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The Little-Known American Success Formula

“I’m a great believer in luck, and I find the harder I work, the more I find of it.” -Thomas Jefferson"The formula for disaster is: Could + Should + Won't." -- Jim Rohn

In a study of 100 smokers, who express desire to quit, 80 continued to smoke. Why do they continue to smoke?   According to the Journal of Marketing, “Consumers tend to consistently fail to attain goals that require sequential self-control” (Zemack-Rugar, 2012). While much has been written on goals, and goal setting, as much as 80% of people fail to reach any level of success with their personal goals. According to the Sports Science Review, “Roughly 90% of the studies with goal setting had a powerful and continuous effect on behavior” (Hvid, 2013). It seems to be that when people are taught how to set goals, they often see more success. To improve at goal setting, it is first important to understand what exactly is a goal? There is a little-known American success formula that many successful people employ. This little-known American success formula separates the top 10 % of income earners from the bottom 90%.

If you were to conduct a google search for the definition of the word “goal” you would find that, “A goal is the object of a person's ambition or effort; an aim or desired result.” According to the Sport Science Review Journal goals, “1) direct[s] attention and action, 2) mobilize energy, 3) affects practice duration and 4) develop strategies of action” (Hvid, 2013). This explains why just having a desire is not strong enough to be a goal.

Eccentric and well known for his outlandish political views, “The Donald” is one of best known real estate entrepreneurs in the United States. Some of his biggest accomplishment are the Swifton Village apartment complex,  Penn Central, Commodore Hotel into the Grand Hyatt, Javits Convention Center, Wollman Rink in Central Park,  Taj Mahal Casino, Trump International Hotel and Tower – Honolulu,  Trump International Hotel and Tower – Chicago,  Trump International Hotel and Tower – Toronto,  and Trump Tower – Tampa. 

Donald Trump never wanted to just be known as the son of Fred Trump, a wealthy New York City real-estate developer, he had a goal for greatness; however, Donald did get his start from his father's firm, Elizabeth Trump & Son. Donald worked hard in the real estate business while attending the Wharton School of the University of Pennsylvania, and in 1968 officially joined the company. He was given control of the company in 1971 and renamed it The Trump Organization (http://en.wikipedia.org/wiki/Donald_Trump).  

In Donald’s best-selling book The Art of The Deal he starts by saying, “I don’t do it for the money, I have got enough, much more than I’ll ever need. I do it, to do it. Deals are my art form. Other people paint beautifully on canvas or write wonderful poetry. I like making deals, preferably big deals. “ There is a lot to learn from this American icon. As a matter of fact there is this Little-Known American Success Formula every successful person employs and it is:

EFFORT + DESIRE = GOALS.

Desire without effort is a wish. Effort requires a strong, healthy, and full of energy attempt. There was a man in 1801 that was elected president of the United States. He was the first United States Secretary of State (1790–1793) serving under President George Washington. He organized the Democratic-Republican Party, He was elected Vice President in 1796. He over saw the purchase of the vast Louisiana Territory from France (1803), and sent the Lewis and Clark Expedition (1804–1806) to explore the west (www.wikipedia.org, 2014).

Thomas Jefferson is an example of the Little- Know American Success Formula. Jefferson is known for American expansionism; According to the United States having doubled in size during his presidency. A leader in the Enlightenment, Jefferson spoke five languages and was deeply interested in science, invention, architecture, religion and philosophy.  He was an active member and president of the American Philosophical Society. These interests led him to the founding of the University of Virginia. He designed his own large mansion on a 5,000 acre plantation and the University of Virginia building. Needless to say, Jefferson could set goals and accomplish them. In an expert from Thomas Jefferson and Executive Power. Cambridge: Cambridge University Press:

“But there is a remarkable unity to his thought over his entire career. Term limits, unity of office, public opinion, strict construction, discretion by the faithful officer, and declarations of principle were brought together by the executive power. Properly understood, Jefferson’s transformation of the inaugural address from oath-taking to principle-declaring, his setting of an informal precedent for a two-term limit, and his refinement of the Electoral College all suggest a deliberate and coherent project to attach presidential power to a majority will. More than the struggle of an elected official seeking to maintain power, these reforms reveal his effort to further bind executive power with republican responsibility. It is significant that he told a foreign observer that the execution of laws was more important than the making of them” (Bailey, 2007). 

One of the deep connections you can draw out of this reference is the word “execution.” At the deepest understanding of setting goals, Jefferson knew that effort was the driving factor in reaching goals {Laws} set forth. In addition to effort, reaching goals require desire. The stronger the desire the more likely it is that you will reach your goals. 

According to the Journal of Consumer Research, “The process of enacting self-control can be broken into three primary activities: setting clear standards, monitoring behavior, and regulating behavior” (REDDEN, 2013). The Journal goes on to explain that in dieting you can overcome your desire for bad foods with strong willpower or “self-control” (REDDEN, 2013). This suggests that if a goal becomes your desire it aligns with your willpower, and you are more instinctively going to make choices in effort towards your goals. Remember “The Donald,” he said I “Do it, to do it” Doing deals is his art. This is the way he enjoys to express himself. His goals are his desires + his effort. 

Why would you constantly fight yourself? To me, fighting myself to ensure “self-controlled” choices would be exhausting. You can see that the difference between exercising self-control and having a desire is what your internal feelings are about what you want. Zig Zigler a motivational speaker and bestselling author says that, “Those who, know how and what, will always work for those who know why.”  Do you have answers to the questions:  why am I doing this? Why am I setting this goal? Why is this goal, my goal? Why must I not quit until I reach my goal? Each question is an introspective questions that forces you to look at your desires? 

If the introspective concepts such as effort and desire are the internal functions of goals, how then do you actually reach your goals? One on the reason that you must write your goals down is because they are objects. An object is anything that is visible or tangible and is relatively stable in form. To set a goal that is not tangible is a waste of time. There is a difference between wishes, hopes, dreams, and goals. Don’t get me wrong, wishes, hopes, and dreams (especially big dreams) are important. However, proper goal setting move you towards your wishes, hopes, and dreams. There is a RIGHT way to set goals. To set goals the RIGHT way, the goals must be:

R – Realistic, I – Individualized, G- Gaping, H – Helping, T – Targeted

R – Realistic

To set the right goals they must be Realistic, Do you believe you can truly reach the goal you set? If you do not believe you can realistically reach your goal, maybe your goal is still a dream? Maybe your goal should be much more tangible? Over the years I have managed a number of sales professionals. One year I had a rookie sales agent set a goal to be the top producer in the company. They failed to reach their goal miserably. Why is this? It was still a dream for him. We discussed this and I recommended the following; “Let’s change our goal from the top producer, to be more tangible and believable for you,” I said, “If our goal was to set a number of calls each day that you know you can make, you could dramatically increase your income. You can realistically control the number of calls you make each day.” We did just that. We set a new realistic goal to make 20 contacts with live people a day. In no time his confidence grew and he was in the top 2 sales people in the company. Setting realistic goals matters. In addition to realistic goals, the more your goals align with your values the easier it is to reach them.  

I – Individualized

An individualized goal is a goal that is set based on your values, your personal desires, and benefits you in the long run. Without a personalized connection to the goal you will lack the internal desire to preserver when things get tough. This is why goals are personal and are not effective when they are set for you. One strategy that I employ when coaching a professional or team member is to allow them to set their own goals. I never set the goal for them. I help them uncover their needs. This way I can hold them accountable to what they told me they needed. Individualized goals that align with your values are not enough. Setting goals that are too specific can lead to feelings of failure. You can over comes this if your goals are gaping. 

G- Gaping

You know that your goals should be realistic and individualized, but did you know that you also need to set goals that are gaping. This concept is challenging to understand but critical in understanding goal setting. The goal needs to be open to failure. You have to put all your effort into reaching your goals, but you should be okay if you are not able to reach them.  Many people I have worked with struggle to set gaping goals. Are the goals you set open widely? Getting upset about not reaching your personalized, realistic goals only pushes you further from reaching your goals. The negativity that is released from the disappointment of not reaching your goals suffocates your ability to attract more positive things in your life. One of the ways to ensure that your goals are gaping is to take the focus off our personal success and focus on helping others.  

  

H – Helping

Are your goals helping others? You know from reading other books on success that your goals must benefit others. If your goals are not in line with other people’s needs, goals, ideals, or dreams, than you are out on your own. It is impossible for you to succeed on your own. You need to find people that you can align with and then help them succeed. Success happens for you, when you help enough other people. When you help others you are doing the right things and thus generating positive momentum in reaching your goals. Having completely selfish goals that only benefit you, will always backfire and cost you happiness and success.

I found the following on tumbler: “Helping a fellow human being, while it can be inconvenient, has a few humble advantages: It makes you feel better about yourself. It connects you with another person, at least for a moment, if not for life. It improves the life of another, at least a little. It makes the world a better place, one little step at a time. And if that kindness is passed on, it can multiply, and multiply” (http://be-useful.tumblr.com/why_help, 2014). You can clearly see that the RIGHT goals help others. In addition to helping other they must be targeted

T – Targeted

Deer season opens and you decided to go hunting this year. You are going to bag a buck this year. You get your licenses and pack your gun, ammo, food, scent, and camouflage. You get into your truck and drive to the woods. You set up shop very early in your deer stand around 4:30 am. You wait for a deer. Two hours pass and you spot a buck 100 yards out. You lower your riffle, and look through your sites. You take off the safety, and put your finger on the trigger. You take a deep breath to focus. BANG!  When did you have your target? Was the target the buck when you set out to hunt the buck, or was the target the buck actually in the site. ?  You may say, I do not see a deer I do not have a target until the deer appears, but I challenge that. The target was there from the opening of deer season. A targeted goal is just like this example. When you started you had an idea of the target, but when the deer actually appeared you lowered the gun and fired. You did not shoot at a turkey, or squirrel. You shot at your target. It becomes confusing for other when you do not have a chief aim that your goals are aligned with. It becomes confusing for others when your goals do not have specific connections or conflict with each other. Make sure your goals are targeted.

In conclusion, the Little-know American Success Formula is Effort + Desire = Goals. To become successful you have to set the RIGHT goals. The RIGHT goals are Realistic, Individualized, Gaping, Helping, and Targeted.  I would suggest that you take some time over the next thirty days and re-evaluate your goals based on this essay. You will see a dramatic increases in your success.

Here is to your success!

References

Bailey, J. D. (2007). Thomas Jefferson and Executive Power. Cambridge: Cambridge University Press

Hvid LARSEN, C., & ENGELL, C. (2013). The Art of Goal Setting: A Tale of Doing Sport Psychology in Professional Football. Sport Science Review, 22(1/2), 49-76.

Presslee, A., Vance, T. W., & Webb, R. (2013). The Effects of Reward Type on Employee Goal Setting, Goal Commitment, and Performance. Accounting Review,88(5), 1805-1831. doi:10.2308/accr-50480

REDDEN, J. P., & HAWS, K. L. (2013). Healthy Satiation: The Role of Decreasing Desire in Effective Self-Control. Journal Of Consumer Research, 39(5), 1100-1114. doi:10.1086/667362

Zemack-Rugar, Y., Corus, C., & Brinberg, D. (2012). The 'Response-to-Failure' Scale: Predicting Behavior Following Initial Self-Control Failure. Journal Of Marketing Research (JMR), 49(6), 996-1014. doi:10.1509/jmr.10.0510

http://en.wikipedia.org/wiki/Donald_Trump

http://en.wikipedia.org/wiki/Thomas_Jefferson

http://dictionary.reference.com/browse/object

http://be-useful.tumblr.com/why_help

How to Double Your Financial Success!

Are you looking for ways to succeed financially? 
 Have you thought about real estate investing?

Have you really been putting in the effort that it takes to succeed? How much effort do you really put in after you clock out? Are you a person who’s up till 10 o’clock at night working and backup at 5 o’clock in the morning? How many books on the subject of your interest have you read in the last year? I believe in working while others are sleeping, I believe in working while others are whining, I believe in working while others are failing, I believe in working while others are trying to succeed, I believe in working while others are succeeding, and I believe in working. One of the first reasons for success is taking action, the more action you take the more success you can have.

 If you are anything like me you probably make lists to get started. But sometimes just getting your action items on a list is difficult enough. Then you find yourself doing the easy things first and saving the difficult things for another day. Or maybe you read somewhere to do the difficult things first, and to put off the not so difficult things. We all know there’s only 24 hours every day, then why is it that that some people succeed financially beyond their wildest dreams while other very well-intentioned people do not?

4 Ways to Control Your Expenses: This is The Foundation

This is a simple question to answer but the answer is more difficult in practice. To succeed financially your income has to be greater than your expenses. Just like if you were going to build a house you must have a solid foundation. The foundation of financial success is understanding the 4 ways to control your expenses. There is only 4 ways to control your expenses; once you earn income:

1) You can spend it (Consume)
2) You can give it away (Charity)
3) You can save it (Collection)
4) You can invest it (Chance)

Before you can achieve any type of financial success you must understand this simple foundation. There are many different ways that you can practice control over these 4 expenses, but these are the only 4 items to control. “Analysis indicated that individuals with strong financial aspirations are socially inclined, confident, ambitious, politically conservative, traditional, conventional, and relatively less able academically, but not psychologically distressed” (Nickerson, 2007). When I started my financial adventure, I was very far from all of these qualities.

What’s Your Financial Adventure? 

When I was 23 my adventure began. I was a number of negative qualities, but I was definitely broke, weak, and lacked confidence. I was working for a candy distributor in outside sales. My job was to open accounts for the company. I was relatively good at this, as I was the only one that worked for the company selling the product, besides the owner. This company was growing fast. Just about everywhere you went in St. Louis, MO you could find our candy. Gas stations, hospitals, corporate cafeterias, grocery stores etc... carried our product. Next, the Great Recession came. The candy company’s owner decided to sell to a competitor, and the new owners had no room for me. "Difficulties should act as a tonic. They should spur us to greater exertion” (Gitomer, 2008).

I learned very early in my life that, “No matter what happens, I am responsible for my own success.” I did not blamed the owner who sold the company, or the competitor that bought us. This was their business not mine. I had no investments to live off of, no savings to draw from, no help, but I still had expenses.

Let me tell you from experience, having expenses with no income is very difficult. At this point I knew I needed income. What would you have tried to do at this point? “The process of moving towards one’s goals is probably more important to well-being than actual goal attainment; and setting realistic goals is more conducive to happiness than setting unrealistically high aspirations” (Swift, 2007). My solution was to go find another job. Jobs were tough to come by. I was very lucky I found a part time job selling suits for a clothing retailer. This was first real lesson at controlling my expenses. How do you live off of $8.00 per hour working 20 hours per week? I will tell you that when you are making $8.00 per hour it is pretty easy to figure out where all your money goes.

Where Does it All Go?

I have heard people say to me, “I don’t know where it all goes.” You don’t know where it all goes? Yes you are exactly the person I want running my company. If you don’t know where it all goes, maybe you are making too much money? “But far from being set in stone, this money blueprint can be reset, like adjusting a thermostat, to create natural and automatic success” (Eker, 2009). When I was making $8.00 per hour I could tell you exactly where every $.01 was. If I could make $160.00 per week it is pretty easy to get to $320 per week. All you have to do is get another part time job.

I just duplicated what I did to get the 1st part time job and got another job. If it is possible to double my income from $160 to $320 per week, is it possible to double my income again? I wondered about this question. At this point I was only juggling 2 part time jobs, my price was low at $8.00 per hour and I had time for 1 more, but that was it. One of the things I found to be very difficult was making it to work on time. These part time jobs required me to be to work at a specific times. Sometimes my work schedules conflicted and I had to constantly renegotiate my work schedules.

Here is my point, when I had 3 jobs I knew where every $0.01 went. In my future posts you will get more on the philosophy to double your income, and if you would like to know more about this you can email me your phone number at bush.nathan.nb@gmail.com.

You can clearly see that to double your financial success you must do the following 3 things:
1). Control your expenses 2). Change your personal philosophy 3). Know what questions to ask yourself 


References

 Eker, T. (2009). Take Control of Your Financial Destiny. International Professional Performance Magazine, 17(2), 21.

Gitomer, J. (2008). Business pioneer's wisdom can enhance your success. Journal Of Business (10756124), 23(16), B16.

Swift, K. (2007). Financial Success and the Good Life: What have We Learned from Empirical Studies in Psychology?. Journal Of Business Ethics, 75(2), 191-199. doi:10.1007/s10551-006-9246-7 Nickerson,

C., Schwarz, N., & Diener, E. (2007). Financial aspirations, financial success, and overall life satisfaction: who? and how?. Journal Of Happiness Studies, 8(4), 467-515. doi:10.1007/s10902-006-9026-1

Is there a difference between being thrifty and being cheap?

Is there a difference between being thrifty and being cheap?

By: Nathan Bush

The Law of Thriftiness

The the value of your decisions minus the cost of the decision equals the quality of the life you live. 

What is the difference between being thrifty and being cheap?

The Dictionary defines cheap as of poor quality; shoddy! Probably more importantly it defines thrifty as rare thriving or prospering.  Although people commonly associate thrifty living with being cheap, a thrifty is a fundamental principal if you ever want to obtain any kind of financial security. A  lifestyle of thriftiness  involves using strategies to reduce financial waste not purchasing low-quality no value products.

Does thriftiness matter?

Thrifty living can help you to save money and allow you to find additional discretionary income that is vital in saving, paying down debt, investing, and giving to charity. Thriftiness can maximize your ability to buy necessities and luxuries.

Who can be thrifty?

Anyone can be thrifty. Being thrifty means looking for ways to cut down on your spending. It implies living within your means and avoiding buying cheap things that you do not need.  This might sound like a difficult way to live, but a thrifty lifestyle does not have to be drab.

“If you want to have what the rich have then you need to think like the rich think.” With creativity and imagination, it is possible to reduce your expenses and continue to live well.

What steps can I take to be thrifty?

Step one is to know where you are at. Peter Drucker says, “if you can track it you can manage it.” Track your spending for at least 1 month. You won't really know how to live a thriftier lifestyle until you know where your money is currently going. Write down every bill and everything you buy. Then  take a look at it at the end of the month. You will see obvious categories to reduce the small daily expenses that many of us accrue.

Step two is to reduce your electric bill: Turn off the lights. Open a window and let in the natural light instead. Unplug laptop, desktop and cell phone power cords when not in use. Computers on standby can waste energy. Cell phone chargers can also waste electricity even when you are not charging your phone. Leaving electronics on can use a tremendous amount of extra energy, costing you money.

Step three is to do your homework before you purchase. With the new apps on smart phones scouring the Internet when you have to make purchases has become easy. You can compare prices from more stores in less time. Check your local stores as well as online sites such as craigs list and ebay to find the best price. Use coupons when you do your regular grocery shopping. Many websites offer free printable coupons you can take with you to the grocery store. Your local grocery store has coupons, as well as the manufacturing company’s, on their websites. At places you shop often enroll in their rewards programs. Do research on their websites for a variety of name brand product’s coupons. Coupons with store discounts can lead to major grocery savings.

Step 4 is to reduce your food cost. Eat at home most nights. When you do go out, look for available deals and discounts. If you are a frequent restaurant diner, consider purchasing an Entertainment Book for local restaurants (see link in Resources). These collections of coupons typically cost around $30, but provide 2-for-1 deals at local restaurants and places of interest. Preparing meals at home instead of taking the family to a restaurant can be a very thrifty idea. If you have to order our opt for take-out meals saving $3-$5 on the tip and $4-$10 on drinks.

Step 5 is to be creative. One article I read suggested organizing a barter exchange in your neighborhood instead of paying for services that your neighbors can perform for free. For example, you could mow a neighbor's lawn in exchange for her babysitting your child for an evening so you and your spouse can enjoy a movie or a quiet dinner. Another article suggested using a bicycle for short trips instead of driving. Bicycling not only saves fuel, but it can also help keep you in shape without an expensive gym membership. I even found this tip that is rather creative: purchase children's clothing at a consignment shop or on an online auction instead of buying these items new.

Step 6 is to organize your life and avoid waste. Things will last longer and this will reduce the number of shopping trips you make. For instance, it is tempting to use several sheets of paper towels to clean windows and mirrors. Instead, use one sheet, rinse it out let it dry and reuse before throwing the towel away. You may also want to reuse bath towels and try washing them once a week. Dry off and hang up your bath towel.

In conclusion being thrifty comes down to be resourceful and responsible with the small things in life, then you can go on to do the big things with the difference.  

10 Absolutely Accurate Steps to Setting up a Personal Budget.

10 Absolutely Accurate Steps to Setting up a Personal Budget.

According to the Social Security Administration: “ASEC's 2000 Retirement Confidence Survey reveals that 45% of American workers have not tried to calculate how much money they will need to save for a comfortable retirement. In addition, 69% of savers say they could save an additional $20 per week. "Americans need to be active participants in their financial future," commented Commissioner Apfel. "We want to help everyone make informed choices with their money and encourage all workers to begin saving today."

In addition, with the current economic situation many households find themselves in the situation of having too many bills and not enough income. As a result, many people think to borrow money, typically on credit cards, to account for the difference.

Budgeting your household bills can help you begin to save for your retirement.  This article will help you understand your household cash flow and adjust your spending to avoid taking on any additional debt. The goal is to create a budget, where all of the expenditures and bills are less than the amount of income you make.

Lets get started:

Step 1: Income

What is your income? Calculate your net monthly income. Gather your pay stubs from the past three months and look for the net pay, or the amount of the paycheck after taxes and deductions. Add up the net pay on all of these checks and divide by three to find your net monthly income.

Step 2: Bills

What are ALL your bills? Make a list of the necessary categories in which your household spends. These include rent or mortgage, utilities, car payments, car repairs, gasoline, groceries, insurance, student loans, credit card debt and any other necessary categories you can think of.

Step 3: Receipts

What did you spend money on the last 3 months? Gather all of your receipts and bills for at least the past three months.

Step 4: Spending

What is the average of your last 3 months spending? Calculate your average monthly spending in each of the categories you listed by adding the amount spent over three months in each category and dividing by three. If you spend in cash, estimate your spending in the category.

Step 5: Necessities

What are your necessities? Add up the total average monthly spending on your necessities and subtract this amount from your net monthly income.

Step 6:  Allocation

How are you allocating your resources? Allocate your remaining money into the other categories in which you would like to spend money. These include cell phone, cable, savings, entertainment, eating out, vacations, clothing, new furniture, home improvement, gifts, charitable donations and other personal luxuries.

Step 7: Tracking

Do you constantly run out of money? The next step is to track your spending for the next month to ensure you are sticking to your household budget. Whenever you make a purchase, decide what category it fits into and subtract the amount from what you had allocated for that category. When you run out of money in a category, stop spending. This discipline separates the rich from the poor!

Step 8: Adjust

Are you adjusting? Adjust your allocations after the first month if you find you ran out of money in a category. For example, you may choose to allocate less money for eating out so you have more money for new clothing purchases.

Step 9: Balances

Have you written down all the balances of the money you owe to others? Write down all the money that you owe on all of your loans include car balances, student loan balances etc. Make sure that you write down the entire payoff balances on all debts you owe to others.

Step 10: Determination

Are you determined to get your finances under control? Next to each of the balances write down the monthly payment that is associated with the loan.

This will give you a very real understanding of where you are currently! Knowing where you are starting is the first step in knowing where you are going.

The Law Of Reciprocity

The law of reciprocity states that whatever you do will be returned back to you. In other words, if you want to create success for yourself, help someone else become successful. As one successful business networking organization puts it "Givers Gain." 

It is important to take the focus off yourself for a while and look for ways to give to others.  

Save $100 a Week with These 20 Tips

Save $100 a Week with These 20 Tips

With the dramatic increase in gas and food prices, most of us can barely make ends meet, let alone think about saving money. The good news is, with a little imagination and perseverance, there are still plenty of ways to pocket extra cash.

Follow these 20 simple tips and save at least $100 a week:

1.     Buy a Water Filter Purchasing bottled water hurts not only the environment but your wallet as well. According to the Learning Channel, a family of 4 can save up to $55 a week by making the switch from bottled water to water filters.

2.     Take Advantage of Power Strips You can cut down on your utility bill by unplugging your appliances when you aren't using them. Make the unplugging process easy by purchasing a power strip for your appliances.

3.     Make Shopping and To-Do Lists Make a list of everything you need before you shop. Make sure your list only consists of needs, not wants. Then, be sure to stick to your list. You can also use to-do lists to save a ton of time. By grouping together all your errands, you can get everything done in one trip, saving you valuable minutes and gas money.

4.     Stay Away From "Foreign" ATMs We've all done it: using our bank card at another bank's ATM to withdraw some extra cash. But every time we do this, we get hit with a wonderful little fee. Now, there is no reason not to use ATMs owned by your bank when apps like ATM Hunter can help you find the right ATM in seconds.

5.     Buy Generic You can save 30 to 60 percent by purchasing generic brand food and drugs. According to a study by Consumer Reports, 80% of the time trained tasters cannot tell the difference between store and national brand food products.

6.     Cancel Your Landline In an age when everyone has a cell phone, landlines are not necessary. You can also utilize free computer-to-computer calling via Skype, which beats using the phone because if you have a webcam, you can see the person you are talking to.

7.     Utilize the Library Instead of hitting up Netflix or Blockbuster every time you want to watch a movie, head to your local library for your movie rental needs. Or, if there is a new book you want to read, borrow it from your library instead of purchasing it at the bookstore.

8.     Bye-Bye Gym Membership Most exercises you do at the gym can be modified and done at home. Better yet, the most beneficial exercises out there are walking, pushups, and squats, all of which you don't need a gym to do.

9.     Take Your Lunch to Work Instead of going to the deli down the street for lunch, brown bag your lunch. You can make a week's worth of sandwiches on your own for the price you would pay for one or two sandwiches at the deli.

10.  Carpool With gas prices on the upswing, filling up the tank can be a huge money drain. Organize a carpool with your coworkers to save money. If you can't find any coworkers to carpool with, check out Zimride to find a carpool buddy.

11.  Walk or Bike To find out how walkable your city is, check out Walk Score. Ditching your car completely will save you a ton of money not just on gas but also on wear and tear on your car.

12.  Avoid Convenience Wash your own car, cut your own fruits and veggies, and clean your own house. If you don't think you have enough time to wash your own car, remember that there are 24 hours in the day. Even if you spent 10 hours at work, 8 hours sleeping, 2 hours cooking, and 2 hours hanging out with the family, you would still have 2 hours to wash your car or clean your house.

13.  Pay Bills On Time Most banks offer free electronic bill payment services that will automatically pay your monthly bills. It only takes a few minutes to set up. Do it today and never pay a late fee again.

14.  Make Your Own Pet Toys Try to steer clear of Petco and Petsmart when it comes to your pet's toys. It is easy to make pet toys on your own for a fraction of the price you would pay for them at a pet store. Beautify Yourself Instead of hitting up expensive salons, try trimming your own hair or getting a value haircut from a beauty school.

15.  Pre-Game If you are going out for a night on the town, pre-game before you leave. This way you will spend less money on expensive drinks at your favorite hot spot. You can spend up to $5 for a beer at the bar or find a 12 pack that's on sale and pay just over $1 per beer.

16.  Cancel Cable With the ability to watch TV shows online for free, the need for cable is virtually nonexistent. Yes, it may be nice to see a show as soon as it airs, but it's much nicer to have extra money in your bank accounts. Try using Hulu for your TV viewing needs.

17.  Make Your Own Food While it may not be as convenient as going to the drive through or having food delivered to your house, making your own food can save you a ton of money.

18.  Stay In Sure, it may be mellower than going out, but cooking your favorite meal, making your favorite drink, and watching a DVD can be just as fun as a night on the town.

19.  Make Your Own Coffee This is a tried and true money saving technique that we have all heard, but it bears repeating. Make your morning cup of coffee at home instead of paying way more than you should for a cup of Joe at your favorite coffee shop.

20.  Avoid Bank Fees Setting up direct deposit for a certain amount can often eliminate fees associated with keeping an account open. You can avoid paying overdraft fees by linking your checking and savings accounts, or by signing up for fee e-mail alerts that tell you when your account is getting close to the limit.

Use Coupons A tried and true money saving method: before you head to the grocery store, check the ads to see if there are any coupons for the items you need. Or, go online and check out CouponMom or The Daily Deals Blog to find the latest d