Build Wealth: Start By Turning A Few *Bucks Into $1000+!

Are you a coffee drinker? If so, have you ever stopped to tally up how much you might be spending on a weekly, monthly or yearly basis at your favorite cafe?

David Bach, author of Smart Couples Finish Rich, talks about "the latte factor." That is, every time you spend, say, $3.95 on a whoppa-frappo-mocha-chino (not to mention the $2.75 on the low-fat lemon-cranberry-walnut cake and another $4.50 on a pineapple-pina-colada fruit smoothie drink), you're basically robbing yourself of your financial freedom (or retirement) account.

As a recovering Starbucks addict, I tend to agree with Mr. Bach. And so I adopted my own coffee-fix system. I bought one of those nifty little whizzers that froth up your milk. (I paid $20 at Good News kitchen supply store).

I get a mix of delicious flavored coffee beans (like hazelnut and cinnamon - try mixing two flavors!) from my local store. And I use my favorite mug (holds about 16 ounces and has fun zoo animals on it!). Then, every morning I go through my fun ritual of using my French press to brew a yummy cuppa, topped with frothy milk with a dash of freshly ground nutmeg on top. YUM!

So, how much am I saving? At roughly $25 per week, that's over $1,300 in savings over one year! Add that to my ING Direct Financial Freedom savings account at 4.35% interest and I've got an extra $56 on top!

(My hubby, Ty, doesn't touch a drop of caffeine - lucky him! But he sure loves it that I now invest in Starbucks stock rather than drinking their coffee!)

I know, I know. Sometimes home-made coffee just isn't the same as the whole EXPERIENCE of going to Starbucks or Peets or wherever. You can always adopt Loral Langemeier's counter-philosophy. She poo-poo's the latte factor idea. Instead, Loral favors cranking out a great big cash machine (a lucrative business doing something you're good at) and creating MORE money. That way, you can have your whoppa-chino and your cake and your money!

I say, choose whichever method helps you get closer to your goal of lowering your expenses, increasing your income and building long-term WEALTH!