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If you want to get rich, don't forget about gifts

 

Maybe it's $20 from Grandma for your birthday or maybe it's an inheritance from a rich uncle. Either way, the big question is what are you going to do with it? That's right…save it!

We know what you're thinking: Do I have to save all of it? You don't, but how soon do you want to get to $1 million?

Anytime you get a gift or an unexpected windfall, it's tempting to think about all the stuff you could buy…but just don’t. This is why setting financial goals before you get a windfall will help keep you from financially drifting when you get an unexpected chunk of change—whether it's $10 or $100.

TRY THIS: The next time your cool aunt wants to give you something fun and fabulous and so-not-needed (gold headphones with cat ears anyone?), explain to her you’d love for her to instead deposit the money into your savings account as part of your long-term goal of becoming financially independent. And we’re guessing she knows being able to stand on your own two feet is the best gift of all. 

Follow our Financial Literacy Month series to get financially fit in just 30 days. 

James McKenna and Jeannine Glista are the co-creators of Biz Kid$, a national financial education initiative based on the award-winning public TV series. They also are the authors of the seriously smart new book How to Turn $100 into $1,000,000 (out this month from Workman Publishing, $13), which outlines in detail every step you need to take to make your million. 

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by GL | 4/14/2016
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