Thursday, October 26, 2006


Million Dollar Savings club Update: Day 65

This post is an update to the Million Dollar Savings Club. If you are not familiar with this club, you can learn more by reading my post describing it.

Wow. It's been 65 Days already. So how's it comming? Have you been able to set your dollar away in each pile?

If you have, you'd be sitting on just a hair under $200. As I look at my piles of money there are lot of 20's, 10's, 5's and ones. I haven't traded in some 20's for a 50 dollar bill. But you can bet I'll do that soon. As you may recall, I did give a big tip at a dinner but never took the money out of my giveaway pile. So I'm sitting at $195 as of today.

Would you feel a little different today if you had $195 in your back pocket? $195 to do anything you want with? That's the power of saving money. If you haven't tried saving a dollar per day, why not give it a try? It's a lot of fun and you can play along. I know a lot of you have been reading a long saying to yourself "I'll start on my next paycheck". Just start today and give it a try.

Today I want to focus on the Investment Pile. Is $65 a lot of money for investing? It's certainly enough to get started with.

Maybe you've always wanted to invest money in the stock market but were too afraid to try. Well, that's what that $65 is for. You see, you'll probably loose money in the begning as you're learning. That's OK. That's what investing is all about. Learning from your mistakes. Afterall, do you want to make a mistake with $65 or $65,000?

$65 can buy you a share of stock in a lot of companies. Here are a few you could be an owner in:

Ebay - $32
General Motors - $34
Costco - $53
Ford Motor Company - $8

Let's say you invested in one share of General Motors for $34. Everytime you see a commercial for one of their trucks or cars you can feel the pride of being on the owners side of the fence. It's a great feeling. Everytime they announce a big profit you'll be excited. Everytime they come out with a new flavor of their Hummer Truck, you'll watch for how many are on the road.

It's very empowering being an owner of a company rather than someone who just buys their stuff. If you haven't tried buying stock in a company here's your chance.

The funny thing is that it feeds on itself. Instead of buying a Hummer Truck, you'll start thinking "Maybe I could buy more ownership in the company and keep driving my used car". Now, that's millionaire thinking. But it won't happen until you start taking the first baby steps.

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