farm that served lunch. An hour+ later we were having delicious sandwiches (about $7 each) at the Fair Oaks Farms. This place was fascinating, the staff was friendly, the bathrooms were clean, and there was a gas station next door. Not to mention having the Best habanera cheese ever. So much in one stop. Note to cheese lovers and city people – tired of doing the same thing – or nothing - every weekend? Take the Dairy Adventure! For $10 a person you will have a great time AND something new and interesting to talk about.
Next stop – Chicago. I was Really Happy that Bob was driving. Who knew there was such a thing as 7 lanes each way!? Thank God and Garmin for GPS. Our lodging was fantastic. We were in a newly renovated neighborhood close to an “L” station. For $125 a night we rented a 2 bedroom, 2 bath, 9th floor condo with a balcony and free garage parking. The view of downtown was spectacular. This was half the cost of any hotel we could find in this location. $ Saving Tip – try renting a place to stay on your next vacation at HomeAway.Our first destination in Chicago – The Second City comedy club. This is a must see for any comedy fan. Second City launched the careers of many Saturday Night Live alumni – Dan Akroyd, Bill Murray, John Candy, Tina Fey as well as comedians Steve Carell, Stephen Colbert, and hundreds of others. There are several different shows to select from with tickets as low as $20. Travel Tip – Plan ahead for this one. Tickets sell out quickly. We bought ours online before we left North Carolina.
Next week – Wrigley Field, The Bean, and getting around town
Until then – I’m looking for fun and food in your city………………………….
21 July 2009
Tuesday Tips
Stefan's Quarterly Financial ProgressLet's look at someone who is on the right track..... Our Tuesday Tips blogger Stefan has agreed to let us track his success over time. This is our second quarter of following him.
He called me very excited last week as his net worth went over $17,000.
Last quarter it was $10,000.
First job starting salary $35,000 a year.
No debt other than student loans that he is paying off ahead of schedule. Graduated from The Ohio State University in 2008 and hopes to have paid off by 2014.
He started with approximately $35,000 in private and government loans. He now owes $27,000.
In one year he paid down $8,000. He pays $468.00 a month which is $5616.00 a year.
He puts big chunks of money on his loans when he receives his tax return or a bonus. He is paying off the private loan first as the interest rate is higher than the government loan.
He has over $5000 in his emergency savings account.
Last quarter he only had $1000.
He has increased his personal savings from $200 a month to $250.
He continues to save 16% into his 401k. He became eligible for 4% employer match after a year of employment - FREE MONEY! Yippee.
He is currently educating himself on real estate so when the right deal comes along he is ready to make a decision.
It goes to show you do not have to make alot of money to slowly increase your financial security. Everyday choices and being aware of how you spend your money - makes the difference.
We will continue to check in with Stefan on a quarterly basis to see how he is progressing.
Stay tuned...
20 July 2009
Great Insights - Live Your Best Life!
I just came across this webpage and thought Marc's questions were great. Generation Millionaire is more than about money - it is about living your passions -- Are you?
July 13th, 2009 @ 1:27 am by: Marc
50 Questions That Will Free Your Mind
50 Questions That Will Free Your Mind
These questions have no right or wrong answers.
Because sometimes asking the right questions is the answer.
Because sometimes asking the right questions is the answer.
1. How old would you be if you didn’t know how old you are?
2. Which is worse, failing or never trying?
3. If life is so short, why do we do so many things we don’t like and like so many things we don’t do?
4. When it’s all said and done, will you have said more than you’ve done?
5. What is the one thing you would most likfe to change about the world?
7. Are you doing what you believe in, or are you settling for what you are doing?
8. If the average human life span was 40 years, how would you live your life differently?
9. To what degree have you actually controlled the course your life has taken?
10. Are you more worried about doing things right, or doing the right things?
11. You’re having lunch with three people you respect and admire. They all start criticizing a close friend of yours, not knowing she is your friend. The criticism is distasteful and unjustified. What do you do?
12. If you could offer a newborn child only one piece of advice, what would it be?
13. Would you break the law to save a loved one?
14. Have you ever seen insanity where you later saw creativity?
15. What’s something you know you do differently than most people?
16. How come the things that make you happy don’t make everyone happy?
18. Are you holding onto something you need to let go of?
19. If you had to move to a state or country besides the one you currently live in, where would you move and why?
20. Do you push the elevator button more than once? Do you really believe it makes the elevator faster?
21. Would you rather be a worried genius or a joyful simpleton?
22. Why are you, you?
23. Have you been the kind of friend you want as a friend?
24. Which is worse, when a good friend moves away, or losing touch with a good friend who lives right near you?
25. What are you most grateful for?
26. Would you rather lose all of your old memories, or never be able to make new ones?
27. Is is possible to know the truth without challenging it first?
28. Has your greatest fear ever come true?
29. Do you remember that time 5 years ago when you were extremely upset? Does it really matter now?
30. What is your happiest childhood memory? What makes it so special?
31. At what time in your recent past have you felt most passionate and alive?
32. If not now, then when?
33. If you haven’t achieved it yet, what do you have to lose?
34. Have you ever been with someone, said nothing, and walked away feeling like you just had the best conversation ever?
35. Why do religions that support love cause so many wars?
36. Is it possible to know, without a doubt, what is good and what is evil?
37. If you just won a million dollars, would you quit your job?
38. Would you rather have less work to do, or more work you actually enjoy doing?
39. Do you feel like you’ve lived this day a hundred times before?
40. When was the last time you marched into the dark with only the soft glow of an idea you strongly believed in?
41. If you knew that everyone you know was going to die tomorrow, who would you visit today?
42. Would you be willing to reduce your life expectancy by 10 years to become extremely attractive or famous?
44. When is it time to stop calculating risk and rewards, and just go ahead and do what you know is right?
45. If we learn from our mistakes, why are we always so afraid to make a mistake?
46. What would you do differently if you knew nobody would judge you?
47. When was the last time you noticed the sound of your own breathing?
48. What do you love? Have any of your recent actions openly expressed this love?
49. In 5 years from now, will you remember what you did yesterday? What about the day before that? Or the day before that?
50. Decisions are being made right now. The question is: Are you making them for yourself, or are you letting others make them for you?
Stay tuned.....
12 June 2009
Help - I need to keep my student loans low!
Picture from LOL Picture by: dunno source via our lolbuilder. Caption by: meggypeggy
Well, my son graduated from Ohio State University this year and will be going to Ecuador to learn spanish this summer! He will then return to OSU and join their Pharmacy graduate program.
I want to talk about student loans - for my son Brad - the amount of money he will owe in student loans is like the national debt. However, he will come out in a field that is in demand and from all accounts will be for quite some time.
So the return for him will be great. If he continues to live a little above his college lifestyle when he graduates - he should be able to pay off his loans with ease.
Something to think about -
What is the demand for the degree you plan to obtain?
What is the entry level salary?
How much will you need to borrow to get thru school?
How many years will it take you to pay it back?
As important as it is to live your live with dreams and passion - you don't want to start out with so much debt that you are strapped for 20 years.
Ideas to keep loans to a minimum...
Start at a community college and transfer to a 4 year school.
Live at home to keep costs down - whether for 1 year or the entire time in school.
Work part time while going to school as long as you can keep your grades up.
Apply for scholarships.
If you can study hard for 4 or 5 years, keep costs down, and end up with a degree that is in demand and will make you happy - the next 50 years are much easier.
You have alot to think about while planning for the next adventure in your life - I just want the final adventure from age 23 - ??? to be as stress free as possible! Good luck!
Stay tuned......
07 June 2009
Summer Fun Ideas
School's out, the weather is beautiful, you are feeling free from stress and want to have some fun! You don't need to have alot of money to enjoy the summer. There are so many free or very low cost events going on in most regions.
Check out your local parks - many times they offer classes or free hikes. Normally, the have hiking or bike trails, may have lakes to rent paddle boats or fishing boats, and have experienced rangers that can assist in telling you what all the parks in the area offer.
Read your community newspaper - in our area one of the local communities has an outdoor movie once a month - grab a blanket, some snacks and watch a movie under the stars.
Festivals are synonymous with summer - great way to learn about different cultures and foods, just make sure you have a limit on what you spend - it is easy to spend alot of money going from booth to booth tasting great foods and drinks.
If you live near a lake or ocean - it is free to go hang out in the sand, take your own cooler of food and drinks, grab the sun screen and relax.
In your own backyard - have friends over for a cookout, have everyone bring something to keep costs down, you can play bocce ball, croquet, volleyball, cards, water balloon fight, or corn hole (a Cincinnati game).
The key is to be with people you enjoy and be in the moment. If you have other ideas please share your ideas --
Stay tuned.....
Check out your local parks - many times they offer classes or free hikes. Normally, the have hiking or bike trails, may have lakes to rent paddle boats or fishing boats, and have experienced rangers that can assist in telling you what all the parks in the area offer.
Read your community newspaper - in our area one of the local communities has an outdoor movie once a month - grab a blanket, some snacks and watch a movie under the stars.
Festivals are synonymous with summer - great way to learn about different cultures and foods, just make sure you have a limit on what you spend - it is easy to spend alot of money going from booth to booth tasting great foods and drinks.
If you live near a lake or ocean - it is free to go hang out in the sand, take your own cooler of food and drinks, grab the sun screen and relax.
In your own backyard - have friends over for a cookout, have everyone bring something to keep costs down, you can play bocce ball, croquet, volleyball, cards, water balloon fight, or corn hole (a Cincinnati game).
The key is to be with people you enjoy and be in the moment. If you have other ideas please share your ideas --
Stay tuned.....
15 March 2009
Freedom and Options!
Since I resigned from my job at Fidelity Investments in January - I have been reevaluating many areas of my life. The big three - finances, health and relationships.
Warren Buffet has been able to maintain his values while being one of the richest people in the world. Check out his house.
Finances - Since we do not believe in debt - when we gave up 1/2 our income - it meant really evaluating our spending. So we started eliminating some of the extras: blockbuster on line, cut my cell phone minutes, eating at home or using buy one get one free entree coupons, travel, newspaper and magazine subscriptions, ordering books on line (sorry Amazon),
The good news and surprise. By changing our spending habits - we automatically improved our health and relationships. How? We are watching less TV - and playing alot of backgammon, going for walks, and working around our home. Less cell phone minutes is my favorite - I am not tied to the phone and feeling like I need to answer on the spot! I have time to hear myself think, take in nature or be present in the conversation I am having with people that are actually with me. Eating at home - way more healthy and much less expensive.
The other day I was thinking that TV that evening sucked -- and was on my way to blockbuster to rent a movie, (I do use RED BOX) but I was feeling like I should treat myself to a new release -- before I arrived at blockbuster - I turned around. The idea of spending almost $5 on a movie rental was more than I was willing to spend. I ended up spending time with my husband and reading a book that evening. Some great reads are....
Once you start to really be conscious with your spending - you will have moments like mine. Is this where I want to really spend my money!
Since my resignation almost 3 months ago - although we have less money - we are so much happier. We are working on Generation Millionaire and looking forward to many presentations across the country - simplified our lives but are much more in touch with what is important to us. I am also a believer in what you think you become. So I carefully watch my thoughts -- and work from a very positive approach to life,
The reason we can do this - is we did not live above our means, we saved for many years, lived under our means, so when our income changed - we could maintain our lifestyle. The beauty of my choices is I could choose to leave my job to pursue Generation Millionaire because we were not strapped by stress and debt. We have FREEDOM and OPTIONS!
Stay tuned........
18 February 2009
Thanks to Stefan, Students Success and Career Thoughts
Thanks to Stefan for his posts! His insights have been very helpful and his wit is amusing and fun to read!
I have been out and about doing more and more presentations and am sure now that I made the correct decision to do this full time. It is way more work than my previous job, I have to sell myself and get hired, I learn something new everyday from how to set up a booth at a convention, ordering banners, how to run a web page, create advertising and facebook!
And I am having more fun than I have had in years! The energy you bring to the presentations energizes me but more importantly we are making a difference. GenM is taking hold. I am getting emails from many of you - telling me how you have made changes in your daily lives and are saving money without feeling deprived or cheap!
A student from Ohio State told me he is saving $50 a month just by making coffee at home in the morning instead of grabbing it on the go!
Another student told me they bought a crock pot, plan meals for the week, go to the grocery once a week and use coupons. That way they come home to a nice healthy hot meal. This has saved her about $100 a month.
A few students mentioned that they are not using their college debit cards anymore. The cards give college students access to many more food options - you just swipe the card - so it very unconscious spending. You can run through hundreds of dollars a semester without realizing it. You do have to refill the card when you run low on funds - what the students are doing is going to a cash system. They all laugh at the fact that is much more difficult to give up the green - vs swiping. They are saving between $50 and $150 a month.
Continue to spread the word and give out the blog address. Tell your student activity boards that you would like me to come and speak at your school. It is the best hour the schools can provide to their students.
On another note - with all the layoffs I wanted to share articles on jobs that will be in demand in the near future. If you are trying to find yourself - these may be a good fit!
Keep up the great work on taking control of your future - you will be so glad you did in a few years!
Stay tuned.....
I have been out and about doing more and more presentations and am sure now that I made the correct decision to do this full time. It is way more work than my previous job, I have to sell myself and get hired, I learn something new everyday from how to set up a booth at a convention, ordering banners, how to run a web page, create advertising and facebook!
And I am having more fun than I have had in years! The energy you bring to the presentations energizes me but more importantly we are making a difference. GenM is taking hold. I am getting emails from many of you - telling me how you have made changes in your daily lives and are saving money without feeling deprived or cheap!
A student from Ohio State told me he is saving $50 a month just by making coffee at home in the morning instead of grabbing it on the go!
Another student told me they bought a crock pot, plan meals for the week, go to the grocery once a week and use coupons. That way they come home to a nice healthy hot meal. This has saved her about $100 a month.
A few students mentioned that they are not using their college debit cards anymore. The cards give college students access to many more food options - you just swipe the card - so it very unconscious spending. You can run through hundreds of dollars a semester without realizing it. You do have to refill the card when you run low on funds - what the students are doing is going to a cash system. They all laugh at the fact that is much more difficult to give up the green - vs swiping. They are saving between $50 and $150 a month.
Continue to spread the word and give out the blog address. Tell your student activity boards that you would like me to come and speak at your school. It is the best hour the schools can provide to their students.
On another note - with all the layoffs I wanted to share articles on jobs that will be in demand in the near future. If you are trying to find yourself - these may be a good fit!
Keep up the great work on taking control of your future - you will be so glad you did in a few years!
Stay tuned.....
15 February 2009
Stefan Saves Sacks of Cash (Part 2) - A Guest Blog
Well good morning everyone. Stefan here with Part 2 of my "Sacks of Cash" guest blogging. In my first post I discussed the 3 simple changes in saving/spending money my girlfriend and I have made in our lives. To quickly recap they were taking advantage of fuelperks, grocery shopping once/week and using coupons, and not using my credit card. Easy things that don't really change the way we live, but affect the amount of money we have.
Today I'd like to talk about entertainment. Just because you're saving money and cutting down on spending doesn't mean you have to be bored or sitting around at home all the time. I'm going to discuss entertainment in terms of topics because there are so many entertaining things to do in our society, so let's start with the form of entertainment with which we are constantly being bombarded.
Movies
We can't seem to get away from them. With new blockbuster hollywood films being released every week, we're always being reminded that there are dozens of movies we need to see. However, movies aren't exactly cheap. At the local movie theater near my house a new release movie costs $9.50! That's 45 chicken nuggets at Wendy's (sorry I just realized I haven't had breakfast). Plus, not many people I know go to movies and just buy a ticket. No, they get a drink, maybe some candy, and who doesn't love movie theater popcorn? So your movie when it's all said and done can cost upward of $15. Well here's what my girlfriend and I do to make movies affordable.
If we wait long enough we can get the movie at Blockbuster for free. All you have to do is sign up for their membership program (free), and every month you can rent a non-new release for free. Yes it means waiting a little longer than most people to see a movie, but usually people forget about a movie less than a month after it comes out in theaters. However, my girlfriend loves the theater atmosphere, so the next best thing is to check out the cheap theaters. We have a movie theater less than 5 miles from us where movies on a Tuesday evening cost $0.50. Yes that's right, 50 cents! Both of us can see a movie about a month after it's been released for $1 total. That's a big difference from the $19 two tickets would have cost at the first run theater. Now I know there are some people out there that just have to see the movie the weekend it's released, and couldn't bear to wait months to see it. Well I can still help you, because matinee tickets cost considerably less than regular ticket prices. Usually matinee's are considered any screening before 6pm (might be 5pm, or 4pm depending on what theater and where you live). Our local theater has matinee tickets for $6.50, which is $3 less than regular tickets. It still may seem expensive to some, but if you just have to see it you might as well save the $3.
Oh, and when it comes to movie snack and drinks I never pay for anything at the theater. I know movie companies don't like people sneaking in outside food and drinks, but we do it anyway. Why spend $10 in snacks that cost $2 or $3 at the grocery store? Also, some theaters realize that the economy is down and people are spending less on movies, so those food policies have become a bit lax. The cheap theater near me encourages people to bring their own food and drink because they still get your money for tickets.
Sports
Sporting events are always fun to watch, and people really bond around their hometeam. The only problem is the high price of tickets. The local hockey team in my area has "cheap" seats for $20. I don't know about most people, but I'm not going to spend that much money to see a team lose all the time in a mostly empty arena. I still watch them on TV, but wish I could get cheaper tickets to the game. Well by keeping my eyes open I have done just that. I found a sale on tickets that wasn't advertised much that charged $12 for tickets that normally cost $50. I didn't just get a great deal on the tickets, that night is $1 hot dog night. So I can buy and eat lots and lots of hot dogs that normally cost $4 each. This is still not the cheapest example of going to a sporting event, but it's a good example of making the most of my money. I won't even spend $20 when the night is through and that's usually the cheapest tickets can be purchased. I'm also going to the game with 4 friends so we're going to have a great time saving money, eating hot dogs, and watching our favorite hockey team.
Other examples of saving money on sporting events are buying tickets to see minor league or less popular sports teams. Minor league baseball teams are in hundreds of cities in America, and the tickets to those games usually costs less than $10 for general admission seating. My local team has a new baseball park opening this season and tickets cost $8 for adults (sometimes less on certain promotional nights). Why not save money and support a team that doesn't get much recognition? My local collegiate women's gymnastic team rarely has more than a hundred or two hundred people show up at matches. Admission is free for students (I still have my student ID) and maybe $5 for adults. It may be a non-conventional evening, but it can be really fun and it breaks people out of their normal routine.
Art
Now I know going to art galleries isn't for everyone. It's not always the thing I want to do. But they are often free if you look for them. Recently an Andy Warhol exibit came through town, and my girlfriend and I wanted to go. We didn't want to spend a lot to see it, so we looked around for when tickets would be cheaper. Turns out that the first Sunday of every month is free admission to the public at the specific gallery at which his art was showing. So we waited until the first Sunday in January and spent 3 hours walking around a really cool and interesting exhibit. This isn't something we can do all the time, but once a month we can check out really famous artist's exhibits for free! We'd be foolish not to take advantage of it.
Outdoors
Nature is awesome, getting outside is good for you, and it doesn't cost anything! If you're lucky like me you may have metro parks in your area that are free to the public (or maybe have a $5 or $10 member fee for the year). If not, you probably still have a sidewalk. Get on your bike, or take a walk, a couple of times each week. Not only is the exercise good for you, but you can easily spend an hour or two biking or walking around. Enjoy nature and clear your head while you're out.
There are multiple other examples of ways to entertain yourself without spending a ton. I enourage you to post a comment with your examples and to share your knowledge with others. These are just a few things my girlfriend and I have done to save on our entertainment costs. I hope we'll find more ways in the future, and maybe in improve upon what we already do. And remember to look for coupons online and in the paper. If you're not using them you're likely spending too much.
Next week, either myself or my girlfriend will post about ways we kept our costs down while we were in college. We found so many of our friends spent way too much on the necesary items required for school, and we didn't understand why.
Stay tuned...
Today I'd like to talk about entertainment. Just because you're saving money and cutting down on spending doesn't mean you have to be bored or sitting around at home all the time. I'm going to discuss entertainment in terms of topics because there are so many entertaining things to do in our society, so let's start with the form of entertainment with which we are constantly being bombarded.
Movies
We can't seem to get away from them. With new blockbuster hollywood films being released every week, we're always being reminded that there are dozens of movies we need to see. However, movies aren't exactly cheap. At the local movie theater near my house a new release movie costs $9.50! That's 45 chicken nuggets at Wendy's (sorry I just realized I haven't had breakfast). Plus, not many people I know go to movies and just buy a ticket. No, they get a drink, maybe some candy, and who doesn't love movie theater popcorn? So your movie when it's all said and done can cost upward of $15. Well here's what my girlfriend and I do to make movies affordable.
If we wait long enough we can get the movie at Blockbuster for free. All you have to do is sign up for their membership program (free), and every month you can rent a non-new release for free. Yes it means waiting a little longer than most people to see a movie, but usually people forget about a movie less than a month after it comes out in theaters. However, my girlfriend loves the theater atmosphere, so the next best thing is to check out the cheap theaters. We have a movie theater less than 5 miles from us where movies on a Tuesday evening cost $0.50. Yes that's right, 50 cents! Both of us can see a movie about a month after it's been released for $1 total. That's a big difference from the $19 two tickets would have cost at the first run theater. Now I know there are some people out there that just have to see the movie the weekend it's released, and couldn't bear to wait months to see it. Well I can still help you, because matinee tickets cost considerably less than regular ticket prices. Usually matinee's are considered any screening before 6pm (might be 5pm, or 4pm depending on what theater and where you live). Our local theater has matinee tickets for $6.50, which is $3 less than regular tickets. It still may seem expensive to some, but if you just have to see it you might as well save the $3.
Oh, and when it comes to movie snack and drinks I never pay for anything at the theater. I know movie companies don't like people sneaking in outside food and drinks, but we do it anyway. Why spend $10 in snacks that cost $2 or $3 at the grocery store? Also, some theaters realize that the economy is down and people are spending less on movies, so those food policies have become a bit lax. The cheap theater near me encourages people to bring their own food and drink because they still get your money for tickets.
Sports
Sporting events are always fun to watch, and people really bond around their hometeam. The only problem is the high price of tickets. The local hockey team in my area has "cheap" seats for $20. I don't know about most people, but I'm not going to spend that much money to see a team lose all the time in a mostly empty arena. I still watch them on TV, but wish I could get cheaper tickets to the game. Well by keeping my eyes open I have done just that. I found a sale on tickets that wasn't advertised much that charged $12 for tickets that normally cost $50. I didn't just get a great deal on the tickets, that night is $1 hot dog night. So I can buy and eat lots and lots of hot dogs that normally cost $4 each. This is still not the cheapest example of going to a sporting event, but it's a good example of making the most of my money. I won't even spend $20 when the night is through and that's usually the cheapest tickets can be purchased. I'm also going to the game with 4 friends so we're going to have a great time saving money, eating hot dogs, and watching our favorite hockey team.
Other examples of saving money on sporting events are buying tickets to see minor league or less popular sports teams. Minor league baseball teams are in hundreds of cities in America, and the tickets to those games usually costs less than $10 for general admission seating. My local team has a new baseball park opening this season and tickets cost $8 for adults (sometimes less on certain promotional nights). Why not save money and support a team that doesn't get much recognition? My local collegiate women's gymnastic team rarely has more than a hundred or two hundred people show up at matches. Admission is free for students (I still have my student ID) and maybe $5 for adults. It may be a non-conventional evening, but it can be really fun and it breaks people out of their normal routine.
Art
Now I know going to art galleries isn't for everyone. It's not always the thing I want to do. But they are often free if you look for them. Recently an Andy Warhol exibit came through town, and my girlfriend and I wanted to go. We didn't want to spend a lot to see it, so we looked around for when tickets would be cheaper. Turns out that the first Sunday of every month is free admission to the public at the specific gallery at which his art was showing. So we waited until the first Sunday in January and spent 3 hours walking around a really cool and interesting exhibit. This isn't something we can do all the time, but once a month we can check out really famous artist's exhibits for free! We'd be foolish not to take advantage of it.
Outdoors
Nature is awesome, getting outside is good for you, and it doesn't cost anything! If you're lucky like me you may have metro parks in your area that are free to the public (or maybe have a $5 or $10 member fee for the year). If not, you probably still have a sidewalk. Get on your bike, or take a walk, a couple of times each week. Not only is the exercise good for you, but you can easily spend an hour or two biking or walking around. Enjoy nature and clear your head while you're out.
There are multiple other examples of ways to entertain yourself without spending a ton. I enourage you to post a comment with your examples and to share your knowledge with others. These are just a few things my girlfriend and I have done to save on our entertainment costs. I hope we'll find more ways in the future, and maybe in improve upon what we already do. And remember to look for coupons online and in the paper. If you're not using them you're likely spending too much.
Next week, either myself or my girlfriend will post about ways we kept our costs down while we were in college. We found so many of our friends spent way too much on the necesary items required for school, and we didn't understand why.
Stay tuned...
07 February 2009
Stefan Saves Sacks of Cash (Part 1) - A Guest Blog
Happy New Year everyone! I know that seems a bit belated, but 2009 really is a new year for me. I decided to change my spending and saving habits starting January 1st by utilizing Generation Millionaire’s tips. After 1 month it’s amazing how different my bank account looks and how little my lifestyle has changed.
To start, here are some facts about my earning and spending:
I am earning around $35,000/year (this is GROSS INCOME)
I put 15% of my GROSS INCOME into my 401K yearly
I pay $350 rent/month
I pay $468 in student loan repayment/month (paying more than required to pay it all off in around 7 years)
Knowing that, I can easily figure out how much money I have to work with each month by deducting $818 from my net monthly income. I also have misc. utility costs, food expenses, fuel for my car, car maintenance, etc. However, by using these tricks I have saved more money than I thought I would ever be able to.
1) Use fuel perks to your advantage. This topic and the next go hand in hand because my local supermarket gives discounts on fuel when you purchase groceries from their store. I know that my car needs to be filled up about every 2 weeks give or take a couple days. What my girlfriend and I do is build up our fuel perks and fill up our gas tanks at the same time. The perks can be used for up to 30 gallons of gas, so why fill up one car? Our cars combined only hold about 25 gallons, so we both share the discounted fuel. This is especially critical when gas prices are on the rise.
2) Shop for groceries ONCE PER WEEK. I can’t even stress how important this change has been to my saving. My girlfriend and I sit down toward the end of the week and make dinner plans for every night of the following week. We decide what meat, vegetable, and side dish for every night from Sunday through Saturday, and also figure out if we’re going to have leftovers, because that means we can eat that meal twice for dinner, or for lunch later in the week. We scour newspapers, daily mail advertisements, and the internet for coupons. Coupons will save so much money over time, and they’re free, so not using them is wasting money. Our grocery store has many weekly specials, so we watch for things that will be at a huge discount or buy one get one free so we can stock up. This eliminates the need to purchase that item next week, and saves more money. By shopping in this manner we only go to the store once per week and we have a set list, so this ELIMINATES IMPULSE BUYING! No longer do we go to the store multiple times per week. You’ll find that even if you go in for only a gallon of milk, you’ll leave the store having spent $10-$20. If you only go once/week that’s $10-$20 saved. Our grocery costs have gone down to about $35/week each. That means we’re eating breakfast, lunch, and dinner every day for $5 each (that’s $1.67 per meal).
3) Put away the credit card. In 2008 my total credit card spending totaled over $5,000. That’s not too bad for some people, but for me that was a ton! However, once I started practicing the Generation Millionaire way my spending went way down. The last 4 months of the year totaled less than $1,000 of my spending. I was using my credit card without even realizing it before. Now I only use my credit card for gas purchases. And since I only fill up a couple of times per month, my credit spending is less than $100 each statement.
So those are the only real changes I’ve made. Doesn’t seem too difficult and it really isn’t. Here’s the best part, the part where I have more money. By taking advantage of fuel perks, shopping smarter and using coupons and weekly specials, and by using my credit card less I am literally saving HUNDREDS of dollars each month. No longer do I purchase a burger or a burrito 2-3 times a week for lunch. No longer do I stop in at the store on the way home and walk out with $20 less in my wallet. No longer am I putting lots of purchases on my credit card.
Now that doesn’t mean I’m super cheap. My girlfriend and I still go out for a dinner together once or twice each month. Doesn’t have to be fancy or expensive, but I’m not fretting if we spend $40, because we’ve cut back in so many other ways we can afford it. But because we’ve cut back I can put $100 from each paycheck into a savings account that I plan on using as a down-payment for my first house. And even with that $200 into the savings account my checking account still has more money in it than used to.
Simple steps, easy work, and the only change in my life is that I have MORE MONEY!
I will post again in about a week to discuss the way my girlfriend and I have changed our social spending habits. They say the best things in life are free, and going out for entertainment can be free if you keep your eyes open!!!
Stay tuned...
To start, here are some facts about my earning and spending:
I am earning around $35,000/year (this is GROSS INCOME)
I put 15% of my GROSS INCOME into my 401K yearly
I pay $350 rent/month
I pay $468 in student loan repayment/month (paying more than required to pay it all off in around 7 years)
Knowing that, I can easily figure out how much money I have to work with each month by deducting $818 from my net monthly income. I also have misc. utility costs, food expenses, fuel for my car, car maintenance, etc. However, by using these tricks I have saved more money than I thought I would ever be able to.
1) Use fuel perks to your advantage. This topic and the next go hand in hand because my local supermarket gives discounts on fuel when you purchase groceries from their store. I know that my car needs to be filled up about every 2 weeks give or take a couple days. What my girlfriend and I do is build up our fuel perks and fill up our gas tanks at the same time. The perks can be used for up to 30 gallons of gas, so why fill up one car? Our cars combined only hold about 25 gallons, so we both share the discounted fuel. This is especially critical when gas prices are on the rise.
2) Shop for groceries ONCE PER WEEK. I can’t even stress how important this change has been to my saving. My girlfriend and I sit down toward the end of the week and make dinner plans for every night of the following week. We decide what meat, vegetable, and side dish for every night from Sunday through Saturday, and also figure out if we’re going to have leftovers, because that means we can eat that meal twice for dinner, or for lunch later in the week. We scour newspapers, daily mail advertisements, and the internet for coupons. Coupons will save so much money over time, and they’re free, so not using them is wasting money. Our grocery store has many weekly specials, so we watch for things that will be at a huge discount or buy one get one free so we can stock up. This eliminates the need to purchase that item next week, and saves more money. By shopping in this manner we only go to the store once per week and we have a set list, so this ELIMINATES IMPULSE BUYING! No longer do we go to the store multiple times per week. You’ll find that even if you go in for only a gallon of milk, you’ll leave the store having spent $10-$20. If you only go once/week that’s $10-$20 saved. Our grocery costs have gone down to about $35/week each. That means we’re eating breakfast, lunch, and dinner every day for $5 each (that’s $1.67 per meal).
3) Put away the credit card. In 2008 my total credit card spending totaled over $5,000. That’s not too bad for some people, but for me that was a ton! However, once I started practicing the Generation Millionaire way my spending went way down. The last 4 months of the year totaled less than $1,000 of my spending. I was using my credit card without even realizing it before. Now I only use my credit card for gas purchases. And since I only fill up a couple of times per month, my credit spending is less than $100 each statement.
So those are the only real changes I’ve made. Doesn’t seem too difficult and it really isn’t. Here’s the best part, the part where I have more money. By taking advantage of fuel perks, shopping smarter and using coupons and weekly specials, and by using my credit card less I am literally saving HUNDREDS of dollars each month. No longer do I purchase a burger or a burrito 2-3 times a week for lunch. No longer do I stop in at the store on the way home and walk out with $20 less in my wallet. No longer am I putting lots of purchases on my credit card.
Now that doesn’t mean I’m super cheap. My girlfriend and I still go out for a dinner together once or twice each month. Doesn’t have to be fancy or expensive, but I’m not fretting if we spend $40, because we’ve cut back in so many other ways we can afford it. But because we’ve cut back I can put $100 from each paycheck into a savings account that I plan on using as a down-payment for my first house. And even with that $200 into the savings account my checking account still has more money in it than used to.
Simple steps, easy work, and the only change in my life is that I have MORE MONEY!
I will post again in about a week to discuss the way my girlfriend and I have changed our social spending habits. They say the best things in life are free, and going out for entertainment can be free if you keep your eyes open!!!
Stay tuned...
18 January 2009
A Balanced Life -
Most Americans are cutting back on their spending trying to get control of their expenses. With the possibility of losing jobs and higher costs - it is a precarious time in our nation. However, with the new administration there seems to be hope - people seem happier.
If we all do our part and act responsibly, reevaluate our priorities and values some good may come from all of this chaos.
I officially resigned from my position last week and plan to spend my time educating the current generation on the power of money with time, making responsible decisions and ways to make sure you are set in retirement. It is very easy if you start young! The younger the better.
So now that my household income has been cut dramatically - I am really aware of ways to reduce costs. Clipping coupons, searching the web for blogs and web pages on saving money, canceling blockbuster on line, cutting my cell phone minutes, refinance my house to a lower interest rate, cooking at home to name a few.
But the biggest surprise has been the simple pleasures - backgammon tournaments with my husband, working together on Generation Millionaire, visiting my kids and not feeling rushed, cleaning the clutter out of our house and donating to others, reading with my cats on my lap, hiking, and mediating.
I have taken this step with courage, certainty and confidence. I look forward to the many presentations I will give, to your comments on the blog and your emails. My next post will review the basic steps needed to be financially successful in your life.
GenM - Wisdom beyond your years - will change the shape of our country.
Stay tuned.......
If we all do our part and act responsibly, reevaluate our priorities and values some good may come from all of this chaos.
I officially resigned from my position last week and plan to spend my time educating the current generation on the power of money with time, making responsible decisions and ways to make sure you are set in retirement. It is very easy if you start young! The younger the better.
So now that my household income has been cut dramatically - I am really aware of ways to reduce costs. Clipping coupons, searching the web for blogs and web pages on saving money, canceling blockbuster on line, cutting my cell phone minutes, refinance my house to a lower interest rate, cooking at home to name a few.
But the biggest surprise has been the simple pleasures - backgammon tournaments with my husband, working together on Generation Millionaire, visiting my kids and not feeling rushed, cleaning the clutter out of our house and donating to others, reading with my cats on my lap, hiking, and mediating.
I have taken this step with courage, certainty and confidence. I look forward to the many presentations I will give, to your comments on the blog and your emails. My next post will review the basic steps needed to be financially successful in your life.
GenM - Wisdom beyond your years - will change the shape of our country.
Stay tuned.......
15 January 2009
Upcoming Event at University of Cincinnati!
I am very excited about the upcoming presentation at the University of Cincinnati on January 28 at 7pm!! I have been invited by the Programs and Activity Council to discuss the ways students can be financially successful.
We will also discuss lifestyle and choices! The goal is in having a balanced life while making responsible financial choices. It is very exciting for me to be presenting at UC as I received my undergraduate degree from there many years ago!
It is so exciting and refreshing to see young adults interested in learning and deciding to make good choices. I will have pictures and commentary on the event!
Stay tuned.......
We will also discuss lifestyle and choices! The goal is in having a balanced life while making responsible financial choices. It is very exciting for me to be presenting at UC as I received my undergraduate degree from there many years ago!
It is so exciting and refreshing to see young adults interested in learning and deciding to make good choices. I will have pictures and commentary on the event!
Stay tuned.......
11 November 2008
Contest Deadline on the Horizon - Nov 16th, 2008
I want to thank everyone for all the submissions thus far on the blog and via email. I will announce on Monday Nov 17th the 2 winners and request your info so I can mail them to you.
With all the thinking about saving money, meaningful gifts and the holidays. It brought back one of my most memorable experiences. It was with my younger sister who is 13 years than me - we lived in the same town and spent alot of time together. She really didn't need anything so on her birthday. I used one of my vacation days (which is a huge deal in my world) and surprised her and we drove to all the Graeter's Ice Cream shops in our area for a free ice cream cone. We spent the entire day driving around the city trying different flavors.
It is a little pricey so we never try any new flavors because we love it and always have a taste for the Black Raspberry Chip. But by having a day of free ice cream we went crazy trying different flavors all over the city. It was so much fun and all it cost me was time and gasoline.
Another great memory on the same lines was with my son Bradley - it was when McDonald's had the tiny beanie babies. There was one he still needed - we spent an entire day driving from McDonald's to McDonald's until we achieved our goal of finding the missing animal. That was 15 years ago and it is still one of our favorite memories. Again, it cost $3.00 for the happy meal, time and gas. The time with my sister and son are priceless.
I wish you all such experiences in your life...... Money can not buy those type of memories.
Please continue to submit your comments until Nov 16th. I know you all have meaningful stories and ideas. We would love to hear them.
Stay tuned..........
With all the thinking about saving money, meaningful gifts and the holidays. It brought back one of my most memorable experiences. It was with my younger sister who is 13 years than me - we lived in the same town and spent alot of time together. She really didn't need anything so on her birthday. I used one of my vacation days (which is a huge deal in my world) and surprised her and we drove to all the Graeter's Ice Cream shops in our area for a free ice cream cone. We spent the entire day driving around the city trying different flavors.
It is a little pricey so we never try any new flavors because we love it and always have a taste for the Black Raspberry Chip. But by having a day of free ice cream we went crazy trying different flavors all over the city. It was so much fun and all it cost me was time and gasoline.
Another great memory on the same lines was with my son Bradley - it was when McDonald's had the tiny beanie babies. There was one he still needed - we spent an entire day driving from McDonald's to McDonald's until we achieved our goal of finding the missing animal. That was 15 years ago and it is still one of our favorite memories. Again, it cost $3.00 for the happy meal, time and gas. The time with my sister and son are priceless.
I wish you all such experiences in your life...... Money can not buy those type of memories.
Please continue to submit your comments until Nov 16th. I know you all have meaningful stories and ideas. We would love to hear them.
Stay tuned..........
28 October 2008
More Thoughts on Student Loans.......
In the last blog I discussed ways to reduce the amount of money you may need to borrow for school and ways to repay more quickly once you graduate. We also received some great comments that are real world examples from people who shared their experiences and thoughts.
Stefan's idea of looking into Internships is excellent! He landed an internship that he worked at until graduation. So it wasn't for one term - it lasted 18 months. He was able to gain experience and his employers were flexible with his hours due to his school schedule. He also received pay increases as he took on more responsibility. This internship experience helped him gain his full time job after graduation.
M - brings up a great point - that most schools will offer job fairs. The fact that he found out he was really good working with computers and changed his career direction is very exciting. Being willing to try something that is new can be a real life changer!
J- is one of the really fortunate individuals who didn't have the additional stress of worrying about loans. However, her idea of working to save an emergency fund is an excellent thought. Once you graduate there are many costs - needing clothes to interview and work in, possible relocation, car expenses and commuting costs, housing, repayment of student loans just to name a few. Having a bag of money saved makes all this much easier. The last thing you want to do is start charging everything and creating debt. That is a trap that takes years to get out of.
Again, the goal is to borrow the least amount needed while you figure out ways to increase your ability to make a few bucks and reduce your costs. The principles are the same ideas we discuss regarding retirement savings. Determine what you really value and spend your time and money on those things. Find those free activities on campus, free food, have a pick up game of touch football, grab a Frisbee and some friends, cards anyone, get involved in student groups - support your passion.
In the next blog I will go through repayment of loans using different time frames. Again, more than anything you don't want to be finishing paying off your student loans as your kids are starting college.
Keep the thoughts, comments and questions coming........
Stay tuned................
Stefan's idea of looking into Internships is excellent! He landed an internship that he worked at until graduation. So it wasn't for one term - it lasted 18 months. He was able to gain experience and his employers were flexible with his hours due to his school schedule. He also received pay increases as he took on more responsibility. This internship experience helped him gain his full time job after graduation.
M - brings up a great point - that most schools will offer job fairs. The fact that he found out he was really good working with computers and changed his career direction is very exciting. Being willing to try something that is new can be a real life changer!
J- is one of the really fortunate individuals who didn't have the additional stress of worrying about loans. However, her idea of working to save an emergency fund is an excellent thought. Once you graduate there are many costs - needing clothes to interview and work in, possible relocation, car expenses and commuting costs, housing, repayment of student loans just to name a few. Having a bag of money saved makes all this much easier. The last thing you want to do is start charging everything and creating debt. That is a trap that takes years to get out of.
Again, the goal is to borrow the least amount needed while you figure out ways to increase your ability to make a few bucks and reduce your costs. The principles are the same ideas we discuss regarding retirement savings. Determine what you really value and spend your time and money on those things. Find those free activities on campus, free food, have a pick up game of touch football, grab a Frisbee and some friends, cards anyone, get involved in student groups - support your passion.
In the next blog I will go through repayment of loans using different time frames. Again, more than anything you don't want to be finishing paying off your student loans as your kids are starting college.
Keep the thoughts, comments and questions coming........
Stay tuned................
27 October 2008
Repayment of Student Loans big concern
I want to thank the Sigma Phi Epsilon fraternity at Ohio State University once again for a great night discussing your current and future concerns.
I just compiled all the surveys and it seems the most prevalent current financial concern is repayment of student loans. I have a few thoughts on this topic - some from my own experience, my experience with my children and lastly from all my years of working with people who are trying to make ends meet while paying back loans and saving for retirement.
National average for undergraduate loans is about $20,000. I have attached a repayment calculator that you can run some numbers for varying repayment options. As always, the sooner you can pay off the loans the better. You really don't want to finish paying off your student loans as your kids are entering college.
During the presentation I discussed some recent college graduates that I have been working with to help set themselves up for financial success. There are 4 people that are making between $32,000 to $55,000 a year. They opted to rent a 4 bedroom house in a nice suburb that was affordable. They were able to upgrade their college lifestyle to a nice house in a safe neighborhood. They furnished most of the house with donations from family members. They coordinated with each other so not to spend a bunch of money needlessly. They split utilities and share the 2 car garage. It took flexibility but they believe the long term pay off is worth going this route.
By choosing to take this step they are able to save 15% of their salary in their 401K's and make additional principle payments on their student loans. They are hoping to have the loans paid off in 5 to 7 years. One of the graduates had no student loans however needed a car - this afforded her the opportunity to get a new Honda Accord. They are also saving an emergency fund. It is always good to have 3 -6 months of living expenses readily available. They are able to still eat out and travel while moving forward in their lives.
The other options were to not save and spend more on living expenses or move home and save. This has been a great comprise. Affordable independence while being a responsible adult. I went by their home the other day and it is decked out for Halloween, they hired a neighborhood kid to cut their grass (trying to teach him financial independence) and they were enjoying sitting on the front porch and relaxing.
I am also working with students who are trying to keep the loan amount to a minimum. A few suggestions: figure out your expenses for tuition, housing, food and books. Do not borrow more than you need. If you can work in the summer to cover some of the costs - DO IT!, if you can work part time during the school year to cover the costs of extras - DO IT!, using loan money to eat out or party with your friends is insane. $7.oo lunch over the time of your loan is about $15.00.
If you do this on a regular basis you are spending thousands of dollars that is going to take you years to pay back.
The trick is to really place a value on what you are going to spend your money on. Is it going to get you closer to your goals. Is it a short term pleasure that will have no lasting effect on your life. The football games, fraternity or sorority dances, home coming are part of the college experience you may not want to miss so plan for them.
Some programs have co-op opportunities where you can work every other term. That is a wonderful way to gain experience while making decent wages to pay for school. Scholarships are out there. Normally, not easy to figure out but if you are willing to put the time into researching and applying for them -it can help reduce your costs.
I would love to hear some of your tips on cost saving and ways to earn money for school to keep your loans to a minimum.
It comes back to choice and values. I am not a big advocate of loans and debt but if you are getting loans for school to invest in yourself, as long as you put forth 100% effort and get that degree - you will never borrow money for a better reason.
Stay tuned......
I just compiled all the surveys and it seems the most prevalent current financial concern is repayment of student loans. I have a few thoughts on this topic - some from my own experience, my experience with my children and lastly from all my years of working with people who are trying to make ends meet while paying back loans and saving for retirement.
National average for undergraduate loans is about $20,000. I have attached a repayment calculator that you can run some numbers for varying repayment options. As always, the sooner you can pay off the loans the better. You really don't want to finish paying off your student loans as your kids are entering college.
During the presentation I discussed some recent college graduates that I have been working with to help set themselves up for financial success. There are 4 people that are making between $32,000 to $55,000 a year. They opted to rent a 4 bedroom house in a nice suburb that was affordable. They were able to upgrade their college lifestyle to a nice house in a safe neighborhood. They furnished most of the house with donations from family members. They coordinated with each other so not to spend a bunch of money needlessly. They split utilities and share the 2 car garage. It took flexibility but they believe the long term pay off is worth going this route.
By choosing to take this step they are able to save 15% of their salary in their 401K's and make additional principle payments on their student loans. They are hoping to have the loans paid off in 5 to 7 years. One of the graduates had no student loans however needed a car - this afforded her the opportunity to get a new Honda Accord. They are also saving an emergency fund. It is always good to have 3 -6 months of living expenses readily available. They are able to still eat out and travel while moving forward in their lives.
The other options were to not save and spend more on living expenses or move home and save. This has been a great comprise. Affordable independence while being a responsible adult. I went by their home the other day and it is decked out for Halloween, they hired a neighborhood kid to cut their grass (trying to teach him financial independence) and they were enjoying sitting on the front porch and relaxing.
I am also working with students who are trying to keep the loan amount to a minimum. A few suggestions: figure out your expenses for tuition, housing, food and books. Do not borrow more than you need. If you can work in the summer to cover some of the costs - DO IT!, if you can work part time during the school year to cover the costs of extras - DO IT!, using loan money to eat out or party with your friends is insane. $7.oo lunch over the time of your loan is about $15.00.
If you do this on a regular basis you are spending thousands of dollars that is going to take you years to pay back.
The trick is to really place a value on what you are going to spend your money on. Is it going to get you closer to your goals. Is it a short term pleasure that will have no lasting effect on your life. The football games, fraternity or sorority dances, home coming are part of the college experience you may not want to miss so plan for them.
Some programs have co-op opportunities where you can work every other term. That is a wonderful way to gain experience while making decent wages to pay for school. Scholarships are out there. Normally, not easy to figure out but if you are willing to put the time into researching and applying for them -it can help reduce your costs.
I would love to hear some of your tips on cost saving and ways to earn money for school to keep your loans to a minimum.
It comes back to choice and values. I am not a big advocate of loans and debt but if you are getting loans for school to invest in yourself, as long as you put forth 100% effort and get that degree - you will never borrow money for a better reason.
Stay tuned......
26 September 2008
Wisdom beyond your years!
GENERATION MILLIONAIRE IT IS TIME TO UNITE AND DECIDE TO BE DIFFERENT!
It is apparent the role models you have had really don't know what they are doing. They have created a house of cards trying to create the illusion that we were economically sound.
They encouraged greed, overspending, debt and poor judgement. This has now created a world wide economic crisis!
Your generation can change this very very easily - One person at a time with simple concepts:
1. Pay yourself first - if you don't who will
2. Don't spend more than you make - make choices - embrace life everyday
3. Buy an affordable home - you can only be in one room at a time
4. Don't get caught up in the marketing of every new product - splurge on what you really want
5. Give back - volunteer
6. Vote - your voice counts now more than ever
You can enjoy life and do all the things you love - it is just about making choices. So is it Starbucks or Chipolte this week. You decide !
My next blog will explain the basics of money - but if you start saving $8.50 a day now - at an 8% long term return in 50 years you will have over 1 million dollars.
Stay tuned.........
It is apparent the role models you have had really don't know what they are doing. They have created a house of cards trying to create the illusion that we were economically sound.
They encouraged greed, overspending, debt and poor judgement. This has now created a world wide economic crisis!
Your generation can change this very very easily - One person at a time with simple concepts:
1. Pay yourself first - if you don't who will
2. Don't spend more than you make - make choices - embrace life everyday
3. Buy an affordable home - you can only be in one room at a time
4. Don't get caught up in the marketing of every new product - splurge on what you really want
5. Give back - volunteer
6. Vote - your voice counts now more than ever
You can enjoy life and do all the things you love - it is just about making choices. So is it Starbucks or Chipolte this week. You decide !
My next blog will explain the basics of money - but if you start saving $8.50 a day now - at an 8% long term return in 50 years you will have over 1 million dollars.
Stay tuned.........
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