In these blogs I am suppose to share how I go from having almost nothing at 51 years old ($201 in my savings account) to having $1,000,000.00 in the bank in just 1,000 days. But I realized I have NOT shared with you HOW I am going to do that.
So in this blog I share the first part to becoming a millionaire and probably the most important part of them all... "compound interest"
I know, when I first heard that I groaned - I HATE math, finances, economy, etc... these were painful topics for me and things I really found gruelingly painful to read about. But it is a starting point that every person, regardless of age or financial status needs to be aware of because it really can and does change the future...
I read a book called "rich dad poor dad" (this should be mandatory reading for all school students and adults alike). It talked about how this man had a very intelligent dad who was absolutely brilliant with all kinds of educational degrees behind him but he was poor - and it is the story of his best friends dad who took him under his wings as a self made rich man without any educational degrees behind him. How both dad's brought important lessons to this young man's life, but how the rich dad taught him things that they simply don't teach in school.
The book was actually easy to read and understand and wasn't painful at all... the most important lesson shared in the book was the latte factor - that if you put in your retirement account the cost of a latte a day you could be a millionaire in less than 30 years... it was so simple but it made perfect sense.
So I figured out how much money I spent eating out each week (lunches, the occasional dinner, breakfasts on the go, snacks, etc.) and figured if I made my own lunches and simply cut down a bit each day I could save $10 per day. This is my first step to becoming a millionaire in 1,000 days.
I put $50 a week in my retirement savings plan (my savings account).
I started on July 17, 2010 with $201.00 in my RSP bank account
I put $50 per week in the account direct deposit from my paycheck
I have gotten use to living on $50 less each week and it hasn't been a burden.
I did one contract for a webstore (rewrite of website and search engine optimization SEO) and put 10% of that contract money directly into my RSP bank account
I have an entertainment company that provides Christmas entertainment (the Dickens Carolers) that I have been running since 1979. I took 20% of that income this year and put it right into my RSP bank account.
That means I have put $50 away from my day job every week
I put a minimum of 10% of any side jobs income into my account as well
So where does that leave me today?
$8,200.00
Think about it... that is $7,999.00 more than what I had only 208 days ago...and it is earning interest!
In my next financial state update I will share with you my next step in growing that number drastically through online marketing.
If I can make this happen so can you... why not take the 1,000 day challenge to achieving your dreams and goals too.
Today I take action - letting every small step be compounded into my lifetime dreams and goals.
Kay Kinder
1000 days to health and wealth
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