This Is the Year to Get Richer!

Automatic TRANSCRIPT

Priority okay. Gene says she has four simple steps that anyone right now can follow get richer at number one is maximize your income figure out what you need. And then if you're not earning it go get some more you know. Women are really good at asking for anything for our kids when it comes to asking for money for us. We are terrible. Okay step to spend less than you make now. This is where a lot of people of all. Here's what. I want everybody to do the next time. You go make a purchase whether it's a three dollar purchase or a three hundred dollar purchase. You pause take a breath. Ask yourself what am i doing here. Do i need this off. And that's all it takes to get you to walk away young lady and red here. Can you stand up even even as you're speaking. You know you watch people's body language for she was like this and she's like this when you said She was like this. So i'm that's affecting you somehow. Yes what is what. what's going on. We'll have a similar situation where i'm just getting out of a marriage and have a single income household in basically starting all over financially And so just hearing what you're saying. I'm really trying to figure out how to budget. I actually just moved to chicago from detroit so trying to figure out how to budget in just trying to figure out like you said how to spend less than what you make. Is that challenge. You can do is start watching what you're spending. Now get a notebook and start tracking your spending. You're gonna find places that you can spend less and you're gonna find a lot of places where you say. Oh my god. I spent that and that's when you can start to really change. Well let's let's go back to. Because i saw her reaction. That's why thank you very much for standing up but that the question of you're standing in the mall you know you got the mall browsers. You've got the people they they they they do the mall thing. Yeah to fill themselves up to make themselves happy to tin. They're feeding something that they don't think they have. They're trying to make themselves happy with things. It doesn't work. You wear a mask to show you care that you can help reduce the spread of covid. Nineteen so your community. Thanks you the virginia department of health. Thanks you and asks you to learn more at v. h. dot virginia dot gov g. What's the third step. The third step is to invest that money that you're not spending you're not spending it so you've got a whole pile of cash sitting in your checking account or in your paycheck. You move it out of your hot. Little hands automatically. By changing your withholding some of it goes into a 401k. Or just calling up your bank. And saying i want some of this to go into a money market account every single month you do it automatically and enough of this saving at two percent interest. There are really good savings rates out there now. Four percent five percent go get him because the difference between earning one percent on your money and five percent on your money can be hundreds of thousands when it comes to retirement. How much should you be saving. You should be aiming for ten percent and if you save ten percent over a period of time over a period of time you should be fine when it comes to retirement. You should be fine but you've got to put that money to work for you. You gotta wake up those assets that are sitting there sleeping and make them work just as hard as you do and then once he got this nice financial picture that you've built this rosy picture you're heading towards your million dollars you have to protect it. You have to protect you need insurance health insurance life insurance disability insurance a will so that it can take care of you and the people you love and you need not to make that mistake that carry made. I want every woman sitting here to have money in your name. Money in your own and you did not have no not really everything was co mingled of. Yeah and now you wish you did at forty eight. Would you say to every woman who's watching. Here's your story well for me. I think the story is hope. Jane given me a tremendous amount of hope that it. It isn't too late and you can start over at any age if you have to but Certainly i would choose to do things much differently. I would hope that my daughter and my granddaughter would do things differently than i did. But moving forward for me. There's hope and Would you do differently. The number one thing. The number one thing is i would have a savings account in my own name and i would be contributing directly to that. Yeah yeah. I think that's the new feminism to have their savings account in your own little red sports car. It is sports car. And and it's a myth that if you're not in the workforce you can't say for retirement you are entitled to open an ira of your own. So let's check in with our five audience members. We just pulled them out of their seats. Now they're backstage with gene jetskis money magazine dream team gene says in one hour. This is what they say. They're going to be thousands of dollars richer with their own money. We're gonna see how that's going to happen. How's it going up there oprah. It's going just great. I hustled up here. I checked in with the money magazine team and they are making great progress. But you gotta know. They're dealing with some big issues here. We've got lindsay and matt. They've got six thousand dollars in credit card debt. Sixty five thousand dollars in student. Loan their big problem. She's ever. He's a spender over here. We have kathy and steve again. They've got a big credit card debt but they're bigger problem is that they are spending seven hundred dollars a month supporting their twenty two year old son clearly. That has to stop finally over here. We've got diana. Now diana's scott credit card debt but she's young. She's got a lot of time on her hands. She should not be living paycheck to paycheck. So we're working our magic to find. Use the money that you can start putting away. Okay come on back down gene okay. I'm i'm on my way to the final results at the end of the show. Now i want you to meet a group of friends who put an end to their money madness and they took matters into their own hand cookies. We followed your diet. We stopped making excuses and we started making money. It all started a year ago. When twenty-four-year-old katie tons worth decided. It was time for she and her friends to stop spending. Start saving and get richer. My biggest skews. It spend hours later and one of my excuses that i was just too young to save. So they set up weekly. Meetings confessed their debt and made a plan to pay down. Then start investing all of the team. I thought the right close to attract the right people into my life now. I know better a smart cookie. Share close and i literally save about six hundred dollars a month us to believe i couldn't live without a car but i've realized is taking. The bus isn't so bad name. Saving on car insurance gas and parking tickets shooting seven hundred dollars a month. Robin kept her car. Gave up a parking spot instead. Now she makes extra fifty dollars a month rating it out while she parks on the street for free katie and her fiance. Nick even managed to save enough money to pay for their twenty two thousand dollar wedding in cash. The smart cookies. I've saved thousands making small changes cutting cable walking dogs selling clothes and even sharing magazines to being smart cookies. Congratulations

Coming up next