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TO THOSE WHO DON'T WANT THEIR WORK PROMOTED

Hey guys and gals! We FIND and PROMOTE people's work, we never take credit for things we haven't written, we just love sharing the things that are interesting, but if you don't want your work or pictures shown, please let me know and I'll take it off, we're not trying to harm any one here or infringe on anyone's copyrights, just late night entertainment for my friends and I after a long days of work.

We're not making money off the site, nor are we publishing anything to other places through feedburner claiming that it's our work, just a hobby of finding cool things around the internet, that's all. Sometimes we copy and paste too quickly and a link giving you credit doesn't appear, if that's the case and you DO want your work promoted, we will add in the backlink, we would love to give credit where credit is due!

Please contact me or drop a comment on any posts you guys don't want up and I'll take it off within 24 hours, thanks!

Tuesday, March 18, 2008

Grad Money Matters: 10 Steps Using Which Even a Lazy Person Can Be a Millionaire

Part 1: A quick summary of steps


  1. Start early

  2. Put the power of compounding on your side. The earlier you start the more time your money has for compounding. When you can have interest earning interest, you would be surprised by the way in which little amounts of money can turn into large fortunes.

  3. Don’t ever turn down free money

  4. Be it your employer offered 401K match, employee stock purchase options that offer immediate 10-15% returns, bonus for using one realtor versus the other when you buy a home, cash back on credit cards etc. I could go on and on, but you get the picture.

  5. Make savings automatic

  6. We are human and if things were left to us to do everything on our own, we would still all be stuck in the Stone Age. Just as we trust everything else in life to automation, put your savings on auto mode too. Make sure that every month, before your paycheck is delivered to you, a part of it is deposited into a savings account.

  7. Invest wisely

  8. If your money sits in your bank, then over the course of time due to inflation, it actually shrinks instead of growing! So choose your investment vehicle wisely, preferable something like the stock market or real estate which can offer you a growth percentage that is much more than the inflation rate. And a quick reminder – don’t get too greedy and gamble away your money on high risk investments.

  9. Plan for everyday expenses

  10. Be sure that you have planned for your everyday expenses in such a way that small variations will not force you to abandon your above savings plan. People use all sorts of budgeting with different degrees of granularity. Pick the one that works for you.

  11. Be prepared for unexpected expenses and emergencies

  12. The steps above can help you start building a nest egg. But, life has a way of throwing curve balls at you just when you start to get comfortable. And at such occasions, if you have to dip into your nest egg, you wipe out the benefits of compounding and your nest egg will never get a chance to grow exponentially. So make sure you have a separate fund to deal with all sorts of small and large unexpected expenses and emergencies.

  13. Live below your means

  14. Make sure you manage to live within your means. This doesn’t mean that you start depriving yourself and not indulge in any of life’s fine things. It just means that you prioritize your indulgences and give into only those whims that offer you the most pleasure and are things you can afford. Before you spend your money think if it is something that will bring you or your family joy or if your are just doing it to show off to your friends and relatives.

  15. Avoid consumer debt at all costs

  16. If you have a great offense but your defense sucks, you will still not be able to win many matches. Same thing applies to your financial plan. Unless you beef up your defense against consumer debt such as credit cards debt, auto loans etc., you will find it hard to reach your financial goals.

  17. Stop the money leaks

  18. Look at your personal life – do you have any weak spots that are causing money leaks? These could be harmful addictions such smoking, alcohol, drugs etc. or harmless ones such as addiction to buying the latest CDs, books, shoes whatever. If it is something you do compulsively and is draining your bank balance, you should look into plugging them or at least getting them under control so the little leaks don’t turn in to gushing money drains.

  19. Build up equity, set up streams of passive income etc.

  20. Finally, in addition to the money you are saving make some provisions for yourself as you retire. Buy only as much home as you can afford and pay towards equity instead of rent, so someday in the future you can have a roof over your head without paying either rent or mortgage. Set up a stream of passive income to help you retire early or enjoy additional indulgences while you get there. While setting up additional income streams will in general need you to do some additional work, there are a few lazy options like investing in dividend yielding stocks or funding an energetic friend’s upcoming startup :)

  21. Bonus step: Eat and live healthy

  22. This is really not obvious, but if you don’t take care of your health today, then as you grow older, a lot of that money you are saving will go toward paying your medical bills. Try to eat a balanced diet and incorporate some exercise in your daily routine. If you can go to the gym, great. If not then choose walking instead of driving, stairs instead of the elevators etc. Small changes can pay off huge dividends in the long run – both in your and your bank balance’s ability to live long and healthy lives.
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