Million Dollar Savings Club Turns 1 Year Old: One Man’s Journey
August 23rd, 2007 |
Well it’s hard to think that one year ago today I started the Million Dollar Savings Club. That’s right I started with just $1. You can read my journey here.
So how much have I saved? Not $300.00, $600.00, or even $900.00. I’ve officially saved $2,125.86. Some is in a pile of money in my bedroom, some is in my ING Direct Online Savings Account, and even more is my free online stock trading account.
Here’s a recap of my One Year Journey:
The first 139 days:
I saved $1 per day in 3 piles of money.
$1 for saving
$1 for investing
$1 to give-away
Some things I learned:
It’s hard to remember to put a dollar away every night. It’s amazing to see how fast the money builds up. Everyone should start here and see if you can beat my record. If you beat it, email me. I’d love to share your story with everyone. So I did this for 139 days.
Side Note: As people you live with discover your piles of money they’ll start asking to “borrow it” or they may even take it. Be careful in lending your money or you’ll find your pile dries up quickly.
Beyond 139 days:
Next, I opened an ING Direct Online Savings account. I committed to saving $50 per week. At the beginning of the year I formalized this with being a bronze, silver, or Gold saver.
Later I realized that even though ING direct is great, I needed a better return on some of my money. I found a free online stock trading website and opened an account. The amazing thing is you can open an account with under a hundred bucks. I started with $500.00 and quickly grew it to $512.12 by trading shares of an index fund called IVV. It’s been fun. Much like Gambling.
So how much have you saved in the last year? If you don’t like the answer, start with just $1 like I did one year ago. Then you’ll see the money build up and make some bigger commitments. Hopefully this time next year you’ll do better than me and have over $2,100 in the bank!
Until Next Time… Keep on saving.
