Tag Archives: saving

The Skeleton Key Of Personal Finance

Time, Watch, Key, Old, Antique

To follow, without halt, one aim: There’s the secret of success. – Anna Pavlova

To save, without stopping, one goal: There’s the secret of building wealth. – Miriam Joy, Founder of Greenbacks Magnet

You are about to receive a gift.

From me to you.

I am going to give you the secret to untold riches beyond your wildest dreams and I will give it to you for free.

You will learn how to amass a fortune so great that no man can measure its vastness.

I’ve got a secret. Shhh. But I’ll tell you. Come closer.

I’ll give you the secret to how I became a savings wildcat.

I pick a number, say $10k, divide it by 12, and save that amount monthly.

How you ask? I automate it.

The End.

Smooches 💋

What will this secret cost you? Nothing. Therefore, you will not have to sell your soul to get access to it.

What am I talking about? Saving money.

That is the Skelton key of building wealth. You save a portion of every dollar you earn. Then you invest it.

Investing is the equivalent of being paid royalties as an actor, musician, or author.

HERE. WE. GO.

WHAT IS A SKELTON KEY?

Skeleton Key, Antique, Old World, Wood

A skeleton key is a type of master key in which it is designed in a way so that it can fit and open numerous locks.

The term derives from the fact that the key has been reduced to its essential parts.

Saving money unlocks all the doors to everything you have ever wanted.

Have you ever wanted anything, but could not find a way to get it?

Saving money will solve that problem for you.

See my post How Millennial Money Inspired Me To Start Saving $13,333.06 A Year

My recommendation is this:

Women save $0.50 of every dollar you earn.

Men save $0.40 of every dollar you earn.

Why the difference? Because women earn on average $0.80 for every dollar a man earns.

Therefore, men have to save less and women have to save more in order to reach the same goal of fill in the blank $ dollar amount here.

WHY IS SAVING SO CRUCIAL?

No one can arrive from being talented alone, work transforms talent into genius. – Anna Pavlov

All wealth building starts with saving.

Don’t let anyone tell you any different.

Sure you may have to invest and diversify your money such as investing in stocks, real estate, and bonds, but you have to save money FIRST before you can buy or invest in anything.

If you have ever read a Jane Austen or Charles Dickens novel, then you know the theme always comes around to money.

See my post A Christmas Carol: Lessons In Finance, Business, And Life

Considering that Jane Austen never married and Charles Dickens grew up in a poor house, it is not surprising that the authors chose to hone in on this topic.

The sorted topic of coin. Both authors are British and in that society they have a class system.

You are either born into wealth and inherit it or you must work for many years and earn your fortune.

Many of the landed gentry lived off of their land. Profits that were made from owning land was how they made a living.

That monthly sum could be the difference between prosperity and being locked away in poor houses, which were a form of jail for the poor.

Here in America, we do not have a class system of royalty, nobility, tradesmen, shop keepers and owners, or farmers.

However, we do have a social ranking and social class. Those are the haves and the have nots.

If you want to find yourself in the realm of having, then you best start saving money for your future today.

Many years ago, I was laughed at for my paltry savings amount of 9% per year.

Now I am saving over 40% of my income.

No one laughs at me now.  

HOW SAVING MONEY CAN MAKE YOU HEALTHIER

They say wealth equals health. And that is an understatement if I ever heard one.

Having money allows you to pay for all of your needs.

This includes doctor visits, healthy food, and medicine.

See my post Why America Doesn’t Have Free Universal Healthcare And A Look At Those Who Do

Even something so simple as reading glasses can get pricey. I once saw a pair of Oakley glasses for $300.

You want organic fruit and meat? Well that costs.

Eating well not only affects your waistline, but also your brain functions.

It is said that children that do not get the proper rest, nutrition or eat breakfast before school perform lower on tests and have harder times concentrating.

See my posts Wealth Really Does Equal Health

HOW SAVING MONEY CAN MAKE YOU HAPPIER

Success depends in a very large measure upon individual initiative and exertion, and cannot be achieved except by a dint of hard work. – Anna Pavlov, Prima Ballerina

When you have the means to pay your bills, eat, and work in good health; then you are fortunate indeed to be able to pay your own way.

Being able to afford your monthly nut just makes you happier overall.

You are protected from the pitfalls of many of life’s hiccups.

Money offers protection.

See my posts

Dwayne Johnson: The Rock Solid Way And The Fast And The Furious Way To Make Millions

5 Wealthy Nuggets Of Wisdom From The Count Of Monte Cristo

Halle Berry On Success And Failure: Why She And I Continue To Save So Much

The One-Tweet Financial Plan  

Money Lessons I Learned From Jay Leno

Money Advice I Got From John Legend

Money And Greek Myths: Lessons From Clash of The Titans

You can get just as much pleasure saving as you can from spending.

I seem just as happy being able to have the ability to afford items than am to actually purchase them.

It is a great feeling to payoff debt. Every check you write frees you from obligation to lenders. Then your money can stop serving THEM and start serving YOU.

Make a goal to write down evet single bill you have and person you owe.

I started doing this and tackling every debt I had one by one.

Once I paid of my car, I owed $30,000 and my personal loan, I owed $20,000, then things started really taking off from there.

I was able to take these monthly payments, $450 and $333 respectively, and start investing that money. Now that money works for me in the stock market.

Here is one stock I recommend: VFINX or VFIAX. (You can also invest in the VTSAX or any equivalent)

Portfolio composition of VFIAX

Month-end 10 largest holdings
(22.40% of total net assets) as of 03/31/2019 

1Microsoft Corp.
2Apple Inc.
3Amazon.com Inc.
4Alphabet Inc.
5Facebook Inc.
6Berkshire Hathaway Inc.
7Johnson & Johnson
8Exxon Mobil Corp.
9JPMorgan Chase & Co.
10Visa Inc.

Whatever you do just make sure you not just SPEND money but SAVE money.

The Capitalist Code by Ben Stein

The first step to getting the things you want out of life is this: Decide what you want. – Ben Stein

Ben Stein is an economist and actor, who wrote a book in 2017, called The Capitalist Code: It Can Save Your Life and Make You Very Rich. He has an estimated net worth of over $5 million. So, I thought I would check his book out.

On my quest to follow the money, I have discovered lots of books, blogs, and information about money.

I have been told I am seriously into all things money. Friends sometimes call me “the money lady.” That’s fine with me. I take that as a compliment. There are much worse things to be called than that.

But, I get it. I do have a laser-like focus when it comes to getting things done. I can be a task-master. It comes naturally to me. I just can’t help it because I believe in finishing what I start.

I learned that lesson from one of my favorite childhood books Where the Red Fern Grows.

You could say I’m a bit obsessed with learning about money. However, it has served me well to know about personal finance. I have a six-figure retirement and save over 40 percent of my income. All that came from reading finance books!

That is how I came to find this book. It is a quick read as the book is on the small side at 146 pages in length. I knew the name Ben Stein, but I wanted to find out What is The Capitalist Code?

But first…

WHO IS BEN STEIN?

“I’m an economist by training. I don’t really work as an economist. I only worked briefly as an economist.”

There is a short bio description of him online at goodreads which states:

Jewish-American economic and political commentator, writer, actor and attorney. He gained early success as a speechwriter for American presidents Richard Nixon and Gerald Ford. Later he entered the entertainment field and became an Emmy Award-winning actor, comedian, and game show host. He is famous for his monotonous yet humorous voice in acting.

For those who may not be that familiar with the name you may remember him from his self-titled television show, “Win Ben Stein’s Money” or from the film, Ferris Bueller’s Day Off.

“As to a media personality, well that just happened in large measure because people found me amusing, and I did lots and lots of T.V. news interview shows.”

“It’s a great stretch for me to do my game show. It’s very hard. It’s not me at all. The only part that’s me is sort of when I’m sitting in the booth looking tormented. That’s the only part that’s the real me.”

In Ferris Bueller, he is actually discussing a real topic of the era. During the 1980’s, Reaganomics was also referred to as voodoo economics or trickle-down economics. I’ll give you more on this topic later, in a future post. 😉

Ben has written for publication’s such as Barron’s, The New York Times, Fortune, and the Wall Street Journal. And numerous financial books including this one.

WHAT IS CAPITALISM?

By definition, an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state. You will often hear it referred to as a free market or free enterprise.

Simply put, capitalism is a system of investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained by individuals and corporations instead of by state-owned means.  Participants privately own capital.

Ben says, “Free market capitalism is a fantastic wealth-producing system and allows individuals to amass wealth.”

In addition, “There is no freer, more diverse, and more equal opportunity employer than capitalism. . . If you can produce a large amount of excess over your costs, you get well paid. And if you produce very much more than you cost, you get rich.”

A free market of competition, not a central government or regulating body, dictates production levels and prices. True capitalism needs a competitive market because without competition, monopolies exist.

See my post in which I discuss monopolies for more information

WHAT IS BEN’S ADVICE ON CAPITALISM?

“If there’s a recession, I’d buy stocks. That’s when you make money: when markets are spooked.”

His primary objection of this book, is to get people off the sidelines and into the market.

“The sad fact is that spending rises every year, no matter what people want or say they want.”

This book gives you the #1 simple thing you can start doing today to grow your wealth — thanks to this “rigged” system known as capitalism.

Anyone can do it. You don’t need to have a Harvard or Economics degree or be a financial expert.

Basically, he wants you to do this: Invest in the stock market.

It’s a way to own a tiny piece of a big business and minimize your risk. Your piece of the American financial pie.

More specifically: invest in an index fund of the S&P 500.

You’ll own a tiny piece of a bunch of businesses and you’ll have more money when it’s time to retire.

That is also Warren Buffet’s advice among others.

See my post below on stock ownership

Patience is the key to wealth 

BEN ON WALL STREET

“Trying to pick individual stocks is a trap. I can’t do it. Warren Buffett can, but hardly anyone else can beat the indexes over a long period of time.”

It’s easy to think of big business as morally bankrupt, but it isn’t, really. Business leadership can make poor/unethical decisions, but being big doesn’t make them inherently wicked, and being a small business doesn’t make it inherently virtuous.

“I agree that there are some bad apples on Wall Street. I spent about ten years exposing corporate and financial fraud for ‘Barron’s’ magazine and I found a lot to write about.”

If you want to know more about stocks, you can read numerous books and magazines on the topic such as Value Line, The Intelligent Investor, and anything by Jack Bogle.

The key point is this: Free market capitalism is an incredible machine for making wealth. Corporations “rain money” year after year. If you don’t participate, you are making a huge blunder. It doesn’t take a genius, but it does take a plan—a “little bit of knowledge and an even smaller amount of action.”

SCARY STATISTICS

“The education system should teach us about money; it’s an incredibly big subject. I run into people all the time that don’t have the first clue of what they should do about money.”

Ben states the following about personal finance in America:

  • Most Americans have not inherited wealth or a successful business that could set them up for life
  • 80% of millennial’s have no plan whatsoever for retirement savings
  • Many Americans are saving NOTHING
  • The average person says they need about $50,000 per year for retirement; but only has savings to achieve 20% of that number
  • We live in a country where more than half the people couldn’t come up with $500 in cash today if they had a family emergency

Source: GoBanking

WHAT YOU NEED TO DO

According to Ben, you need to save first, and then spend— automatically.

That’s similar advice that Shark Tank’s Kevin O’Leary says: “Don’t spend too much. Mostly save. Always invest.”

Barnes and Noble provides this overview of the book: harness the incredible power of the U.S. economy for enjoyment and security by being owners of profitable businesses-by consistent, conservative investment starting as young as possible in a diversified port- folio of stocks. Anyone can be a capitalist—and should be. All it takes is a little bit of knowledge and an even smaller amount of action. All it takes is The Capitalist Code.

BEN ON EDUCATION

“There is a clear, unequivocal, if generalized, connection between the amount of education that a man or woman achieves and the amount he or she earns.”

In the book, he shows what women can earn with a degree…

And men.

Agreed. I notice that the more education you have, the more informed decisions people tend to make.

Although, in my opinion, education is not an equalizer it does; however, provide you with increased opportunity, knowledge and exposure to scholarly information.

For most folks, a bachelor’s degree is enough. Particularly, from a reputable in-state public or private accredited institution.

I will never forget when I was reading Arnold Schwarzenegger’s biography when he saw a PhD professor driving up in an old, beat up car and he said to himself that if that is what an advanced degree gets you, then that guy was in the wrong career.

BEN ON SPENDING

“You must arrange your life from the very get-go so that you are spending less than you earn.”

Yep. I have learned it is not what you make, but what you spend.

You can totally blow through $200,000 USD a year after taxes! Just keep buying big homes and expensive cars.

BEN ON PICKING STOCKS

How should you invest?

“You don’t need to “play the market” and try to pick stocks. Just buying and holding index funds is a simple, effective method that beats money managers most of the time.”

How long should I hold onto stocks?

Hold onto these funds as long as possible.”

Should I sell as soon as I get a sizable gain?

“Take advantage of huge tax subsidies for deferring investment gains.”

BEN ON WEALTH

“A highly disproportionate amount of the good things in life accrue to those who have financial capital. The easiest way is to own index funds.”

He states you must acquire wealth.

I too have read you must pursue wealth. You may not want to chase money, but sitting on your laurels won’t attract money and abundance to you. Wealth is something that is attracted to those that have beat inertia and exhibit exertion.

Well, there you have it.

Straight from the guy who is pretty focused on one-task himself as he continued to utter that famous line, Bueller? Bueller? Bueller? Bueller? 

Just like someone had pity on him and answered him in the movie, Mr. Stein has answered a lot of your money answers in his book. The code is capitalist. He has given you the key to unlock the secrets on how to build wealth. So, use his key. Because guess what? The secret is out!

Money advice 10 Personal Finance Bloggers told me

“Um, Anya, while I completely trust you to take care of the inventory and the money, um, dealing with people requires a certain… finesse.” – Giles, Buffy the Vampire Slayer

Yes, indeed. Say it with me, finesse. PEOPLE. REQUIRE. FINESSE.

I cannot tell you how many times I have done business with people and their attitude caused me to cancel my transaction. All I ask for is a little kindness. Being nice can go a long way.

If you are passionate about what you do, then you are generally more pleasurable as well.

People will forget the things you say or do, but they never forget the way you make them feel. I learned that from Maya Angelou. And it is so true.

Today, I want to share with you some advice from my peers. Money Bloggers.

I won’t talk your head off. Let’s dig right in.

1. MONEY IS POWER 

https://twitter.com/ApathyEnds/status/1060532542523215872

You better believe it. I read every contract. Cross every T. And dot every I.  The reason I have an Emergency Fund is for my peace of mind. It means no matter how much the government changes the laws, your job sucks, the lack of integrity around you, or people’s scruples, you are protected.

Here are some of my posts on the importance of emergency funds and having money in the bank.

How I went from $5k to a six figure 401(k) in 6 years  

How not to be house rich, cash poor 

3 Money Lessons from Til Debt Do Us Part 

How to get access to a $250,000 emergency fund with $0 of your own money

How to build an emergency fund 

2. LOOKS GOOD ON PAPER, BUT YOU NEED SIMPLICITY 

I say to people all the time to keep it simple. I use the KISS method. Keep it simple stupid.

In my experience, complexity leads to disaster. You need something you can understand and do without always needing the help of a professional.

I used advice from Warren Buffet and kept it simple.

How I used the Buffet 25 strategy to walk the talk

You don’t need money in 8 banks, 20 credit cards, and 3 homes if you can’t find a way to manage it. Simplify it. Hire a financial advisor and property manager. Or just decrease the amount of banks and credit cards you use, homes you own, and stuff you have.

No matter what, simple is best. KEEP IT SIMPLE!

3. YOU DON’T HAVE TO SPLURGE ON EVERYTHING

Absolutely, you don’t. I read a book years ago on health and fitness called Beyond Diet. She stated instead of buying all organic just get a few main items such as milk to keep your budget in check.

I have always spent my money on the things that mattered most. Namely, my health, education, a good pair of shoes, a good coat, and reliable transportation.

See more on saving and buying what really matters.

Money Lessons I Learned from Jay Leno 

Health really does equal wealth 

4. GET RID OF UNNECESSARY BULL$*IT 

Growing up, my father always said get rid of anything you don’t need.

To this day, I trash, donate, or sell anything I don’t need.

I try to live a minimalist life because I don’t want to have to buy a bigger home or storage locker just to house more STUFF!

Have you ever noticed its easier to buy stuff than it is to sell it?

Less stuff, more wealth. People matter more than things.

Less Home, More Wealth 

Money and Relationships…3, 2, 1

5. TEACH THE KIDS ABOUT MONEY AND THEY MAY BE ALRIGHT 

I take every chance I get to educate someone about money. I bought the Automatic Millionaire for my best friend years ago, so she could get better acquainted with Mr. Benjamin, cause it’s all about those Benjamin’s.

If you don’t teach your kids about money, they will grow up not knowing how to earn and manage it.

If your not sure where to start, check out my post on Scrooge McDuck. It’s kid friendly.

Money Lessons I Learned from Scrooge McDuck 

Introducing the $100,000 bottle of water 

6. START A MONEY DIARY 

https://twitter.com/TheFrugalGene/status/955032100817825792

You think you know where your money’s going, but you have no idea.

Well, welcome to the club. Most people have no idea where their money went.

I suggest you start tracking it right now. Yes, stop reading this post and go track your net worth right now!

You can only do better when you know better.

7. A CAR IS NOT AN INVESTMENT 

Don’t even get me started on cars. Like money, it is just a tool.

I paid off my car about a decade ago. Here is a screen shot of my $0 balance. I paid off that car and out that money to work for me. Forget cars! You do not need an expensive car.

It is a huge budget buster.

Just read any one of my gazillion posts on them.

A car and nothing more 

Life is good, without a car payment 

8.  GET AN EDUCATION 

I don’t care if you simply read books by rocket scientists, or you go to Yale like Rory, I just need you to get a good education.

Read my post on investing in yourself.

Forget casinos, bet on yourself

9. ASK FOR WHAT YOU WANT 

Ah yes, they say ask and you shall receive. However, you still have to ask and do the work. Nothing is for free.

The sorted topic of coin is a tricky one. Money is emotional. But side hustles can get you more money, so I say why not try to EARN money by doing something you are good at and do for free already.  Just a thought.

You want a million dollars? Ask for it

How being an outlier can make you rich 

10. FIRE’D UP, BEING GRATEFUL AND HELPING OTHERS

If you have been reading any number of personal finance bloggers, then you will inevitable come across FIRE (financial independence, retire early).

Fore more on this topic, you can check out a ton of FIRE bloggers such as Root of Good, Early Retirement Extreme, Go Curry Cracker, just to name a few and there are so many more.

You can even read this post by me, Greenbacks Magnet called How do you play with FIRE?

YOU HAVE MY PERMISSION TO PLAY WITH FIRE

How do you FIRE? Basically, you work your butt off when you’re young, live on like 50% or less of your income and save and invest the rest. You have a better chance of achieving this if you can save and invest 50-70% of your income.

From what I have read, most aspire to FIRE with 25 times their income. Could be anywhere from $500,000 to $2.5 million. Then live off the interest.

 However, whether or not you FIRE, you can help others. It can be done with money or time. Either way, with financial independence comes the ability to choose what you do, as you become the master of your time when you no longer have to punch a clock.

When is it time to leave your job and FIRE?

Ask yourself: Would you do this job for free?

You want to be able to do your passion right? Then, you have to make some changes. Leave the grind of the 9-to-5. Get out of the proverbial rat race. It all starts with what you earn and what you spend.

Financial freedom allows you to spend more time doing the things you want. You can spend more time with family, take more vacations, serve in the peace corps, help build homes for habitat for humanity, and the list goes on.

See my post Generosity can go a long way 

Well, there you have it.

Hope you enjoyed this post, as much as I enjoyed writing it. It was nice to remember some of the things I’ve learned along the way on my own journey to wealth.

Good luck!

How Arnold Schwarzenegger Totally Recalls making $20 million-dollar paychecks

Strength does not come from winning. Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is strength. – Arnold Schwarzenegger

Arnold Schwarzenegger is one of the biggest movies stars in the world. His iconic roles in The Terminator, Predator, Total Recall, and True Lies are just some of his hit Hollywood blockbuster movies. During the 80’s and 90’s he raked in big bucks at the box office and cashed in big paychecks at the bank as a result.

In my quest to study the self-made, I decided to read up on the “Governator” himself, Arnold Schwarzenegger.

I actually mentioned Arnold in a couple posts I wrote, Forget casinos, bet on yourself and Money Lessons I learned from Jay Leno.  Now, I am going to talk about how he became self-made.

Arnold wrote his autobiography, written in 2012, entitled, “Total Recall: My Unbelievably True Life Story.” Clocking in at 656 pages long, it is a massive read. I actually completed this undertaking last December 2017. It took me 3 weeks to finish reading from cover to cover. In the book, Mr. Schwarzenegger actually lists his paychecks for his hit films. At one point, he was making $20 million per film.

How did he do it? There is only one word to describe it: unbelievably.

Here is his story.

ALL GREAT STORIES HAVE GREAT BEGINNINGS

The mind is the limit. As long as the mind can envision the fact that you can do something, you can do it, as long as you really believe 100 percent. – Arnold Schwarzenegger

Arnold Alois Schwarzenegger was born on July 30, 1947, in Thal, Styria, Austria. His father, Gustav Schwarzenegger, served in World War II. Arnold’s mother, Aurelia, was working at a local shop when she spotted his father in uniform. That was all it took for her to fall for him as she loved a man in uniform. I must admit, so did I.

His parents married on October 20, 1945. His mother was 15 years younger than his father as she was 23. They were strict disciplinarians. Arnold said in Austria the rod was not spared if a child was disobedient. In the book, he said his father would make him and his brother earn their breakfast by doing pushups or sit-ups.  His father believed that the way to fix any problem was through discipline.

YOUNG EXUBERANCE

Arnold was an average student but, was popular and well-liked for his boundless energy, humor, and cheerfulness. He started playing sports and picked up his first barbell at age 14. He decided that bodybuilding would be his career. His deep interest in the sport took up almost all his spare time. At one point, he even broke into the local gym when it was closed and began to lift weights for a couple hours just to get in his workout.

Money was tight growing up. There was no inside plumbing or bathroom. They fetched water to bathe from a local well and one of the highlights of his youth was getting a refrigerator, where he said they would marvel at the opening and closing of the fridge door. When going shopping his mother only used cash and never bought anything other than the essentials.

Austrians believed in conformity and were not allowed to be individuals. However, Arnold had different plans. He was considered a rebel because he wanted to move to America and be rich. He stated he wanted to be somebody. Due to his rebellious tendencies and other issues, Arnold was never close to his father as his favorite was Arnold’s brother. However, he had a close relationship with his mother until her death.

A chance meeting at his bodybuilding coaches house would change his life. Arnold, in 1966, met bodybuilder and movie star Reg Park, his idol, and he went on to become his mentor. Schwarzenegger decided he would not only be a body builder, but also a movie star, just like Reg Park.

BARBELLS AND COMPETITIONS

Training gives us an outlet for suppressed energies created by stress and thus tones the spirit just as exercise conditions the body. – Arnold Schwarzenegger 

Arnold would work out almost every day. Lifting weights became an obsession. He would break into the gym on weekends when it was closed and work out.

He couldn’t stand to miss a workout. Arnold has said he couldn’t even look himself in the mirror, if he missed a workout. That is dedication. This was 1961. By 1965, all Austrian males, at the age of 18, are required to fulfill one year of military service, but Arnold had other plans.

AWOL BODYBUILDER

While in basic training, Arnold learned he was able to eat meat every day. Growing up, his mother had a garden where she would grow vegetables so she could feed her family on a tight budget. They rarely ate meat. Once he was able to get protein on the daily, he was constantly growing out of his uniforms. He went up a size every month and required a new uniform several times.

During his service, he learned basic tank mechanics, almost wreaked one by not putting it in park, and learned to ride a motorcycle. He said those skills would later serve him well while doing the Terminator and other films. Arnold learned to become pretty fearless. He was scared, but he would push ahead anyway.

During his time in the military, a Junior Mr. Europe Contest came up. He went AWOL and served a week in military prison because he chose to attend. But Arnold won that title.

He later received a job offer to work and train in a gym as a bodybuilder. He used this information and his past transgressions to convince the military to release him and he received an honorable discharge. That competition in Europe made him famous and the Mr. Universe title was his ticket to America-the land of opportunity, where he felt he could become rich.

CALIFORNIA BOUND AND HOLLYWOOD DREAMS

Arnold was happy to leave Austria as he had been telling people for many years as a kid he was going to America, but no one believed in his dreams. But the day came in October of 1968, when he was headed to California to train at the infamous Gold’s Gym in Venice, Los Angeles. He could barely speak English, but at the age of 21, was going to America to live and work.

Arnold was able to get a role in a film in 1969, “”Hercules in New York”, which paid him $12,000. He continued to train from 1970-1974 non-stop. In 1970, he won his first of seven, Mr. Olympia titles.

EDUCATION IS JUST AS IMPORTANT AS PHYSICAL FITNESS

In the 1970s, Arnold is enrolled in college throughout the decade. He bounced around to several taking math, English, science, and eventually earned his bachelor’s degree from the University of Wisconsin-Superior in 1979. It took about 10 years, but finally he had his college degree.

He also stated in the book he would write down his goals on an index card at the start of every new year.

At one time in his life, he met Pope John Paul II in 1983, they talked about workouts. The pope rose daily at 5 a.m. in order to stick to his regimen. It was something like 300 push-ups. If he could do it, this book says, you can do it, too. This is where I got the idea to start my daily fitness routine. I, personally, like boxing.

ALL ROADS LEAD TO HOLLYWOOD

All roads not only lead to Rome, but in Arnold’s case also to Hollywood, California.

OLYMPIC CHAMPION

Arnold also competed in the Olympics and won the title of Mr. Olympia 3 times. After the 1971-74 competitions, in 1975, filmmakers convinced him to do the bodybuilding film Pumping Iron.

SAVING MONEY AND INVESTING

The worst thing I can be is the same as everybody else. I hate that. – Arnold Schwarzenegger 

Arnold is big into frugality. He saved every dime he could from any winnings he made while competing. When he first got to America, he had $27,000. That is the equivalent of $173,000 (adjusted for inflation) in 2017. His motto was turn every dollar into two.

Arnold invested his money in real estate. He researched for 3 years and worked with an agent before finally setting his sights on putting a down payment on his four-unit apartment building at the cost of $214,000. Then he sold the building the next year for $360,000. Then immediately put his profits into a new 12 unit building. He did this to avoid the huge tax bills of his profits.

The Los Angeles real estate market was booming. You could make $100k profit in just a year or two.

Arnold then bought a 36 unit building, followed by a 100 unit building. Within about 10 years, Arnold Schwarzenegger was a real estate tycoon and millionaire.

This was close to 7-8 years before he would become a bankable Hollywood action star. He was able to be pickier and choose plum movie roles because he did not have to take any role that came his way. He always believed in going to the top. Go where its empty and you can chart your own path. He aimed to be the leading man.

CONAN

“The idea is not to live forever, it is to create something that will.” ― Andy Warhol.

After small roles in various film and television, he was offered the lead in his breakthrough film role of Conan the Barbarian in 1982. The movie was a hit.

Love the painted look.

Then he starred in the sequel, Conan the Destroyer, in 1984.

For me life is continuously being hungry. The meaning of life is not simply to exist, to survive, but to move ahead, to go up, to achieve, to conquer. – Arnold Schwarzenegger 

Arnold got to meet and work with lots of people. He feels that building relationships is key to having a successful, happy, and fulfilled life. Some of those people include, Linda Hamilton, Sharon Stone, Michael Ironside, Vanessa Williams, and the late Andy Warhol.

THE TERMINATOR

I’ll be back. – Arnold’s famous line as The Terminator

Arnold was offered a role in a film where there is a futuristic war between man and machines. At the meeting, with Gale Anne Hurd (The Walking Dead) and James Cameron (Avatar), he was convinced that the role of the T1 was pivotal, if the film was to be a success.

He was right. Listen to Ah-nuld! I just watched the film a few weeks ago. It still holds up.

Here’s one of my favorite scenes from the film; it’s Kyle Reese, played by actor Michael Biehn. He did an incredible job as he also did in the film Aliens.

Arnold Money Lesson: When Arnold met his future wife, Maria Shriver, he accidentally left his wallet at home. She had to write him a check for $70, to pay his train ticket home. He paid her back and wrote her a thank you note. In addition, he learned a valuable lesson. Always have cash. From that moment on, he would carry $1000 cash and a high or no limit credit card. He learned the motto of this blog, that cash is king.

He then decided to do a film by new first time director, Jim Cameron, called The Terminator.  It went on to gross $80 million and Arnold was officially a bonafide movie star.

Fun Fact: Arnold likes to tell jokes. He decided early on that his films should include quips that are memorable one-liners and catchphrases.  Like this, “Hasta la vista, baby” — Terminator 2: Judgment Day.

I actually heard that same phrase in a Jody Whatley song Looking For A New Love from her self-titled 1987 album. That was 4 years before T2.

HOLLYWOOD MAKING IT RAIN DOWN ON ARNOLD

“Money doesn’t make you happy. I now have $50 million, but I was just as happy when I had $48 million.” – Arnold Schwarzenegger

From there it just keeps getting better. He’s a hit factory and the paychecks got bigger and bigger. Arnold made $250,000 for Conan and $360,000 for Conan 2. Then took a pay cut for The Terminator, at $75,000.  Arnold earned $1.5 million for 1985’s Commando, $3 million for 1987’s Predator and $8 million for 1988’s Red Heat. Bang, bang, bang! That’s all money in the bank.

He hit the deca-million ($10 million USD) paycheck mark with Total Recall in 1990. Then made $15 million for Terminator 2 and True Lies. Arnold eventually hit a $20 million-dollar payday in 1996 with Eraser. Yes, that’s US Dollars!

Source: themovietimes.com

He is estimated to have a net worth around $400 million dollars.

And there you have it.

At the end of the book, he also listed Arnold’s Rules for Success.

Here is Arnold talking Life’s 6 Rules during the Governor’s 2009 USC Commencement Address. He said be unique, be a maverick. Maybe even an outlier?

How being an outlier can make you rich

So let’s recap…

  • Start with a dream
  • Write it down
  • Say out loud what you want to do or be
  • Work hard
  • Break the rules, not the law
  • Don’t be afraid to fail
  • Exercise
  • Weight lifting builds muscles and confidence
  • Trust yourself
  • Ignore the naysayers
  • Save and invest
  • Real estate can make you a fortune
  • Financial independence equals freedom
  • Give something back
  • Turn every dollar into two

Why the Rents shouldn’t pay your rent

Financial independence is the ability to live from the income of your own personal resources. – Jim Rohn

Reading headlines in the news about how boomerang kids are returning home in droves is quite alarming.

When I was growing up, I saw lots of young adults leave home and never return. They got jobs and worked their way up to where they were trying to go.

However, a couple decades have changed all that.

One of the biggest culprits: student loans.

The cost of college has outpaced inflation. Therefore, it is now up to families to find affordable ways to get a college degree.

Otherwise, your kids may just end up back in your basement, or worse, in their childhood rooms that they could hardly keep clean when they were debt-free teenagers. Gulp!

The reason that so many millennial’s need parental assistance in paying their rent is because they shoulder the bulk of the $1.4 trillion in student loan debt.

However, borrowing or taking out deposits from the bank of Mom and Dad is not a good idea and can have lingering consequences for the parents as well as the kids and future generations.

Here are the reasons why young adults should stop relying on their parents and become independent as fast as they can.

FINANCIAL INDEPENDENCE WILL TAKE LONGER TO REACH

We are living in a time when more people discuss this phenomenon called FIRE (financial independence retire early).

Although, this should be taken with a grain of salt, as many people will need to save 50% or more of their income for a decade or two to make this dream a reality. And that is not always possible or feasible to do, to say the least.

That being said, the decision is always yours whether or not you retire at 42 or 62. The point is to be able to one day have the option to retire.

When you lean on your parents (the Rents) to pay your bills, it can delay the transition into adulthood.

I have noticed when people have no safety net, they are a lot more resilient and cautious about what they do and spend.

For example, to rely less on Mom and Dad later in life as an adult, you could do the following:

  • Live with a couple roommates
  • Pick a smaller apartment to live in (say 700 square ft.)
  • Go without a car or at least buy a smaller, more affordable one
  • Commute to college and save by not paying room and board; therefore, requiring less or no student loans

It seems to be the people that get off their parent’s payroll ASAP are the ones that are able to become financially independent the fastest because they have no other choice.

When the only option is self-reliance, then you learn to live lean really quick. And low fixed expenses are how you will be able to start saving money.

A SUBSIDY SHOULD HAVE LIMITS

For those that may not know, right now the Direct Stafford Loans offer a three-year subsidy (you may have to ask your loan servicer if your loan has this feature) for students entering repayment.

Those funds give graduates time to find suitable employment and create a budget for their lifestyles in order to repay what they owe.

This cushion is a great way to help young people get on more solid financial footing.

What you may or may not have noticed is that there is a three-year window and then it closes shut.

And do you know why? It is because when you offer people a crutch, then unless they have the drive, perseverance, determination and the will to be self-sufficient, they are likely to use the crutch forever.

You have to limit aid, otherwise, people come to rely on it for all their days.

This includes the funds from your parents.

Get off their bankroll as fast as you can, or you may come to depend on it for the rest of your life.

Let’s be honest. Nothing lasts forever. Even milk, has an expiration date.

You would rather have the option of saying no than hearing the words: We’re cutting you off.

RELYING ON SELF GETS BETTER RESULTS

I know that having help is at times necessary to keep a roof over your head. I would not tell parents not to help their children. I am asking children to tell their parents, that they no longer would like their financial assistance.

Therefore, you become the adult or hero in your own life and story.

If you read any number of stories about the rich and successful, you will notice that many did not pull themselves up by their bootstraps, but had just enough help to get things running and then go it alone.

When you allow someone to write you a check, you are also giving them some form of say so in your life. This de facto control you are giving up every time you cash that check, has far reaching and lasting consequences.

You may want to live in SoHo, but the parents say they are only willing to pay for something closer work or at a specific dollar amount. Thereby, giving them more control over your life.

When you write the check, you have all control. You say when, where, and how much.

No need to wait on anyone to give you the green-light or hand you the money. You can make decisions for yourself and might I add, faster than if you had to wait for help or other form of assistance.

Thereby, causing you to not miss opportunities because you can say yes without having to check in with anyone else.

You can say yes to that job, internship, business opportunity, apartment lease, car purchase, or vacation.

Just something to think about.

INDEPENDENCE IS ATTRACTIVE

Independence, especially financial independence, is attractive.

When you are an adult, you do not have to tell anyone you are one.

They can see it in your actions.

Are you out at the bar every night? Or are you at home, working on that new app your developing to earn enough money for a down payment on a house?

Do you spend with reckless abandon? Or are you cognizant of what you are spending, and where your money is going?

People are drawn to confident people. It is an attractive quality. They say like attracts like.

Nothing exudes confidence like someone who is in control of their money and time.

Are you looking for a partner? If so, ask yourself what qualities are you looking for in one.

For instance, do you want someone who buys everything in three’s, likes to lease cars, and maxes out their credit cards every month?

If the answer is no, then you may want to make sure you are not doing any of those things as well.

Everyone wants to date up, but they forget that they too need to get themselves together in order to attract someone worthy of their time and vice versa.

When you are independent, people want to be around you. You attract jobs, opportunities, people, and money when you have your own.

GENERATIONAL WEALTH INTERFERENCE

The New York Times has reported that 40% f people in their early 20s receive financial assistance from their parents.

Parents are paying for everything from rent to car insurance.

According to CNBC, this is what parents are paying for.

The problem with this is that every dollar that parents give their children, is money that is not working for them in building their financial house and keeping it secure.

If parents have the money to give their children for a down payment or college education, then I am all for it. By all means, help the kids out.

However, what many kids may or may not know is that Mom and Dad cannot afford some of these expenses.

It is one thing to help someone with a one-time expense, like a down payment on a home.

It is another thing entirely to help pay someone’s rent or mortgage every month with no end or deadline in sight.

Many baby boomers are going into retirement unprepared. Therefore, they usually do not have the funds to give the kids or grand-kids because they need that money themselves.

How do I know? Well, I ask people. And many have said that their are finances precarious and funds are limited. Many give until it hurts. However, it not just hurts them, but also their heirs.

The Sandwich Generation is a generation of people who care for their aging parents while supporting their own children.

By not taking or limiting financial help from parents, it limits the help you may need to give your own parents when you are raising your kids.

Let me share with you this story for some perspective.

I read an article about a man who decided to become writer. While he did pretty well for himself, the family still struggled financially.

This is what happened during the course of their lives:

  • His wife quit working and became a stay at home mom
  • Their daughters were given the option to go to the private colleges of their choice, even though the family could not truly afford it
  • His father helped them pay for college for the kids; thereby, making him forfeit any future inheritance for him or his children for the sake of present conveniences
  • They also paid for their two daughters weddings out-of-pocket, with empty pockets
  • His wife has been out of the workforce so long she is unable to find reasonably paid work
  • He works 7 days a week
  • They have no savings and NO RETIREMENT

From the example above, you can see how paying for present pleasure or not planning for expenses can harm you and your family down the line.

This is scary stuff. Their inability to say no and set firm limits on what they were willing to spend has caused long-term consequences. They may have to rely on their children for financial assistance in their old age as opposed to passing on wealth.

I urge you to reconsider.

Let this post be your wake up call.  A call to arms, if you will. A call to financial arms. To arm yourself with financial knowledge, so that nothing can stop you from working toward your goals and building a solid financial future; independently.

America is the land of subscriptions

I’ve learned that people will forget what you said, people will forget what you did, but people will never forget how you made them feel. – Dr. Maya Angelou

TO SUBSCRIBE OR NOT SUBSCRIBE, THAT IS THE QUESTION

America used to be known as the land of opportunity and dreams. And for some and in many ways it still is. However, things have changed dramatically over the last two to three decades.

One of the biggest changes I have noticed can be described in one word: subscriptions.

When I was growing up, you bought the thing one time and you were done. Transaction over.

Today, many places want you to subscribe to their services and pay them every month. I am not on board with this.

Even Jay Leno agrees with me. He told CNBC, “Here is the money, give me the thing, transaction over.”

He told CNBC Make It: “When you own something and you don’t have to write checks every month, you’re just better off.”

I couldn’t agree more. I can’t stand installments for anything. It means you earn money and then have to give it away. Period.

I learned that if I could cut down or out the installment payments in my life that I would be better off and would get to keep my money.

Sure you will have bills like utilities – gas, water, electric and insurance, food, etc.

Those are not the bills I am talking about.

I mean the ones that are not necessities.

In a Washington Post interview from 2016, Sociologist Joseph Cohen of Queens University is fond of saying that “America is a place where luxuries are cheap and necessities costly.”

Exactly, the luxury items have stayed the same: high-priced. However, the cost of college, daycare, education, and the mortgage have all gone up.

Even rent can be insane. There is no cap on rent. So, it can go up every year with inflation. Unfortunately, that is just a cost of life. You need a place to lay your head. You need shelter.

But I urge people to consider carefully what type and how much home they buy.

A HOME IS YOUR CASTLE BUT DOESN’T HAVE TO ACTUALLY BE ONE

I am all for the Huey P. Long saying that Every Man a King, but I think a woman is also the queen of her castle.

I prefer to be able to clean my own home. To be able to sweat over lonely labor, have sense of pride in a job that is well done is what I need. And just FYI, for those who like to stay in shape and are into physical fitness, cleaning is also a workout.

After reading the book Nickel and Dimed by Barbara Ehrenreich, in where she worked undercover with a big house-cleaning chain in her book, I feel I am better off doing the work myself.

Barbara Ehrenreich said, “I had been taught by my mother, a compulsive housekeeper who employed water so hot you needed rubber gloves to get into it,” to basically clean her own home.

Paying a service is another bill. I say if you can afford it and it will free up time you want for yourself, then do it.

However, I also have learned the bigger the home, the more help you need to clean it.

It gets tougher to clean a home yourself once it is more than 3,500 square feet. That’s when you usually have to hire help.

Paying the gardener, maid, chef, and chauffeur all adds up.

Why not purchase a home that is 3,000 square feet or less? Not only are they cheaper, but also easier to maintain.

That’s just my $0.02.

SUBSCRIBERS BEWARE

I have seen countless companies start subscription services. Some are pretty cheap and then others are downright outrageous.

I just started noticing this new way of the subscription life myself fairly recently.

I first started noticing it in high school. I wanted to buy Harlequin romance books, because I mean come on, who doesn’t like Happy Ever After’s (HEAs)?

And to my delight, in each book was a subscription notice. They offered 2 free books as a bonus! I was like sign me up. Then things started to go downhill for me from there.

Let me just start by saying, I am a huge Harlequin romance fan. It was not that they did not provide quality service or great reads. Quite the opposite. It was the quantity and price of the service that caused my woes.

I started getting books like every 3 or 4 weeks. It was expensive too, at least to a teenager, it cost about $15 a month. Some books I didn’t even want, but they shipped them in packs of four, which were chosen for you.

As much as I loved Harlequin, I had to cancel my subscription. They sent books faster than I could read and bills faster than I could pay.

That was my first taste of the subscription life. It left a bad taste in my mouth. One that, like Maya Angelou said, I never forgot how it made me feel. And all these years later, that one event was the catalyst for me not ever wanting to have subscription anything.

So, when something doesn’t feel right, listen to yourself. Trust your gut and make some changes.

I can walk away from anything. Relationships, bad jobs, roommates, you name it. Even if I am comfortable, I have still walked away from people, places or things that were not in my best interest.

Chris Rock said, “comfort is the poison.”

I have learned to hold on loosely to everything so you are not so rattled when change comes.

YOU KNOW WHO THEY ARE

There are lots of companies that offer subscriptions.

I pretty much avoid them all.

Everyone is out there trying to take the money out of your pocket and put it into theirs. Everyone is trying to separate you from your money. Don’t let them.

Expenses would occur once or infrequently when I was growing up. Now everything is a monthly subscription. Even toothbrushes are turning into a subscription service!

I buy products and stick with them until I get my monies worth. I bought a car for $30k, 15 years and six months ago. My payment was $448.65. So, $30,000/186 = the equivalent of paying $161 per month on this vehicle or $2,000 per year not including gas and maintenance.

It’s American made so I have not ever had to pay $3,000 or more in a single visit. My last oil change cost me less than $50!

I have more than got my money’s worth out of this car. I paid this car off in 2009. That money has been going to my retirement account ever since.

Companies now try to offer you the world and all this personalized attention and concierge service, until you stop paying. Whether or not it is by choice or you cannot afford to pay anymore.

It’s like trickery. Or in some cases like the old bait and switch. They promise you the world on the way in and engrave your initials on everything and then can’t remember your name on the way out.

What’s that Lucy? Another football for me to kick. No thank you.

Just say no to subscriptions. It will save you a fortune.

Here are some places that offer subscriptions – gym memberships, clothing stores, book publishers, magazines, and newspapers.

List of well-known companies that offer subscriptions and the cost of some pricing plans:

  • Apple iTunes $9.99 monthly
  • Under Armour (ArmourBox) 4-6 items of gear pay only for kept items) $80+ per box
  • The Wall Street Journal $100-$400 annually
  • Kiplinger Magazine $6.99+ annually
  • Forbes Magazine $20 annually
  • The New York Times $14.99 monthly
  • Deer Park Water $12.99 monthly (minimum)
  • Spotify $9.99 monthly
  • Hulu $7.99 monthly
  • Netflix $9.99 monthly
  • Amazon Prime $99 annually (from $79)

List of less well-known companies that offer subscription and the cost of some pricing plans:

  • Quip oral care tooth brush delivery $10 per user per month! For a toothbrush!
  • Stitch Fix $20 style fee
  • Le Tote $59 a month
  • Rent the Runway $139 a month!
  • Shoedazzle $39.95 a month
  • Gwynnie Bee $49 a month
  • Fabletics $25 per month or box
  • Her Fashion Box $59.95 a quarter! So, its really $239.80 annually

Oh and by the way, subscriptions are the bait to get you on the hook. After, they reel you in, over time they will start slowly increasing the cost. Again, this is just business and the cost of things, as there is this pesky little thing called inflation that just make goods and services costlier over time.

Let me tell you how my life has changed as I cancelled and avoided subscription services like the plague.

CASH RULES EVERYTHING AROUND ME

Money is like air, try and live without it. – Motivational Speaker

Some of you out there may remember the group the Wu-Tang Clan. They had a song called C.R.E.A.M and that pretty much summed up that you need money to sustain your life and that of your family.

You need shelter, food, water, transportation, insurance, internet, and phone.

Everything else is pretty much optional.

I have Netflix, Hulu, World Gym Express, AAA, insurance (life, auto, health, dental), and that’s about it.

I got a term life policy for pretty cheap through AAA.

I got some of the lowest prices available that would sustain my household. Things mean nothing to me. I don’t care about clothes or shopping. I prefer experiences. Me and the girls would have wine, pizza, and game night at each other’s houses.

Music videos were also a shopping trigger. Everyone from Ja Rule to Lil Wayne talked about being cash money millionaires. A rapper even made it his moniker: Chamillionaire!

Everyone in music videos had private planes, diamonds, champagne, mansions, and beamers, Benz and Bentleys!

Who thought of this thing called shoe game. I have never cared about shoes. I just wear them out until they are no longer useful and then repair or replace and toss the ones that are useless. I would wear shoes until I had holes in them. I don’t care. I’m fine. Grateful to have shoes on my feet.

However, when I was around 15, those videos started making me feel bad. So, at age 16, I decided to stop watching them. My self-esteem went through the roof!

Then years later, I discovered that many episodes of MTV cribs were not the full truth. I was floored. I was like you made me believe that success was in what I drove and what home I lived in. All wrong. Wrong, wrong, wrong!

MONEY IS JUST A TOOL

Money can buy you a fine dog, but only love can make him wag its tail. -Kinky Friedman

If you read my last post, you know I was inspired to save more by the blogger who owns Millennial Money.

I backed off of doing and buying much of anything, so that I could be free. I wanted to be financially independent (FI). And that, my friends, requires discipline. FI requires sacrifice and saving.

Women tend to focus on saving.

Men tend to focus on earning.

I encourage you to do both. That is what I did.

Ask for a raise, if it will get you to your goals faster. Don’t ever be afraid to ask for anything, because all people can do is say yes or no. So, I ask for everything. I do not fear rejection. I have learned to fail better. You are rewarded for it.

I knew getting a good education or learning a skill (construction, HVAC, barber, hairstylist, IT, plumbing, electrician, or dental hygienist) that could be monetized was key.

I knew a guy many years ago that skipped college in favor of heating refrigeration and air conditioning training. Within like 6 months he was making $20 an hour! And that was right out of high school.

In the news, it was reported that construction is in dire need of those willing to learn the trade. Due to a lack of construction workers, homes being built now are higher priced and low-income homes are not being built.

All of the sudden people are too good for construction! I have always admired and liked a hardworking, driven person. Especially, a man who can work with his hands.

Remember that episode of Charmed, where their ancestor came back from the 1600’s. It’s okay if you don’t remember, I own the DVD and just so happen to have a clip of it. This part and another episode called Morality Bites are some of my favorites from the show.

What’s wrong with working with your hands? Like all of my uncles were mechanics. It was like Marissa Tomei in my cousin Vinny.

They always had grease under their fingernails and on their hands, but people depended on them. My Uncle Tommy helped everyone. He was kindhearted. He, like my father, never raised his voice because they didn’t have to. They were respected and loved. There was no need to yell.

I have always liked and been drawn to well-mannered, hardworking men.

My mom grew up on a farm and we would visit it every summer when I was little. My only memory of my grandfather was always of him dressed in overalls.

He was in excellent physical shape well into his 70’s. Farming is hard work. He was up by dawn and in bed by dusk.

There was always fresh fruit and vegetables because he grew it and sowed his crops himself.

I love the fact that you can take a blueprint, follow a plan, build a home, and have tangible proof of labor. But, you know, that’s just me.

I spent parts of my childhood holed up in my room or on the couch reading books. I would read the Sunday Comics (Peanuts were my favorites), Archie Comics, history books or anything lying around the house.

I put all my time and money into developing myself. It went to my health, family, education, and community. Those sacrifices of going to an in-state school and driving a beater have paid off in spades!

Let me show you how.

MONEY IS THE NAME AND SAVING AND INVESTING IS THE GAME

After being introduced to Millennial Money online, almost three years ago, I made some changes.

I started looking at money differently.

I started thinking of ways to save on a daily basis instead of just monthly or after I paid all my bills.

You have to have money left at the end of the month, if you want to build wealth.

I took a look at my bank and credit card statements to see what I was spending my money on. Was there anything I could cut out? Did I really need this?

I cut out nail salon visits, excess hair appointments, shopping sprees, vacations, car washes (another subscription, ugh), birthday parties (no gift to buy or buying the birthday girl a drink) and anything I could find.

I cut out miscellaneous expenses too. No stopping at Walgreen’s without a list. I only need one pen, not a pack. Is it on sale? I can’t afford full price to anyone whose name isn’t followed by M.D.

After trimming the fat, I started figuring out my savings rate.

I started out with this:

Year 1. Saving $50 per month. $600 a year. That’s $600/365 (days a year) = $1.64 a day savings rate.

Year 3. Saving $150 per month. $1,825 a year. That’s, $1,825/365 = $5 a day savings rate.

Year 6. Saving $1,111.04 per month. $13,333.06 a year. That’s, $13,333.06/365 = $36.53 a day savings rate.

I went from saving $1.64 a day to $36.53 a day! That’s a 22% increase in savings.

That’s progress. That is almost the equivalent of someone paying me $40 (two twenties a day) and I put aside $36.53 of it in savings.

If you notice, from the examples of what I did, it took 6 years to get here. I just started where I was at.

I just wanted to save $5 a day like Millennial Money talked about. I had no idea that I had done that and more. I was used to spending everything I had and being in debt.

To this day, I still try to find ways to increase my daily savings rate. Once I changed my money mindset, I changed my life. I got results. And you can too!