Four Millionaire Moms Tell Their Secrets

Sandy Stein earned $4 million in revenue in just one year. Kim Lavine (left) converted corn into about $10 million. Rosie Herman made millions with a skin-care/manicure product and Margaret McEntire made a fortune peddling chocolate flowers.

Here are profiles of four millionaire moms, including their secrets for getting rich. These women were featured in a May 1, 2007 issue of Woman's World.

Kim Lavine is the author of Mommy Millionaire. Her story: She was a stay-at-home mom, who needed to come up with gifts for her kids' teachers. Creativity struck: She converted a bag of feed corn -- near her sewing machine -- into gifts. She stuffed the corn into cloth, made a pillow and popped the pillow into the microwave.

Feed corn doesn't pop, but becomes warm. And the warmth of the corn-stuffed pillow was relaxing and Lavine began marketing this feel-good product. It's called Wuvit and sells for $24.95 as a heating pad. Reportedly, she's sold about $10 million worth of corn stuffed pillows/heating pads.

Her advice (as quoted in Woman's Day): "A great idea doesn't have to be complicated. And if you only sell it to 1% of the people out there, that's millions."

Here are her 15 tips for becoming a millionaire from a home-based business. On this list, #2 really speaks to me. Between parenting, blogging and my print freelance writing assignments, my house looks less than tidy. I can't do it all. But that's okay, says Kim Lavine. Here's her take on that topic.

"If you're going to be a Mommy Millionaire, you must accept the fact that you will have to burn down your house and build another one after ten years. This is especially true if you are the parent of young boys. At the end of the day, as long as we’re all happy, healthy and safe, I really don’t care how clean my house is and what kind of car I drive. My success as a mother isn’t measured anymore by how clean my house is or how well decorated it is, but by how happy my children are."

Rosie Herman: After expensive fertility treatments, Herman -- a manicurist -- had twin girls and lots of debt. Meanwhile, relatives and peers raved about her homemade product, which was great for exfoliating hands. She began to sell the product locally. The results: Rosie earned $150,000 after 12 months and millions after seven years.

Her advice: Make small goals. "My first goal was to pay off some debt, then to make enough to go out to lunch with friends once a week."

Here are links to other stories about Rosie Herman:

Rosie Herman: A Nail Technician Who Accomplished The American Dream

Rosie Herman and the One Minute Manicure Story

Sandy Stein: Financial worries yielded sleepless nights. Her hubby was facing job loss and the family expenses were precarious. After praying for guidance, Sandy had a dream about her deceased father and in that dream she received the idea of making a key chain with a hook that dangled on the outside of the purse, while the keys dangled safely inside. The goal: a key chain that is easy to find in a purse. She called the product: Finders Key Purse. After 12 months, she sold about $4 million in product.

Her advice: Be a risk taker. "Pay attention to your dreams--your winning idea may come to you in your sleep."

Margaret McEntire: She faced two failed stores in the retail business. Then she created floral bouquets made from candy. This product was a big hit and she ultimately launched a franchise business called Candy Bouquet, which has 900 locations globally.

Her advice: Don't give up. "A failure is only a steppingstone. It's a learning experience. Never, ever give up--that's the crux of everything."

source: Woman's World, May 1,2007 p. 12-13

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"So When You're Rich, You Won't Have To Be Frugal," He Told Me

I was on a street corner, when a reader stopped and offered kind words about one of my newspaper columns in the home & design section of the Miami Herald. Very nice man! But he concluded his praise with the comment: "What are you going to write about when you're rich and don't have to be frugal anymore?"


I laughed and tried to explain that even if I were very wealthy, I would still live frugally. In fact, many of the wealth management books that I've read -- including the The Millionaire Next Door: The Surprising Secrets of America's Wealthy (1996, ISBN 0-671-01520-6) by Thomas J. Stanley and William D. Danko-- are filled with examples of very frugal millionaires. Here's a snippet from The Millionaire Next Door.

Here are the reasons why I'd still be frugal even if were a millionaire:

1. My children. Quite frankly, I don't want my kids to be brats. If we spent, spent spent, I'd worry about the message that I would be sending to my children. I also worry about affluenza--a financial illness that strikes spoiled kids from affluent homes. As a banking reporter, I once interviewed a very wealthy man who sold his bank for about $300 million in cash. He spoke about the issue of affluenza in harsh tones.

This is the advice he gave me. He told me that it is important to raise your kids with good thrifty values. "You can spend money to fix everything: their teeth, nose, skin. But you can't fix their personalities if they're brats." I really took that advice to heart.


What's more, I've noticed that some of my very, very high-net worth friends are very serious about making sure their kids work for a living. They find part-time jobs, internships and other money-earning enterprises for their kids or they encourage their kids to find those opportunities on their own. It's not about the money; it's about character.


2. My Children: I want to leave them with the means to live comfortably after I've gone to the next world. But if I spend it all now, I won't have anything to leave them later.

I've heard horror stories about families who have lived a luxurious life, but have been reduced to low-income status after a main wage earner suddenly died. Why? The family was living above its means and the lofty lifestyle was really only a fat paycheck-to-fat paycheck existence.

Also, if I were very wealthy, I'd live frugally in order to have enough money to share with my extended family and to pay them back for all of the years of hard work and support.

3. My own sanity. I've gone on marathon shopping sprees that have filled my arms with packages, but have depleted my heart and bank account. The worst shopping trip: In Manhattan during my late 20s, I once went went to every Ann Taylor store on the island (from the Upper West Side to the Lower Manhattan). I was searching for one shirt that was on sale for $20. I found the shirt and purchased one in every color.


Obviously, something was really missing from my life. But definitely, that missing piece of my heart was not in my shopping bag. And clearly, I was clueless. Frugal living, in contrast, keeps me more honest about what's really going on in my life.

4. Environment: When I live very frugally, I conserve energy, money and other resources. I just pay more attention to the world around me.


5. Good Karma: Now this logic may not apply to everyone: but in my heart of hearts, I think that if I save and spend money wisely, I'll have more funds to donate to charities, cultural organizations and to the homeless. And that cycle of giving will enhance the quality of my life.


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Digg!

The Frugal Duchess Booktique
The Frugal Duchess of Beauty Store

Book Shop of Fear
The Poetry & Drama Queen
Frugal Jazz & Blues
Frugal Comic Book Connection
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$75,000 Robot & Top 10 Expensive Gifts w/Photos & Frugal Tips

One expert on self-made millionaires has issued his own list (with eye-popping photos) of the most extravagant holiday gifts and his advice: Forget the hype & shop within a real budget. It's a fun list with great visuals. (see below) I have one question: Who buys this stuff???

Here's the guest post with photos, prices and tips (after the photos):

"Americans are expected to dish out a staggering $474.5 billion this year on Christmas shopping, according to the National Retail Federation (NRF). Jim Trippon, CPA and one of America’s foremost authorities on the money habits of self-made millionaires, has released his annual list of the most expensive gifts to give your loved ones this holiday season.

“Here is Trippon’s annual top 10 list of the most expensive holiday gifts for 2007:

1. Bugatti Veyron - $1.7 million

2. Neil Lane 15 Carat Diamond Earrings - $750,000

3. Runco 103-Inch Plasma Display- $99,995

4. Swami Conversational Robot - $75,000

5. Tiffany &Co. 109.73 Kunzite Bow Brooch - $74,500




6. Vertu 7.2 Carat Pink and White Diamond Phone - $73,000

7. Fendi Selleria Bag - $38,000

8. 1-Degree North Pole Dogsled Expedition - $37,500


9. Serendipity Frrrozen Haute Chocolate - $25,000

10. Friends of Cashmere Classic Pet Bed - $399

Trippon's Advice:

"Each year it seems that American’s top themselves in spending for Christmas,” says Trippon, “If you can afford the best without going into debt, that’s great! But I think most people forget that this holiday is about being in the right spirit, not getting overloaded with debt, which often produces money arguments the rest of the year.”

The NRF said that Americans plan to spend an average of $923.36 in total this year, up 3.7 percent from the previous year’s statistics. Given the credit card rates that are often at 24 percent and assuming minimum payments, Trippon says that this year’s holiday shopping will cost the average consumer closer to $6458.87 when interest and finance charges are included.

Trippon believes that people avoid arguing about finances when they take the time to become educated about money together.

“Get real and deal with your budget,” says Trippon, “Be honest with each other about your money habits and come up with a plan to spend it as a couple. It will improve your love life!”

Trippon is the author of the Amazon best-seller, How Millionaires Stay Rich Forever: Retirement planning Secrets of Millionaires and How They Can Work For You and the upcoming title China Stock Guru.

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Digg!

The Frugal Duchess Booktique
The Frugal Duchess of Beauty Store

Book Shop of Fear
The Poetry & Drama Queen
Frugal Jazz & Blues
Frugal Comic Book Connection
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Four Millionaires Share Their Get-Rich Secrets: Kiplinger

A nonstop commitment to personal goals is one of the key elements to success, according to a quartet of millionaires profiled in an article at Kiplinger.com and featured at MSN. The four how-we-did-it success stories include a feature about an award-winning songwriter and a self-made business person.

Other secrets include a frugal lifestyle, re-investing capital into a business, and passive income. The songwriter, for example, collects millions a year in song royalties. (That's very passive income.)

Here's the link to the full story, which includes helpful links about starting a business and owning real estate.
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The Frugal Duchess Booktique
The Frugal Duchess of Beauty Store
Book Shop of Fear
The Poetry & Drama Queen
Frugal Jazz & Blues

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