Good morning!

Here’s an outline of tips and tricks I do to help me live my Best Life :)

I started putting it together for a possible book or PDF or something?, but I also just wanted a place that captures it all for easy reference later… If you like it, I’ll do an update as other ones come to mind!

It really is amazing how good habits can compound over time… Bad ones too, but we’ll save that list for another day ;)

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A bunch of things that have gone on to
change my life:

Money:

• Tracking my net worth
• Automating all bills
• Consolidating all banking
• Rounding up all debt payments/investments
• Using one credit card for everything (and paying it off monthly)
• Maxing out retirement accounts every year
• Storing all tax documents in one spot
• Tipping 20% no matter what
• Always keeping cash in my wallet (money clip)
• Always keeping a $20 bill in the car for emergencies

Shopping

• Always buying it if it’s a book
• Always buying it if it’s under $10.00
• Asking: “Would I rather have this thing or cash?” before any purchase
• Asking: “Would I wear this out the dressing room?” before any clothes purchase
• Shopping thrift stores for cheap fashion experimenting
• Always having a back up plan for stuff you buy
• Leaving all packages needing to be returned in the trunk so they’re always ready

Productivity:

• No coffee until you’re ready to do the “real” work!
• Answering emails in batches
• Answering emails with emojis and gifs (quicker *and* fun!)
• Answering emails via iPhone (more acceptable for writing less)
• Answering emails but *not sending* them until later (slows down the back and forth)
• Only keeping emails needing attention in the inbox (archive the rest)
• Setting calendar items for all your friends’ birthdays so you never forget (esp old college ones as time passes on…)
• Spending just 15 minutes to jump start the stuff you hate (you’ll often end up doing more once you get going!)
• Going “all in” when you find something you love (It may change later, so soak it all up while you’re excited!)
• Stacking habits for better efficiency
• Re-reading Essentialism every now and then

Household:

• Making your bed every morning
• Cleaning the litter every morning
• Putting away the dishes after every meal
• Doing a load of laundry every day
• Lighting a candle at dinner
• Keeping books easily accessible around the house
• Spritzing plants every day with water (easiest way to keep them alive!)

Clarity/Mind:

• No phone in bed!
• No phone *in front of other people*
• Wearing a watch so less times picking up the phone
• Keeping phone notifications turned off
• No working on the weekends
• No working at night
• Hitting inbox zero every day
• Waking up at 5am and getting the day started on your own terms

Kids:

• You can never love them too much!
• They’d rather play with YOU than a toy
• Keeping an “adventure bag” in the trunk (with extra clothes, toys, bathing suit)
• Keeping their scooters/skateboards in the trunk (for more sporadic adventures!)
• Going with the flow while playing, even if it’s not fun (they’ll quickly move on to something else!)
• Sticking to a loose schedule for play time, nap time, screen time
• Urging them to do as much as they can by themselves
• Bribing them if it leads to better habits
• Not letting them get free stuff at yard sales…

Minimalism:

• Keeping key chains minimal (house and car keys only)
• Keeping money clip minimal (only cash and cards)
• Keeping clothes to *only what fits in a suitcase*
• Giving every thing a “place”
• Keeping a box for all stuff that needs to go out
• Keeping all email accounts/website accounts/other accounts consolidated
• Removing areas of the house that accumulates stuff easily (usually flat surfaces)
• Walking around the house looking for stuff to declutter when bored
• When stuck on an item, asking: “Would I go out and buy this again?“
• Re-reading The Power of Less every now and then

Health:

• Banana and water in the mornings
• Cut up apples w/ peanut butter in afternoons
• Stop eating when 80% full
• 1-2 walks every day!
• 100 push-ups every day
• Brushing your teeth right after dinner so less temptation to snack/drink late night

Charity:

• Always saying “yes” when asked for money
• Giving the largest dollar bill in your wallet/purse/pockets
• Setting up *automatic* donations to organizations that matter most to you
• Becoming a Lifetime Member of the clubs you belong to
• Keeping your eyes consciously *open* for opportunities to help

Reminders to self:

• No one can ever take away your success!
• Freedom > Money > Stuff
• It’s either a Hell Yeah or a No – Sivers
• You can get equal happiness from stuff that costs money and stuff that doesn’t
• “Sometimes all you need is 20 seconds of insane courage.”- We Bought a Zoo
• When in doubt, ask yourself: “Do I like who I am when I’m doing this?”
• “Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.” – Earl Nightingale

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[This post, 75+ Things I Do That Improve My Life 🔥, was first published by J. Money on Elite Edge Money]

Here’s something that’s really helped me over the years:

I always have a back up plan for stuff I buy!

Not stuff like groceries or other necessities you need to survive on this planet, but extras like “wants” or even some needs like clothing and Amazon purchases (hah).

For example(s):

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#1. Shoes. As you now know I’m a super fan boy of VANS, so usually if I find a pair that fits and is cheap – like from the thrift store or somewhere – I’ll buy it even if it’s not my favorite so long as it has a high chance of me still wearing ’em and enjoying. If I do end up liking them and wanting to keep ’em, I do, but if I don’t I have a list of 3-4 places around town I can easily go to and hock for a few dollars of profit, or at least break even. Which isn’t hard to do when you’re only snagging them for a few bucks ;)

Here’s a pair that in theory I should have loved cuz they’re a bit different and I don’t have any green pairs yet to match my green outfits!

[2019 Vans U.S. Open of Surfing ed.]

As I wore them around town, however, I felt like a complete CLOWN and quickly knew we were not made for each other.

So the next week I walked them into one of my favorite vintage stores and sold them for $15.00 – netting a $7.00 profit. Win-Win! The shop got cool new shoes in their inventory, and I not only got a few bucks back, but more importantly GOT THEM OUT OF THE HOUSE so they’re not constant reminders of how clowny they make me feel.

And that last part’s the important part.

It’s one thing to regret a purchase, but it’s another to be reminded of that regret over and over and OVER again!! Don’t let them drag you down!

If you *know* buying something was a mistake, get rid of at once – from your home and your mind. Even if you completely lose out on the money as it will eat you up every time you set eyes on it!!

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#2. I also have back up plans for my books. If I see a book that looks remotely interesting I buy it regardless of the price tag. I learned this from Ramit at I Will Teach You To Be Rich who declared that the knowledge you get from it will always be worth more than the cost of it, even if it’s just a single nugget. Which I wholeheartedly agree with. Plus, it takes away one more decision you have to make in life! “Does this book look interesting? Buy it!” Boom – easy.

Then once you’re finished with the book, benefit #2 comes in: getting rid of it or including it in your personal library!

Now I’m pretty picky so most books never make it to my bookshelf even if they are great (I rarely re-read them), but after sucking out their essentials and then blogging about it for future posterity, the backup plan then gets initiated. Which looks like this:

• Was this a great book? Find someone to give it to!
• Was it an OK book? Donate it. Either to a thrift store or tiny free library.

Done and done

In fact, most of my back up plans include “just donating it” when I’m done with an item or made a wrong decision. Not so easy to stomach if you’re living paycheck to paycheck and every dollar counts, but what a benefit for all those who’ve gotten things under control. It’s a beautiful thing not having to stress about every last decision you make – even if you lose out on a little money in the process!

Which is really what it comes down to at the end of the day – being *at peace* with your purchases and not letting them get in the way of life. And knowing that not all decisions are final either. You can always do something about it if you’ve goofed!

Plan Bs also come with another interesting side affect  – it allows you to experiment more with things you normally wouldn’t. This is exactly how I got into skinny jeans… (so maybe don’t follow this advice?! Haha…)

I was 50/50 on whether I’d like them or even DARE wear them around in public as a 40-something, but knowing I could just return them or donate them right back the next day got me to pull the trigger and *test out in real life*. And, well, 4 skinny jean pairs later I actually don’t wear much of anything else these days! I love ’em!

Though I can’t say the same with the decision to buy this weird contraption I still like the idea of it but have only worn it twice in 4 months:

Other areas these back up plans come in handy:

#3. Coin collecting – I know that at any given point in time I can re-sell the coins or trade them away, even if I don’t get top dollar for it. I go in spurts where I get disenchanted with collecting and wonder if it’s just wasted money sitting there in cute coin form collecting dust, but then others where I find them incredibly fascinating and get immense joy researching and learning all about their history and beauty.

But in both cases it’s helpful knowing there’s a back up plan for when I’m eventually done collecting. Which includes one day donating or lending my local collection to our local museum where others in the community can view and appreciate them too!! A much better use of them, and a challenge that keeps me going since it’s a hard feat to pull off :)

#4. Rare books/other antiquities – Similar to the above, most places will buy back their goods even if its at a discount or store credit. A couple years ago I bought a rare book for $150 that I could never find, and then literally the next week I found the same one – in slightly better condition too – for $75 (!!). I couldn’t believe it. I snatched it up right away knowing I could always re-sell a copy, but ended up just returning the $150 one for store credit to save the hassle. Plus, it’s always more fun to shop with credit :)

#5. Amazon purchases – Just like all families in the country, Amazon is at our door daily. But unlike other families in the country, whenever we buy something we don’t end up liking or needing, we return it RIGHT AWAY!! Which of course they make *super easy* these days not giving anyone an excuse not to…

You literally don’t even have to box up your returns or slap a label on them anymore – you just drop to your nearest UPS store or other spot in your area and the Refund Fairies take ’em away and drop the coins back in your wallet! It’s not hard!

Yet as insanely easy as they make it, people still don’t take the time to return stuff and allow the financial and mental losses to stack up making life progressively more miserable with each day…

So please, for the love of all things money, RETURN THE STUFF YOU DON’T WANT ANYMORE!! And do it right away so you don’t forget or miss the deadline!

A trick I use is just keeping the returns in the back of my trunk, that way when I’m riding around town it’s always with me even if I forget. Or you could pick a day of the week where all returns or donations go out of your house, like Friday afternoons so you start out the weekend with a nice cash or productivity boost ;)

Either way, getting unwanted stuff out of your house and mind is what matters most. So many houses are getting cluttered that don’t need to be and it really isn’t that complicated!

Make your purchases, have those back up plans in place, and continue making your life a little easier by simplifying your decisions.

Lighter in the mind, fuller in the wallet – BOOM.

[This post, Always have a back up plan for stuff you buy!, was first published by J. Money on Elite Edge Money]

I spotted a killer deal at the grocery store the other day… These Bitchin’ Chipotle Sauce things are usually $7-8 each at Costco… but I found them for only $1 at the 99c store! Woohoo!

After stacking about 15 into my shopping cart, I took a celebratory photo and sent it to my wife… She was very proud, having taught me most of the deal-hunting tricks I use today.

I don’t know about you, but I think being frugal is a cool thing. It’s something we should celebrate more and share more with the world.

Here’s some cool stuff you may not know about why being frugal is awesome…

Being Frugal Makes You More “Attractive”

According to this survey done by Slickdeals a couple years ago, 92% of Americans consider frugality an attractive quality in a partner or potential partner. 92%, yo!

Not only that, 79% of people think it’s “perfectly acceptable” to use a coupon on a first date! Woohoo! Keep on clippin’, you handsome couponers.

The survey also talks about the difference between being “frugal” and being “cheap”… While frugality is a turn-on, being cheap is a turn-off!

Being frugal: 

• Buying off-brand items
• Shopping at second-hand stores
• Seeking deals and using coupons
• Keeping & using old electronics
• Watching movies & drinking alcohol at home instead of going out

Being cheap:

• Not leaving a tip
• Not paying when it’s your turn
• Eating expired food
• Relying on others to pay
• Skimping on hygiene & self care

Frugal Habits = Comfortable (and Earlier) Retirement

Last month, Personal Capital released a survey to find out “Have Americans Become More Frugal”? The short answer is YES! And for good reason…

Here are the key survey takeaways:

• 90.4% of respondents claim to have “frugal habits”
• The No. 1 reason they adopt frugal habits is “to save for future investments”
• Of those who have adopted frugal habits, 50.7% are now considering early retirement!

Wow. “Early” retirement is one the rise! It’s not just a pipe dream – more and more people are getting their financial lives together, using frugality as a cornerstone.

Mindful Spending Means More Value For Dollars

Imagine Joe and Steve each have $100 to spend.

Joe buys tickets to a ball game ($50), hot dogs ($20) and some items at the stadium gift shop ($30) on the way out. In all, Joe spends $100 to experience a ball game.

Steve is more mindful with spending… He buys tickets to the same ball game ($50), but eats food at home beforehand ($0) and doesn’t buy souvenirs ($0). Then, the following weekend, Steve buys tickets to another entire ball game ($50).

Both friends spend the full $100, but Steve’s frugal habits allow him to experience 2 ball games where Joe can only experience 1.

Simply put, spending less on things that don’t provide long-lasting value means you can spend more on things that do provide you value.

Frugal Humans Help the Environment

When you buy less “stuff,” humans manufacture less “stuff.” When humans manufacture less, we use less of the Earth’s dwindling natural resources. Quite simply, really.

Did you know that humans use more natural resources each year than the Earth can actually generate within the year? Doesn’t take a genius to figure out that this is not sustainable, and one day, all the resources will be GONE.

Having a frugal mind-set and lifestyle can help reduce your environmental footprint. Living in excess and consuming more than you need is the opposite.

DIY Projects Increase Your Resourcefulness

If you can grow things yourself, make things yourself, and fix things yourself… you are less dependent on others. And isn’t that what we are all kind of shooting for — independence?

I’m not talking about doing everything yourself in life. There is a balance between DIY and outsourcing.

But frugal people understand that the more problems they can solve with their own two hands makes them more resourceful and gives them more options and control.

Frugality Improves Social Connections

Sometimes people are afraid to admit they are frugal… They’re worried others might shun them or cut them out of future invitations.

But I’ve experienced the opposite! The more open I am about my lifestyle, the more people I seem to connect with. 

It’s refreshing when other people admit they are trying to save money, get a good deal or waste less. Frugality actually brings people together.

A big part of being frugal is sharing, swapping, giving and receiving. All these activities improve social relationships. Think about Buy Nothing groups, co-op organizations, and even potluck meals. Sharing is caring!

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So, what do you reckon? Do you think being frugal is cool? Or is my vision warped? (Could also be the cheap sunglasses I’m wearing, which I got for a bargain. Just sayin’ )

Wishing you all an awesome Friday and great Super Bowl weekend!

Love, Joel

[This post, Let Your Frugal Flag Fly! 6 Reasons Being Frugal Is Cool 😎, was first published by 5am Joel on Elite Edge Money]

I asked our tour guide, “What’s the difference between people in the South and people in the North?”

My wife and I were traveling through Vietnam on a small boat somewhere in the Meekong Delta. Our tour guide was a young local guy, raised in Northern Vietnam but moved to the South because he liked the people and lifestyle there better.

I’ll never forget his answer to my question…

“You see, unlike the North, the people in the South have good weather all year round, which means they can grow crops almost any time during the year. They don’t have to plan ahead or save any harvest for bad seasons, because each day is the same as the next. They rest well at night knowing that the land will provide for them again tomorrow.”

He continued…

“Locals don’t use banks much here. We only make the money we need to live for that day, then go home to rest. If I can sell all my fruit at the market before 10 a.m., there’s no reason to get more fruit and keep selling that day. When we’ve sold “enough,” we stop for the day, then do it again the next day. In the North, people don’t know what “enough” is, so they are never satisfied. I like living in the South because people here are happy with “enough,” every day.

As much as I disagree with the Vietnamese mentality of not using banks or saving money for the future, I must admit that I was kind of jealous about the lifestyle of “enough.” There’s something so beautiful and peaceful about realizing when you have enough, and feeling fulfilled at some point every single day.

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I had a similar epiphany 10 years earlier, this time in Thailand. I was probably 20 years old at the time…

My family and I had traveled to a tiny island called Ko Tao in the middle of nowhere. It’s one of the most beautiful and remote places I’ve ever been. But as beautiful as the island was, the locals mostly lived in poverty (or what I thought was poverty, compared with my privileged upbringing). 

I saw a group of kids laughing and playing in the dirt, kicking around a deflated soccer ball. They wore dirty clothes, had no shoes on, and were somehow having the time of their lives!

I remember asking my Mum, “Why are those kids so happy? They have nothing in this world. Crap clothes, no money, probably sleep on the street. It’s crazy that they are smiling.”

(My parents really are the best parents in the world. I can’t thank them enough for exposing me to worldwide travel early in life. Travel cures bias, expands the mind, and cultivates appreciation.)

Mum explained… 

“Joel, you don’t need money and things to be happy in life. Happiness is free. These kids live in one of the most beautiful places in the world. A place others have to pay thousands for just to visit for a few days. You want to learn about real happiness? Go play soccer with those kids!”

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Dear whoever is reading this…

I truly hope you are working hard, saving money for the future, and building wealth for your family. This is a money blog — and I want to help you grow rich!

But, this is also a happiness blog. No matter where you are on your financial journey, I encourage you to keep these 2 important things in mind:

1. You don’t have to reach FI or be a multimillionaire to enjoy the feeling of “enough” in life. Satisfaction can be realized daily, as you are continually working hard and achieving things.
2. You can be happy no matter how much money you have. It’s about enjoying and playing with the things you DO have (even if it’s just a flat soccer ball), vs. thinking about all the things you don’t have.

Thank you for reading and letting me share my stories.

OK, now get back to work, you slackers! Your bank accounts aren’t gonna grow themselves!

Love, Joel

[This post, Money Lessons Learned While Traveling Around the World, was first published by 5am Joel on Elite Edge Money]

I ran into the store the other day to grab some propane for camping … sadly, they were all sold out. 

BUT … on the way out of the store I noticed 3 shiny new pennies on the ground! Woohoo! I love finding free money!! It’s not every day that you leave the store with more money than what you walked in with.

When I got back to the car, my wife was wondering why I had no propane, just a big dumb smile on my face…

“Babe! They were out of propane, but I found some free money on the ground!”

Wife: “Cool! How much?”

“Three shiny new pennies! Look, they are beautiful!”

Wife: “3 cents? You’re excited about finding 3 cents on the ground? You’re acting as if you found a $20 bill or something”

Hmmm… She’s right. That’s interesting… There’s a huge difference between $0.03 and $20. In fact it’s a 66,000% difference!  But, my reaction and excitement is almost the same if I found 3 cents or $20. (Ok, maybe I’d have been slightly happier to find $20 on the ground, but not 66,000% happier).

And this all got me thinking about how money and happiness isn’t matched on a 1:1 scale. Humans tend to think linearly.

It’s easy to think that…

• If a car is 2x more expensive, it will bring us 2x more happiness.
• If we had a 5 bedroom house, it would bring us 5x more happiness than a 1 bedroom house.
• If we make $1M per year, we will be 10x happier than making $100k.
• If we wear brand new clothes, we will have brand new experiences.
• Etc, etc, etc.

But the reality is, there’s a point of diminishing returns when it comes to dollars and happiness. And it usually comes WAY sooner than most people think.

It’s easy to focus on the money side of things in life. But at the end of the day, happiness is really what we’re all shooting for, right? So shouldn’t we focus more on the happiness side of things when we earn money, spend it, or randomly find coins on the ground? 

My happiness tipping points

Took me a while to find my happiness points for different things in life (and maybe it will keep changing as I grow older?). But, I think recognizing where my point of diminishing returns is has played a huge role in wealth building and avoiding unnecessary spending.

I’ve learned that…

• Driving my 2010 Prius (worth about $6k) gives me just as much happiness as driving my friend’s new Tesla (worth probably $50k)
• Surfing on my 15 year old surfboard gives me just as much happiness as surfing a brand new board.
• Drinking a $2 craft beer in my backyard feels just as good as spending $8 for a beer at the pub.
• I’m just as happy buying fruit and veggies at the 99c store as I am shopping at expensive places like Whole Foods. (Yes, the 99c stores in my city sell fresh produce, even organics.)
• My iPhone 7 that I got for $100 does the EXACT SAME stuff as the new iPhone XVII (or whatever number they are up to these days.)
• The free haircuts that my mother-in-law gives me have the exact same happiness effect on my life as $60 fancy salon cuts do. (Well, there was that one time where she accidentally shaved a bald spot on the side of my head, but that was an accident, (I think!) )

Of course this doesn’t mean that I never do expensive things… Spending money is sometimes fun. But it’s just not a habit for me to overspend, especially knowing there is very little extra happiness to gain in doing so.

Anyway, just something to keep in mind as you’re going about designing your ideal life. Sometimes the cheaper/free stuff can give you just as much happiness —> while also increasing your $ savings and progressing your path to future financial independence.

And when you see those pennies on the ground, pick ‘em up and rejoice! All free money is good money!

Cheers

Joel

[This post, I found 3 cents on the ground. Woohoo!, was first published by 5am Joel on Elite Edge Money]

[My buddy Fiona, a.k.a The Millennial Money Woman is a financial ninja! She graduated college debt-free by working 50-plus hour weeks (on top of her regular class and study work) and earned a Master of Science degree in Personal Financial Planning. She’s also a CFP®, and now helps others take control of their financial lives and achieve financial freedom early in life!

All you college students out there — or parents sending their kids off to college — check out Fiona’s tips below to save money as a student!]

10 Ways to Save Money in College

I know everyone says that college will be the best 4 years of your life… but I think they’re wrong. 

In my opinion, your years in college will be hard-working, money-saving years in order for you to build the best years in your life. Period.

So how do you set the foundation in college to build the best years in your life?

The first tip is simply don’t get into debt.

Now that being said, I know how hard it can be for the regular college student to graduate without debt. These days 7 out of 10 kids need a student loan because college costs so much money (believe me, I’ve been there – done that). 

So let’s say you’re not the lucky college kid who either has super-wealthy parents to pay your tuition or who got a free ride scholarship. What now?

Below are my top 10 tips to save money in college – and the best part? 

I’ve actually used each and every money saving tip below, so I can tell you these cool college life secrets actually work!

Let’s check it out:

1. Save Money With Meal Prep & Food Budgeting

Have you ever heard of the Freshman 15?

If you haven’t – it refers to the additional pounds of weight an incoming college student typically adds on in their first year of studying.

Why do they put on so much weight?

Because colleges typically require students in their first year to purchase a meal plan. And students have at it!

To be very honest – I also was one of those students who fell victim to the scrumptious foods served by the university campus. I ate everything. And yes, I gained weight.

But here’s the bad part: If you fall victim to the freshman-15 in your first year – and start practicing fairly unhealthy eating habits – how will those habits translate to your second year in college? 

And that’s where they get you: In your second year in college, typically students still want to eat out at any time, anywhere on campus. 

And that can be costly – especially if you are on a curtailed version of your meal plan.

In plain English: You may have to pay a lot more per meal in your second year in college versus your first year – and eating out can seriously add to your living expenses.

So how do you avoid spending so much money on food?

Here’s what I did: I meal prepped every single Sunday night for the entire week. 

Every Sunday, I invited my college friends over and we literally made a small dinner party where everyone helped me cook this gigantic meal for the week. 

• I divided my food up based on lunch and dinner meals
• Each portion was labeled 
• Each meal I placed in the freezer and I took out the meal the day before

Is it a lot of work? Sure.

Was it boring and not very exciting to eat at home every day? Unquestionably.

But did it save me money? Absolutely. In fact – at my college, meal prepping saved me around $12 to $14 a day. That’s $84 to $98 a week.

Had I not meal prepped my week, my savings account would have been screaming at me for spending too much money on going out to eat. Start good spending habits early!

2. Buy a Bike to Save on Transportation Costs in College

My college campus was gigantic – it actually had over 40,000 students attending. That’s right – 40,000. 

So many students decided to purchase a car. I decided to buy a bike.

Why?

Check out the benefits of purchasing a bike while at college below:

• Saved money on commutes
• Low cost (my bike cost me $115)
• No annual parking fee (cars cost over $360 per year for parking)
• No car maintenance costs
• I got the exercise I needed to cut down on my freshman-15

Now, in the cases I needed to travel home from college (which was about 50 miles away from campus) or simply travel outside of the campus bounds, I did the following:

• Car pooled with friends
• Used a car taxing platform such as Uber or Lyft
• Rented a car for the day – which cost me $15 per day 

To be honest though, I rarely used a car while at college. Everything I needed was right on campus. 

Pro Tip: Try to make friends with someone who has a car and seems to be willing to give you a lift every now and then. Trust me – it works.

3. Save on Textbooks by Renting or Sharing With Friends

Textbooks are such a rip off in college (in my humble opinion). 

I actually didn’t know about this tip until it was too late. 

Here’s my story: I went to an economics class and on my first day, the professor let us know that we would have to buy her book from the bookstore. That same day, I went to the campus bookstore and purchased her economics book. Brand new. Big mistake.

That was $850 that I will never get back. And to make matters worse? I only used that economics book once. Ouch.

So how can you avoid spending a ridiculous amount of money on 1 book – like I did?

• At the start of class, try to figure out who the responsible kids are 
• Approach them and ask if they are planning to purchase the class book
• If yes, proposed that you go to the bookstore and split the cost of the book – by renting the textbook not by buying

After I learned my cruel lesson, I applied the tips above and they worked like clockwork because no student wants to spend hundreds of dollars on a textbook. 

The key here is this: Make sure you consider renting and not buying a textbook. Truth be told, I didn’t even know we had the option to rent until I fell trap to purchasing the $850 textbook. 

• Always ask if renting is an option before resorting to buying at a college bookstore
• If renting is not an option, ask if buying used is an option
• Apply all extra money you saved to pay down your student loan!

4. Ask Beauty School Students to Cut Your Hair (for Free!)

Especially for girls, cutting your hair could cost you a pretty penny. 

For example, in my case, I typically walk away from the hairdresser $30 to $40 poorer. And I cut my hair about once every 3 or 4 months. So, we are talking $120 to $160 every year in expenses just to cut my hair – without coloring or any other fanciness. 

When I realized how much money I was spending on hair maintenance, I decided it was time to check out some alternatives.

And this is what I found: My university had a beauty school and beauty students are always motivated to practice their latest and greatest hair cut tips on others… wait for it… For free!

When I found out about this trick – I think my world changed.

Sure, you never really know how your haircut comes out – it could be lop-sided or it could be totally different from what you explained to your hairdresser. But it certainly will be unique – and something you’ll likely never forget.

Even better? It will save you money – and that money saved can go pay off your student loan debt or any other debt you may carry.

5. Skip Out on Spring Break / Winter Break

Who here dreams of going out, partying with your college friends during Spring Break or Winter Break?

Although the breaks are awesome and are the perfect time for students to enjoy their young lives with other college kids – Spring Break and Winter Break can also likely have a pretty large impact on your budget.

I mean, let’s check out the costs of a Spring Break / Winter Break:

• Travel costs
• Hotel stay costs
• Food costs
• Alcohol costs (and this will probably be the largest part of your budget)
• Miscellaneous costs

I mean, on average, college students spend roughly $1,500 to $2,000. And that’s a chunk of money that could be used toward paying off your student loans, credit card debt – or – wait for it – college classes offered during Spring Break or Winter Break!

That’s right. College classes.

And you know what – that’s what I ended up doing: Taking extra college classes during Spring Break and Winter Break because these classes are typically discounted and could help me graduate faster (which they did). 

Skip out on the fun now – use the money you save today to build your future tomorrow.

6. Make Money at College by Becoming a Library Aide 

This is probably the best choice I ever made. 

Becoming a library aide might sound super boring – but you know what? It’s actually pretty awesome – check out my reasons, below:

• You earn money! (It’s minimum wage – but it’s still money)
• You meet pretty interesting people (especially late at night)
• You actually have enough time to study for your classes

And that last bullet point is what made me super excited about becoming a library aide: You are paid for essentially studying for class. 

How much better can studying get?

The best times to work as a library aide typically are during the evening hours or the early morning hours – where there is not much distraction so you have the chance to get some studying in – while getting paid. 

Again, it might not sound like the coolest part time job in the world, but it certainly gets some money flowing to your bank account.

7. Split Netflix With Your Friends

In college I was known as “The Splitter” – and not in a relationship sense.

I was known to literally split everything – without shame and without guilt. Down to the point of splitting the cost of Netflix with my 3 other roomies.

And guess what?

Although my roomies thought I was a bit crazy saving money literally wherever the opportunity presented itself, I think they appreciated it too – because in the end, I also helped them reduce monthly expenses.

We split the cost of everything from:

• Netflix
• Grocery purchases
• Toilet paper
• Taxi rides

Point being: Split as much as you can, while you can. 

Pro Tip: Even more – if you think you have to, write up a contract with your friends to make sure everyone adheres to the paper contract. Yes, you might get some raised eyebrows thrown your way, but written contracts typically are a great way to make sure everyone is held accountable. 

8. Ask for Useful Birthday and Holiday Presents

When I was a high school student, I always asked for the coolest and latest gadgets for my birthday or other holiday occasions. 

These gift requests included a cool new bedroom duvet, a nice dress for a ball, and a funky laptop cover and screen protector.

These are cool things to ask for (especially when you are 15 or 16 years old). But as you grow older, I learned that asking for more practical and useful gifts is probably going to save you a lot of money down the road.

Yes, I’ve said it: I’ve become boring.

Below are a few of my practical gift requests that have helped me save money:

• Financial help toward my car insurance bill
• Financial help toward a medical bill
• Financial help toward purchasing new car tires

See? Pretty boring. 

But… these practical gift requests did help me save hundreds of dollars and still had my friends feel good about the gifts they gave me. 

Win, win!

9. Become Your Own Car Mechanic

Ok, I am not going to lie – I’m actually a pretty good car mechanic.

In fact, I learned my car mechanic skills from my dad.

Why? 

I wanted to learn how to save money and not have to spend a good $50 per oil change visit or another few hundred dollars when my brake pads started to give way.

Believe it or not, I can change my own car brake pads, I can change the oil in my car and I learned a few other nifty car mechanic tricks from dad (and YouTube). 

And you know what?

I saved so much money – and will forever save money because I’m never letting another car mechanic touch my car unless it’s necessary. 

Although I didn’t necessarily have a car while in college, I did have a car graduating college – and these mechanic skills have served to be invaluable by saving me a lot of cash.

10. Choose Student-Friendly Banks & Credit Cards

The last 2 factors that helped me save money in college was selecting student-friendly banks and credit cards.

Believe it or not, there are institutions out there that will want to lend a helping hand to a young college student (and recent college graduates).

However – to take full advantage of the student discount, you will have to read the fine print and make sure you don’t go over the limits.

As a student, I considered 2 different types of credit cards:

• Discover it Student Cash Back Card
• Discover it Student Chrome Card

Both cards have the following:

• $0 annual fee
• 0% intro APR on the first 6 months of purchases
• Recommended credit score of 630 for card application
• However – you don’t have to have a FICO history (and I had no FICO history)

In the end, I went with the Chrome Card – but both were good choices for me, personally.

As it relates to the best student discount banks, there were several to choose from:

• Chase
• Bank of America
• Capital One
• Discover
• U.S. Bank

Just to name a few.

I decided to go with Chase because at the time, they offered a college checking account (and I think they still do) and they didn’t charge monthly fees while in college – for up to 5 years. I thought I was getting the biggest bang for my buck with Chase – and 6 years later, I’m still with them to this day.

Whichever institution or credit card you decide to choose for your personal scenario, make sure you do your research properly before committing. 

Closing Thoughts on Minimizing College Debt

In summary, there are so many different ways to save (and make) money while in college. 

I went through a regular university to study for a degree (marketing) that I never again applied in my life (since I’m a personal finance blogger). So yes, I am living proof that anyone can go to college or to university, study and graduate with a degree, and still end up being successful in a completely unrelated field.

This scenario happens all too often.

As you start your college career – whether it’s your undergraduate or your graduate career – it’s important to save as much money as possible so that when you graduate college, you won’t have to worry about debt despair. 

Trust me, dealing with student debt can get quite overwhelming. 

If you play your college cards just right, chances are you won’t be spending the best years of your life at the university system. However, it’s very likely that you’ll start practicing those healthy money habits that will build a solid financial foundation for your future – which will be the best future of your life.

Start implementing these 10 college saving tips now and your bank accounts will thank me later!

What other creative and crafty college saving tips do you have?

*****

Fiona created The Millennial Money Woman to give back and help others work towards financial freedom early in life. Check out her blog for more great info on side hustles, saving money and debt paydown strategies!

[This post, How to Save Money in College, was first published by 5am Joel on Elite Edge Money]

A few years ago, I went into my local bank branch to do a wire transfer. I wrote my name on the check-in sheet and helped myself to a free cup of coffee in the waiting area. 

After a few minutes, a well-groomed young fellow in a suit and tie came over to greet me. As he reached to shake my hand, I noticed his eyes looking me up and down, studying my old t-shirt, dirty jeans, and worn-down Crocs.

The banker led me to his cubicle while making small talk. He seemed like a cool guy, cracking jokes and calling me “dude.” He was very relaxed and casual.

Then something weird happened.

As he took my drivers license and looked up my account information, his facial expressions started to change. His computer screen showed I had $220,000 in my checking account, 3 mortgages on rental properties, 2 business accounts, and 5 credit cards open with the bank. (I had just sold some real estate — that’s the reason for the high cash balance at the time)

Like the flick of a switch, the banker’s character completely changed. He straightened his posture, looked me in the eyes and started calling me “Mr. O’Leary.” What began as a friendly and casual interaction quickly turned into a professional and robotic business meeting. I felt really awkward being treated differently once he found out I had “wealth.”

This is one of the reasons I’m a fan of practicing stealth wealth. I don’t like being treated differently because of money or financial status.

What Is Stealth Wealth?

It’s basically wealth that’s hidden in plain sight, either intentionally or unintentionally. It’s money, assets, or income that are kept private, revealed only when necessary.

Stealth wealth is also the art of being logical and frugal, even though your money can afford to buy more. It’s the opposite of showing off wealth and success. Flaunting your financial status often comes with disadvantages, so practicing stealth wealth is a good way to avoid public or personal scrutiny.

If you have a higher than normal income, net worth, or even a wealthy family heritage, people may treat you differently compared to someone with a lower economic profile. With stealth wealth, a millionaire (or even a billionaire) would look and act the exact same as someone with no money at all.

Why Keep Your Wealth Private?

Sadly, some people treat you differently when they find out how much money or wealth you have (or don’t have)! Just like in my bank visit story, I felt like I was being treated less like a person and more like a number after the guy looked at my bank account. Keeping your wealth hidden can keep interactions more genuine when meeting new people.

Sometimes wealthy people can become targets for harassment or unwelcomed offers. If you appear to have excess income or wealth, businesses or opportunistic individuals may try to take advantage of you. On the other hand, acting like you don’t have anything of value could make you less of a target.

Certain social pressures can be put on you if people think you are “rich.” Your peers might influence you to buy a luxury car or expensive clothes or to donate money to charities just to fit the typical profile of a wealthy person. Keeping your money status hidden can keep social pressures away.

Spending Money for the Wrong Reasons

Conspicuous consumption (buying luxury goods for the sole purpose of public display) has never made much sense to me. I can’t understand why people would sacrifice so much effort to accumulate money, only to spend it all trying to impress others.

I don’t know about you, but when I see people with an excess of fancy items on display, I usually am the opposite of impressed. Being ostentatious is an indicator that someone probably has a lower net worth than they are portraying. That’s what Thomas J. Stanley’s research found in the book The Millionaire Next Door: 

“Allocating time and money in the pursuit of looking superior often has a predictable outcome: inferior economic achievement. What are three words that profile the affluent? FRUGAL FRUGAL FRUGAL”

From what I understand, the most wealthy Americans are the ones you would never suspect. They may like and buy nice things, but it’s never in excess or flaunted around.

How to Practice Stealth Wealth

First off, it helps tremendously if you stop worrying about what other people think of you. People want to hang around you because of your attractive personality, not because of how you look or the stuff you have.

As your income grows, keep your expenses the same. Lifestyle inflation (spending more money just because you’re earning more money) doesn’t grow wealth – it actually puts you further away from financial independence and early retirement. Lifestyle inflation hurts your retirement saving. Investing all excess income is what the stealth wealth peeps do. :)

Think and act pragmatically. Keanu Reeves catches the subway – even though he can afford to take a helicopter (or any expensive car he wanted) – because the subway is an efficient and convenient way to get around. Same reason Larry Page drives an old Toyota Prius when he can afford to buy any fancy new car he wants.

Buy stuff because YOU like it. It’s totally OK to like and buy fancy things! Just make sure you’re doing it because you see value, not because you think others will find it cool or your close friend has one. One way you can test this is to ask yourself before you buy something, “If you were the last person left in the whole world, would you still buy and use this?”

Use Family Trusts and LLC’s. Putting your larger assets into a business name or family trust is a good way to disassociate your personal name and hide your wealth. Many real estate investors use LLCs to mask their identity and protect their personal liability. Trusts can also be a great way to transfer wealth from parents to kids.

Financial Independence and Stealth Wealth

In the personal finance community, we do a lot of public money talk. We share our net worth, talk about our income and celebrate each other’s financial success. In a way it’s kind of contradictory to stealth wealth, because our assets are far from hidden!

But, there’s a difference between talking about money and boasting about money. People pursuing financial freedom are less concerned with looking like a rich person, and more concerned about the freedom and experiences that true wealth provides.

So if you’re a personal finance nerd, keep up the money talk! Just be mindful of how you’re sharing information. Keep it classy. And keep it stealthy in real life!

*****This was supposed to be the end of the post, but I left my computer unattended and came back to find my wife had read everything and added a note! So I’m including it below :)***** 

My wife’s take on this stealth wealth stuff ;)

Growing up I used to feel uncomfortable about being frugal and living a minimalist lifestyle. I’m from West LA, where people promote a lot of excess and trade their souls for the appearance of lavish lifestyles in upscale neighborhoods. Especially on social media. But finding the FI community has made me become very comfortable in my frugality. I can openly share good deals, free stuff I found, or general opinions on the excess that our local community promotes. Recently what I found really interesting is that the majority of people still don’t like my frugality, they see me as “cheap.”  While yes, this hurts my feelings a bit, it makes me double down on this Stealth Wealth idea; sometimes shutting my mouth when talking to the average person with different mindsets works out for the better. It’s a hard thing to swallow, at least for me, since I truly believe in education at all levels of life. How can I get the people around me to dump the luxury items? I’ve found staying true to my own sensible lifestyle and leading by example is the best I can do sometimes. My 2 cents.

[This post, Living a Stealth Wealth Lifestyle, was first published by 5am Joel on Elite Edge Money]

Just saw this tweet and about spit my coffee out!

No house!! Or possessions!

From a BILLIONAIRE who can have anything and everything under the sun! Wowwww!!!

So WHY????

“Possessions just weigh you down.” BOOM. Damn truth right there.

And of course he still needs a place to live and HAS to keep at least one of his own cars, right???!, but seeing how he’s just listed a couple of his LA homes for sale, it looks like he’s starting to put his money where his keyboard is…

And I love him for it!! So does the rest of the minimalist community I’d imagine as it only amplifies our message! :) If a billionaire can keep their wants in check, why can’t the rest of us?? Or perhaps that’s precisely why he’s able to do it easier? Because the thrill of the “wants” are now gone?

Whatever the case, we all know that the more you own, the more you have to maintain, so if you’re going for pure FOCUS improvements this would certainly be a way to get it.

And I’ll admit I’m a tad bit jealous too! Not for his money at all, but just for the fact he can make moves like that without his family getting all pissed off! ;) Though from another tweet he shot soon after, it looks like his gf isn’t exactly on his side, haha… So even more power to him!

If anyone gives you $hit, Elon, just pass along this line mic drop style:

Freedom > Money > Stuff

3 simple words that have gone on to immensely change my own life. We’re all in different phases of this, but it ultimately comes down to the freedom to CHOOSE our own lives instead of letting others choose for us…  “Choose Yourself” as James Altucher would say.

Normal people get normal results, so if you want something extraordinary you need to make extraordinary changes! And rerouting your life towards *freedom* instead of *stuff* is a major first step towards that transition.

So keep doing YOU, señor Musk! Keep showing the world there are other ways to live your life than what’s expected, whether we want to head to other planets or simply create a better life for ourselves here on Earth. It’s not always easy to follow even when we KNOW what we should be doing, but hearing people like you just going for it definitely helps inspire.

So thanks!! And I’m rooting for you over here!

What say my other minimalists in the house? Think you could take it to this level or is it too extreme for you? What’s the biggest thing YOU’VE ever given up to improve your lifestyle?

******
Pic up top via Wikimedia Commons – It’s the Tesla Roadster orbiting Earth!!

[This post, Could you sell your house and all your possessions like Elon Musk?, was first published by J. Money on Elite Edge Money]

Morning, guys!!

Stumbled across an old comment on the blog I tagged to share some day, and decided today’s that day before I forget again! :) It was dropped in 2018 so it’s a tiny bit dated, but a majority of this still holds true and thought you might find it as fascinating as I did when I first read it…

Amazing that no matter where you live, or who you are, you still always have to deal with this money stuff!! And some places – most places – have it much worse than we do, yet people still find a way to power through!

Here’s the note from “silent reader” in response to our post on 7 money goals to hit by 35:

******

Hello, J. Money and everyone.

Long-time silent reader here…

I always read your blog with a great interest, because, yeah, the budget is sexy and it is pretty interesting to see how your (USA) financial system works.

I find your financial system more logical, stable and predictable, than ours. I was born in USSR, now live in Ukraine and our financial system, let’s face a truth, is $hit.

When USSR broke down, our people lost ALL their savings and stability. When the initial shock subsided, people started to save money from zero point again.

No one trusted banks, because they existed for a couple of years only, and then they suddenly disappeared in the night taking peoples’ savings with them.

So, people saved their money in cash at their homes and protected them (big and angry dogs, thick metal doors, high security locks, etc.).

Most savings were in a national money, because it was pretty hard to buy American $.

• At those halcyon times (1996) $1 costed around 2 grivnas (Ukranian money)
• In 2008, $1 costed 8 grivnas (financial crisis).
• In 2014, $1 costed 33 grivnas (financial crisis and war with Russia).
• Today, $1 costs 27 grivnas.

Loss after loss…

By the time we were 40, my husband and I both had an Uni degree and PhD, good jobs (I’m a medical doctor and he is a history scientist) and NO debts. We live in a big city and have a son.

We bought our own apartment when we were 35 (paid off in cash). This year we bought an apartment (paid off in cash) for our son (he is 13 now).

Also, we save money (10% of general income) for our son’s future Uni education. We want him to start his adult life having his own home, proper education and no debts. It is up to him how to live his own life further, but we did everything we could to help him to stay on his own two feet.

Although we’ll get a guaranteed pension in the future, we save money for our retirement also (20% of our general income). Who knows how our country is going to surprise us.

We live 20 mins ride from our work, so we never had a car. We use the public transport and, sometimes, taxi (emergency cases).

Our lifestyle is pretty minimalistic, but we have everything we need.

We always contemplate and discuss every purchase, and we have a principle – “we are not so wealthy to buy cheap things”. We buy 1 thing that has a high quality and a long lifespan, instead of 2-3 cheap things of the same kind. At the end of the day, 2-3 cheap things cost more in general, than 1 high quality thing.

If we both lose our jobs, we have a safety pad for 1 year of normal life or 2 years of “cheap” life. Plus, we always can sell my jewelry to have an additional 1-2 years of relatively good life.

We don’t have such an estate plan as you guys have, but if we die suddenly, our son would inherit everything (according to our laws).

That’s how life goes on the other side of the globe. Thank you for the attention :)

******

So interesting/scary/inspirational, right?! Did you catch all those $$$ wins in there??

• Paid off house IN CASH!
• Paid off house #2 (apartment for son) IN CASH!
• 10% towards college savings
• 20% towards retirement savings
• LIVING MINIMALLY
• No cars
• Guaranteed pension!
• Ton of jewelry stacked up! Haha…

Definitely thriving in a world most of us wouldn’t even know how to handle :) And looking back at my response to her, couldn’t help but get jolted by the last line I wrote there too!

We have it SO EASY here in the States, and yet so many people still complain and feel they are owed more/etc/etc.. We’d have the biggest shock of our lives going through what hundreds of other countries have gone through over the centuries… And who knows what’s lurking for us too in the future with how politics and such are shaping up!

Eek! The politics are still going downhill, but little did we know a PANDEMIC was lurking around the corner! And just how are we responding to it as a nation??? Ugh… Still better off than most of the world, but boy do we have a lot more learning to do :(

At any rate – thought you might enjoy this perspective from halfway around the world, and maybe pick up some motivation along the way too :)

Not all of us will be able to pay off our houses anytime soon, but we can still keep striving to make a better life for ourselves!! Both now and into the future!

And lots of stuff to still be GRATEFUL for along the way too…

Thanks for not being so silent anymore, silent reader :)

*****

UPDATE: Got this email from another reader of the site who shares more insight on Ukrainian life :)

“I’m married to a Ukrainian, and his cultural background of paying for everything in cash took a little while for me to get used to, but it’s such a great way to ramp up net worth. I’ll note that flats in Ukraine are a lot cheaper than property in the US, and no one pays for upkeep of common areas so there’s no association dues (so they’re affordable, but dingy on the outside). You can get a decent apartment for $50-90k, depending on the city and area. As your commenter said, Ukrainians are wary of banks, and there’s very little credit available for mortgages. My in-laws think we’re crazy for having a mortgage and stand-alone single family home in the US.

[This post, Life on the other side of the globe!, was first published by J. Money on Elite Edge Money]

Well here’s something you don’t see every day!

A video game inspired by Henry David Thoreau! Who’s probably rolling in his grave right now at the thought of this being out in the world! Haha…

But on the plus side – we all get to live like him now as if we were the main character in Walden! A must have classic on all FIRE enthusiasts’ bookshelves! ;) If you don’t have it already, stop reading this and go out and pick up a copy!

“Walden” by Henry David Thoreau

(Amazon affiliate link…)

Created by a team from USC’s Game Innovation Lab, it really is a “different” take on video games and has picked up a number of awards since it was rolled out in 2018.

Here’s more from their website (WaldenGame.com):

Walden, a game is an exploratory narrative and open world simulation of the life of American philosopher Henry David Thoreau during his experiment in self-reliant living at Walden Pond. The game begins in the summer of 1845 when Thoreau moved to the Pond and built his cabin there.

Players follow in his footsteps, surviving in the woods by finding food and fuel and maintaining their shelter and clothing. At the same time, players are surrounded by the beauty of the woods and the Pond, which hold a promise of a sublime life beyond these basic needs. The game follows the loose narrative of Thoreau’s first year in the woods, with each season holding its own challenges for survival and possibilities for inspiration.

The audience for the game is broad: from experimental game players to lovers of Thoreau and Transcendental literature. As such, the game offers more opportunities for reflective play than strategic challenge.

And here’s the trailer for it, along with screen shots once you’re inside the game:

[Trailer: Walden, a game]

Pretty neat, right? It might actually make me PLAY A VIDEO GAME for once, since Lord knows I’ve been out of the loop on them for quite a while, haha…

It’s currently available on PC, Mac, PlayStation 4, and then coming soon on XBOX. And if you’re an educator/home schooler – including even us temporary ones! – you can actually download it for FREE!

We have always made Walden, a game free to educators, including home schoolers and we want to be sure that parents who are now home schooling due to the Coronavirus are aware that they can request a free license. Just write to us here and we’ll send you a link to download and curriculum that may help you introduce your kids to Thoreau and Walden Pond.

Really cool stuff…

Here’s an article you’ll want to check out too that someone from Twitter passed me which alerted me to this game: Reading The Game: Walden via NPR. (Thanks @pschmalz90!)

And then here’s a blog that specifically channels Walden into his daily life and finances too – perfect for those who couldn’t care less about this game! ;)

WannabeWalden.com

“This blog is for young men and women who are willing to live on their own terms. Stepping outside of our cultural norm. A life where we do what we love, and not what society expect from us. We can do this by embracing simplicity and minimalism. And by doing so we can become financial independent, and do exactly what we want to do. No more, no less.”

Never know what you’re going to learn on any given day! Haha…

But as HDT once said himself,

If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours

It really is all about striving to become better versions of ourselves.

So don’t ever stop learning!

[This post, Walden – The Video Game!, was first published by J. Money on Elite Edge Money]