Comments on: Joining The Million dollar Club http://www.howisavemoney.net/finances/joining-million-dollar-club/ Tips and tricks to save money, manage credit and reduce debt Fri, 10 Feb 2012 17:53:29 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: LuLuGal http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-19539 LuLuGal Thu, 30 Dec 2010 17:59:43 +0000 http://www.howisavemoney.net/?p=3414#comment-19539 Just an update here....I paid off all my debt and I am starting off 2011 completely DEBT FREE!!!! Well on the way to the Million Dollar Club goals. Just an update here….I paid off all my debt and I am starting off 2011 completely DEBT FREE!!!! Well on the way to the Million Dollar Club goals.

]]> By: LuLuGal http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-17129 LuLuGal Tue, 22 Dec 2009 14:24:43 +0000 http://www.howisavemoney.net/?p=3414#comment-17129 Hi Akohna, I am originally from the Caribbean so I know it as football too so no worries there. :-) You seem to have things under control so I am proud of you. Keep up the good work and all the best for the new year as well. Hi Akohna, I am originally from the Caribbean so I know it as football too so no worries there. :-)
You seem to have things under control so I am proud of you. Keep up the good work and all the best for the new year as well.

]]> By: Akhona http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-17128 Akhona Tue, 22 Dec 2009 13:31:27 +0000 http://www.howisavemoney.net/?p=3414#comment-17128 I also like the one dollar/day part (~ 7.50 Rand for me)... But I currently save a bit more than that... this year (2009) I've averaged 5-10% of my Nett income per month. Both my cars are fully paid for (First car got paid in full in 18months, second was paid for cash). I know what you're thinking, Why a second car? Well, it's a run-around car (2001/2 Ford Fiesta 1.6 RSi) Have an RA (debits from my bank account monthly) 2.5% of my gross income, Pension and Provident fund, each 5% of my gross montly income -- which works out to 10%. I chose the RA over pay-TV. No regrets yet as I'm a 26 year old South African male. My reason to chase down dept is because our interest rates are far higher than the western countries (US, Euro region, etc). I quite enjoy having no bills. I have a zero-exposure credit card (only my money gets loaded in it). I'm very self-disciplined so I can be comfortable with this setup. I have the credit card for things such as car-rental (credit card is compulsory for this service), store reward programs which help pay for my pre-paid cellphone usage. Only dept is my bonded primary residence and one investment property. I'll have you know that we're hosting the Football (Soccer to you) World Cup is in 7 months and if all goes well I may pocket 200% of my yearly rental income (pre-tax). Combine that with potential returns from my stock market portfolio :). To me, it's all about self-discipline. Here's to the new year!! I also like the one dollar/day part (~ 7.50 Rand for me)… But I currently save a bit more than that… this year (2009) I’ve averaged 5-10% of my Nett income per month.

Both my cars are fully paid for (First car got paid in full in 18months, second was paid for cash). I know what you’re thinking, Why a second car? Well, it’s a run-around car (2001/2 Ford Fiesta 1.6 RSi)

Have an RA (debits from my bank account monthly) 2.5% of my gross income, Pension and Provident fund, each 5% of my gross montly income — which works out to 10%. I chose the RA over pay-TV. No regrets yet as I’m a 26 year old South African male.

My reason to chase down dept is because our interest rates are far higher than the western countries (US, Euro region, etc). I quite enjoy having no bills.

I have a zero-exposure credit card (only my money gets loaded in it). I’m very self-disciplined so I can be comfortable with this setup. I have the credit card for things such as car-rental (credit card is compulsory for this service), store reward programs which help pay for my pre-paid cellphone usage.

Only dept is my bonded primary residence and one investment property. I’ll have you know that we’re hosting the Football (Soccer to you) World Cup is in 7 months and if all goes well I may pocket 200% of my yearly rental income (pre-tax). Combine that with potential returns from my stock market portfolio :) .

To me, it’s all about self-discipline.

Here’s to the new year!!

]]> By: Andrew http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-16830 Andrew Wed, 04 Nov 2009 17:43:40 +0000 http://www.howisavemoney.net/?p=3414#comment-16830 All your tips seem to be very reasonable, especially for people who have no fixed income guaranteed each month. My son's at the university now, so I'm definitely going to send him a link to your blog. All your tips seem to be very reasonable, especially for people who have no fixed income guaranteed each month. My son’s at the university now, so I’m definitely going to send him a link to your blog.

]]> By: LuLuGal http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-16786 LuLuGal Wed, 28 Oct 2009 20:53:56 +0000 http://www.howisavemoney.net/?p=3414#comment-16786 Right now the only retirement I have is through the Teacher retirement plan. Right now the only retirement I have is through the Teacher retirement plan.

]]> By: Jayde Moss http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-16785 Jayde Moss Wed, 28 Oct 2009 19:13:35 +0000 http://www.howisavemoney.net/?p=3414#comment-16785 Great list! It's always a good idea to tackle all those loans. I especially like the one dollar a day idea as it's not so intimidating and definitely doable. Just curious - do you have any retirement plans? Great list! It’s always a good idea to tackle all those loans. I especially like the one dollar a day idea as it’s not so intimidating and definitely doable.

Just curious – do you have any retirement plans?

]]> By: oneadvice http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-16763 oneadvice Thu, 22 Oct 2009 13:08:30 +0000 http://www.howisavemoney.net/?p=3414#comment-16763 I like the 'Save a dollar a day' idea too... although as a UK reader I would be saving £1 a day. Think I might start doing this though.... I like the ‘Save a dollar a day’ idea too… although as a UK reader I would be saving £1 a day. Think I might start doing this though….

]]> By: LuLuGal http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-16739 LuLuGal Tue, 20 Oct 2009 21:21:08 +0000 http://www.howisavemoney.net/?p=3414#comment-16739 I am sorry that you lost your job. Sounds like you are on the right track and will soon get into the Million Dollar Club if you keep a positive attitude and let the wealth find you. I am sorry that you lost your job. Sounds like you are on the right track and will soon get into the Million Dollar Club if you keep a positive attitude and let the wealth find you.

]]> By: Isabelle http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-16738 Isabelle Tue, 20 Oct 2009 17:01:57 +0000 http://www.howisavemoney.net/?p=3414#comment-16738 This is great, I too want to be in the Millionaire Dollar Club [sooner than later!]. I was laid off at the beginning of the year and have started dedicating my time to finding ways to make money from home. I've read some of the books out there about making money, and I am currently reading a new book by Loral Langemeier called Put More Cash In Your Pocket. It's very action-oriented, telling you what you need to do everyday to put money in your pocket everyday - it's really got me motivated and I know that if I keep applying the steps everyday I will be in that club in no time! This is great, I too want to be in the Millionaire Dollar Club [sooner than later!]. I was laid off at the beginning of the year and have started dedicating my time to finding ways to make money from home. I’ve read some of the books out there about making money, and I am currently reading a new book by Loral Langemeier called Put More Cash In Your Pocket.

It’s very action-oriented, telling you what you need to do everyday to put money in your pocket everyday – it’s really got me motivated and I know that if I keep applying the steps everyday I will be in that club in no time!

]]> By: Lisa@Cents To Save http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-16735 Lisa@Cents To Save Tue, 20 Oct 2009 10:09:23 +0000 http://www.howisavemoney.net/?p=3414#comment-16735 I am really excited to see how everyone does with this. Good Luck! I am really excited to see how everyone does with this. Good Luck!

]]> By: Minnesota Attorney http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-16734 Minnesota Attorney Tue, 20 Oct 2009 04:31:39 +0000 http://www.howisavemoney.net/?p=3414#comment-16734 These are great ideas. As you know, the interest paid to credit cards, personal loans, and car loans, general is not tax deductible. Also, the interest rates may be very high. For these reasons, paying off these debts is of the highest importance. Other debts, such as student loans and home mortgages may offer the benefits of tax deductible interest, which means they should be paid off, but not before higher priority debt like credit cards, personal loans, and car loans. These are great ideas. As you know, the interest paid to credit cards, personal loans, and car loans, general is not tax deductible. Also, the interest rates may be very high. For these reasons, paying off these debts is of the highest importance. Other debts, such as student loans and home mortgages may offer the benefits of tax deductible interest, which means they should be paid off, but not before higher priority debt like credit cards, personal loans, and car loans.

]]> By: used tires http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-16729 used tires Mon, 19 Oct 2009 21:30:04 +0000 http://www.howisavemoney.net/?p=3414#comment-16729 We talked about saving and how to become a millionaire in my Money & Banking course here at the university. It's quite amazing how many people CAN actually become millionaires by the time they retire =D Till then, Jean We talked about saving and how to become a millionaire in my Money & Banking course here at the university. It’s quite amazing how many people CAN actually become millionaires by the time they retire =D

Till then,

Jean

]]> By: Financial Samurai http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-16718 Financial Samurai Fri, 16 Oct 2009 21:06:25 +0000 http://www.howisavemoney.net/?p=3414#comment-16718 Good stuff! Just wanted to send a shout out to a fellow member! :) Good stuff! Just wanted to send a shout out to a fellow member! :)

]]> By: J. Money http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-16717 J. Money Fri, 16 Oct 2009 17:41:33 +0000 http://www.howisavemoney.net/?p=3414#comment-16717 Welcome to the club! And see you at the beach one day sippin' on fruity drinks and blogging our lives away ;) Welcome to the club! And see you at the beach one day sippin’ on fruity drinks and blogging our lives away ;)

]]> By: SeeJaneGetRich http://www.howisavemoney.net/finances/joining-million-dollar-club/#comment-16716 SeeJaneGetRich Fri, 16 Oct 2009 15:55:27 +0000 http://www.howisavemoney.net/?p=3414#comment-16716 I like your save-a-dollar idea! It is perfect for a student like me who doesn't have a steady paycheck coming in. I like your save-a-dollar idea! It is perfect for a student like me who doesn’t have a steady paycheck coming in.

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