In this week’s episode of Millionaire or Bust, the topic was tricking yourself into saving. I covered this topic because sometimes it seems impossible to save and we need to come up with some way to make it mandatory, regardless. But first, I covered the news for the week:
- The DOW went from 8,438 to 8,281, a drop of 157 points.
- The Oil Price: $64/barrel
- Average Gas Price: $2.611/gallon
- Seven banks fail, pushing 2009’s total to 52.
- Bank employees are protesting ‘anti-consumer’ practices by banks.
- The bankruptcy judge approves the sale of GM assets.
- Madoff was sentenced to 150 years in prison.
Then I got into the topic of the week, which was inspired by an article about U.S. migrant money pools. The main thrust is that sometimes we have a hard time saving money, but by either having money automatically withdrawn from your account or by being responsible to someone else to save, you will be able to “trick” or force yourself into saving.
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