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My 7 tips for Saving.

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7Figures
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My 7 tips for Saving.  Reply with quote  

Have more than one bank, I understand a saving account is great. However with today’s technology I feel it is to easy to just transfer money over to your checking. The way I did it I had a Chase checking and savings, but I also had a Wells Fargo account. I had an automatic transfer of 33% of my check is put into Wells Fargo. I never touched my Wells Fargo Bank card it got to the point I didn’t even know where it was. Which is actually a good thing. Then, 17% into Chase Savings and 50% into my checking.

Stop buying lunch at work. I calculated I was spending $10-$12 a day five times a week. Thats $60 a week, $240 a month, and $2880 a year. Once I realized this I, started to bring my own lunch to work or left overs from dinner. Imagine investing $2880 a year.

Stop Buying Materialistic Items. I started to realize in my younger years I was constantly buying things just because of brand names and didn’t really think about the price. Once I noticed how stupidly I have been spending my money for years. I stopped immediately. Remember this “You rather be driving a Mercedes in Sketchers than riding the train in some Nikes or Jordans”...

I have the rest of the tips on my blog at 7figures.org I wanted to post them all here, but didn't think it would fit. I take any feedback with open arms. Im just learning the ropes
Post Fri Apr 08, 2016 3:03 pm
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oldguy
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quote:
And eventually becoming a millionaire.


Yes - but you never said "how"? Saving your lunch money is nice - but it won't work, you cannot 'save' a million. If a wage earner saves $5000/yr for 40 years it would only be $200,000, you'd have to save $25,000/yr to get a million - and very few wage earners can save $25k/yr. OTOH, if you INVEST that $5000/yr at 11%/yr for 40 yrs you'll have $3,300,000. (if you invest only half that much you'll have $1.65M - or you could invest twice that much and have $6.7M).

I loaded the 401k Plan when it was invented (about 1982), that grew to over a million in less than 20 years. But any type of investment account will work - 401k, IRA, Roth, taxable brokerage account - the key is to invest & accumulate steadily for many years.

Instead of budgeting your SPENDING, budget what you DON'T spend, budget what you invest. Eg, if you budget to invest $5000/yr @ 11% ($417/m) and you never miss, you will have a million in 30 yrs (and $3.3M in 40 yrs). And you can spend everything else on whatever you like, lunch, Jordans, yada. (You really spend $12 on lunch? lol, ever hear of McD's Dollar menu? Even tho I'm wealthy, I don't think I ever spend over $5 for lunch).
Post Fri Apr 08, 2016 4:30 pm
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7Figures
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quote:
Originally posted by oldguy
quote:
And eventually becoming a millionaire.


Yes - but you never said "how"? Saving your lunch money is nice - but it won't work, you cannot 'save' a million. .


Yes your right I never mentioned it, I was only stating a few tips people could use to manage their money better. I actually do contribute to my 401K (Which I just started, Im 25 btw). I'm also currently invested about 12K in 2 companies Disney and Wingstop.

And about the lunch I work and live in New York City unfortunately $10 is average, I hate it here. Ehhh well its a love hate thing.

You sound like you know your stuff and I appreciate your comment. What do think is a good percentage I contribute to my 401k ?
Post Fri Apr 08, 2016 5:46 pm
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oldguy
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quote:
I work and live in New York City unfortunately $10 is average, I hate it here. Ehhh well its a love hate thing.


LOL, yeah, love/hate. The tram rides over the river from Long Island City w/ my aunt were fun - but never wanted to live there.
The City has no less than 70 McD's locations - and they have dollar menus.
Post Fri Apr 08, 2016 10:42 pm
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7Figures
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quote:
Originally posted by oldguy
quote:
I work and live in New York City unfortunately $10 is average, I hate it here. Ehhh well its a love hate thing.


LOL, yeah, love/hate. The tram rides over the river from Long Island City w/ my aunt were fun - but never wanted to live there.
The City has no less than 70 McD's locations - and they have dollar menus.


You have no idea oldguy what they've done Mcdonalds in the city removed dollar menus, because they know tourist will pay full price no matter what. Also its pretty un healthy imagine how'd I look eating Mcdonalds 5 times a week LOL !!
Post Fri Apr 08, 2016 10:56 pm
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katei25
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Never buy on impulse. at least 24 hours each expensive purchase, I think. If you have an emergency, acting on the principle of impulse purchases and save a lot of money will mean that there is very little regret.

You can save money by buying items online, in bulk. Companies have lots of offers for bulk buy.
Post Fri Apr 22, 2016 9:28 am
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7Figures
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quote:
Originally posted by katei25
Never buy on impulse. at least 24 hours each expensive purchase, I think. If you have an emergency, acting on the principle of impulse purchases and save a lot of money will mean that there is very little regret.

You can save money by buying items online, in bulk. Companies have lots of offers for bulk buy.


Yup that is why I'am a Costco member lol always try to but in bulks
Post Fri Apr 22, 2016 12:11 pm
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7Figures
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Re: Great Stuff  Reply with quote  

quote:
Originally posted by m19noonan
Good post. Love your take. My son actually uses a company called Here Comes Life for financial planning and advice. They're great with younger investors. Website is www.herecomeslife.com if you'd want to check them out


Thank you, Checking out the site now
Post Fri Apr 22, 2016 1:07 pm
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selina9
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Nice post
Post Tue May 17, 2016 10:49 am
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