It’s graduation time of year again and a great time to ask yourself: What would be the best gift you could you give your children when they graduate from college or head out on their own as a young adult?
How about a nice fat nest egg to get them started? We built a $25,000 stock portfolio for each of our children that we gave them when they each graduated from college-debt free! We are just ordinary people that accomplished this and you can do it too!
Click belowto view my You Tube video showing exactly how we did it and you can do it too:
When our children were born and people wanted to get a gift for the baby, we asked family & friends to give us the gift of money that we would invest for them. We felt this was a much wiser choice than some new toy that would soon be worn out or in which they would lose interest.
We set up a very low cost stock index mutual fund (such as the S&P 500 Index Fund) along with a general stock mutual fund for each child and started investing.
When the children were old enough to start working, we wanted to really encourage their frugal living and investing, so we made them an offer they could not refuse!
For every dollar they contributed to their savings, we would match it–so they would double the amount of money they had to invest!
That gave them extra incentive to work hard & save a large percentage of what they were earning or receiving as gifts!
We knew that compound interest is a powerful force that can reap huge benefits and we wanted them to benefit from it!
We set up a spreadsheet that we reviewed with them periodically to demonstrate how much richer they were getting. They became much more enthusiastic about saving their hard earned money after they started to see how their investments were earning them “free money” they didn’t have to earn by working.
On the day each of our children graduated from college, debt free, we switched the entire portfolio into their name!
They EACH had a nest egg of over $25,000 to begin their adult lives at 22 years of age!
That’s a whole lot better than a bunch of smashed up old toys and NO money!
Wouldn’t that be a fabulous graduation present for your children or grandchildren too?
In honor of Earth Day, it is worthwhile to ask yourself the question: What are the things you can do that will best benefit the planet?
To sum it up into a simple phrase, that would be reduce, reuse and recycle! Perfect–those are the same thing you do when you are being frugal and saving and moving towards your financial independence!
Whether you shop for gently worn clothing for you or your kids at a thrift store, like Goodwill or you buy second hand furniture to save from trees being cut down, or maybe you decorate your house with gently used items. This reusing of perfectly good items saves the Earth’s resources.
Consider how buying a second hand, less expensive car contributes to the health of the Earth by saving all the energy needed to build that vehicle, not to mention all the steel and parts that go into the car.
It is kind to the environment and–best of all for you, it also saves you lots of money!
Everybody wins!
Like the sign says at the local Habitat for Humanity ReStore: Used Saves. It saves the Earth and saves you money!
Dollar stores can be a great economical source for a wide variety of items including food, household items, cleaning supplies, gadgets, school supplies,wrapping paper, greeting cards, and much much more.
Shop Smart Magazine, published by the editors of Consumer Reports, recently sent mystery shoppers into dollar stores across the country. What they found was somewhat shocking and something you should consider before your next trip to a dollar store!
First, what they discovered was that roughly 77% of the items in many dollar stores cost more than a dollar! It’s easy to get caught up in the buying frenzy, thinking you’re getting a super bargain, so you do need to practice restraint in the store.
One surprising fact that may influence your buying decision, is that many dollar stores will not accept coupons or returns. Many dollar stores also will not accept credit cards.
The mystery shoppers at ShopSmart Magazinecompared the prices and quality of 11 household products and compared those same products with items purchased elsewhere.
Included in the pricing comparison was heavy duty aluminum foil, gift wrapping paper and supplies, and cotton rounds. Each of these items was found to be a good value for the money, based on the price and quality of the product.
Several items that the ShopSmart Magazine investigators tested, turned out to actually be more expensive or of a lesser quality than would be readily available at a Target, Wal-Mart, Walgreens or CVS stores, particularly if you used coupons at the other stores.
Those items included tissue wrapping paper and birthday candles, which they noted were consistently cheaper at Wal-Mart. Of course, shopping the sales at the other superstores and using your coupons could wind up lowering your prices on those items dramatically!
Another interesting discovery by dollar store investigators, was the fact that there were some expired medicines and food products being sold, including items for children. Customers have reported incidences of expired or leaky batteries purchased at dollar stores.
Investigators also found numerous items that could be dangerous to children, including toys with small parts which could be choking hazards. According to investigators, be especially careful of older toy items being sold, which could possess high levels of lead paint. Customers also reported issues with lighters not turning off, and fire hazards with Tiki torches.
All in all great the dollar stores are a great place to get great bargains! But it does pay to be selective and careful when shopping.
Did you know for most people, their single largest investment is their home?
Would it surprise you to know the 2 areas that home buyers focus on most when searching for real estate are the kitchen and the master suite, which includes the master bedroom and the bathroom?
Don’t you think you have a better chance to sell or rent your home if you have a spa bathroom? Of course you do!
Come along as I show you step by step how I recently achieved that spa feeling for very little money!
Creating the drama of a spa bathroom is simple when you use the same techniques that fancy resort spas and hotels use when furnishing their spaces.
Every elegant spa bathroom must have a beautiful bench beside the tub for holding a luxurious bathrobe or your pjs. That’s a great place to start!
If you are going to have a spa bathroom, you simply must have candles and warm fluffy towels. Add some dramatic candles in rich candlesticks to cast a warm romantic glow. Place the fluffy towels right beside the tub to complete the look.
Green plants give that touch of nature and you are on your way to creating a peaceful oasis! It is the details that really make the difference!
Not only is your fantastic spa bathroom a restful retreat, it will add to the value of your home since everyone loves a gorgeous bathroom!
Take a look at the frugal yet fabulous ways you can furnish your bathroom retreat!
I started with this dramatic 3-tiered rack that came from Ross Stores and was only $19.99. Place on the corner of the tub for extra storage and load it up with all the goodies!
The height of the piece gives additional space, allowing you to add everything you might need!
The plants are from Michael’s at $2.99 a piece and the designer towels were purchased on closeout at one of my favorite stores, TJ Maxx for $3.99 each!
No spa bathroom would be complete without a terrific vanity with a comfortable seat! What a terrific addition to the space!
This upholstered bench looks totally custom but was actually found at TJ Maxx, for only $24.99! You can’t beat that!
This gorgeous wrought iron bench looks just like one I saw at the luxury store, Frontgate! But this one was only $19.99 at a local Ross Store.
You have to love that!
Give your bathroom a professionally decorated look by creating an elegant yet simple window treatment.
Simplydrape a neutral length of fabric over elegant decorative brackets, and Voila! You are in business!
It’s great to have a tiered shelf to hold all the supplies you would find in a spa bathroom.
This one was located at Ross Stores for only $39.99.
The wrought iron with wicker design adds texture to the space, something interior designers know adds to the luxury!
Look at the dramatic effect a little effort can give you on your largest appreciating asset– your home!
As you soak in the tub in your new spa bathroom, think of all the money you will make from your elegant bathroom makeover!
Do you work from home or want to jazz up your commercial office space? Would you like to have a fashionable office space but don’t want to spend a lot of money?
If you are like most people, you have computer equipment, printers and storage that you would like to disguise in your office. You do not need to spend alot to accomplish that! Take a look at what I did to create a fabulous yet frugal office, for very little money!
I built this neat table from wood I obtained FREE, then I sewed a very easy & inexpensive tablecloth to hide all the stuff underneath it.
The woodwas FREEfrom a construction site near my house. It is amazing how much perfectly good wood is throw into the junk pile when a new home or office is constructed.
I stopped at the site and asked the workers if I could take some of the scrap wood and they said “Take all you want–It’s going to the landfill otherwise!“ Man–I hate to think of all this terrific lumber going to waste.
Remember when you do things like this, you are not only saving lots of money, you are actually helping the environment, because you reuse and recycle items! How cool is that?
The long skinny pieces were the perfect size, so I grabbed those and made myself a table.
Ok, my husband actually did the hammering, but I gave him the dimensions.
Inexpensive neutral colored fabric, similar to the color of the walls, was purchased and used to make a quick slipcover type tablecloth. Easy breezy!
The 2 drawer cabinet underneath the table was acquired at a garage sale for $1. It’s perfect for holding printer paper and other goodies for the office.
The next area that needed to be addressed was the carpeting. We had beautiful wood floors in that room, so I wanted a room rug that accented the colors in there.
I found this indoor/outdoor type rug at a local home center for only $40! It looks very similar to one I saw at Pottery Barn for much less money!
There needed to be a chair in the office and we had one that didn’t match the colors in the room, so I found an inexpensive slipcover online & covered it in a classic white canvas.
Nice and neutral and it works in the room beautifully.
Now we can get busy in the beautifully decorated office working and making money!
There was a great personal finance article in today’s Wall Street Journal called “When I was Your Age“.
The article features prominent people recalling the best—and worst— financial advice they received as new college graduates.
I believe you can learn almost everything you want to know from people that have already done it successfully!
Included in the survey were David Bach, author of the best-selling FinishRich books, Paula Deen, restaurant owner, author and Food Network host, and Robert Kiyosaki, businessman and author of the best-selling “Rich Dad, Poor Dad” books.
David Bach told how he had learned the value of hard work and purchasing a home while in his 20’s. I agree wholeheartedly with what he said regarding how hard work and saving in your 20s and 30s can determine your future! Amen to that!
Ask all the broke 50 and 60 year old people if they regret not saving and investing when they were young, now that they are running out of time to build their wealth!
Paula Deen learned the value of heeding the advice todo what you love–which was cooking! Look at what a fabulous success she has made of that!
Mary L. Schapiro, chairman of the U.S. Securities and Exchange Commission, said her parents warned her about getting into debt. She listened to them on that point, but regrets not getting into the habit of saving right away. Her advice to grads is to fully understand the implications of debt and what it will take to repay the loan.
Probably my favorite is from Carrie Schwab-Pomerantz, president of the Charles Schwab Foundation. She said the best advice she heard was to live frugally and save for a rainy day. She suggestsliving off 90% of your income and save the other 10%. I would aim for saving more than that!
If there were 8 simple rules you could follow that would help you build a fortune and a satisfying life, would you be interested to learn about them?
Just in time for Summer reading, I recently came across a very inspiring book written by Dwight R Lee and Richard B McKenzie called “Getting Rich in America“.
I highly recommend this book because the focus of the book is on “ordinary people” like you and me, people of modest means and talents and how they “made it” through simple steps taken without sacrificing their quality of life.
I believe wholeheartedly in the idea that if you want to accomplish something, model someone that has already done it. This book uses real life examples of people that have accumulated enough money to be financially independent and tells you how to do that too!
They went from Frugal to Rich!
Here are the 8 Simple Rules featured in the book:
1. Think of America as the Land of Choices
2. Take Compound Interest Seriously
3. Resist Temptation
4. Get a Good Education
5. Get Married and Stay Married
6. Take Care of Yourself
7. Take Prudent Risks
8. Strive for Balance
The quote from Ben Franklin at the front of the book explains it well. “The way to wealth is as plain as the way to market. It depends chiefly on 2 words, industry and frugality: that is neither waste time nor money, but make the best use of both. Without industry and frugality, nothing will do; and with them-everything!”
So basically, that means work hard and be frugal! If you save your money and invest, it will build wealth!
Look at these thought provoking questions the authors pose to help you on your way to getting rich!
Buy it used onAmazon.com or request it for FREE at your local library!
I LOVE to save money every way I can and that includes on cosmetics!
Many years ago, a frugal friend of mine told me she used a brand of cosmetics called “Wet & Wild”. They make a full line of cosmetics including foundation, eyeliners, lipsticks, nail polish and mascara. They work great, are super economical and I have used them ever since!
The lipsticks and eyeliners are what I use the most and they are each only 99 cents a piece!
The regular price is a super bargain- but you can get an even better price this week!
This week at Rite Aid you can get 1 Wet & Wild item for full price, for only 99 cents and get the second one at half price, that’s only 49 cents.
That works out to only 75 cents an item! Compare that to the price of some of the fancy brands of cosmetics! What a deal!
This best part is, as you can see on my receipt, I used one of the $25 Rite Aid gift cards that I had received FREE for transferring a prescription to Rite Aid! Getting these items on sale, leaves me with extra money on the card to buy other goodies!
Another great tip I received from a thrifty lady was for hairspray that is also just as effective as the expensive fancy brands! It is called Rave and is about $1.29 a bottle! I plan to get some of that with my FREE gift card too!
That’s money I am saving to build my wealth! I want to make ME rich–not the cosmetics companies!
And don’t you feel much more beautiful knowing you have money?
Let me know if you have other tips like this please!
This morning I came across a very interesting article in the online edition of the New York Times called Design on a Shoestring. I am always searching for articles about decorating to maximize both the comfort and value of my home and investment properties, so this one caught my eye.
The article was about a couple that had completely redone a one bedroom apartment near London and featured a wonderful photo gallery of their great ideas. I was floored when I read they had spent over $10,300 — to re-do a 1,200-square-foot apartment! HOW MUCH??
That’s alot to spend on a 1,200 square foot property! I believe you can achieve the same results for much less money–and we have done it!
When we started buying investment properties 32 years ago, we realized very quickly that if we fixed up the interior and decorated it a bit–we could raise the rents and attract a better quality of tenant!
The amazing thing was- after we were finished living in thisproperty–we were able to rent it FURNISHED for 2 years- and we received $200more PER MONTH in rent than what we would have gotten for it unfurnished!
That’s almost $ 5,000 extra rent! What a great return on our investment!
Take a look at what elbow grease and almost ALL secondhand furniture and accessories created in this furnished townhome! You can use these ideas for a rental property or to stage your home to sell in this tough economy!
The least expensive and most effective method we found to accomplish that effect was with paint! You can create a warm and inviting mood with a soft neutral (not white) paint color.
Here we painted the living room a soft tan color.
In one bedroom, we used a greyish shade of green, which is also a soft neutral, to give us a fabulous warm romantic feel.
The fabulous custom made upholstered window treatment hanging over the bed was purchased at a Salvation Army store for $10! It matched perfectly!
In another bedroom, we used the same soft tan color that looks marvelous with the elegant duvet cover we bought at TJ Maxx. All the furniture, lamps, headboard, pictures etc in this room were purchased secondhand for practically NO money!
After our tenant of 2 years moved out, we decided to take everything out of the property and rent it unfurnished.
Because we have been so very blessed, we decided that rather than have a big sale and make some money–we gave awayevery single thing to a charity that donates to people that cannot even afford to buy their items at a Goodwill type store!
They sent a large empty truck and we filled it to the brim!
How cool is that–to be able to share the wealth? I still wonder who is sitting on those chairs now and sleeping in those beds!
