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Mind of a Millionaire: Zak’s Grocery Challenge; Week 2

Mind of a Millionaire: Zak’s Grocery Challenge; Week 2

| August 23, 2019
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Welcome back to another episode of the Mind of a Millionaire podcast. As you may remember, Zak and his family took on a challenge last week to cut their monthly food budget in half – from $800 to $400. That’s for his entire family of five.

In this episode, Zak discusses week two of the four-part grocery challenge. He gives some financial tips to families who are considering this budgeting challenge and talks about some of the things he’s noticed throughout this experiment so far.

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The average family of four (in the U.S.) spends $896/month (USDA) [0:35]

The biggest change in week two [1:12]

What Zak learned in week one and what he changed [4:34]

Losing the junk food [6:05]

Making food from scratch [6:56]

What to do with the saved grocery money? [7:38] GO BACK AND EDIT THE MIDDLE ENDING

  • Saving $400 per month is $4,800 annually. That savings invested for 30 years at a 7% interest rate is about $500,000 alone. [9:10]
  • If that same money is invested at a more aggressive 10% return, that’s closer to $868,000. [9:25]

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

The rates of return mentioned are hypothetical examples and are not representative of any specific investment. Your results may vary.

The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.

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