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Are You a Casual Consumer?Posted by admin on: 2005-11-30 08:47:23 in category:
Retirement Planning News [ Print | Permalink / 0 Comment(s) ] By Tom Palange When developing your budget, it is important to monitor your daily purchases because you may discover that you have developed some expensive habits. Take for instance the daily ritual of stopping for a cup of coffee. Without realizing it, you may discover that you have been drinking away a small fortune. All too often, individuals unconsciously make purchases that seem insignificant, but over time add up to be a significant amount of money. If you think hard enough, there are probably many casual purchases that you make on a daily basis. The average cost to buy a cup of coffee and a muffin is $5.00. If you were to stop at the coffee shop everyday during a 7-day week you would spend $35.00. Over time this equates to $150.00 per month or $1,800.00 per year. However, if you were to forego this daily ritual and instead invest that money at a rate of 10% annual return you would have about $1million after 40 years ($948,611.00 to be exact). As you can see, habits such as this will open your eyes and you may be inclined to think twice the next time that you have the urge to buy a coffee. ACCC encourages you to keep a notebook with all of your daily expenses. Track all of the little items; coffee, takeout for lunch, and afternoon snacks. With just a few adjustments, you can better control your finances and become a better spender. To download a household budget worksheet go to http://www.consumercredit.com/budget-sheet.htm. Brought to you by American Consumer Credit Counseling (ACCC). ACCC is a non-profit credit counseling and financial education agency committed to promoting financial literacy. It is our mission to financially empower consumers to regain control of their lives through education and financial management. More information can be found by logging on to www.consumercredit.com. American Consumer Credit Counseling Attn: Tom Palange Education Programs Specialist 130 Rumford Ave. Newton, MA 02466 http://www.consumercredit.com 1-800-769-3571 Ext. 708 Open community websites http://www.business-business.biz http://www.investment-investment.us http://www.retirement-retirement.com Recommended sites To design your custom retirement plan. http://www.retirement-plan.us For planning an IRA rollover this is the site to review. http://www.ira-rollover.us For professional asset allocation and the wonders it can do. http://www.asset-allocation.us Managers selected to fit your needs. http://www.money-managers.us |
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