Cash Money

Here’s a fun little tip I actually got from a PBS broadcast of a Suze Orman lecture, The Courage to be Rich: Creating a Life of Material and Spiritual Abundance. And it works! If you could use an extra hundred or more dollars, check this out.

The suggestion itself is Suze’s but I’ll take it further by explaining what I believe is the science behind the action. So, what is this great advice? In short, don’t spend your change. Every time you break a dollar, mark the loose change that you get back as unusable. Put it in a jar and leave it be. Avoid any temptation to dig through it.

The problem with coins in general is this: They are automatically perceived as having less value. Four quarters doesn’t “feel” equal to a paper dollar. They are even referred to as “spare” which connotes extra or unwanted. As the coins break down more, the perceived value drops further and faster. In a sense, they divide till disappearing from view. Ten dimes seem even less equal to a paper dollar than four quarters. By the time a dollar is converted into pennies, it is virtually worthless in the eyes of the beholder. Coins are not treated with care or dignity. They are allowed to roll away as they fall to the ground, to disappear into the sofa’s cushions, or to collect at the bottom of the car floor.

But this is pure foolishness because – at the risk of sounding redundant – money is money! If you can divide the numbers, you can just as easily multiply them. Put this change away for safe keeping as I have suggested – whether in jars or some other reliable container. Occasionally, sure, you’ll use some for the parking meter or for laundry. However, I would strongly advise not doing so. Again, because the coins will be spent as throw-aways rather than actual monetary units, capable of noteworthy power. When you actually need coins, instead try breaking a new dollar and again saving the new change.

I have done this for many years now. The way I like to collect coins, I typically keep the copper and silver separate. In this past new year, I converted these jars back into paper using a supermarket coin machine and here are the figures that I came back with:

MATH: The pennies amounted to $20.32 total – $1.99 changing fee = $18.33

Not bad huh? Here’s what I got for the silver:

MATH: The quarters, dimes, nickels and some pennies added up to $156.24 total – $15.31 changing fee = $140.93

It isn’t millionaire stuff but it is yet another way you can develop a more healthy relationship with your money. I like to think of it as an early tax refund. Or a new year’s gift to myself.

MATH: $18.13 + $140.93 = $159.06 total!

If I wanted to be more slick about it, I may have skipped the processing fees, wrapped the coins myself using an inexpensive coin organizer and turned them in at my bank instead of the supermarket to take in the entire $176.56. At that sum, it’s no longer disposable cash, now is it? So, wouldn’t a person be careless to not bend down to pick up and mindfully stash $176.56 of their own money?

Again, I want to emphasize that these aren’t “party” funds. There is no point of getting close to your money if you’re only going play loose with it after collecting a respectable amount. Always think: What can I put this towards that might help advance my game?  Given the amount I accumulated from my last “Baller on a Budget” tip, I’m now up $519.06.

MATH: $159.06 (Spare Change) + $360.00 (Commuter Savings) = $519.06

Certainly a good enough amount to make some significant maneuver(s) forward.  Like, say… purchasing audio equipment to start a podcast series?  No, really, I just invested in some gear.  And I’m delighted to announce ART OF HUSTLE will soon kick off a one-of-a-kind interview program featuring leaders and innovators in the field!  Check in with us frequently and thank you for joining the fun!

What would you do with your $519, and 6 cents?