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$2 Dollars

August 30th, 2009 Joe No comments

Step three of Average Joe Millionaires getting rich 101 is best explained with a story.

When I was a kid I went to my uncles Paul’s house.  We were in his kitchen having a bit of orange juice and when he opened his cabinet I saw a small stack of cash sitting on the top shelf.  As a 13 year old kid a stack of $20 dollar bills an inch high was a lifetime worth of allowance.  I thought that was SOOO much money.  Uncle Paul took the money down and we counted it.  He had about $400 dollars.  He said that every time money came into his hands he took 10% and put it there until he had around $500 dollars and then he put it into a savings account.  He said he started when he was 21 years old.

When he was 21 he met a girl he wanted to marry.  He had talked to her and she told him that he had to buy a ring.  So the next paycheck he got he took $2 dollars and put it in the cabinet.  My Uncle was 21, he was broke, and he was only making $200 dollars every two weeks.   Most people would not even bother saving $2 dollars.  Uncle Paul may have not bothered either but he needed to buy a ring.  Paul ended up saving up around $500 by picking up extra shifts and putting all his extra money in that cabinet.  He bought his ring and married my aunt.  Uncle Paul stuck with the savings routine and from that day forward he started saving between 10% and 20% from every check.  Uncle Paul saved all that money and  put it into a special savings account last year Uncle Paul and I were talking about money and I asked him how it $2 dollar savings account is doing.  Paul said “that account now has about $2.5 million dollars in it.”  $2.5 million dollars and it all started with $2 dollars.