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Quit and Grow RichAn old cliché goes, "Poor people get poorer by acting rich and rich people get richer by acting poor." People do not realize how small day to day purchases can add up to big bucks in the long-run. It may seem like a penny here and a nickel there doesn't mean a whole bunch, but even little amounts can add up to big savings. The truth is that cutting back on your lifestyle choices is probably one of the only things that you have control over in your financial life. Some examples of everyday expenses are listed below. The amounts are simple values, and do not include potential interest that can be made from investing the savings. Pack of Gum 2 per week X $1.00 per pack X 52 weeks per year = $104.00 Cigarettes 1 pack per day X $4.00 per pack X 365 = $1,460 per year Alcohol 3 drinks per week X $2.50 per drink X 52 weeks in a year = $390.00 per year Specialty Coffee/Late 1 per day X $3.50 per cup X 365 = $1,277.50 per year Bag of Chips 2 per week X $1 per bag X 52 weeks per year = $104.00 per year Eating out for Lunch One day per week X $10 lunch X 52 weeks per year = $520 per year Gasoline If you drive 15 miles less per week (or 1 gallon of gas) X $2.50 per gallon X 52 weeks per year = $130.00 Round of Golf 1 round per month X $20 per round X 12 months per year = $240.00 Pair of Shoes 1 pair per month X $20 per pair X 12 months per year = $240.00 Using Another Banks ATM Once per week X $2.50 fee X 52 weeks per year = $130.00 Going to the Movies and Popcorn for 2 Once per week X $15 X 52 weeks in a year = $780 per year Renting a Movie Once per week X $3.00 X 52 weeks in a year = $156.00 Give up Regular Cable Television $45 per month X 12 months per year = $540.00 Regular Cable Instead of Digital Cable Save $25 per month X 12 months per year =$300.00 per year You probably noticed that some of these examples are extreme (who can live without cable right?), but they do prove a very good point. Everything you buy means money out of your pocket, and as you can see, the little things add up quick. No matter your income level, spending less than you earn is a must to becoming wealthy. by Jeremy LaDart Other articles by this author »
About Jeremy LaDart
Jeremy LaDart is an economist with a passion for personal finance. In his spare time he runs http://www.moneytopics101.com. CopyRight2005 JML Enterprises, LLC. Related
And here is another random article you might be interested in... Sales Techniques to STOP Using If You Want to Sell MoreThe differences between top sales professionals and the rest of the crowd isn't just about what they DO, it's about what they DON'T do as well! Over the course of more than 20 years developing the MasterStream Method, we've identified over two dozen traditional selling approaches that, upon closer examination, cause more damage than good. In this article, we'll begin exploring several mistakes sales professionals make, starting with: Why "Feel, Felt, Found" is a Foolish Thing to Say The essence of every sales call is to complete three basic tasks: 1) help your prospect identify a situation in need of their immediate attention; 2) prove you're the solution they need; and 3) secure their commitment. Let's focus on the first task. Here's a common situation sales professionals encounter: Let's say you're a financial services sales professional. You're meeting with a prospective financial planning client and as you're asking some basic fact-finding questions, your prospect reveals that they are worried about their retirement. There are only three ways you can respond to their statement, you can normalize their concerns, ignore their worries, or pursue their issue. Traditional selling strategies would recommend that you take the edge off of the prospect's worries and connect yourself more strongly to your prospect by using the "Feel, Felt, Found" technique. You've all heard it, probably even SAID it, before: "I understand exactly how you feel. Many of my clients felt the same way. But by working with us, they found the answers to their greatest concerns." So what's wrong with that? If you say that, or anything to the effect of, "Everyone is concerned about their retirement" or, "That's what we hear people tell us every day" or even, "You've certainly come to the right place." you're normalizing what your prospect is experiencing. Stop and think about it: You're actually telling them that their situation ISN'T as unique as they thought it was, that you deal with similar situations all the time, that their situation is commonplace. That awareness reduces your prospect's level of productive tension as it calms their worries. In turn, that reduces the likelihood of your prospect confronting their situation and doing something about it, so STOP normalizing what your prospect is experiencing! If you completely ignore your prospect's statement and let it pass by without any acknowledgement whatsoever, you're communicating that their concern is so unnecessary and their situation so inconsequential that it doesn't even deserve a moment's attention. If you dismiss your prospect's concerns, directly or indirectly, you are robbing yourself of an ideal opportunity to help them solve a problem and could very well be harming them in the process, so STOP ignoring what your prospect is experiencing! If you want to sell more, remember that whenever a prospect says they are worried about something, PURSUE the SUBJECT in greater detail. Questions like, "What troubles you the most about your retirement?" and, "What's causing you to be so concerned?" and, "What are you afraid will happen?" are likely to reveal much more useful information, get to the true source of your prospect's issue and open the door wider for you to be of service to them. The more you support your prospect in focusing on the uniqueness of their situation and the validity of their concerns, the more closely they will listen to what you have to say, the more valuable they will view your solution and the more quickly they will take action on your recommendations. Other articles by this author »
About T. Falcon Napier
T. Falcon Napier has specialized in helping sales professionals increase their closing ratesfor over 20 years. For more sales techniques and to see a CASE STUDY on how you can increase your closing rate by over 50% go to http://www.MasterStream.com Related
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