Archive for November, 2009

Taking Command of Your Finances

Thursday, November 5th, 2009

What will make you decide you want to take control of your personal finances?  What will motivate you to buy a book such as mine-“The Millionaire Nurse”?

  • Do you wait until you are bankrupt?
  • Do you wait until you realize your children are college age and you have no money to help pay their way?
  • Do you wait until you are ready to retire and realize you have no savings to retire on?
  • Do you wait until you realize your Social Security check is not a living wage?
  • Do you wait until the collection calls are driving you nuts?
  • Do you wait until your realize you have nothing in your checking account to pay for your child’s gifts during the holidays?
  • Do you wait until you lose your job and have no emergency savings account to live on until you find another?

I could go on, but you get the picture.

Amy, at Get Rich Slowly has a great post today about what it takes to make big changes in your life.

Let today be the last day that you have no plans for your personal finances.

Good luck and let me know your thoughts, questions, or comments about changing your financial destiny.

Lottery Tickets-Path to the Millionaire Nurse?-Not!

Wednesday, November 4th, 2009

Lottery tickets-is this the path to being a Millionaire Nurse?  Is a lottery ticket a good way to get ahead.   I know people who buy every week, with the hopes of being able to get away from what they feel is a hopeless life, a job they hate-only if they could get lucky today then things will be better.

The vast majority of lottery winners go through their winnings within a few years and are back where they started.  Seth Godin, the world-famous marketer mentions lottery buying in this post.

What do Millionaire Nurses do when they feel the need to buy a lottery ticket.  It is a sign of frustration with their finances.  Go back to basics.  Look over your 5 year financial and personal goals.  If you don’t have these, then set aside a few hours and develop them with your partner if you have one.

Make sure you know where you are in your current financial world-net worth, planned spending, and retirement savings. 

And if you don’t know how to do these thing, sign up for my free e-book at www.themillionairenurse.com and let me know and I will reserve you a signed copy of my book, “The Millionaire Nurse”.

Then go give that buck or ten to a homeless person, put in into the Salvation Army kettles that are available now, or just add it to your savings. 

You will feel better.

Credit Card Debt-Pay to Play!

Tuesday, November 3rd, 2009

I have had several questions lately about consolidating credit card debt, rolling over to another lower rate card.

These options can be beneficial from a monthly payment standpoint, but only temporarily deals with the real problem.

When people make fun of the term “Millionaire Nurse”-saying it is impossible on a nurses’ salary, all I do is show them the math.  If you start saving between 5-15 % of your  income in a tax-free account after you graduate from nursing school-(provided you don’t graduate at age 45 or later), you can be a millionaire at retirement, with only a very conservative 6% rate of return on your money.

So how do you develop the skills to live like a millionaire-copy what the wealthy do.  People who have and are building up significant wealth, don’t carry balances on their credit cards at 15 +% interest.  They may use cards for convenience, but pay them off monthly.

Studies show people spend more when shopping with plastic, rather than paying cash.  Wealthy people can get away with a little over-spending, those trying to build wealth cannot.

The real problem for most people  is the temporary  use of other peoples’ money, that will require a pay back with interest for the privilege.  This allows you to spend more than you make.  Overspending does not allow the build up of wealth.

So, my recommendation is when you  consider credit card or debt consolidation, do it only after you have made short and long-range plans and goals.  You have developed a spending plan that will allow you to live within your means.  You have an emergency fund to prevent those  “I had to charge it, it was an emergency!” moments.

So, live like a millionaire-no that does not mean over spending, it means building wealth-which requires you to live on less than you earn, to have left-over money at the end of the month.

Do you have questions-comments, be sure and let me know.  If you need “Emergency Money Resuscitation” to help with your money problems, check out my free ebook at www.themillionairenurse.com.

Yard Work-Saving Money While being Green-Thumb

Sunday, November 1st, 2009

Saving Money on Yard Maintenance

Fall has finally made it to South Georgia.  During  dog days of summer, our only yard work is  minimal maintenance, it’s just too damn hot for anything else.  And gnats, don’t get me started on the gnats.

How can you be a “Millionaire Nurse” and still keep up a yard that doesn’t invite a CONDEMNED sign and a summons from the city?

Money Saving Yard Tips:

Prevention is always cheaper than treatment.

Think about diabetes.  Diabetics have to deal with tons of issues and cost. Medication, special diet, sticking your finger, dipping your urine, and frequent tests at the local doc’s. ( not to  mention nagging by your spouse when you  eat that huge piece of German Chocolate Cake with a scoop of Vanilla Bean.)

So how do you use preventive medicine in the yard?

  • Mulch-we use free pine straw in the beds.  They prevent weeds and help protect your plants against winter frost.  So we work hard this time of year finding free pine straw-either from our yard or those of others to pile into our flower beds.  Straw purchased from the big box stores is the pits-don’t waste your money! You’ll spend a bundle for each  bundle.
  • Start Your Own Seeds: Winter bedding plants, mostly annuals, but some perennials are great started from seeds.  I am expecting the grow lights and the leftover egg crates to show up  in our laundry room any day now.  A few weeks from now we’ll have plants ready for transfer.
  • Off season fertilizer, bought in bulk, can also save money.  Fertilizer  is much cheaper now than in the last year or so, when all commodity prices were high.  But it is still relatively expensive.  I have found our local farm supply businesses to have good prices when buying in bulk.  Remember, using a home-made fertilizer(composting) and limiting the chemicals makes good  environmental and financial sense.  There are now small compost bins for those of you in the city, some that can even be used inside.
  • Keep em alive-Shelter those sensitive plants and don’t lose them to the first frost.  The not so portable plants need a sheet or other cover at the ready when the temperature drops.  Forget and you have dead plants and money down the drain.
  • Don’t over water-Plants need much less water in the winter.  Water is getting much more expensive as municipalities struggle with their budgets and are raising water prices.  Not to mention water shortages in many areas.
  • Xeriscaping If starting a yard in your new home .  This is the science of using what nature provides, and not putting in plants that require extensive (and expensive) care.
  • Budget-Don’t forget that any money spent is part of your overall planned spending or budget.

Family Hobby-yard work

Yard work and gardening is a great family hobby and is also an in-expensive  way to have fun and relax on the weekends. Remember how much fun you had in the dirt when you were a kid.   So go forth and be green-The Millionaire Nurse Way.

Let me know what you are doing to save money in the yard this year.

And don’t forget my free E-book, available at www.themillionairenurse.com “Emergency Money Resuscitation”