Most of the world knows the quote from Ben Franklin, "A penny saved is a penny earned." Well when it comes to my friend, who we will name "Ben" for privacy reasons, he actually does it. "Ben" is a multi-millionaire and one of my best friends. You would think that someone with his wealth would drive a BMW. He doesn't. You would think he would live in a mansion. Try a 1 BR condo. Ben's hobbies are finding sales at his local grocery store, picking up "goodie gum-drops" or penny's and dimes on the ground, Trading stocks and bonds very carefully, reusing tea bags, hyper-driving (where you turn your car off at long lights), bargaining down the price of cooked chicken at the end of the week, pre-payinng bills, arguing with the electric company, local taxes, and other over priced bills, storing jugs of frozen ice bottles in his fridge so it doesn't waste so much electric, and it goes on and on. He is a master saver and I have taken up these traits and seen myself with extra money to invest with and test marketing ideas on my business ventures. Consider how much you make at your job. Most average $10.00 an hour. If there are 60 seconds in a minute and 60 minutes in an hour. How much money do you earn picking up a penny?, a dime? Well, Picking up a penny earns you $36 per hour and a dime gets you an astonishing $360 an hour! Both Ben's understood something. They understood respect of money.
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How will you ever earn any or save any if you just slide your card? I once was doing environmental work and it involved taking donations. My money was wadded up in my pocket and a man asked me "What are you doing there? He pulled out a wad of cash and showed me all his money smartly organized lowest denomination on the outside with the big bills on the inside all face up and the right direction. He said carry your money like this and you will have more of it! It is certainly true. So the next time you say keep the change, do me a favor and smack yourself upside your head for me once.
I have another friend named "John" who isn't quite so rich. He is a hard-working guy for the Army. He isn't a millionaire but he saves just like Ben. He taught me to use glass jars for water instead of buying bottled water.
A friend named Jessica taught me a cool Wendy's or any fast food trick. She said simply never order the meal. It makes sense. They call it a value meal, but often you are just going for a junk food fix. Just order off the dollar menu.
The weirdest thing I learned about saving money is often we get a craving that we just have to satiate, but it is really a form of an obsession. If you learn to deprive yourself sometimes or when you need to you will have what you need. When you get hungry, want to take a trip, go out, or just do something that will inevitably waste money just occupy your mind with something more productive like rocket fuel.
My personal ways I save are by what I call 0 nights. Last month I probably had the most money out of the friends I was with but I was running an "ASAP! Test." The ASAP! book series has a book called "Make money ASAP!" That is really extensive and goes into detail in one section on saving. I spent exactly 3.33$ in gas to get to my friends house and $0.00 at 3 or 4 fun spots. I totaled my friends spending. At one point two girls came up to me and asked me what I was drinking. I held it up and looked at them and said "Ladies I am sorry, but this is "A VIP Drink" I am afraid I can't tell you. I had more attention then other guys buying them drinks. Then I "Ghand'ed it " when my friends went to the 711 for snacks. At this point friends assumed I was broke I simply said "Nah, I ate earlier." It is amazing to me. I have been to Africa and saw the hunger in their eyes. I have seen and felt hunger in the war in Iraq myself when you are too busy to eat. Think about it, do you really need that Slurpee and hot dog? They are good. But bad for you and your wallet. The best and first way to earn is to simply have some control of yourself. How many of you actually save 10% for retirement or investments? How many of you have a life insurance policy that can create $400,000 out of thin air for your family? Now you certainly have the right to spend the money you make with this book. I am just simply showing you a great way to make some money.
Overview of savings I used when I was building my first start-up
Normal Rent 1200/month - Couch Surfing / Showering at Gyms - $400/month
Sprint PCS $120/month - Metro PCS $36/month
Gas paid with Credit card $2.83 - Gas at cash discount place $2.71
2 Wendy's #1's $10.21 - 2 Wendy's dollar chicken sandwiches $2.16
Coffee everyday at Starbucks for 1 month $120 - Coffee made at home $18
Totals $1491.34 vs $487
This is the beginning of your building phase, I am not saying that you will not have an iPhone someday if you would like. It is just needed to preserve if you are starting from scratch and building. It is just another way to create money.
It is always possible with discipline to reduce expenses to have more cash flow to invest with.
I leave you with something one of my college professors once told me, "A penny saved is a penny earned but it is also a penny not invested!"
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