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Creating a romantic meal at home is a somewhat bigger challenge than your standard Monday-night fare. Especially if you haven’t yet cooked for this significant other — or, if you’re in a long-term relationship, haven’t cooked for them often. And especially when the occasion in question is Valentine’s Day.
Luckily, there are plenty of ways to up to romance factor, either overtly (like aphrodisiac ingredients and candles on the table) or covertly (that valentine’s favorite dish). Cooking together can also be a ton of fun for a date.
Frugal Foodie recommends sticking to what you know, and what you know your sweetheart will like. Even the most intricate meal falls flat if the steak burns or your date turns out to be allergic to hazelnuts. Years ago, Frugal Foodie spent hours on an intricate Coeur a la crème dessert topped with strawberries only to find out her date simply hated the fruit. Needless to say, that did not go over well with either party.
We talked to chefs, home cooks and other relationship experts about their go-to date meals. Post your own tried-and-true recipes below, and then try these seven romantic-and-cheap options.
There are appetizers, main courses, desserts and even a next-day breakfast, all for under $10 to prepare. (Cost estimates are based on non-sale New York City supermarket prices. If it’s a cheap meal in NYC, we figure cooks in most other places in the country will spend even less. Prices are also adjusted for quantity: if a recipe calls for half an onion, you’ll probably find something to do with the other half. Finally, estimates don’t take into account basic ingredients you likely already have, like flour, olive oil or dried spices.)
Oyster with Spicy Vinaigrette and Apples
Cost: $8.37 for half a dozen oysters, or $1.40 apiece.
Chef Michael Carrino, the owner of Restaurant Passionné in Montclair, N.J., suggests starting off your meal with this celebrated aphrodisiac. Open the oysters — he suggests two dozen Kushi, but the quantity and type is up to you. In a small bowl mix two tablespoons white balsamic vinegar, a teaspoon chopped garlic and an eighth of a teaspoon cayenne pepper. If desired, add a teaspoon of apple brandy, too. Using a whisk, slowly mix six tablespoons olive oil into the bowl and season with salt to taste. Garnish oysters with vinaigrette and peeled, finely-diced apples.
Strawberry-Tangerine Salad
Cost: $5.36, or $2.68 per serving.
No need to load up on aphrodisiacs. “Simplicity is the most exciting and titillating aspect of any recipe,” says Lorne Caplan, a scent and aphrodisiac expert. His suggestions: use basil, ginger, vanilla or — in this case, strawberry. Top a mixed-green salad with candied walnuts, tangerine wedges and a bit of goat cheese. Drizzle a strawberry-based dressing (try Frugal Foodie’s here). “Go easy on this as the scent is key and can be overpowering,” Caplan says.
Chicken Madeira
Cost: $7.20, or $3.60 per serving.
“I started dating a boy who dated a chef prior. No pressure there!” says Karralee Serra, who has been documenting her efforts at culinary improvement on “My Boyfriend Dated a Chef”. Serra used this recipe, scaled down for two, to step up her game. It worked. “There is nothing more wonderful than hearing, ‘I can’t wait to see what delicious thing you will cook on our next date,’” she says.
Salmon with Green Sauce
Cost: $9.86, or $4.93 per serving.
“The man had me with his pesto,” says Jill Mikols Etesse, the creative director for children’s app developer SmartyShortz, of her now-husband. His take on Martha Stewart’s dish scaled down for two, she says, is one of the few things he can cook – and what he makes her every Valentine’s Day. “I remember how I felt that [second date] evening,” she says. “It keeps me going.” As an added benefit, the recipe makes enough green sauce to use with other dishes for days on end.
Boozy Chocolate Truffles
Cost: $2.95 for about three dozen truffles.
Frugal Foodie and Mr. Foodie made a version of these Alton Brown truffles for their first Valentine’s Day together, subbing in already-on-hand Grand Marnier for the brandy. It’s been a tradition ever since, and we switch up the brand of chocolate and alcohol every time. Forgo the melon baller and hand-roll the truffles instead — it’s messier, but a lot more fun.
Quick Chocolate Soufflé
Cost: $3.25, or $1.63 per serving.
Intimidating? You bet. But Carrino promises that soufflé can be simple, too. Preheat the oven to 400 degrees. Coat the inside of four 6-ounce ramekins with the nonstick cooking spray, and then dust with a tablespoon of sugar. Chop four ounces of semisweet chocolate and combine with a half-cup heavy whipping cream in a microwave safe bowl. Heat on high for one minute and stir until chocolate and cream are full incorporated. In a separate bowl combine five egg whites and four tablespoons sugar and beat by hand until soft peaks are formed. After the chocolate mixture has cooled a bit gently fold it in to the egg whites. Spoon the batter into the ramekins and place in the refrigerator uncovered until needed. When ready, bake at 400 degrees on a cookie tray for 10 to 12 minutes or until the center does not jiggle. Dust with powdered sugar.
Strawberry French Toast
Cost: $3.16, or $1.58 per serving.
Romantic meals don’t stop at dinner, either. “My first love used to work the graveyard shift at the grocery store, so when he got off work it was breakfast time,” says San Jose, Calif., event planner Darlene Tenes, the founder of Hispanic lifestyle company CasaQ. Her Valentine’s inspiration often included his favorite French toast with mimosas.
Frugal Foodie is a journalist based in New York City who spends her days writing about personal finance and obsessing about what she’ll have for dinner. Chat with her on Twitter through @MintFoodie.
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Investing requires resolve and a long-term vision, but it doesn’t actually have to involve the stock market. Here’s a guide to non-stock investing options:
Precious Metals
During the Great Recession, precious metal commodities like gold and silver were all the rage. As the stock market lost more than 50 percent of its value, gold and silver started a monumental rise in price. Gold went from around $600 per ounce in 2007 to peak at $1,900 per ounce in 2011.
The prices of the most popular commodities have since fallen from their peak; but had you invested in precious metals for that period of time (and others like it in history), you would have netted a healthy profit for your portfolio.
Relying solely on precious metals for your portfolio is extremely risky, though, and I wouldn’t suggest it. However, commodities do tend to act in an opposite manner to the stock market, and using precious metals as a hedge against volatility can be a great strategy.
Related >> Beginners’ Guide to Investing
Peer-to-Peer Lending
Peer-to-peer lending is one of my favorite alternative investments. It is the ultimate win-win for consumers. Consumer “A” gets a loan from Consumer “B” (and typically a large group of other investing consumers). Then Consumer A gets to pay off high-interest-rate credit card debt that stands at 20 percent with a personal loan that has a fixed term and a fixed interest rate of, say, 10 percent. This also means a fixed payment each month.
For their part, Consumer B and his friends get to enjoy a much higher rate of return than they would be able to reach with cash sitting in the bank. Both sides win: The borrower gets a lower rate and a fixed term to pay off the loan while the lender enjoys a healthy rate of return.
It’s true that some see peer-to-peer lending as a risky asset class because you are relying on strangers to pay the loan back. As with any type of investing, you don’t want to put all your eggs into one basket. Diversifying your portfolio of loans helps tremendously when you do experience a loan that goes unpaid. (Plus, P2P websites like Lending Club and Prosper have collection methods that kick in on borrowers who miss payments.)
I’ve become so enamored with peer-to-peer lending that I decided to embark on a little experiment. I divvied up about half of my Solo 401(k )contribution into both Lending Club and Prosper. The goal of the experiment was two-fold:
See how much interest I could make with this investment strategy.
Compare the two companies to see which one provided better earnings.
Overall, I was pleased with the results. Both companies netted double-digit returns for me, and I plan to add more money into these investments.
Owning a Business
Hands down, I think the alternative investment with the highest potential rate of return is running your own business. This isn’t without risk — the vast majority of small businesses die within five years — but if you can outlast the statistics, it can be extremely rewarding.
I used to work for a company providing financial advisory services. I took a huge leap of faith, started a business, and started blogging. My financial planning business has thrived and my blog has earned well over six figures since I started.
The beautiful thing about running a small business is not only are you the boss, but you can grow and maintain it as much as you want. Maybe you love your full-time job but you want to try out a new skill. Spend your nights and weekends trying it out, earn some extra dough, and keep working full time. Even a little side income can make a huge difference in your financial life, and when you don’t have time to maintain it, then slow down and focus on other priorities.
Related >> Best side jobs for extra cash
Real Estate
If you’re interested in…
-significant cash flow
-leveraging other people’s money
-enjoying large tax write-offs
…then real estate can be a great choice.
Let me be clear so I don’t sound like a late-night infomercial: Real estate investing is difficult. The learning curve is significant. When you first start, you *are* putting all of your eggs in one basket because you will only have one property to rent out or flip. A previous GRS writer shared his experience of rushing into real estate investing.
Many people have lost their shirts trying to get rich with real estate. Even Dave Ramsey went bankrupt based on a series of really poor real estate investments at the start of his career.
Amid all the horror stories about crazy tenants, poor cash flow, and something always breaking, there is some significant income to be had from real estate investing. What’s better is you don’t have to put 100 percent down on a house. You can usually get away with 25 percent to 35 percent as a down payment and let the bank fund the rest of the purchase. This leverage means you can leave more money in reserve for the inevitable issues that pop up or to expand into a larger number of properties faster.
Bonds
Nearing retirement? You’ll want to cut back on your stock allocation and put some of those funds into bonds. You might associate bonds with the stock market because they are so commonly paired with stocks in a portfolio, but technically bonds are traded on the bond market. You won’t generate sky-high returns here, but you will also cut out a majority of the volatility you get from stocks. Very few bond investments have lost 50 percent of their value for two years and then returned 100 percent the next four years.
Related >> Investing 101: How Bonds Work
Investing in individual bonds carries more risk because they are not diversified. If the company that issues the bond goes under, you might not get your principal investment back. However, bond ETFs and mutual funds can provide the non-stock exposure of bonds with the added benefit of diversification.
Certificates of Deposit
The lowly certificate of deposit or CD. Simple. Basic. Low return.
And sometimes. . . just what the doctor ordered.
A CD is a simple financial product where you hand over some cash to a bank or credit union for a set period of time and a set interest rate. If you have less than $250,000 in total assets at that bank or credit union — across *all* accounts — your investment principal is guaranteed by the FDIC. You literally cannot lose the principal balance if you use this method.
The upside of CDs is stability and guarantee. The downside is, at least right now, inflation will be eating away at your principal balance. Certificate of deposit rates are extremely low due to the Federal Reserve’s monetary policies but if rock-solid security is your number one investment driver, this is worth a look.
Related >> Best CD Rates
Annuities
Ewww. . . annuities. Don’t all personal finance bloggers hate annuities?
Listen, I get it. Annuities CAN be bad. Terrible, in fact. Fees, confusing contract terms, and an encyclopedia of fine print.
Most people don’t realize there are several types of annuities: fixed, immediate, variable, equity-indexed, and several more.
Hear me out. The right annuity with the right, sensible, un-scammy terms can be a solid foundation for a retirement portfolio.
In fact, Mike Piper, a previous GRS contributor, shared how you can create retirement income by purchasing the right annuity.
But like any investment, buy with caution. And be wary of commission-hungry, shady advisers just looking to make a sale vs. matching you with an investment that works toward your financial goals.
Yourself
Last but certainly not least, investing in yourself can pay dramatic dividends. I have personally done this in a variety of ways. Besides getting my CFP certification — certified financial planner — another major investment I made in myself was signing up for a coaching program.
I can’t blame you if you’re skeptical about coaching programs. I was too. It’s been more than three years since I signed up for The Strategic Coaching program and it has literally been the best investment I ever made. The mentoring has allowed me to grow my business significantly, and the return on what I paid has been tremendous. It makes a 9 percent return in the stock market look like nothing.
In all, when you think of investing, you don’t have to immediately think of bull or bear markets or even markets at all. There are other avenues to explore. Let us know what’s working for you in the comments section below.
When it comes to retirement planning, the term “pension” is becoming almost archaic. According to the Office of National Statistics (ONS) only 35% of workers in the private sector paid into a company pension fund last year. Most employers have adopted 401k plans and put the responsibility on the employee’s shoulders to take care of funding their own retirement. While having control can be a blessing, it can also be a double-edged sword. Especially, for those that don’t take the time to fully understand all of their investment options. For those people, there just might be a solution. It’s called the DB(k) pension plan and here are the rules on how it works.
401(k) Match + Pension Plan = DB(k)
What exactly is a DB(k) pension plan? Essentially, it combines the benefits of an income stream of a pension with the matching of a 401(k) plan. Many boomers that still have pensions, love them because they know they have an income stream that they can depend on. The DB(k) offers the luxury of that stable income with a matching contribution to boot. Might be the closest example of having your cake and eating it too when it comes to retirement planning.
DB(k)s Could Be Popular to Employees
Many small businesses will bypass a Simple IRA or a SEP IRA and go straight to the 401(k) plan purely because of name recognition. Employees like perks and a potential employer with a 401(k) plan with a match sounds much more attractive that a SEP IRA. The DB(k) has the potential to be the next household name of retirement plans. Most workers that I come across that have 401(k)’s don’t really understand them. Having a pension-style income like the one Mom and Dad had, may be a safer and less complicated solution.
Are DB(k) Plans Expensive for Employers?
It’s tough to say. With the recent adoption of these plans, it doesn’t seem that employers are rushing off to get these started. I’m sure the slumping economy is the largest barrier. For those companies that do start these, they most likely have a very good cash reserve. However, it isn’t as if a business is funding two retirement plans at once. In fact, any businesses that offer both defined benefit plans and 401(k) plans may unite them in this new option.
Less Paperwork Makes Everybody a Happy Camper
Companies with 2-500 employees are eligible to have DB(k)s pension plans. Where 401(k) plans must meet certain “testing requirements” for top-heavy rules, the DB(k) is exempt and with a plan document and one simple form 5500, your business is ready to rock and roll DB(k) style.
These plans are exempt from “top-heavy” rules, and a company can put one in place with just one Form 5500 and one plan document. The cost of the overall plan is the question. Being new plans, it’s hard to say, but based on most reports I’ve read the cost should be cheaper compared to having both a 401(k) and a pension plan.
Employee Benefits from DB(k) Plans
An income stream, an employer match and a really neat tool to save for retirement. In brief, the DB(k) has four compelling attributes:
Monthly Paycheck for Life. The income stream won’t replace an employee’s end salary, but it certainly will help. Employees that have worked for the company for a longer period of time are rewarded: the pension income equals either
a) 1% of final average pay times the number of years of service, or
b) 20% of that worker’s average salary during his or her five consecutive highest-earning years.
Automatic Enrollment for 401k. That employees save for the future by default. (They can choose to opt out.)
The company automatically directs 4% of a worker’s salary into his or her 401(k) account. The company also has to match 50% of that amount, which is vested upon the match. (Employees do have the choice to alter the contribution level up or down from 4%.)
It only takes three years for an employee to become fully vested in a DB(k) pension plan. So even if they leave the company, the money is theirs.
Is the DB(k) the Retirement Savior?
For now, it’s too tough to say. The strongest benefits I see is the ability to offer more to your key employees. If you’re able to offer a sweet retirement package, it may help retain and gather more productive and easier to manage staff.
Autumn is here and the leaves are just starting to turn. Believe it or not, that means it’s time to start thinking about the holiday season. Holiday expenses can pile up quickly. Planning ahead saves you sticker shock and can spare you a steep credit card bill in the new year.
Careful planners have laid out their holiday budget well in advance and saved for it all year long. It’s not like the holiday season is a surprise, after all! A generation ago, it was common for housewives to be part of a “Christmas club” at their local bank, which was just a targeted savings account where you saved a little cash each week and got it back in a lump sum before the holidays.
But what if you haven’t laid aside a nice nest egg for holiday shopping, travel and entertaining? Well, it’s never too late to start. Getting on the holiday savings bandwagon now will help you create a buffer between you and all those extra bills.
How can you do it?
Begin with a budget Start with a budget of expected expenses. You probably know at least roughly what you spend year to year. If you’ve been tracking your spending, you can even look back at the past few Decembers and get a more detailed feel for what your expenses have been.
Don’t just look at what you spend at the mall. Gifts are probably a big chunk of your holiday budget, but they’re not everything. You also need to consider added costs for food and drink if you entertain during the holidays. Travel costs are a factor if you visit relatives, whether it’s a road trip to Grandma’s or an international flight.
Then there are all the little expenses:
The gifts for your child’s classroom teacher, and the secretary at your office.
Yankee swap (or white elephant) items.
A bottle of wine for the hostess at each of the four holiday parties you attend.
A dress for New Year’s Eve — and new shoes to go with it.
Once you’ve looked over your expense records for last year (or wracked your memory if you’ve just gotten on the personal finance bandwagon and don’t have last year’s records), it’s time to sketch out a budget. I like to be specific in my holiday budgeting. I make a “Santa’s list” of gifts I expect to buy. I jot down rough expenses for the annual holiday party I host: how much I expect to spend on booze, food and sundry party supplies. I budget out any trips we’re going to take, like visiting my father for Thanksgiving.
This may sound tedious, but I find it really fun. In general I use more detailed budgeting than J.D. does, so I may be predisposed to finely tuning things. If you prefer a looser method, you need only figure out how much your total spending from, say, mid-November through New Year’s exceeded your regular monthly spending. That’s how much extra cash you’ll need to cover your holiday expenses.
If you’re like me, you probably want to take a more detailed approach. In the case of my holiday budget, it’s not a chore at all. It’s sort of an anticipatory activity. I sit down with my husband and plan out what we want to do for the kids this year. I get to imagine how my party will be, and think about what kinds of food and drink I’ll serve. Checking on airfares to Tucson is a chance to think about the Thanksgiving meal I’ll share with my father, and how happy he’ll be playing with my kids. I’m looking ahead to the things I enjoy about the holiday season, while I’m figuring out what each one will cost me. It helps me keep my expectations realistic, and gives me a chance to savor the time with friends and family that I’m looking forward to.
Starting to save Once you’ve figured out your budget, in whatever level of detail is comfortable for you, it’s time to save that money.
Money doesn’t come from nowhere. To save up a chunk of cash over a few months, you’ll probably want to employ several strategies.
The first thing you can do is cut back on your discretionary spending. Stop eating out, scale back on entertainment. Stay in with Netflix and a good homemade meal a few times, and you’ll save a decent chunk of cash. Taking a close look at your spending habits will probably highlight some other things you can cut back on: shopping, subscriptions, travel. The usual suspects. If you’ve been managing your finances closely for even a little while, you probably have a good idea of what your personal money sinks are. You know what can be cut for a short period of belt-tightening. Now is the time to do it if you want to splurge over the holiday season.
Once you’ve cut back your discretionary spending, look at ways to bring in more cash. Some people pick up part-time jobs around this time of year: plenty of places need seasonal workers, from stores at the mall to apple orchards. You can easily pick up a short-term gig doing something that may not thrill your soul, but will put extra cash in your pocket.
Alternately, you can look at earning money from a hobby or talent. Maybe you can schedule some portrait sessions, or make some money busking in the subway. You might be able to hang out your shingle doing some bike repair or odd jobs around people’s homes. Craft fairs and shops offer opportunities for knitters and crafters to sell their creations. Putting in some extra hours and effort with your creative work this season might well pay off in extra fun money right when you need it.
Finally, you can sell stuff. Possibly even some of last year’s Christmas presents. You surely have old DVDs, sports equipment or other useful things in good condition that you are never going to use again. Selling your unwanted goodies is a bit of an art. Some people, like J.D., are great at it. Others find it’s more of a hassle than a lucrative hobby.
However you decide to approach saving for the holidays, have fun with it. Not only is it a good idea to put by some extra money for the upcoming season, but it’ll give you good practice at setting a financial goal and meeting it.
Note: Another way to help your Christmas budget? Don’t forget to explore homemade gifts. These can save you money and be fun to make.
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This may seem like a silly question. But, everyone needs to know…
What frugal billionaire eats almost every breakfast at McDonald’s?
While this billionaire isn’t as famous for their glamour shots as most on The Hollywood Gossip, they still drive many thought-provoking questions.
And today’s starts with breakfast…
Combined with is the market up or down?
I am sure you have all heard by now that McDonald’s is one of the most frugal places to eat, but how about a billionaire eating there for breakfast?
Every. Single. Day.
What frugal billionaire eats almost every breakfast at McDonald’s?
Warren Buffett, one of the richest people in the world, has a surprisingly frugal breakfast routine. Every day, he eats breakfast at McDonald’s.
Shocking, I know.
So why does Buffett eat McDonald’s every day for breakfast?
It likely has something to do with the low cost and convenience of the restaurant. He enjoys the food there, calling it “normal stuff.”
If you want to save money or a simple breakfast option, following Warren Buffett’s lead might be a good idea. Just head to your nearest McDonald’s for some cheap and tasty grub!
What does he eat for breakfast?
Warren Buffett is a famously frugal billionaire, and he has a particular fondness for McDonald’s breakfast items.
This is the rumor of how Buffett decides what to eat in the morning:
If the premarket or stock market is up, he chooses a bacon, egg, and cheese biscuit.
If the premarket or stock market is down, he opts for two sausage patties – a cheaper option.
When the market is flat, he selects a sausage McMuffin
In 1975, the Egg McMuffin was about 63 cents at the time! Today, you would expect to pay $2.79.
This may not seem like much, but it’s an important part of his billionaire morning routine.
How can you save money on breakfast like the frugal billionaire?
There are many ways to save money on breakfast like the frugal billionaire.
One way is to cook at home, which can be a cheaper option than eating out.
Another way is to eat leftovers from dinner the night before, or pack a lunch instead of buying food at work. You could also try skipping breakfast altogether or buying food from a less expensive restaurant.
Whatever you do, remember that being frugal doesn’t mean sacrificing your health or your happiness.
There are plenty of affordable options for breakfast (and every other meal) that can help you stick to your budget without feeling deprived. So go ahead and enjoy that delicious breakfast McMuffin from McDonald’s—you deserve it!
How much is Warren Buffett worth?
Warren Buffett is an American business magnate, investor, and philanthropist. He is the chairman and CEO of Berkshire Hathaway, and he has a net worth of $114 billion as of May 2022, making him the world’s sixth richest individual.
Buffett runs Berkshire Hathaway, which has over 60 organizations and owns such companies as Geico, Duracell, and Dairy Queen. In addition to his primary occupation, Buffett is also a noted value investor and has been referred to as the “Oracle of Omaha”.
Buffett initially purchased stock at the age of 11 and first documented taxes at 13 years old. He made his first million in 1962 when he sold shares in Graham-Newman Corp., where he worked for Benjamin Graham (a well-known value investor).
Buffett’s wealth has largely come from two sources: investments and dividends/interest payments on stocks he holds.
In late 1995, Warren Buffett bought a few shares of McDonald’s stock–and now owns more than $2 billion worth. However, he isn’t just interested in fast food; Buffett also owns sizable stakes in Coca-Cola Co., IBM Corp., Wells Fargo & Co., and American Express Co.
Yes, this is over 10 figures.
How much does Warren Buffett make per second?
Warren Buffett is without a doubt one of the most successful businessmen in the world.
According to Strive.co, it is estimated Warren Buffett makes $165 a second!!
Over $9,915 a minute, which is higher than most people make in one month! In fact, it is almost double the average monthly salary for someone making 60000 a year.
Buffett’s Long-Term Success
Buffett’s success comes from his ability to make smart investments and focus on long-term success rather than short-term gains. He is also very generous with his wealth, having given more than $41 billion to charitable causes over his lifetime.
Despite being one of the richest people in the world, Buffett remains humble and focuses on making decisions that will benefit his shareholders (per-share) rather than just increasing his total net worth.
This approach has served him well over the years and made him one of the most successful investors ever.
In fact, Buffett is one of the most quoted people especially for millionaire quotes to find success.
Warren Buffett Diet
Warren Buffett is a well-known billionaire and one of the most successful investors in the world. What you may not know, however, is that Buffett has a rather unhealthy diet. In fact, he drinks five cans of Coca-Cola products each day and eats mostly junk food.
An odd way to get the calories you need.
Buffett’s poor eating habits have raised eyebrows in the past, but it seems to work for him–he has the lowest death rate among his age group. His diet consists mostly of breakfast and lunch, with no desserts or snacks throughout the day. This may seem surprising given how unhealthy his diet is, but as Buffett himself says, “I’m not sure I would recommend my diet for everyone.”
Buffett’s diet is legendary and often studied by business people and students alike. He credits his success to eating what he calls “normal stuff for a six-year old.”
McDonald’s Stock Forecast
McDonald’s is an American icon. It has been around for over 60 years, and it has graced the faces of millions of Americans as they have enjoyed their morning meals.
In fact, McDonald’s is part of the Dow Jones Index. One of the top 30 companies that make up the stock market (source).
After reading this article, you may think that Buffett has something to do with keeping McDonald’s stock forecast rising.
How did Warren Buffett get Mcdonald’s gold card?
In an interview with CNBC, Buffett revealed that he has a card that allows him to get free McDonald’s anywhere in the world. This has caused some speculation, as it’s not clear how Buffett got the card or if it’s even real.
However, Bill Gates, Mitt Romney and Buffett are confirmed to have such a card.
In fact, the McDonald’s Gold Card is not just for celebrities and billionaires. “Supposedly,” any customer can get one by spending $2 million or more at the fast-food chain. The card entitles the holder to free food for life.
Now, you can play their Monopoly game for a chance to win a Mcdonald’s VIP Card. By winning a VIP Gold Card you will be able to claim a one-time free meal at McDonald’s every week for an entire year once using the My McDonald’s app.
Even Warren Buffett, one of the richest people in the world, frequents McDonald’s for breakfast and has a Gold Card to prove it. Yet, no photo of Buffett and the Gold Card.
How to Get the McGold Card with this Sweepstakes
Now, it is your time to get the coveted McGold card!
Not just for celebrities anymore!
You have the chance to win a “lifetime” supply of Mcdonald’s. (the fine print says up to two meals per week for fifty (50) years)
First, you need to download the McDonald’s app and be enrolled in the MyMcDonald’s Reward program.
Next, every time you make a purchase during the duration of the contest, you receive an entry to the sweepstakes, up to once per day.
Or, you can enter without making a purchase by clicking this link from December 5 through December 25 and entering once per day for the duration of the contest.
**The McD’s For Life Sweepstakes is only from December 5-25, 2022.**
Does Warren Buffett own McDonald’s?
No. Warren Buffett does not own and operate a McDonald’s Franchise.
However, he made an investment in the company that surprised many people – he invested in McDonald’s because he loved the franchise model.
He has invested in other well-known consumer brands such as Apple, Coca-Cola and Gillette. This gives us some insight into his investment philosophy–Buffett believes in buying businesses with strong fundamentals that will be around for a long time.
Top Warren Buffett Stocks By Size
At the end of Q4 2021, these were the top 10 Warren Buffett stocks by the number of shares:
Bank of America (BAC), 1.01 billion
Apple (AAPL), 887.1 million
Coca-Cola (KO), 400 million
Kraft Heinz (KHC), 325.6 million
Verizon (VZ), 158.8 million
American Express (AXP), 151.6 million
U.S. Bancorp (USB), 126.4 million
Nu Holdings (NU), 107.1 million
Bank of New York Mellon (BK), 72.4 million
Kroger (KR), 61.4 million
Specifically, this is what his company Berkshire Hathaway is invested in.
While Buffett has never authored a book himself, there are many books about him, his investment strategies, and his philosophies.
His life story and investment techniques are fascinating. There are a variety of books about Buffett, but some are more satisfying to read than others. Some books focus more on his life and achievements, while others focus on replicating his investment style.
Warren Buffett McDonalds breakfast
As you have now learned, Warren Buffett, one of the richest men in the world, has a particular fondness for McDonald’s breakfast menu items.
He has been photographed eating breakfast at McDonald’s locations almost every morning.
The billionaire investor says that he enjoys the food and finds it to be a cheap and convenient option.
He sticks to ordering sausage patties and eggs, or bacon and eggs from the menu.
Now, the questions to ponder, are you going to continue this frugal billionaire’s breakfast routine?
Or should you follow his investment advice instead…
Buffett has been quoted as saying “the greatest challenge is not in the selection of the right stocks, but in sticking with sound investments despite uncertainty.” In order to emulate Buffett’s investment strategies, it is important to be patient and remain committed to your investments through thick and thin.
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How many times have you thought about how much FI would it take to retire?
It’s a question that can be frustrating, especially since the answer is different for everyone.
What if there was an easy way to calculate your personal FI number and find out what kind of portfolio you need based on your spending habits? That’s where this handy calculator comes in!
Calculating your FI number is not as difficult as it sounds.
This is an important personal finance number to know.
If you desire to do something else or are just looking forward to retirement, you need to know how much money you need!
What is FI number?
FI number is the amount of money needed to retire.
It can be calculated using your salary, interest rate, and the time period in which you need to save for retirement.
The 4% figure is a reasonable place to start. The 4% rule is a conservative estimate, with the expectation that Social Security will play a larger role in retirement income.
Why Choose Financial independence?
Financial Independence, or “FI”, is a term used to describe the state of not needing to work for a living because your passive income from investments or savings can cover your living expenses.
It doesn’t mean you have to stop working altogether, it just means you’re no longer tied down by the need to earn a certain amount of money each month.
FI is an attractive proposition for many people because it allows them the freedom and flexibility to pursue their passions or hobbies without having to worry about financial constraints. And if you have money saved up, you can live comfortably off your savings or investments!
How to calculate your FI number?
There are a few different ways to calculate your FI number. The easiest way is to use an online calculator. This will give you a ballpark estimate of what you need to save in order to achieve financial independence.
Option #1 – Using Yearly Spending
One way to calculate your FI number is by multiplying your annual spending by 25. This will give you the amount you need in savings to have 25 times your annual spending available each year without having to touch the principal.
FI Number = yearly spending * 25
For example, if you spend $50000 a year, your FI number would be $1,250,000.
Option #2 – Using a Safe Withdrawal Rate of 4%
Another way to calculate your FI number is by using the safe withdrawal rate of 4%. In fact, many studies believe that 4% is the too old way of thinking and 3.3% is a better safe withdrawal rate (SWR).
You can calculate either way. If you prefer to pull more money out at retirement, then stick with 4%.
FI Number = yearly spending / Safe Withdrawal Rate
For example, if you spend $50000 a year and choose a 4% Safe withdrawal rate, your FI number would be $1,250,000.
Using a 3% safe withdrawal rate, your FI number would be $1,666,666.
The Financial Independence Formula
Do you know your FI number?
It’s a question people are often too embarrassed to ask, but if you don’t have an idea of what it is or where it comes from, you might be spending too much of your money.
Let’s start with the basics and work our way up to where we are today in terms of financial independence!
Calculate Your Spending
In order to calculate your spending, you need to know how much money you spend in a year. To do this, simply multiply your monthly spending by 12. This will give you an estimate of how much money you spend on an annual basis.
It’s important to have a detailed zero based budget before calculating your Financial Independence Formula. This way, you can be sure that you are including all of your regular expenses (and irregular expenses) in your calculations.
The FI Formula is based on conservative retirement calculations, so it’s important to include all of your regular expenses in the formula. The more accurate your figures are, the better idea you’ll have of how much money you’ll need for retirement.
Find Your FI Number
In order to achieve financial independence, you need to find your FI number.
This is determined by two factors: spending and withdrawal rate. The safe withdrawal rate (SWR) determines how much money you are able to withdraw each year without running out of savings in your lifetime. You divide your current spending by SWR to find out how much wealth you need in order to reach a certain financial target.
FI Number = yearly spending / Safe Withdrawal Rate
Everyone will have different FI numbs.
Determine Years to Financial Independence
The Financial Independence Formula may help estimate how much time it will take to reach financial independence. The formula is only a rough estimate, and you must adjust it as needed for more accurate calculations for your own savings plan.
The Financial Independence Formula factors in how much you need to save each year to become financially independent.
The goal of the Financial Independence Formula is to achieve financial independence before the typical retirement age of 45.
Years to FI = (FI Number – Amount Already Saved) / Yearly Saving
Using the example above, we calculated your FI number to be $1.25 million. You have already saved $450,000 and currently saving $25000 a year.
32 Years to FI = (1250000 – 450000) / 25000
However, if you increase your savings rate to $80000, then
10 Years to FI = (1250000 – 450000) / 80000
As you can tell, the more you are able to save and invest, the quicker you will reach FI.
For the amount already saved, you need to use the amount saved in retirement plans as well as any taxable accounts that will fund your lifestyle.
A commonly asked question is… should I include my house value? Honestly, the answer is no – unless part of your FI plan includes selling your house and moving to a lower cost of living area. Then, you would use the difference of your appreciated house value minus the cost of a cheaper home.
How to FI – Create a Plan
One of the most important aspects of actually achieving financial independence is to create an action plan.
Without action, you will be spinning on the same cycle over and over.
So, take an hour and start making your plan.
Step #1 – Figure out Numbers
The first step is figuring out your FI number and how many years away you can be.
There are many ways to make variations on finding your FI number. So, make sure you take into account how many years it will take for you to reach financial independence at your current savings rate.
This is the most important step!
Step #2 – Pick a Realistic Date
This is when most people get motivated when they pick a realistic date to retire early.
Every single decision you make will take you one step closer to your goal.
You are working backward from your “selected” date.
Step #3 – Take Action to Enjoy Life
The hardest step for actually making the decision to FI is to take action.
There are so many factors going into what you need to do once your know your FI number.
You can’t just sit back and do nothing once you know your FI number. You have to follow the steps below on saving and investing to reach financial independence.
For many people, this is choosing to live a frugal green lifestyle while saving money.
How to FI – Saving to Achieve Financial Independence
The FI Number Calculator is a simple tool that helps you calculate how much it will take to reach financial independence when investing in the stock market and using your savings rate as well.
But there are certain steps you must take to be able to save more money to jumpstart your path to financial independence. While many of our money saving challenges will help you, you need to find ways to save more money.
Step #1: Pay Off Debt
When you’re working to achieve Financial Independence, it’s important to address your debt. Paying off debt will help you achieve financial independence faster.
There are two types of debt that are especially important to pay off:
Credit card debt
Student loan debt
Credit card companies have high interest rates, so it’s important to consolidate your credit card debt by using Tally or an equivalent service. This can help you find a lower monthly payment and reduce the amount of time it takes to pay off your debt.
Before seeking to consolidate your credit card debt, make a plan for how you’ll avoid future use of this type of loan!
Debt is a cash flow drain while pursuing Financial Independence.
Step #2: Reduce Expenses
There are many ways to reduce expenses and achieve financial independence faster.
One potential area for savings is housing, which can be achieved through refinancing, house hacking, or downsizing.
Other options include trading in your new car for a beater car, scaling back on eating out or cutting back on your streaming services.
Typically those who budget consistently have an easier time reducing their expenses. Using a budget binder will help you find ways to reduce your expenses.
Step #3: Boost your income
This is probably the most important step to be able to increase your saving percentage significantly!
There are many ways to boost your income and save more money.
For example:
Find ways to increase your income from your 9-5 job.
Develop skills or get promoted to earn a better job with higher pay.
Side hustling can help you earn a decent income every month.
Find passive income streams as ways to start earning more money without any effort on your part.
Sell your old stuff on websites like eBay or Amazon for some quick cash infusion into your savings account.
Finding ways to make money fast is important during your FI journey.
You must search for additional sources of income, as they can help you save more and invest more in the future.
Step #4: Invest Money
It’s important to invest money in order to grow your wealth. You can do this automatically by investing through most online brokers.
This way, you’ll avoid making any rash decisions based on fear or greed. Investing consistently is a great way to get an average of 8-12% returns on your investments.
The idea is to save as much as possible and invest in assets that provide a high return on investment. This could include buying stocks, real estate, or other investments that offer long-term stability and growth potential.
Learn how to invest $100 to make $1000 a day.
How to FI – Investing to Reach Financial Independence
Now is a good time to start investing for financial independence.
When you’re ready to invest, it’s important to make sure the investment risk matches what you can handle. A portfolio must match your risk tolerance and long-term goals if you want to achieve financial independence.
We will cover various options on how to use investing to help you reach FI sooner.
Step#1: Make Investments Automatic
When you invest your money automatically, you don’t have to think about it and you can take advantage of dollar-cost averaging.
This means that over time, you’ll get a better price for your investments since you’re buying them in small batches instead of all at once.
In layman’s terms, that means investing a certain amount of money each month.
Step #2: Choose an Index Portfolio
Creating a lazy index portfolio is one of the best ways to invest your money.
This type of portfolio is made up of low-cost index funds or ETFs, which means that you don’t have to worry about timing the market or trying to pick stocks that will outperform the rest.
All you need to do is hold on for the long term and let the market do its thing – in good times and bad.
Step #3: Track Your Progress
As you save and invest your money, it’s important to track your progress so that you can see how well you’re doing and whether or not you’re on track to reach Financial Independence.
This can be done easily by creating a budget and tracking your net worth, both of which will give you great insight into where you are with your finances.
Also, track your liquid net worth separately.
Seeing this progress in black and white is often motivating enough to encourage people to keep saving and investing!
Empower is a comprehensive suite of financial tools that offers a FREE way to track your investment and cash accounts. You can connect all of your accounts so you can see an overview of all of your finances in one place, and the best part is that it’s free! Check out my Empower Review.
Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
FI Number Calculator
The Financial Independence Number Calculator uses a range of variables to calculate the length of time it would take to save for FI. This information can be helpful in developing a savings plan that is tailored specifically to your individual needs.
Here is a simple FI number calculator.
As you can imagine, there are many different scenarios for finding your FI number.
For starters, get a ballpark range and amount you need to save each year to reach your goal. As you get closer to actually, hitting that switch and becoming fully financially independent, then you can refine your FI number.
Remember, while this formula provides a ballpark estimate, more precise results are possible by using a financial independence calculator such as Networthify’s model.
Saving for Retirement or More Savings to Quit work?
If you have some money saved already, the time to reach FI will be shorter than if you are starting from zero. Saving at a high rate is important to reach FI in the shortest time possible; saving at a lower rate or not saving anything makes reaching FI impossible.
Financial Independence is reached by saving a certain amount each year.
This number can vary depending on your unique circumstances, such as income and expenses.
There are a variety of reasons people are pursuing FI – more than likely it is because I hate my job or you want to spend your time doing something else.
The FI Number formula is just a starting point: remember that there are many other variables that could impact your individual savings plans, such as debt load, income, and monthly spending habits.
While using this formula can provide helpful insight into when you might achieve financial independence, it’s important to remember that there is no one-size-fits-all answer.
Every person’s situation is different, so it’s important to tailor your savings plan to your own needs and goals.
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New Zealand has long been on my bucket list, so when the opportunity to spend a night in Auckland presented itself, I jumped on it.
Although I would have liked to stay longer than 24 hours, I thoroughly enjoyed my time at the Park Hyatt Auckland. Given the property’s modern feel and its relatively cheap cost in points, I’ll absolutely be returning.
Booking
There aren’t that many Park Hyatts in the world; fewer than 50 are either open or being built. The Park Hyatt Auckland is a great deal when it comes to these top luxury properties.
As a World of Hyatt Category 5 hotel, a night here can cost as few as 17,000 Hyatt points at off-peak times. I spent 20,000 points for a standard night. The room I booked would have cost just over $400 in cash.
If you have Globalist elite status with Hyatt, you might get upgraded when you visit, as I did. Although the hotel was almost fully booked, I was able to score an upgrade to the best-available room, which featured a harbor view and a balcony.
🤓Nerdy Tip
The Park Hyatt Auckland levies additional charges on payments made with credit or debit cards. In this case, I would have paid a 2% surcharge if I hadn’t used points to book.
Location
The Park Hyatt Auckland is centrally located on the city’s famous harbor. Several shops, boats, cafes and more are within walking distance, making it a great option for those without a car.
Accommodation
My room was ready when I arrived at the hotel just after noon, a few hours before standard check-in time. It looked to be among the first they’d cleaned, and I was thrilled not to have to wait around in the lobby, even though it looked very sleek.
The room included state-of-the-art features such as automated window shades and external screens on the balcony. And the view was incredible.
The room featured one large king bed, a separate table with a chair, and a seating area.
There was also a paid minibar at the entrance, though I didn’t partake.
The large balcony had a nice table with a couple of chairs, though the low height meant staring through the fencing, which was awkward.
Inside the walk-in closet were a pair of robes and slippers, which I used while in the room.
However, the most remarkable feature was the bathroom, which was separated into two distinct areas.
The first area was a stand-alone powder room with its own sink and a toilet, while the main bathroom featured a huge soaking tub, two marble sinks and a shower.
Toiletries in the bathroom were by Citron and Vetiver. I don’t often use hotel toiletries, as I find the quality pretty low (even at really nice hotels), but these smelled nice and were good enough to detangle my hair.
I spent the majority of my time in Auckland in the room, catching up on work, so I deeply appreciated the chocolate bar left on the bed.
A few minutes after I arrived, I was also surprised with a welcome amenity of Pavlovas with cream and lemon curd. It also included two additional bottles of water.
I’m not ashamed to say these freebies constituted my dinner for the evening, especially since the Park Hyatt Auckland doesn’t have its own executive lounge.
Food and beverage
Globalist members and their guests receive complimentary breakfast at Hyatt hotels, either in the club lounge or the hotel’s restaurant. As there was no club lounge, instead I enjoyed breakfast at Onemata, the hotel’s signature restaurant.
Globalist members are entitled to both the breakfast buffet and an entree from the menu, as well as hot drinks.
Breakfast hours vary based on the day:
Monday to Friday: 6:30 a.m. to 10:30 a.m.
Saturday, Sunday and public holidays: 7 a.m. to 11 a.m.
I’ll admit, I went a little wild.
The buffet wasn’t huge, but it included high-quality items such as:
Smashed avocados.
Burrata with tomatoes.
Cold cuts.
Fresh fruits.
Chocolate milk.
When was the last time your local breakfast buffet came with kiwifruit, a caprese salad, avocado toast and locally produced chocolate milk? I rate this one a 10 out of 10.
I also ordered eggs Benedict from the main menu, but didn’t end up eating much of it. I blame the chocolate milk.
The hotel also has a few other dining options, including a lobby bar and a quick-service spot:
The Living Room: Open 8 a.m. to 9 p.m.
The Pantry: Open 7 a.m. to 2 p.m., or 8 a.m. to 3 p.m., depending on the day of the week.
Captain’s Bar: Open 4 p.m. to 11 p.m. or midnight, depending on the day of the week.
The Living Room, which is essentially a lobby bar, looked like a great place to take in the view over drinks.
Otherwise, Onemata is also open for lunch and dinner.
Amenities
Pool
The pool area isn’t huge, as you’d see at a resort hotel, but that’s expected given that you’re in the middle of a city. What it lacks in size, it makes up for with its great view.
The pool area is open from 6:30 a.m. to 9:30 p.m.
Gym
For those looking to get in a workout, the hotel gym is open 24 hours and has a wide range of equipment, including treadmills, free weights and resistance machines.
How to get to the Park Hyatt Auckland
New Zealand is an interesting beast when it comes to flights. It’s decently connected to the U.S. with nonstop flights operated by Air New Zealand, United Airlines, Hawaiian Airlines and more.
If you’re looking to travel with points or miles, one solid option is using Virgin Atlantic points to fly on Air New Zealand. A one-way business class flight from the U.S. to Auckland costs 62,500 Virgin points. Although these seats can be hard to find, Virgin Atlantic points are easy to earn compared with other airline award currencies. They’re transfer partners with the following points programs at a 1:1 ratio:
The Park Hyatt Auckland is located about 13 miles from Auckland’s airport. Trains from the airport into the city stop a little over a half-mile from the hotel, but I opted to take a rideshare since I had luggage with me. The ride took about half an hour and cost around $35.
If you’re looking to stay at the Park Hyatt Auckland
I spent just over 24 hours at the Park Hyatt Auckland, and I was very impressed overall. Although I didn’t manage to snag a suite upgrade, the modern amenities and generous breakfast made it well worth my while.
Coupled with the incredible location and reasonable cost in points, this is one property I’ll be happy to revisit.
(Top photo courtesy of Hyatt)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
Ahoy to all you local-source-loving, sustainable-seeking, dedicated foodie enthusiasts!
As you well know, the ship has sailed on boring dining. A resurgence in the experience of eating well is waiting to be found in great restaurants across the nation – likely in your city!
[find-an-apartment]
When your cravings dictate a trip outside your apartment kitchen, you know you’re going to spend some dough, however.
If you’re going to splurge on cuisine, how can you ensure you’ll enjoy a worthwhile meal? We’ll help you make the most of your on-the-town budget with these considerations and tips.
Good eating to you!
Foodie, know thyself Start by knowing the types of dining experience you enjoy.
Do you want to like to discover the newest places and eat on the cutting edge of your city’s dining scene? Do you tend to stick to a set of favorite spots that you enjoy giving your repeat business?
When you know what you want out of a restaurant experience, it’s easier to get the most for your money. Don’t visit a joint that your instincts tell you won’t make you happy you attended.
The informed foodie If you want to be in the know, you’ll need intel. This means finding and keeping up with a few favorite online sources for dining information.
Larger metros likely have dedicated local or even neighborhood publications. I live and eat in Atlanta, and, here, I follow Creative Loafing’s Omnivore blog, Eater Atlanta, and the Atlanta Journal Constitution’s food blog, among others.
On a national scale, Eater is a great resource for feature articles about restaurants and cutting-edge dining trends. The site also discusses issues facing diners. This is a highly-entertaining site about all things foodie. (Note that 27 North American cities have pages dedicated to local content!)
Sites like Urbanspoon and Yelp focus on keeping diners connected and informed about restaurants in their area. These sites use foodie-created reviews and ratings to cite the most popular places to dine. Be aware that visitors to these sites submit their own opinions, so read each with a grain of salt. A preponderance of opinion is likely more helpful than any single review.
Tips to stretch your foodie dollar Ok, so how does the enterprising gourmand eat what he wants without breaking the bank?
For starters (get it?), eat ONLY what you want; don’t succumb to an up-sell.
Restaurants exist to serve you, but have their own agendas, too. Namely, they want to convince you to spend as much as possible on your evening’s indulgence. Keep in mind that you get to decide which combinations of appetizer, entrée, dessert, and drinks you prefer. Unless a restaurant runs a dedicated prix fixe menu – where you pay a fixed price for a certain number of courses – the run of the menu is yours: order as much or as little as you like.
Planning ahead can help you be more careful about what you order. With the Web, you can gather information about a restaurant you’d like to visit. Many places share their menus online for your casual perusal. You can even pick out what you think you’d like to order before the meal — and calculate the likely bill total in advance. It’s powerful to be prepared (and kind of fun to begin your fantasies about a great meal ahead of time!)
Share your experience — and learn from others’ You may feel inclined to add your own voice to the din of public opinion. When you weigh in on with personal comments on a dining experience, you help others discover a great evening out, as well. Why not share your foodie cred with other enthusiasts online?
Feedback you both give and get from other informed diners not only helps everyone enjoy the best of a city’s culinary landscape, it likely helps each diner feel, in the end, that the money spent was well worth the experience.
Of course, there are the usual suspects of social media (Facebook and Twitter,) but also consider more food-specific outlets. In ten cities around the country, Savored.com even helps diners find kindred eaters to go out together for a meal.
You may have shook your head when you first read this title. However, hear me out and continue reading to learn more about the habits of millionaires! The rich are rich for a reason- most of them know how to manage their money correctly.
Sure, there are stories about rich people who spend their money like crazy and end up in bankruptcy.
But, surprisingly, the average millionaire is frugal, and they know how to manage their money well.
Related posts:
Here are some examples of millionaires and billionaires who are frugal:
Warren Buffett lives in a house that he bought in 1958 for around $30,000.
Mark Zuckerberg drives an Acura.
John Caudwell (worth $2.7 billion) rides his bike 14 miles to work every day and even cuts his own hair.
Jim C. Walton (son of Walmart founder) drives an old truck with no air conditioning.
I have personally met several retirees who have millions and live in an RV. RVing is a ton of fun, but a lot of people just assume that RVers have no money. If only they actually knew! We made one friend while RVing who actually has a nice house and millions in the bank, but he lives in an RV that is worth less than $20,000. You never would have guessed!
If you want to learn how to become rich (whatever amount of money or lifestyle that means to you), continue reading in order to learn more about the money management habits of millionaires.
They wear the same outfits.
President Barack Obama once said, “You’ll see I wear only gray or blue suits. I’m trying to pare down decisions. I don’t want to make decisions about what I’m eating or wearing. Because I have too many other decisions to make.”
Many other successful people feel the same way, including Mark Zuckerberg, the late Steve Jobs, Albert Einstein, and many others.
The average family spends $1,700 a year on clothing, which is a lot of money. Plus, the average person wastes anywhere from 10 to 30 minutes a day when deciding what to wear!
Having multiple outfits can lead to wasting time deciding what to wear, as well as wasting money.
They have more than one source of income.
A lot of millionaires have many sources of income, and this is one of the many great habits of millionaires.
They may have a day job, a business, rental properties, dividend income, and more. This allows them to bring in more money.
They also do this because millionaires know that one source of income may not last forever, and they are also able to lessen their risk by having multiple income streams.
Read about some of the many ways to make money at 75+ Ways To Make Extra Money.
They have long-term goals.
Successful people and millionaires are known to set goals, especially long-term ones. They are extremely determined and without goals it would be hard to be successful.
Setting goals is important because without a goal, how do you know where you’re heading? Goals can help keep you motivated and striving for your best.
Please keep this quote from Statistic Brain in mind:
People who explicitly make resolutions are 10 times more likely to attain their goals than people who don’t explicitly make resolutions.
And, it’s true!
They have a budget.
Yes, even millionaires have budgets! Not all of them have a traditional budget, but trust me, they know where their money is going and they are watching their cash flow closely.
Tracking your money and knowing where it is going can help you see where you’re wasting money and what spending habits need to be changed.
They educate themselves on financial matters.
When millionaires are unsure of a financial decision or implication, they either seek out financial advice from an expert and/or they seek out the knowledge they need to know by educating themselves.
Millionaires are always learning.
They read numerous books, attend classes, read the newspaper, and more.
They know the value of experts.
Continuing from the previous habit, the rich are interested in educating themselves, but they also know when to hire help.
Knowing when to get help from accountants, lawyers, experts, and more can help them take advantage of confusing laws, areas where they aren’t experts, etc. This can prevent wasteful spending, bad investments, and unnecessary legal issues.
This helps them save time as well as money!
They don’t fall for lifestyle inflation.
Millionaires tend to live below their means. Yes, many of them still spend money extravagantly, but many aren’t living paycheck to paycheck in order to do so.
Many millionaires buy items used, they drive “normal” cars like Toyotas, and they aren’t trying to keep up with the Joneses.
This is drastically different from those who aren’t millionaires.
Here are some money statistics that may scare you:
68% of people live paycheck to paycheck.
26% have no emergency savings.
The average household has $7,283 in credit card debt.
The average monthly new car payment is around $480.
Many people try to keep up with others and fall for lifestyle inflation, which can prevent you from being good with money.
When trying to keep up with the Joneses, you might spend money you do not have. You might put expenses on credit cards so that you can (in a pretend world) “afford” things. You might buy things that you do not care about. The problems can go on and on.
They pay themselves first.
Millionaires pay themselves first.
Sure, they have more money to work with, but they always make sure to save money before spending it.
Paying yourself first is when you put money into savings as soon as you receive your paycheck. Doing this may allow you to save more money and cut back on unneeded spending, and it can help you prepare for the future.
They invest.
Millionaires make their money work for them, and that is how they stay rich.
Investing is important because it means you are making your money work for you. If you aren’t investing, your money is just sitting there.
This is important to note because $100 today will not be worth $100 in the future if you just let it sit under a mattress or in a checking account. However, if you invest, then you can actually turn your $100 into something more. When you invest, your money is working for you and hopefully earning you income.
For example: If you put $1,000 into a retirement account that has an annual 8% return, 40 years later that would turn into $21,724. If you started with that same $1,000 and put an extra $1,000 in it for the next 40 years at an annual 8% return, that would then turn into $301,505. If you started with $10,000 and put an extra $10,000 in it for the next 40 years at an annual 8% return, that would then turn into $3,015,055.
Learn more at The 6 Steps To Take To Invest Your First Dollar – Yes, It’s Really This Easy!
They still use coupons and haggle.
Yes, one of the many habits of millionaires is that they tend to still use coupons and even negotiate in order to get the best pricing!
What other habits of millionaires am I missing? Share in the comments below!
Save more, spend smarter, and make your money go further
Pretty much everyone upped their spending on take-out food in 2020 – and for good reason. With restaurants closed for indoor dining and grocery stores experiencing unpredictable staffing and inventory issues, many consumers chose to order out for the majority of their meals.
Now that things are returning to normal, you may be wondering how to adjust your budget accordingly. We’ll walk you through how to determine the right amount to budget for take-out and dining, and give you some strategies to save money when ordering from your favorite restaurants.
How Much Should You Spend on Dining and Take-Out?
It’s hard to give an exact prescription for how much you should spend on take-out because it largely depends on the specifics of your budget and financial situation. In general, your food budget, including groceries and eating out, should make up between 10 and 15% of your income. Families with multiple children may spend more than that, so don’t worry if your percentage exceeds the recommendation.
If you’re not sure how much you spend on food, go through your transactions for the past few months and calculate the percentage.
John Bovard, CFP of Incline Wealth Advisors said consumers who have no credit card debt and invest 20% or more of their income in a retirement account can spend 10% of their post-tax income on take-out.
Ways to Save on Takeout
Want to keep your takeout tradition but still feel like you’re spending too much? Here are some tips to save money when ordering out from your favorite restaurants:
Pick up in person
Everyone knows that delivery fees add a huge surcharge to your total bill, but you might not realize how big the difference actually is. A New York Times article found that the same sandwich at Subway costs between 25% and 91% more when delivered, depending on the specific delivery app.
A $20 order could cost between $5 and $18.20 more if you get it delivered. The cost is generally higher during weekends and holidays.
Look for specials
Plan your take-out around restaurant specials. Follow restaurants on social media to see when they’re running discounts, like half-price oysters on Sundays or happy hour specials. When you’re picking up the food, ask someone behind the counter when the best deals are.
Restaurants often print coupon codes or discounts on their receipts, so don’t forget to check there.
Use discounted gift cards
Many restaurants and fast food places sell gift cards and often run special sales, like selling a $50 gift card for $45. This is especially popular during the holiday season.
Wholesale clubs like Costco and Sam’s Club regularly sell discounted gift cards to popular chains. For example, you can buy $100 worth of gift cards to California Pizza Kitchen for only $80 at Costco, or $75 worth of Domino’s gift cards for only $65.
You can also buy restaurant gift cards online through GiftCardGranny or CardCash, which sell gift cards for up to 10% off.
Skip dinner
Dinner is the most expensive meal of the day, so opt for breakfast or lunch if you’re eating out. If you get take-out a couple times a week, use one for dinner and the other for brunch or lunch.
Cash in rewards
Some restaurants have loyalty programs you can join with an email address or phone number, while others have an old-fashioned punch card system. Keep track of these rewards so you cash them out before they expire.
Order catering
If you’re eating with a group of people, see if the restaurant offers catering, which may be less expensive than ordering individual entrees. Everyone will have to eat the same thing, but it’s a great way to save money.
Sign up for restaurant emails
Both local and national restaurants often have email newsletters you can join to get extra discounts. For example, my favorite Mexican restaurant is constantly sending me emails for 10 or 15% off take-out.
Create a separate label for these emails so you can sort through them before ordering take-out. You can also add reminders on your phone to use the discounts before they expire.
Use a rewards credit card
Many credit cards offer points or cashback when you dine out, and some let you cash in points for restaurant gift cards. Look up the rewards policies for your current credit cards to see which one you should use for restaurants.
Consider opening a new card if you don’t have a dining rewards card. The Chase Sapphire Preferred offers 2% cashback for dining and also comes with a year of DashPass, the DoorDash subscription service with $0 delivery fees.
Chase Sapphire Reserve cardholders earn 3% cashback on dining, get a free year’s worth of DashPass and also have $60 of DoorDash credit for the first year.
Most dining rewards cards have an annual fee, usually around $95, so don’t open one unless the cashback rewards will exceed the fee. Some card companies will waive the fee for the first year, allowing you to see if you’ll earn enough rewards to offset the fee. Some rewards credit cards also let you cash in points for restaurant gift cards.
Buy a food delivery subscription
If you don’t have easy access to transportation, then ordering delivery may be your best option. In this case, consider signing up for a food delivery membership. DoorDash, Grubhub, Postmates, and Uber Eats all offer a monthly subscription for around $10. Each subscription comes with free delivery and other specials.
Before you sign up, calculate how often you order out and see if a monthly membership makes sense. If you have a neighbor or roommate, consider splitting a subscription with them to save even more money.
Many of these services have a free trial period, allowing you to gauge how much you’ll actually use them. Choose the app with the largest number of restaurants you like.
Use a browser extension
Browser extensions like Rakuten provide cashback when you order from delivery sites like Grubhub and Seamless. Just click on the Rakuten button on the top right of your browser when you visit either of those sites. You’ll earn up to 11% cashback with eligible orders.
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Zina Kumok is a freelance writer specializing in personal finance. A former reporter, she has covered murder trials, the Final Four and everything in between. She has been featured in Lifehacker, DailyWorth and Time. Read about how she paid off $28,000 worth of student loans in three years at Conscious Coins. More from Zina Kumok
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<img width="600" height="1024" src="https://blog.mint.com/wp-content/uploads/2015/08/Stocksy_txp353f1af4bhY000_Medium_714670.jpg?w=600&h=1024&crop=1" class="rkv-card__media" alt decoding="async" loading="lazy" data-attachment-id="901" data-permalink="https://mint.intuit.com/blog/couple-holding-wine-glasses-in-restaurant/" data-orig-file="https://blog.mint.com/wp-content/uploads/2015/08/Stocksy_txp353f1af4bhY000_Medium_714670.jpg" data-orig-size="1536,1024" data-comments-opened="0" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"0"" data-image-title="My Mint Tips: How to Save When Dining Out" data-image-description data-image-caption="