Handling Money during this Holiday Season: Build a Holiday Tripo - KMSP-TV

Handling Money during this Holiday Season: Build a Holiday Tripod

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By Dr. Sid Mitra, Professor Emeritus, Oakland University. 

He joined Fox 2's Murray Feldman for a Money Monday segment.

Chances are you are going to receive money during this Holiday Season.

What are you going to do with that money? Rush to the Store to spend it of course.

I have a better idea: Build a Holiday Tripod with three legs: Two for yourself and one for the other guy.

What? Here's what I mean.

Leg One.  TCR rule

Set aside just 10 cents for every dollar you have received. Call it the Ten Cent Rule, or TCR. This is your money and it is for you to spend it any way you want in the future. And if you like this idea, use TCR in the future as well.

That's it. Once you apply TCR, no one is going to bug you even if you wish to blow off the rest of the money on things that don't have much value.

Leg Two. TWR rule

Create a Two Week Rule, or TWR. Make a list of items you wish purchase. Then spend the next two weeks finding the best price for each item, seeking help of your parents if you need it. At the end of the two-week period, scratch those items from the list that you can do without or those that you no longer care about.

 Leg Three.  TOG rule

The last two rules directly help you. Now, during this Holiday Season, create  Think of the Other Guy (TOG) rule that would put a smile on the face of  someone less fortunate than you. Spend a small amount of money buying a "super sale" item from the store and gift it to someone who can't afford to buy it this Holiday Season. Trust me on this: You will feel "super" when you see the smile on your friend's face.    

 

BEHIND THE PUBLICATION OF, Yes, the bee can fly

 

The publication of my memoir, Yes the Bee Can Fly, is my realization of two dreams!

First, I wanted to share my experiences growing up in India, coming to the United States of America, and becoming a citizen. Despite the challenges currently facing the United States, this country still provides the world's best opportunity for realizing an individual's dreams. This is true, in part, because of a society that allows people to fail—often repeatedly—until they achieve the dreams they were seeking. Equally important, Americans firmly believe in the adage, "You never stand quite as tall as when you stoop down to help someone." I am grateful to everyone who helped me throughout my life. And I truly appreciate those who have endorsed the memoir, especially their comments that they found the book "compelling," "inspirational," and "humorous."

Second, I have always dreamed of giving back something meaningful to the society that provided me with the opportunity to realize my goals and to achieve personal, professional and financial success.  To realize that dream I have established the "Yes the Bee Can Fly Endowment Fund" under the auspices of the Community Foundation of Greater Rochester, Michigan, a 501(c)(3) non-profit public foundation.   Under this arrangement, 100 percent of the proceeds from the commercial sales of Yes, the Bee Can Fly will be directed to this Fund. People can also make tax-deductible contributions directly into this Fund by writing a check payable to "Yes The Bee Can Fly Endowment Fund" and mailing it to: Rochester Community Foundation, 127 W. University Drive, Rochester, Mi. 48308.    These funds and private donations will be used for making grants for significantly improving the quality of financial education in the United States. Copies of the memoir can also be obtained directly by visiting the website, AA-Pub.com, or by calling 248-650-6300.

Sid Mittra

E-Mail: sid.mittra1@gmail.com

Website: www.AA-Pub.com

American Academic Publishing Telephone: 248-650-6300

Address for sending Charitable Contributions: Rochester Community Foundation, 127 W. University Drive, Rochester, Mi. 48307

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