ReGrow your Vegtable waste, Cool trick

Brilliant money saving technique!!!

I bet a lot of you throw out the stump at the end of the lettuce when you are done. Until recently, so did I! Then I came across this really interesting post online about regrowing from the remaining hunk. It is simple:

Save the end from your lettuce and put into a little water (about a half inch). Change out the water every day. The lettuce will grow back incredibly quick too.

The one on the left i cut today. The middle one yesterday and the one on the right, the day before. You can see how much it grows in just two days!!

But don't feel limited to romaine. This technique can also be used with green onions and celery

Sat, 20 Oct 2012 04:30:00 GMT | By Liz Pulliam Weston, MSN Money

What it means to be rich

In our competitive culture, you may feel like a pauper compared with all the princes and princesses. But truly feeling rich is all about perspective.

What's it like to be rich?'

My friend was settling into her business-class seat on a flight to London when a man making his way to coach asked her that question.

The man seemed a little odd, she said, but he didn't sound hostile. Just curious. Still, she was caught off guard. Instead of ignoring the question or offering a non-answer — the usual approaches etiquette experts suggest when people ask rude questions about money — she told him honestly that she hadn't paid for the seat, a company had.

His bluntness and her unease show how loaded the term 'rich' can be. It can inspire awe and anger, admiration and envy, curiosity and contempt. 'Rich' implies a level of security and ease that many people, including those with a lot of money, don't actually feel.

So you might be interested to learn that if you're reading this sentence, you're probably rich. And no, I don't mean rich in friendships or health or family (although good for you if you are). I mean in material terms.

How can I say that? Well, think about the following:

• We may fret about the price of gas, but at least 85 per cent of the world's population doesn't own a car. (Source: WardsAuto)
• We may hate to pay the utility bill each month, but nearly one-quarter of the world lives without electricity and one-third doesn't have access to basic sanitation, such as a toilet. More than one billion people don't have adequate access to clean water. (Scientific American, 2006 United Nations Human Development Report)
• Even people below the low-income cut-off — which is about 9.4 per cent of the Canadian population -- are better off than the vast majority of humanity. Someone earning just US$11,000 a year, actually has more income than 87 per cent of the people on the planet. Nearly three billion people live on less than $2 a day, or $730 a year. (Index Mundi, GlobalRichList.com, the World Bank)
• You needed a household income of $366,717 to make it into the top one per cent of Canadian taxpayers in 2010. On the other hand, the Canadian median after-tax household income for families of two or more of $65,500 would put you in the top 0.9 per cent worldwide. (Canadian Centre for Policy Alternatives, GlobalRichList.com)

Some of those statistics may surprise you. But they may not make you feel much richer.

That's because we don't tend to look down when we're assessing whether we're wealthy. We look up. If the people above us on the economic ladder can afford business-class seats on overseas flights, we may feel bad about our coach-class seats.

Of course, most of the world couldn't afford the cab fare to the airport, let alone an overseas flight. And those folks in business class may be fretting because they're not passengers on a private jet. (I'm not sure whom the private jet riders envy. Maybe billionaire Sir Richard Branson, with his rockets.)

'It's all a matter of perspective,' writes my friend Marla Fisher. 'When I go to Newport Beach [Calif.] and visit gorgeous homes with yachts, I feel poor. But when I go to Third World countries and see people living in mud shacks, I know we are rich because we live in a comfortable home with soft beds and plenty of food to eat and have a car to drive and the chance to go on vacation and attend nice clean schools.'

We also tend to look back. Our parents and grandparents may not have had easy financial lives. They may not have had all the stuff we have today. But they came up in a time of generally rising incomes. In the U.S., the median income adjusted for inflation still hasn't climbed back to its 1999 peak. For some, reduced expectations make it hard to feel rich.

'Rich' is a pretty squishy term, in any case. When I asked my Facebook fans what it would take for them to feel rich, some set the bar pretty high. For one gentleman, it was '$50 million in total assets and at least $10 million a year in net income.' Another wanted $5 million in the bank.

'I wouldn't feel rich even making $250,000 a year because I'd feel like that could end at any time and I'd be in danger of not meeting my nest egg goals,' he said.

Several said being rich would mean being having no debt. Some said they'd feel rich if they didn't have to work anymore. Others just wanted a job they could count on.

'I'd feel 'rich' if I were in a job that provided for my basic needs: rent, food, utilities, with a little extra for fun or a vacation sometimes,' one woman wrote. 'I'd feel richer if I knew the job was permanent and safe. I've been laid off more times in four years that I can really count anymore.'

Another woman put it succinctly: 'Rich is never having to stop and think if there's enough money in the bank account to pay for whatever is on the counter.'

Why should we ask ourselves this question? It's not a pointless exercise. Questioning and challenging our feelings about wealth can actually help us achieve some goals.

If your expectations are unrealistic, you probably won't create a plan that might get you ahead. If your goals are achievable, you might.

You aren't likely to be able to buy a professional sports team, for example, so starting to save for one is silly. You could, on the other hand, build up an emergency fund so you don't have to be quite so terrified of losing your job. You could contribute to a retirement plan, so someday you'll have the choice to stop working. You could start to pay down your debt, so you can free yourself of your lenders.

Small potatoes, you think? Perhaps. But small contributions over time can build up into real money -- money that can help you achieve the freedom, security and ease most of us associate with being rich.

Liz Weston is the Web's most-read personal-finance writer. She is the author of several books, most recently 'The 10 Commandments of Money: Survive and Thrive in the New Economy' 

Can basic math skills make you rich?

By Jason Hull | U.S.News & World Report LP – Fri, 28 Sep, 2012 10:19 AM EDT

I apparently owe a lot to my 9th grade math teacher. Every Friday, Mr. Smith would have the class play a game. He would write a series of numbers on the board, and the goal was to use basic math to make the first four numbers total the last one.

For example, he'd write: 1 6 8 3 10

    You'd have to come up with the right mathematical equation. In this case, ((6*3)-8)/1 = 10 would be the right answer. I loved that game. I was one of the better players in the class--so much so that a classmate wrote something about it in my yearbook. I was honored, although, looking back, it was probably a jab at my incurable nerdiness. While I could never translate my basic skills into nuclear engineering, I was being trained, unwittingly, to become financially successful.

Your Math and Memory Skills Influence Your Money Skills

A study by the RAND Corporation, a nonprofit think tank, showed a direct correlation between numeracy (a fancy word for math skills), delayed recall (the ability to remember something you've seen after some delay) and your future wealth. Researchers gave a basic numeracy test to participants, and matched scores to household wealth. the results were stunning. For households where both spouses scored zero correct answers on the test, the average wealth was $200,000. For households where both spouses got all of the answers correct, the average wealth was $1.7 million. That's an 850 percent increase for the highly numerate families compared to the innumerate families. The results were similar, although not as dramatic as the numeracy scores, for recall capabilities--the ability to remember a word set after a break of a few minutes. Families with high word recall scores were approximately 350 percent as wealthy as those with low word recall scores.

The Blind Lead the Seeing

Gender differences showed up too--and not in ways that make the most financial sense for families. Because of historical norms, men tend to be the ones who do the finances in the family. In this study, it was no different. In 62 percent of households surveyed, men were responsible for the finances. The trend is more pronounced when the man is older, and at least 10 years older than his wife. When the man was in his 70s and the wife was more than 10 years younger, the man was responsible for the finances 82 percent of the time.

Even if the man is a numerical incompetent, he's still just as likely to make the household financial decisions. If cases where the male in the couple scored zero on the numeracy test, he was still the one making the financial decisions 50 percent of the time. In other words, gender norms dictate who makes money decisions rather than letting skill dictate financial responsibility. It's absurd.

Let's look at the financial impact that this has on couples. We'll look at two pairings: First, let's look at the case where one spouse scores zero on the study's numeracy score and the other spouse scores a two (out of a possible three). We'll look at the average wealth of these families depending on who's the financial decision maker:

Total wealth when the zero-scoring spouse is the decision maker: $548,500

Total wealth when the two-scoring spouse is the decision maker: $684,500

Difference: $136,000

Even narrower differences in the numeracy score make a big difference when it comes to handling financial decisions. Here's the same wealth comparison when one spouse scores zero on the numeracy score and the other scores a one. We'll do the same wealth comparison:

Total wealth when the zero-scoring spouse is the decision maker: $339,800

Total wealth when the one-scoring spouse is the decision maker: $388,400

Difference: $49,600

There were no 0-3 pairings. Apparently, math nerds keep to themselves.

What Can You Do to Promote the Math Whiz in Your Family?

Determine who has a higher numeracy. There are several numeracy quizzes online. Take one, and put the winner in charge of the finances. This doesn't mean that the less numerate spouse gets no say. You should still plan family budgets together and talk about investment strategies, as well as joint long-term goals. But someone has to control the conch (probably the only Lord of the Flies reference you'll ever see me make), and, as the RAND study shows, the math nerd should hold it.

Improve your math skills. Play games. Play Sudoku. Do math puzzles. Having basic numeracy is a very important skill to help you survive and get ahead in the world, whether you have to work with numbers in your day job or not. We're not born with an innate ability to figure out integrals and derivatives; we learn those skills.

Improve your memory. The second consequential factor for determining household wealth was the ability to recall information which had been previously presented. By improving your memory, you'll be able to recall the heuristics needed to appropriately apply your math skills. You'll remember rules of thumb such as how much of your paycheck you should set aside, or what percentage of your investments should be in equities.

Next time you see someone on the plane who's whizzing through Sudoku puzzles, don't think "dork." Instead, think "next Warren Buffett." Thanks, Mr. Smith.

Make money like a rich person

Knowing how the 1% got that way can help point you in their direction.

Visit the Wild West

Six of 10 multimillionaires say "taking some risk" was key to building their wealth, reports Spectrem, a wealth research firm.

One high-risk investment with potentially big gains, says planner Chris Cordaro: so-called frontier markets, like Vietnam, Sri Lanka, and Kazakhstan. "They have the valuations and growth potential that emerging markets used to," says Cordaro.

To gain entry, go with an ETF like Guggenheim Frontier Markets (FRN) with big bets on Chile, Egypt, and Colombia and smaller stakes in places like Lebanon and Kazakhstan where it's difficult for Americans to invest. Plus, it's cheap, charging just 0.7% of assets. 

Scout out deals

"Most millionaires are coupon clippers," says Thomas Stanley, co-author of The Millionaire Next Door. They're also deliberate vs. recreational shoppers using a detailed list to save time and money.

"The more time you spend in a store, the more you're likely to spend," says Stanley.

Indeed, 72% of those with a net worth between $5 million and $25 million indicated that frugality was one of the top five reasons for the wealth they'd built.

So don't be above hunting for discounts in the bargain racks, waiting for sales before you buy, claiming loyalty-card rewards, and generally looking for ways to save a buck rather than paying full price. 

Readers weigh in: Be like Buffett

"I follow Warren Buffett's advice: Be fearful when others are greedy, and greedy when others are fearful. It's a reminder that down days are buying opportunities and nothing goes up forever." -- Brian Frain, Milwaukee, Wisc.

Practice patience

Millionaires tend to live in their homes for a very long time (about half of them for more than 20 years), hold their stocks for long periods, and even stay married longer (only 4% are divorced or separated).

The reward of sticking with it: You don't lose money to transaction costs and you ride out market slumps, so in the end all of your investments typically pay off. 

Embrace your humble abode

There are three times more millionaires living in homes valued under $300,000 than are living in houses worth $1 million or more. Smart approach.

Historically, stocks have handily beaten the returns on real estate and lately, prices on smaller homes have held up better than larger ones. 

Be your own boss

Wealthy households are more likely than others to be headed by a business owner, according to the Kauffman Foundation for Entrepreneurial Leadership.

A turnkey approach to ownership: Buy a franchise. These four that follow have a relatively low cost of entry and won high marks for their financial prospects and franchisee satisfaction in a 2011 Franchise Business Review survey:

HEAVEN'S BEST CARPET & UPHOLSTERY CLEANING

The business: The company is now in 1,500 towns and cities because of its popular quick-dry cleaning technique.

Investment: $29,000 to $64,000

PADGETT BUSINESS SERVICES

The business: Specializing in tax and payroll services for small businesses, this is a good fit for corporate refugees.

Investment: $106,000

U.S. LAWNS

The business: This commercial lawn maintenance company will train those with no background in the industry.

Investment: $50,000 to $75,000

VISITING ANGELS

The business: Franchisees of this provider of non-medical home care to seniors and other adults average $10,000 to $50,000 in first-year revenue.

Investment: $60,000 to $80,000 

Trick yourself into getting richer

By Carla Fried | Money – Tue, 26 Jun, 2012 8:39 PM EDT

The mind is a powerful tool, especially when it comes to spending and saving. Whether it's by going over your finances in a different language or putting on a smile at work, tricking yourself into thinking differently about your finances can make a huge difference.

This is part of a special report on 101+ ways to build wealth. In this story, readers and experts weigh in with advice on how you can turn behavioral foibles into assets rather than liabilities.

Weigh decisions in Espanol. In his recent book, "Thinking, Fast and Slow," Nobel Prize-winning psychologist Daniel Kahnemann explains that human brains are of two minds: the fast, intuitive decision-maker and the slower, more analytical ponderer.

When it comes to finances, people often let their fast-twitch muscles do the deciding.

A new University of Chicago study suggests an antidote: Think through a financial situation in a non-native language, which can lead you to better considered decisions. "It makes you slow down and think it through more," says Boaz Keysar, the professor who led the research.

No habla a foreign tongue? Keysar says that focusing on why you're making a particular decision can help you gain objectivity.

Don't worry, be happy. A Brookings study found happier workers ended up with higher incomes.

So curb connecting to work 24/7 to spend more time with friends and family -- that's key to happiness, finds University of Pennsylvania prof Martin Seligman.

Personalize your accounts.

People who labelled their savings accounts with specific goals put away 31% more money than those who didn't, according to ongoing research sponsored by Innovations for Poverty Action. Those results suggest that assigning meaningful names makes your goals seem tangible. So attach a moniker to your accounts, like "retirement fund" or "anniversary trip."

Use a photo to keep you riveted. Adding a picture of what or who they were saving for (whether it's a motorbike or a child's college education) helped subjects stay committed to their savings goals, according to a recent study.

So put a nice photo of Junior -- or Harley -- in your wallet. That way, when you're tempted to pull out a credit card for an impulse purchase, you'll have a second thought.

Choose your friends wisely. Fight the urge to keep up with the Joneses by palling around with the right types of people.

"If you spend time around frugal people, you are more likely to mimic their attitudes and actions toward building wealth," says Chicago financial planner Cicily Maton.

Make friends outside the 'hood. A study last year out of the University of Southern California found that the more insular the neighborhood, the more likely an individual would copy or outdo her neighbor's car purchase.

Spend time with the less fortunate. Researchers at the University of New South Wales, Australia, found that for every extra dollar earned by the people around you, you will put 9% less into savings. Another good reason to volunteer in a soup kitchen?

Hang with the folks at the ugly house. Several studies confirm the "neighborhood effect" -- the proclivity of Americans to spend a lot of money improving their houses when others in their area are doing so.

Avoid being sucked in by asking a realtor how much that home theater will add to your property value.

Probably not so much.

Connect to the future you

One key roadblock to retirement saving is the emotional disconnect you may feel toward the idea of your older, retired self. People are reluctant to sacrifice spending today for the sake of someone who feels like a stranger. These steps can help:

Visualize your older self. Young people who looked at aged images of themselves said they'd save twice as much as a control group, a recent study found. Do your own digital aging with apps like AgeMyFacePro.

Imagine your dream retirement. Behavioral economist Shlomo Benartzi suggests picturing exactly how your retirement would look if you saved enough. Then determine what steps you can take to make the vision play out.

Spend time with old folks. In a study led by NYU prof Hal Hershfield, people who were prompted to think about their grandparents were likely to have saved more than those who weren't. Bet Aunt Ida would appreciate a visit anyway.

See what your nest egg buys you. Among investors who got projections on how much income their savings would yield in retirement, those who subsequently decided to change their contributions increased their savings by $800 a year, according to a study from the Financial Literacy Center.

See if the exercise will be a wake-up call for you: Use a retirement-income calculator (find one atcnnmoney.com or troweprice.com) to convert your current 401(k) balance to future income.

Money magazine readers weigh in: Focus on hard numbers, not feelings

"Do the math before making any financial decision. How much money does a company have to make to justify a P/E of 50? How much does a house have to appreciate for buying, rather than renting, to make sense?" -- John Quinn, Queens, N.Y.

Play on your guilt. When you set up automatic transfers to help you save more, a slight tweak can help you fight urges that might have you spending the money before it gets moved.

Instead of transferring the money from a checking to a savings account, split your direct deposit between the two, putting anything beyond fixed expenses in savings right away, suggests Austin financial adviser Tony Aguilar.

"The guilty feeling of transferring money out of a savings account will prevent you from moving it to checking as readily."

Set some ground rules. Studies analyzing stock traders' reactions to viewing their results online have shown that strong emotional reactions tend to lead to poorer performance. So create an investing policy statement that clearly lays out the conditions under which you will sell.

"If you actually write down a plan to limit your allocation shifts to no more than 10% in a down market, you will be less likely to panic and sell everything," says Santa Clara University finance professor Meir Statman, author of "What Investors Really Want."

Give yourself room to play. You know it's prudent to invest mainly in funds but can't resist picking up a few shares when you read about a company with a hot product and seemingly stellar prospects or are convinced a particular industry is about to take off. Then, give in. Yep, give in -- but just a little.

Laura Thurow, director of private wealth management research at R.W. Baird, suggests carving off 10% or so of your portfolio to invest on hunches and urges. "You're giving yourself room to react without completely undermining your long-term strategy," says Thurow.

More 101+ ways to build wealth

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