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Don’t Die Poor

Money Saved Since January 1, 2009:

TOTAL SAVED $4957.25


You can save this much too!! Learn how CLICK HERE...

Updated July 6, 2009:

Free Money Saved Since….

As you can see, on the right, I have been tracking how much money I save on a daily basis. I update this figure daily using a pretty simple formula that anyone can apply. I have been keeping track of all the ways I have decided to save money; No coffee purchases, coupons, renegotiated bills, and simply cutting out some bills. I save about $38.00 a day without doing anything. In my mind, its FREE MONEY!!

Here is how you can collect your free money..

1. Set Goals: Before you use the formula you have to set a goal. Be realistic but don’t make the goals too easy, otherwise you wont be inspired to work towards it. Setting a real goal is critical to any strategy. You should go as far as to say how much you want to save and how long you want to afford yourself.

For Example: My goal is to save $1,000.00 a month for 1 year.

Set a monetary goal to achieve something great for yourself or your family. One of my goals was to buy a new computer for my house. I knew exactly what I wanted and how much I had to save to achieve that goal. Every time we reach our goal, we execute the plan and set another goal.

Once your goals are established, you should analyze exactly how you would intend on achieving the goal.

2. Create a Plan: Create a plan of action that you have to follow in order to reach your goals. Now that you have your goals and you know what you have to do to get there, put your plan to action. Keep track of your progress on a daily basis so you can reinforce your positive progress. Your plan should the following steps:

- Analyze and Renegotiate household fixed bills.
- Analyze daily spending habits. Update the way you spend your money.
- Be creative. Are there things you buy that you could get for less or even for free?

3. Start Counting: Once you have a plan and your living by it, you can start counting your money. It is important that you keep track of how much you save and realize how easy it was to save the money. It will simply inspire you to save more. You should also keep track of the times you break from your plan. I admit, there are days that I stop for coffee and drop $3.50 on a mocha, half decaf, venti, grande, whipped, coffee blah blah blah.. that simply comes out of my daily savings plan.

What not to count…
There are things that I have chosen not to include in this process simply because you should be doing it anyway. I do not count retirement plans (IRAs, Roth, and 401K), 529 Savings Plan, Weekly disbursements to savings account (10% of salary), Emergency fund contribution, etc, etc…

Follow these basic steps and you can live rich. You can eventually buy anything you want and you can eventually incorporate your free money into you budget.

Let us know about your savings plans and what works for you.

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Rich Dad - Wrong Advice!!

I was watching a Sunday Morning national news program and the author of Rich Dad, Poor Dad, Robert T Kiyosaki authored a new book focusing on your financial IQ. I have not read this book yet and it is probably packed with great tips like the first book.

I have a major problem with the marketing stance that Mr. Kiyosaki is taking and the rhetoric he is using to push this book. He claims that we should budget like the rich and that we should not cut out the luxuries in hopes that when we become rich, we can pay for it then. No matter what he writes in his book, I firmly believe he is leading us down a very dangerous path. Acting rich when you don’t have the means to is a very hazardous way of life.

The new book is marketed based on 5 principles; one of which is “Make More Money”. If making money in this economy was that easy, we wouldn’t have so many people falling into the perils of bankruptcy and foreclosure.

I typically will not post comments for a book that I have not read, but in this case I feel passionately about the topic and the potential consequences to the public.

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Double Your Money!!

I must admit that its hard to double money… but you can find a way to make money while your already making money. (I hope that made sense!)

My babysitter totally amazed me this weekend. He has great aspirations and is very intelligent. I thought he babysat strictly for the money and I couldn’t have been more correct. I found out that when the baby was asleep, he would get to work. He has a number of odd jobs that he can complete while sitting at my kitchen table. He always seems to be doing something other than sitting around and watching TV or chatting on the phone. Essentially, this young man is doubling his money. While making money in my house, he’s making money!! This got me thinking - what kind of jobs can you do on your own time? Are there opportunities that you can take advantage of to earn extra money?


Blogging - It is apparent that you can write a blog with one goal in mind…Money. There are many Blogs out there that are monetized and focused on selling ad space and generating revenue. I started this blog with one goal in mind (help people) and found out that there can be other objectives which I can achieve along the way.

On-Line Surveys - Whenever you have a few free minutes, you can hop on a web site and take a survey. If you get through a certain amount of surveys, you get paid. Opinion Outpost is a credible site that actually pays you to answer questions. There are a lot of sites that offer survey services, get out there and find the one you like best.

Copy Editor - Believe it or not you can get paid to read other peoples’ work. If you have down time at your job, commute to work, babysit, or even if your a stay at home mom, you can read works for grammar, spelling, content, etc…

Data Entry - Companies will pay you to enter data for them. This is a tedious job and requires a level of patience and focus. typically, doctors offices or large accounting firms have a need for data entry. As a company grows, they expand and upgrade their software. In order to incorporate their old data, someone has to enter it into the new system.

These are just some ideas that came to me while I wrote this post. Do an internet search and see what you can find.

I will leave you with two very important warnings:
1. Most of the online “Make Money” companies require you to pay them before they pay you. I do not trust these sites.
2. Most make money quick companies are outright scams. Beware!!

The point here is that you have to take initiative. Figure out how you can make money, while making money. This is just one of the many ways you can live rich and making sure you Don’t Die Poor.

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Time to Refinance?

Once again I find myself talking about our downtrodden economic position. But with everything I write I try to stay positive and find the silver lining. There is an amazing feeling you get when you can take advantage of a bad situation and you should start feeling good. If you haven’t noticed, the interest rates have plummeted and banks are looking to avoid foreclosures or bad debts. You should be asking - “Tropper!! How does this effect me? I am paying my bills and paying down my debt!!”

Now is the time to consider refinancing your property. If your mortgage is over six years old, odds are you are paying a much higher rate than today (obviously, this only applies to a fixed mortgages). Further, if your cutting away at your principle then you should be well on your way to getting a very strong re-finance.

The goal behind refinancing is that you hope to reduce your monthly payment and to pay off your loan faster. Another great reason to Re-Fi is to lock yourself into a fixed , low interest rate. There are rumblings of a rate increase in the fall of 2008 to counter inflation.

There is a pit-fall to the Re-Fi - there are fees involved. Depending on how long you intend on staying in your home will determine whether you will pay back those fees or if you lost money on the deal. Typically, the fees are about $2000 - $3000 (tacked onto your total balance due). Specifically, lenders collect an application fee,  appraisal fee, credit report fees and a closing costs.

General rule: If you plan on moving in less than 2-3 years, Refinancing is not for you.  The basis is that it is going to take some time to break even and truly begin to save some money. This takes about 16-20 months.

The best resource for Mortgages and Financing that I have found is Mortgage.Com run by Citibank.

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Angels of Debt

The Economy Sucks!! Enough said. It’s an undeniable truth. What exactly does that mean? Could it be that when the economy was strong everyone was rich? No one had debt? There were no bankruptcies? People were paying cash for everything and paying credit card bills in full, on time, all the time? I think you get the picture.

All it means is that more people are in dire straights; they need help paying off debts and managing their money. There are more foreclosures than ever before and so many people are out of cash. Is it possible that so many people made so many poor decisions? I think not. I think the “Mega Banks” understood what they were doing. They gave someone making $30,000 a year a $500,000 home (mortgage) – simply so they could re-sell the paper to the underwriters. Not only did they cheat the underwriters – they cheated the public.

Now What? How do people with the ridiculous mortgages and mountains of debt survive? Debt Management. These people must seek guidance. They must confide their mistakes in someone who can help. Debt management companies help people realign their debts by paying down higher interest rates first and methodically tackling each debt while at the same time, easing the burden on the payer.

One such firm, Angels of Debt, specializes in this practice. The Founder / Owner has a remarkable story to tell. Simply put; (not too long ago) he was mortgaged, out of money, out of a job, with a family to feed. He woke up one day and got organized. Took a mediocre job for a modest salary just to get things moving again and started renegotiating all of his debts. (In case you haven’t heard me say this - everything is negotiable!!) Many creditors are happy to take something instead of nothing!! Over time, he mastered the art of debt management. He took all that he learned for his own experience and parlayed that into something special – The Angels of Debt.

Today, Angels of Debt helps bring so many people out of bankruptcy and mountains of debt. This goes to show that with some guidance, a little work, and a lot of energy anyone can change their lot in life to make sure they Don’t Die Poor.

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