Want Rich Kids? Give the Gift of Financial Freedom

Let’s admit it. Many kids are being raised without understanding the value of saving and spending wisely. And even fewer children are being taught the concepts of entrepreneurship and wealth accumulation. Instead of buying children a lot of toys that they will cease playing with a few days after Christmas, consider giving the following as holiday gifts to the children in your life that will go a long way to teach them to be financially savvy or that will start to help them generate wealth.

1. Financial Books. There are a wealth of financial books out there for kids. More and more parents are starting to realize that they must start earlier if they want to raise financially savvy kids. As such, there are a plethora of financial books available for kids. Two of my favorite are What Color Is Your Piggy Bank?: Entrepreneurial Ideas for Self-Starting Kids (Millennium Generation Series) (Millennium Generation Series)
by Adelia Cellini Linecker, for kids 10-14 contemplating entrepreneurship, and covering the world of jobs, starting a business and managing money, and The Berenstain Bears' Trouble with Money (First Time Books(R)) by Stan and Jan Berenstain for 4-7 year olds. Costs: What Color is Your Piggy Bank $14 and Berenstain Bears $4.

2. Piggy Banks. The evolution of piggy banks over the last several years has been remarkable. Take the Money Mama & The Three Little Pigs bank. A four chambered bank with separate compartments for spending, investing, saving and donating. Also consider the Moonjar, a bank with three compartments: one for saving, spending and giving. The bank comes with a passbook for recording transactions. Both banks cost between $25 and $30.

3. Board games. Let’s face it. Kids love toys. This year instead of giving them video games or noneducational toys, consider giving board games like Cashflow for Kids and Monopoly, both of which teach kids about the principles of money, cashflow, and entrepreneurship. Costs: $15-$40.

4. Open a savings account. Every child, if possible, should have a savings account. This is a real life, hands on way to teach kids about money and financial principles. It’s also a way to teach children about the concept of compound interest, keeping track of money and visiting financial institutions. ING DIRECT is running great deals right now if you open an online savings account. ING DIRECT - High Yield Savings with the Orange Savings Account.. You can also investigate opening a savings account with your local bank or credit union.

5. Purchase savings bonds/stocks. This year give something that will increase rather than decrease in value like savings bonds and stocks. These are gifts that will last children well into the future. Savings bonds can be purchased through your job and deducted from your pay. Check with your payroll department or you can buy them direct from Treasury Direct. You can also begin investing in stocks for as little as $4 via sites like Sharebuilder.com.

Kim

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What Could You Buy With $4?

I committed the ULTIMATE millionaire no-no today.......It's so bad I'm embarrassed to admit I did it........I took money out of a foreign ATM. (OUCH, did I say that out loud?) I knew my bank was going to charge $2, but I almost went into cardiac arrest when I saw that the ATM's bank was also charging me $2. In the blink of an eye, a $200 withdrawal turned into $204.

Did I know that already? YES, that's why I don't do it. (I can honestly say that it's probably been AT LEAST a decade since I've paid an ATM fee.) But, sadly, that $4 upcharge came as the result of my poor planning.

Now, $4 may not seem like a huge deal to most people. But to someone like me (and I'm not NEARLY as bad as Tina and Kim), who is always looking for bargains and don't believe in blowing money PERIOD, I'm now thinking about all the things I could have with $4, and how paying that fee won't happen again anytime soon.

Let me say that I'm still outraged by all those government bailouts that happened last year, and think that none of these banks should be getting a dime from me, you or anyone else. Banks make billions of dollars from ATM fees each year, and then have the nerve to take millions more in bailouts, while kicking people out of their houses for being $1000 behind on their mortgage.

But, this blog isn't about that, so I'll move on....begrudgingly.

As you may already know the 1-Year Millionaires are investors. So, Iwent to ING Direct's website, and saw that I could have bought stock...FOR $4! (Kicking myself a little harder now.) I also looked around my house and found a few other necessities that cost less than $4: toilet paper (gotta have it), dental threaders (I have braces), tuna, soap, tampons, oatmeal, cans of soup, shampoo, deodorant....well, you get my drift. And just in case you're thinking that you can't get all of these items for under $4, you need to visit Kim's Recession Lessons blog. Hang out with her long enough, and she'll show you how to get these items for FREE.

I'm not going to pine over the $4 any longer. I'll just plan better next time so I can get more out of my own money than the banks do.

What could you buy with $4.

Lisa

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How to Develop a Millionaire Mindset and Dump the Broke Mentality

In 365 days, Lisa, Kim and I will be millionaires. We firmly believe that by having the millionaire mindset, taking massive action, playing to win and with the power of association, that the journey we've embarked on to become millionaires is possible.

When I say this to others, they often ask me how we're going to do it. Why do we believe that $1 million is such a large number? I can remember making $4.25 on my first job. Why is it that $20k, $30k, $40k and $50k seem achievable while the six and seven figure statuses seem so far off? I believe it all is in the MINDSET.

According to the Ehow, article How to Escape the Broke Mentality, the broke mentality is when:

• Someone broke plays the lottery and wins 3 million dollars then a year later, broke again.


• Someone lives in an apartment but has flat screen T.V.s, iphones and bills.


• People with a broke mentality are stingy with their money.

Read the full article here.

Russ Whitney states " Your attitude toward money - how you think about it, make it and manage it- is a key part of developing the Millionaire Mindset and building wealth".

Seven simple components of the mindset that creates millionaires:
1. Integrity
2. Sustained Unwavering Belief
3. Self Confidence
4. Showing up- Becoming more active
5. Clear vision
6. Definite plans
7. Doing what is right

Enjoy this book from Bob Proctor The Millionaire Mindset and begin today to focus on the big wins in your life. Our affirmation for today: I am secure in the knowledge that I'm on the path to financial freedom.

When we think of millionaires, we refer to them having a mindset. When we think of those that are broke, we think of mentality? WHY?

Ways to Find Extra Cash

Becoming a millionaire requires stretching your dollars as far as they can go, so you can stay on top of your money game. Here are a few ways to find some extra cash:

Use coupons: Kim is our coupons expert, hands down. Websites like recession-lessons.blogspot.com, coolsavings.com, coupons.com or smartsource.com can help you save while shopping. For additional savings, shop during double coupon days.

Buy generics: From dish detergent to paper towels, bread to orange juice, you can save big bucks by buying store brands.

Library: Movies, books, music, newspapers and magazine are free at your local library.

ATMs: Avoid ATM fees by using your bank's ATM or get cash back when making purchases with your debit card. If you travel a lot, check to see if your hotel will let you write a check for cash without a fee.

Healthclubs: Your employer may offer discounts on healthclub benefits. Otherwise, you may be able to use your local community center for a low fee, or free. Or, for a totally free workout, walk outside or buy hand weights and make good use of whatever space you have at home.

Movie matinees: Get there by 6pm and pay half the price.

Manicures/pedicures: Go to the salon midweek to take advantage of half-price specials. You can also save big bucks by getting your nails done at a beauty school.

Lunch: Bring last night's dinner for lunch and watch your dollars really add up.

Snacks: Avoid vending machines at work by bringing your own snacks.

Extended warranties: Read my lips: A WASTE OF MONEY. Protection plans are pure profit for the retailer, so skip buying the extended warranties when buying appliances. Your manufacturer's warranty will cover you for the first year. Save the money you would have paid for the warranty, and then use it for repairs if needed. Otherwise, invest it.

Cable: Eliminate premium channels. (How many of those channels do you really watch anyway?) You may even be able to watch your favorite show online.

Prescriptions: Buy generic when possible. Also, check online prices and mail order outlets for up to 30 percent savings at U.S. pharmacies.

Fees: Avoid late fees and overdraft fees at all costs. They really add up.

Child care: What is your backup plan if you have a sick child? Check with HR to see if your employer pays for sick child care.

Now that you've saved all these dollars, how do you plan to invest them?

Lisa

A Closed Mouth Doesn't Get Fed

Ask. Believe. Receive.

What are you expecting from life? Wait, I have a better question: When is the last time you asked from life what you want?

It's been said that a closed mouth doesn't get fed. And I know this to be true. No one is going to give you what you think you deserve. And the only person who will ever truly look out for your best interest is you.

I've been coaching a peer for almost two months now on how to transition from the temp agency she was working for, over to the consulting firm that I'm with. Basically, she's been getting screwed by the company she's temping at with them stringing her along with promises of full-time employment for over a year. Side note: we're working at the same company. She took my advice (at least most of it), which included talking to the temp agency about the terms of her contract: Would the consulting firm have to pay a fee? Was she under a Do-Not-Compete Clause? Blah, blah, blah... And it looks like the transition will take place on December 1st. But, there's one big problem: she is not happy.

I approached her about her progress a couple times over the past month because I know the importance of placing a sense of urgency on your goals and your money. During that time she seemed sort of stand-offish and didn't want to discuss, so I left it alone. I didn't want to push. So, she finally came to me last Friday and said it's a go; they're going to bring her on. I asked if they'd given her benefit options, and she said no. So, I forwarded the packages that they offered me (yes, as a consultant), and told her to go back and let them know that she needs benefits and PTO.

It is with great sadness that I must report that she pulled me aside today to tell me that they would only give her a one-year contract, with no benefits, and no PTO. To make matters worse, she'll transfer over on December 1st, and won't get her first check until December 31st...OUCH!

I stood in the hallway shaking my head at her because I know the game so well. Now she's mad...AT THEM. But here's the deal, that's not how the game is played. Plus, I told her ALL of this up front. No company will ever pay you what you think you're worth; you have to demand it. You may as well stop thinking these recruiters are your friends and that they're sitting on the other end of the phone line holding their wallets open, just waiting to rain money down into your bank account because you're so awesome and wonderful. At the end of the day, you're going to have to look out for the YOU Corporation.

When I signed my contract two months ago, it was for two years. During that time it has been extended to 8.5 years, if I want it. Remember, I have some sayso in this too. My recruiter and I also negotiated and agreed to a salary before I even interviewed with the company. When it came time for me to sign my contract, the rate had been dropped by $2. Oh, hell no! By the time I got finished with her, I had my $2 back, plus they were paying $40/week for my Metro.

Now, here's the deal, do I get tired of being perceived as the angry black woman when I ask for what I want? Absolutely. But that doesn't mean I'm going to stop asking for--and receiving it.

Stop expecting life to just walk up to you and say, "Hey, here you go. Thank you for existing," and start asking...and getting what YOU want. Because, remember, a closed mouth doesn't get fed.

Lisa