Archive for March, 2010

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Mar. 29
8:00 am

I Want to Become a Billionaire

posted by Jason

I was driving to the gym the other day and the song “Billionaire” by Travie McCoy came on the radio and I thought to myself, “You know, I’d like to become a billionaire too.” The song fits exactly what I want to do in my life:

Oh every time I close my eyes
I see my name in shining lights
A different city every night oh
I swear the world better prepare
for when I’m a billionaire.

So the questions start coming to my mind. How am I going to get all this money? What am I going to do NOW to get myself into the billionaire status that i so long to become?

Then I went to the America First website to check out what options they had for future billionaires such as myself. There was some great information on there about investing and different ways of investing my money that could get me a better interest rate, which means getting more bang for my BUCK!!! That is just what I am looking for and if I start investing now then I will one day have that billionaire account.

Now as I have stated before I am NOT one for saving and putting money away because i just always want to spend spend SPEND!! Then I looked at the YNF videos and saw that if I just save $5 a day every day for a year I will have $1825 by the end of the year. That is totally do able for me and makes that billionaire status get even CLOSER!!!

So now it’s your turn to work on your billionaire status. What are you currently saving for that is making you have to stretch a little bit beyond your comfort zone? What are your “champagne wishes and caviar dreams?”

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Posted in Life, Money & Finances | 3 Comments »

Mar. 24
9:00 am

5 Lessons a Millionaire Taught Me

posted by Marne

Recently, Jason asked for tips on ways to save in his blog post. It got me thinking about this book my parents had me read not too long ago. It’s a book written by Richard Paul Evans and took me just a couple of hours to read. The book is called The 5 Lessons a Millionaire Taught Me. There’s a lot of sound advice in it and I’m going to share it with you!

Richard Paul Evans goes over the 5 keys he learned through a good friend of his and through his own tests in life. He explains that they can potentially help you re-vamp how you handle and see money.

LESSON ONE: DECIDE TO BE WEALTHY- In this chapter, he explains, “Life isn’t about money. It’s about God. It’s about love. It’s about family and relationships. It’s about personal evolution learning and growth. Part of that growth is learning balance between the different forces of life. Money, like health and spirituality, is part of that symmetry, and for those who do not accept responsiblity for financial matters, life is thrown out of balance.”

He explains that you have to be willing to commit to changing how you handle money and the key to achieving such is committing to a small idea.

LESSON TWO: TAKE RESPONSIBILITY FOR YOUR MONEY - There are four steps he gives in this chapter to accomplish this responsibility:

  1. Know How Much Money You Have
  2. Know Where Your Money Comes From
  3. Know Where Your Money Is Going
  4. Know What Your Money Is Doing

LESSON THREE: KEEP A PORTION OF EVERYTHING YOU EARN - In this chapter he discusses the Power of Compound Interest and the benefits of starting a “Nest Egg.” He also addresses the ever-popular question, “Should I first pay off my debt?” He talks about every decision is up to the person and if you have significant debt to seek professionals who can help you figure out the best decision for your specific situation. He does talk about how it’s important, psychologically, to see your wealth grow as your debt decreases. But remember the decision is personal.

LESSON FOUR: WIN IN THE MARGINS - He provides four mind-sets that will help you do this

  1. “The Millionaire Mentality Carefully Considers Each Expenditure” - Ask yourself if the money you’re spending is really necessary. And remember to ask a salesman, “Is that the best you can do?” A lot of times your salesman will fudge and lower the price for you.
  2. “The Millionaire Mentality Believes That Freedom and Power are Better Than Momentary Pleasure” - Evans talks about maknig sure what you’re paying is what you’re paying. He goes through examples illustrating people wanting a nice car now, instead of saving up for a down payment, etc. He shares their misery after a few years because it becomes too much to handle, etc.
  3. “The Millionaire Mentality Does Not Equate Spending with Happiness” - He talks about being grateful for what you have and not looking to spending your money to have things to make you momentarily happy.
  4. “The Millionaire Mentality Protects the Nest Egg” - Evans explains that at time you need to insure the money you have set aside is going to be protected.

LESSON FIVE: GIVE BACK - Evans talks about “Financial Karma” and other ways by giving back to the community you feel wealthier and it’s considered a wise investment. “In addition to sharing your wealth, you have a responsibility to share teh lessons of proper money management with others.”

CONCLUSION: IT’S NEVER TOO LATE - So don’t give up. Start new, if you have to. Read this book if you want to. I know the local libraries I have checked all carry a few copies. It’s worth the read!

Are there any ideas in here you follow already that work? Is there anything you’re going to try?

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Posted in Life, Money & Finances, New Skill | 4 Comments »

Mar. 18
8:00 am

Declaration of Financial Independence

posted by Brett

Tired of working the same 9 to 5 job or living paycheck to paycheck?  Life not as satisfying as you expected?  Ready to relieve some of the unnecessary stress caused by debt?  It’s time to declare you financial independence from it all!

Financial independence usually describes someone who has enough personal wealth to live without having to work actively for the basic necessities.  To me, it means I simply make enough money through my assets that I don’t have to rely on that 9 to 5 job paycheck to pay the bills.  I want to live life, not clock in and out.   Anyone familiar with the book Rich Dad, Poor Dad will remember the simple diagrams of cash flow that attempt to illustrate the same idea.  Sounds great – but is it possible?  Here’s a rough outline of my plan:

More Assets. I need things that earn me more money than just my regular job.  It can be anything from a second job, tutoring, or online advertising income from a blog to dividends from stocks or rental property income.  I’ve decided to try blogging and experiment with stocks for now.

Less Liabilities. I refuse to let the stuff I own actually own me.  Save for a down payment to  keep mortgage payments low.  Keep and care for your car until the wheels fall off.  Once the car loans are paid, put it towards the mortgage.  Strive to pay off the credit card each and every month.  Remember – less is definitely more.

Control Living Costs. Similar to spring cleaning, if I don’t use it regularly throughout the year (or shorter) – it goes!  Review your phone, cable, insurance, and internet bills for unnecessary extras.  Trim the iTunes habit.  Go for the DVD rather than the Cineplex.  Learn to cook rather than dine out.  Make the decision to either use the gym pass or find new ways to exercise and ditch the monthly charitable donation to your local gym.

Save. For me, this is the most difficult so I make sure to include a “Vacation Fund” in my master plan.  Reward yourself for the hard work.  I also have the money automatically taken from my paycheck.  Whether the goal is a specific dollar amount (like Kevin at 20smoney.com) or a percentage or your income, discipline yourself to save something.

With experience and a little research, I’m finding new opportunities to invest my money.  It becomes more of a hobby trying to collect things that make the most money.  The feeling of empowerment grows when money comes in from newly acquired sources.  I spend less time worrying about monthly payments or finding ways to spend my money and instead search for new ways to increase it.

What are your ideas to be more financially independent?

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Posted in Money & Finances | 1 Comment »

Mar. 16
9:02 am

The Madness of March is Just Around the Corner

posted by Jason

Alright fella’s (and ladies) as you know it’s MARCH and as we all know it’s a time when guys get together and start betting on who they think is going to go ALL THE WAY!!! That’s right, it’s MARCH MADNESS!!! To me March Madness has always been more exciting than the NBA playoffs because every year you’re getting a new team. Players are constantly changing and sometimes the underdog really does come out on top. Plus you never know what could happen and the surprises really can end up shocking you. Like last year, when MIT finally produced a NCAA men’s basketball team that was a force to be reckoned with. These are the stories that make March Madness fun and exciting.

March 14th is the day that you should get all your friends together, sit around the T.V., and listen to the selection of who is going to be playing whom. This is when you get to start making your selections for who is going to make it to the final four. It’s during this time you separate the men from the boys. You know who really knows their stuff and find the “real” fans.

Now why talk about his on here? Well, it’s become a tradition to some and others want to start having it be a bigger part of their life.  So, the question is:

Who are you going to be cheering for?

Who do you think is going to take it all the way this year?

Is there going to be a change in scenery from what we are used to seeing every year?

Are the same schools going to be taking it to the end, or will someone switch it up and surprise us all?

And what crazy traditions do you have for March Madness?

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Posted in Entertainment, Sports | 2 Comments »

Mar. 15
10:00 am

An Awesome Attitude is Everything

posted by Bryson

Alright, I’m going to be the first to admit this: I don’t always have the most positive outlook on life. I tend to have a very bad case of Eeyore-itis. It usually makes me look at the glass as half empty instead of half full. (And sometimes I see the glass as broken on the floor.) It’s not a very good way to look at life. So, what could I do to change that? I felt pretty set in my ways. I didn’t think that I was ever going to be a more positive person.

But, on January 31st of this year, something changed. I can’t honestly say that I know what it was, but I was suddenly feeling so much better about life and where I am in it. I started to focus on all the good things that were happening to me instead of the bad things. It seemed that every day, something awesome happened to me. So, I decided to make it my goal for this year to have the most awesome year ever.

Now, you’re probably wondering why I’m posting this here. Well, it’s because it’s a first for me. I’ve lived my whole life as a pessimist. So, this sudden burst of optimism is a new feeling for me. And I have to say, I quite like it. It’s very refreshing.

So, I think I’m going to challenge all of you. This year, instead of dwelling only on the things that go wrong in your life, focus on all the awesomeness in your life. It’s there, trust me. Awesome things happen everyday, you just need to look for them, or make them happen.

So, what can we all do in our lives to make this year awesome? Let’s hear some of your ideas.

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Posted in Life, Random | 2 Comments »

Mar. 11
10:30 am

College: The Right Choice - But Which One???

posted by Brett

e00008155For high school seniors, it’s that time of year when admission applications are being sent out to various prestigious universities.  For those who have already started the college journey, one semester is winding down as summer and fall registration for classes come bringing you one step closer to a degree.  But before envelopes are stuffed and sent out or another check is written for expensive books and tuition, it may be the perfect time to double check your education plan to make sure you are getting what you’re paying for.  It’s important that you are spending your valuable time and money at a school that fits your specific needs.

Forbes magazine puts out an annual list entitled “America’s Best Colleges”.  Their qualifying criteria includes the following breakdown:

• (25%) student satisfaction with course instruction
• (25%) indicators of post-graduate employment success
• (20%) estimated average four year student debt loan
• (17%) likelihood of graduation within four years
• (8%) student success in national/international  competitive academic and research awards
• (5%) similar faculty awards

How does your current or prospective school stack up to the rest?  Where are you heading this fall?

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Posted in Life | 5 Comments »

Mar. 10
10:00 am

What to do now?

posted by Lacey

navigationI am going to be graduating this May from college with a Bachelor of Arts degree. Since, I am graduating I am trying to figure out my next step. I am definitely considering looking into career and job positions that correlate with my degree. I feel a little bit scared because this is going to be the next big step in my life.

I want to be successful.   It will be a journey marked with challenges, crossing milestones and moving forward — in other words really growing up!  Even a genius cannot clearly define his or her destiny, but anybody who has a clear vision, clearly defined goals and determination can achieve success by certain actions.

What are you planning on doing after you graduate? What is your next big step in life?  Where will your journey take you?

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Posted in Life | 3 Comments »

Mar. 8
8:00 am

What Are Your Plans for Springbreak?

posted by Lacey

volunteer

Got your spring break planned yet? If you’re thinking you’d like to make a difference with your time, think about using spring break as a volunteer vacation opportunity. MTV and United Way, Habitat for Humanity and i-to-i are just a few organizations ready to put you to work over spring break.

This spring break will not be the most exciting but I was considering what my school has to offer. At the school I attend they offer spring break programs that are focused on volunteering in other states to better them by focusing on cleaning up the highways to helping children in the community. All these trips are less than $500 and consist of about a three to four day trip.

If you want to make the most out of spring break and take a different approach by making a difference then check out volunteer opportunities and see what your school has to offer!

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Posted in Service/Humanitarian | 3 Comments »

Mar. 6
12:28 pm

Are you a SAVER or SPENDER?

posted by Jason
I have never been one for putting money in a savings account and actually keeping it there. I am the type of person that will see something at a store and save up for it then go and buy it. As far as going to putting money in a savings and leaving it in there I cannot do it. I just see the money in my account and then I have to spend it. It’s in my blood or something to spend money.

I have tried opening other accounts and not memorizing the account number so that I can’t look at it, but being that I work at America First Credit Union I can easily just look at my account with no problem. I have also tried the opening dedicated savings accounts, which you’d think I wouldn’t take the money out of that being that there is a fee that comes with early withdrawals.

So what are some ideas that you have for me to start saving? Honestly, at this point, anything will help!!!

 

Posted in Money & Finances | 6 Comments »

Mar. 4
4:31 pm

Brand New Car!!! More than you think.

posted by Brannon

car-picture1So, if you are like me at all, you have once or twice driven by a car lot and gazed out at the vast sea of shiny brand new cars.  I love cars.  I have told my wife that I am jealous of the Jay Leno and the Bruce Wayne/Batman car collections.

The other day, I had an individual ask me about a car loan for a brand new truck, with all the options and luxuries a truck manufacturer can offer.  They were trading in a vehicle and were taking about a $1,200.00 loss in the trade in (meaning that the dealer was not going to pay off their existing car loan completely).  They decided to put $2,000.00 down on the vehicle.  The out the door price after tax, licensing, and even a manufacturer rebate was just over $51,000. 00.

Now, they didn’t have the greatest credit in the world, which means the best interest rate the dealer could give them, depending on the financial institution, would be between 9% and 15%.  The interest alone on this vehicle, with the 9%, figuring on a 7 year term, would cost  $18,245.42!  And if you figure the higher 15% on the same terms, it would cost $47,482.41, just in interest! So what was already a high priced vehicle could translate to a whopping $98,663.44!  Cha-CHING!!

Before you get too depressed, I’m not in any way discouraging purchasing a new vehicle, but make sure that you are in a position to do so when you do.   This means, make sure that you have a good credit score so that you can get the very best interest possible.  Also, make sure that you can put a good healthy down payment on a vehicle of this amount of money.   For example, the same deal I showed said before, figuring on an interest rate of 4.99%, with a $5,000.00 down payment, for 7 years, the interest would be $8,746.01.  That’s quite a big difference.  And of course, the more money you put down, the less you’ll pay in interest.

So, when you look out at that big vast car lot full of brand new shiny cars, just remember what I told you, and make sure that you are in a position to get it.  When you are, you will enjoy that car so much better when you get a good deal on financing!

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Posted in Money & Finances | 1 Comment »

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