7 Things You Can Stop Doing That Will Get You Closer To a Million Dollars
I recently told you that I was a door-to-door salesman. After 5 years of knocking on doors, I became the personal assistant to the owner of the company. Basically I ran the company. It was my job to book the hotel rooms, to get the vehicles gassed up every morning and schedule their routine maintenance. I kept the books and I would have to pack up his hotel room, leave the night before the rest of the crew did, drive to the next destination, and unpack his things into his new hotel room…all while he and his buddies were out partying. I enjoyed that job because I no longer had to pound the pavement to make money.
One day, I asked him if he was a millionaire. He looked at me and said yes he was. Then he asked me if I wanted to know the secret of making a million dollars. Of course I said yes! I’ll never forget what he said:
“The secret to making a million dollars is not about how much you make, but in how much you save.”
Now, almost 20 years later, I am just realizing how profound that statement was. I know that I’ve made close to a million in that time, but I don’t have anything to show for that, with layoffs, repossessions and foreclosures to my name.
However, I know now how to save and that’s why I call myself a millionaire in training. If you want to be a millionaire-in-training as well, then here are a few things you can do right now that will get you closer to a million dollars:
Stop paying for cable or satellite service
My cable bill used to cost me over $200 a month for channels I didn’t want, need, or watch. Now I pay $14.95 a month for internet service and $7.99 for Netflix. You can catch all of your favorite shows on the network websites for free and YouTube and Hulu also has full length shows and movies for free.
Stop buying bottled water
Air is abundant and free, but if I bottled it and charged $2 a bottle for it, you would think I was crazy, wouldn’t you? Well, so is water - so get a water filter for your kitchen sink and stop wasting your money.
Stop buying nutritional supplements
Sports drinks, protein powders, vitamins, are all over-priced and have been proven to provide minimal nutrition at best. By simply making 50% of your food intake raw food like fruits and vegetables, you will not only meet or exceed the daily recommended allowances, but you will increase the energy you need to make through the day and fight off most illnesses.
Stop buying electronics warranties
Think about this just from a numbers standpoint, a two-year extended warranty on a $400 dollar laptop costs about $280. It just doesn’t add up so you are better off saving your money and taking your chances.
Cut out entertainment expenses
It costs about $50 for two people to go to the movies, $100 for two people to dine out at a nice restaurant, and about $200 for two people to go to an amusement park for an afternoon. Save your money and do something for free like hiking, building a bonfire, going skinny dipping, or watch a sunset.
Your “habits”
Your habits are not only killing you, but they are draining you dry financially. A pack-a-day smoking habit costs you over $1800 bucks a year.A six-pack of beer a week cost you over $400 a year. Gambling will take everything you have as it progresses. But hey, it’s your life.
Stop buying name-brand items
When I was a teenager, I wasted so much money on name-brand clothing because I thought people would see me differently. I thought I was a real man when I bought those $100 Jordans. Now at 45, I shop at the thrift store and no one gives me the time of day – just like they did when I was wasting my money.
Added Bonus – When my kids were little, they claimed that they would only eat name brand food, like Frosted Flakes. So I went out and bought those items – one time. Then I would get the store brand and put it in the name brand packaging when it ran out. To this day they never knew the difference. That’s right, I did it...so sue me!
Recent Comments
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I was curious as to what the seven steps were. All of those small amounts do add up overtime. Perhaps you should clue your children in to the repackaged foods. They could continue with the tradition on their own children. That habit could go on for generations.
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Really cool post, although I have my own opinions :)
Cable/Satellite I completely agree with you. TV service is way overpriced and useless, Neflix is awesome for a fraction of the price. I also reduced my cellphone bill from 75$ to 35$ a month by removing the data plan. There is FREE wi-fi everywhere and that one day in a month that I really need data I just purchase a one day plan for $1.
Bottled water... I admit that I buy it often enough because I do a lot of outdoors activities in the summer and often it's easier to carry "disposable bottle". And water in Montreal costs about $0.10 per 0.5L...
Clothing... I do buy brand name more often because of the quality. You will never (or almost never) see the logo on my clothes as I buy stuff for quality and not for the name. Thrift shops are a good options, some of my friends buy a lot of $150-200 pieces of clothing there, often brand new.
... just my $0.02
Your .$0.02 is much appreciated. I suggested thrift stores mainly because of the quality issue. Just because an item of name-brand clothing is over a year old doesn't mean it loses its quality. But you get it for a fraction of the price than retail.