Self-made fortunes all begin the same way: with a good idea and some startup cash. Steal these savings tips from three millionaires who made a little into a lot.
Joyce Bone (Cofounder of Earth Care and author of Millionaire Moms)
SAVED: $10,000; Started an environmental waste management company that became a $125 million business.
“We were living off my husband’s salary… I carried a notebook everywhere I went, wrote down each purchase and tallied up the total at the end of the day. That way, I knew exactly if and where I’d overspent, and I would cut back accordingly… And several times, I saw that the card company had charged us a late fee when we were only a day late. Each time, I called right away and was able to get them to rescind the fee.”
Andrew Hallam (High school teacher and author of Millionaire Teacher)
SAVED: $100-$300 a month throughout college; Invested in mutual index funds and some individual stocks, eventually amassing $1.5 million.
“When I was in college, I remember wanting to save $4,000 a year… Having a goal, writing it down and keeping the piece of paper where you can see it every day are key… When I was coming up short, I’d take extra jobs I wouldn’t normally have been motivated to take, like washing buses and mowing lawns. Seeing that number in black and white increased my commitment and spurred me to stick with the program. When I reached my goal, it felt awesome.”
Dani Johnson (Owner of five businesses, author of First Steps to Wealth and mom of five)
SAVED $5,000; Bought weight loss shakes and supplements to sell. Within two years she made her first million.
“Twenty years ago, I was homeless, literally living out of my car… One day, I looked in the back seat and noticed some leftover products for a weight loss program I used before I had hit such hard times… I made a flyer, copying the ad, and posted it at a local post office. Forty people answered that first flyer, and with the $5,000 I got from charging them the retail price, I bought enough products, paying wholesale, to fill my orders and have extra to sell… I continued to buy and sell that way, reinvesting the original seed money…”
Were the real-life testimonials helpful for you? Tell us about your own ways of saving money!
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