Give up coffee and make millions
During a typical school week, how many dollars a day do you spend at the school on food and drinks?
I challenge those who are reading this to keep track of everything you buy for one week. From a pack of gum to a bottle of liquor, keep track and get receipts for all purchases without changing your typical spending habits. At the end of this week, I think most of you would give your right arm to go back and smack yourself with it for being so senseless.
Let's say that the average college student spends $5 a day at the school (yes, I know you can't buy lunch for $5). Did you know that if you took that $5, or $35 a week, and put it into an account set up by the bank, within one year you will have $1,885 or even better, over 40 years you will have $948,611?
Try if you can to wrap your head around the fact that the majority of people are flushing almost $1,000,000 down the toilet and don't even realize it!
When I was first told that I could put $5 a day away into something called an RRSP, my initial reaction was, “I don't HAVE $5 a day to put into a what?” I ignored this little tidbit of information and went on my money spending way. I walked through the caf in D Building and followed suit with the rest of the student body, got into line to buy my coffee and muffin and thought nothing of the fact that I was about to unnecessarily spend $3 and had been doing so for the past week.
Slowly I started to feel my wallet lighten and soon caught myself scrounging for change only to realize I had gone through $25 over five days out of habit and lack of conscious spending. Add on weekend fun and holy crap that adds up!
You know when you are younger and your parents are using their sad attempts to guide you in the right direction? They are constantly in your ear talking about something that sounds similar to that of the teacher on Charlie Brown? For some reason those sounds have slowly turned into something that has started to make a lot of sense and I now want to rip my arm off and hit myself for being so careless about my money.
I hope that this does not turn into one of those Charlie Brown instances, but I would love to pass on some information that could make you rich, have I caught your attention?
David Bach is the author of a book called “The Automatic Millionaire.” Along with many other money saving, and sometimes life saving, novels, Bach has written a book so straight forward that he has been known to help even the lowest of the low pull their life back up on the road. As I said above, “The Automatic Millionaire” is a life process and not to mistake automatic with meaning “by the end of this book,” as Bach put it. “Automatic” in this context simply means to gradually have it done without conscious thought where you take action and then allow your money to work for you as you live your life and watch your money grow.
In order to do so, it is time for you to walk into your bank, sit down and talk to someone about an RRSP. This acronym stands for Registered Retired Savings Plan, an account put in place over the course of your lifetime that you use in order to save money for your retirement. RRSP's are beneficial as they reduce the amount of tax taken off your income, as well as any investments. Take a look on your next pay cheque at the taxes the government deducts and imagine that being so much less because you pay yourself before the government gets their greedy little hands on your paycheque. Makes you think twice about an RRSP plan now doesn't it?
This easy-to-read book takes you on the journey of a couple who took a few small steps and were able to watch their money work for them as they live like millionaires having no debt, no mortgage, and laughing all the way to the bank. From there Bach breaks down the foolproof way to put your goals in motion as you slowly recognize:
- You don't need to make a lot of money to be rich.
- You don't need to have discipline.
- You can still be rich by being an employee.
Using what he calls “The Latte Factor,” which can build your fortune on only a few dollars a day. We can call it the “Tim Hortons Factor.”
The rich get rich because they pay themselves first. The rich set up a plan with their bank where an allotted amount of money is taken directly off their pay and placed into an RRSP before they even see the stub and way before the government can tax you on how much you make.
- Homeowners get rich; renters get poor.
- You need an automatic system so you can't fail.
I truly believe this relates to most if not all of Fanshawe's student population, as I sit back and smile, watching the Tim Hortons line get longer and longer. Not to say that your Timmies run should cease all together but before saying that $35-40 a week is not possible with your student budget, take a closer look at where those few dollars a day are really being spent.
Visit your local Chapters or go online to www.finishrich.com/pages/home.php and start thinking about becoming a millionaire.
I challenge those who are reading this to keep track of everything you buy for one week. From a pack of gum to a bottle of liquor, keep track and get receipts for all purchases without changing your typical spending habits. At the end of this week, I think most of you would give your right arm to go back and smack yourself with it for being so senseless.
Let's say that the average college student spends $5 a day at the school (yes, I know you can't buy lunch for $5). Did you know that if you took that $5, or $35 a week, and put it into an account set up by the bank, within one year you will have $1,885 or even better, over 40 years you will have $948,611?
Try if you can to wrap your head around the fact that the majority of people are flushing almost $1,000,000 down the toilet and don't even realize it!
When I was first told that I could put $5 a day away into something called an RRSP, my initial reaction was, “I don't HAVE $5 a day to put into a what?” I ignored this little tidbit of information and went on my money spending way. I walked through the caf in D Building and followed suit with the rest of the student body, got into line to buy my coffee and muffin and thought nothing of the fact that I was about to unnecessarily spend $3 and had been doing so for the past week.
Slowly I started to feel my wallet lighten and soon caught myself scrounging for change only to realize I had gone through $25 over five days out of habit and lack of conscious spending. Add on weekend fun and holy crap that adds up!
You know when you are younger and your parents are using their sad attempts to guide you in the right direction? They are constantly in your ear talking about something that sounds similar to that of the teacher on Charlie Brown? For some reason those sounds have slowly turned into something that has started to make a lot of sense and I now want to rip my arm off and hit myself for being so careless about my money.
I hope that this does not turn into one of those Charlie Brown instances, but I would love to pass on some information that could make you rich, have I caught your attention?
David Bach is the author of a book called “The Automatic Millionaire.” Along with many other money saving, and sometimes life saving, novels, Bach has written a book so straight forward that he has been known to help even the lowest of the low pull their life back up on the road. As I said above, “The Automatic Millionaire” is a life process and not to mistake automatic with meaning “by the end of this book,” as Bach put it. “Automatic” in this context simply means to gradually have it done without conscious thought where you take action and then allow your money to work for you as you live your life and watch your money grow.
In order to do so, it is time for you to walk into your bank, sit down and talk to someone about an RRSP. This acronym stands for Registered Retired Savings Plan, an account put in place over the course of your lifetime that you use in order to save money for your retirement. RRSP's are beneficial as they reduce the amount of tax taken off your income, as well as any investments. Take a look on your next pay cheque at the taxes the government deducts and imagine that being so much less because you pay yourself before the government gets their greedy little hands on your paycheque. Makes you think twice about an RRSP plan now doesn't it?
This easy-to-read book takes you on the journey of a couple who took a few small steps and were able to watch their money work for them as they live like millionaires having no debt, no mortgage, and laughing all the way to the bank. From there Bach breaks down the foolproof way to put your goals in motion as you slowly recognize:
- You don't need to make a lot of money to be rich.
- You don't need to have discipline.
- You can still be rich by being an employee.
Using what he calls “The Latte Factor,” which can build your fortune on only a few dollars a day. We can call it the “Tim Hortons Factor.”
The rich get rich because they pay themselves first. The rich set up a plan with their bank where an allotted amount of money is taken directly off their pay and placed into an RRSP before they even see the stub and way before the government can tax you on how much you make.
- Homeowners get rich; renters get poor.
- You need an automatic system so you can't fail.
I truly believe this relates to most if not all of Fanshawe's student population, as I sit back and smile, watching the Tim Hortons line get longer and longer. Not to say that your Timmies run should cease all together but before saying that $35-40 a week is not possible with your student budget, take a closer look at where those few dollars a day are really being spent.
Visit your local Chapters or go online to www.finishrich.com/pages/home.php and start thinking about becoming a millionaire.
