Giving Away Free Money to Mitch - $750 to start a business

Mitch emailed me recently to request a small business loan to help build a start up company. I don't make loans and don't believe in encouraging anyone to go into debt to chase their dreams.

However, I do believe in the entrepreneurial spirit and working for one's self. 

I've earmarked $750 to support Mitch's idea and efforts. This is not a loan and not something to be repaid.

However, as with everything else in life, paying it forward is important. If Mitch achieves his goal and successfully builds his dream business, I hope he'll be able to help others in the future.

Good luck to you, Mitch!

Free Money for Olivia from Vermont

Olivia from Vermont writes:

My parents and I have been saving money for several years in order to pay for my college education. I'm still several thousand dollars short of my goal and I plan to enroll in the Fall of 2022 at a state university. Could you please consider assisting me with reaching my goal? Any amount, no matter how small, would help. I hope to become a social worker or work in a field helping others once I graduate.

I received Olivia's email and admired the fact that she and her parents
have been planning and saving in order to make her dreams come true. The cost of college is no small expense, and for most people, it requires years of saving, investment and sacrifice to pay for it.

With the cost of tuition, books, room and board and other expenses rising every year, it's more important now than ever before to find ways to pay for school that don't involve taking on massive debt at a young age (or any age, for that matter).

If your state has a College 529 plan, this is one of the smartest ways to save for your child's or grandchild's future. Saving a little bit each paycheck or making contributions to the account on a regular basis can really grow and add up over the course of 18 years.

I will make a $250.00 contribution to Olivia's college goals. If you can afford to put aside just $250 for your child's future today too, please do so! 

Giving $500 to a family from California

I was emailed by the father of a family from southern California last week. They have struggled financially since the pandemic hit earlier this year and have fallen behind on some bills.

The father, who asked that I don't post the family's names, recently found a new job after being laid off in the spring. In order to keep getting to and from work, he needs reliable transportation. However, due to falling behind on payments, he was at risk of losing his car.

$500 will allow him to make two car payments and bring his bill close to current, and his first paycheck in a few weeks will get the family the rest of the way to getting right with the auto lender.

I'm an advocate of buying only as much car as you can afford, using cash, and avoid payments and interest. Yes, there are drawbacks to buying used. But once a car is paid for, it's yours. There's a sense of financial and life security that comes with knowing your car, your home or whatever else it is has been paid for and is YOURS. I highly advise avoiding car payments whenever possible. Your life will become far easier because of it.

Have a wonderful day and keep your requests coming.