Build Wealth Like a Vanderbilt

Good Morning DINKS.  I am not sure if I ever told you this, but I really love Anderson Cooper.  I love a man who is well educated, well travelled, and who can speak intelligently.  Anderson Cooper is also easy on the eyes and he has a great smile, which never hurts.

Needless to say when I found out that Anderson Cooper was getting his own Talk Show I was thrilled.  Every night at 6 pm I tune into NBC to see what Mr. Anderson Cooper has to say about life.  His mother Gloria Vanderbilt is a regular guest on Anderson Coopers Talk Show.  That’s right Anderson Cooper is a Vanderbilt! This goes without saying that he has led a very luxurious lifestyle where money is usually not a concern.

Anderson Cooper recently invited money coach Clark Howard to join him on his Talk Show and educate everyday people how to save money on regular household items every time they go shopping.  Anderson Cooper grew up watching his mother Gloria Vanderbilt spend money carelessly.  Anderson says that his mother has always been a big spender and she still continues to spend a lot of money to this day.  Anderson Cooper loves spending money, but he hates wasting money.  Anderson told the audience a story about how he used to hoard money as a child because he was always afraid that the money would eventually run out as he watched his mother spend money carelessly every day.

Money Coach Clark Howard says that the first step to learning how to save money is to find out where we spend our money.  If we know where and how we spend our money then we can eliminate unnecessary expenses and make cuts in our spending. Clark Howards suggests that we keep a spending/savings journal.  We should track our daily spending including prices and items as well as track our daily savings.  If we wanted to buy Starbucks but we didn’t, we should write down that we just saved $5.  After a few weeks of keeping a spending/savings journal we should be able to recognize where we spend our money carelessly and we should be able to make cuts in our spending.  We have to learn that we can live without magazine subscriptions and taxi cab rides.

Anderson Cooper likes to be frugal, but he isn’t good at saving money.  Anderson is trying to learn that not spending money is not a personal sacrifice; saving money is actually a personal benefit.  Anderson Coopers biggest money mistake is being an impulse shopper, he admits that he is often influenced by sales signs and sales people which can be very dangerous for his savings and spending habits.

Here are some Quick Shopping Tips from Anderson Cooper and Money Coach Clark Howard:

1. You don’t need a Costco membership. Buying in Bulk is not worth it for 1 or 2 people.  We often end up throwing out unused items which is always a waste of money, even if it was on sale.
2. Use bags when shopping, not the big oversized cart.  Having a bigger space means that we can fill it up with stuff that we don’t need.
3. Don’t be influenced by sales people.  Get in and get out of the store without making eye contact or asking for suggestions from the sales people.

Photo by o5com

Kristina Tahnyak

Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.