Man Beheads 2

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Murdered cutlass

THE KONOGO District Police command in the Ashanti Region is holding a 42-year-old farmer, who allegedly beheaded two other farmers on their farm on Friday 28, January, 2011.

Kwabena Nazar, the suspect, allegedly beheaded Kwaku Agyapong, 52, and Kweku Dogbe, 60, at Anuuso near Patrensa in the Asante Akim North district of the Ashanti Region.

After allegedly beheading the two persons, the suspect according to Richard Anaba Salifu, the Konogo District Commander, placed the heads of the deceased beside their bodies.

The district police boss told DAILY GUIDE that his outfit received a complaint about the case around 10pm on Friday.

Upon reaching the scene, DSP Salifu noted, the police discovered the body of Kwaku Agyapong lying in a supine position with his head placed it.

After conveying the body to the First Class Hospital mortuary, a private mortuary in the area, he said, the police then gathered intelligence that the suspect was hiding at Abosomdwa, a suburb of Konongo.

The police swiftly moved to the said suburb where the suspect was arrested from his hideout.

During interrogation, DSP Salifu pointed out that the suspect confessed killing the man, noting that he also killed Kweku Dogbe, a farm labourer of the first deceased’s sister, after which he led the police to retrieve the body of the second deceased.

According to the district police chief, the suspect told the police that he decided to kill                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Dogbe because the second deceased suddenly appeared on the scene when he was killing  Kwaku Agyapong.

Though the suspect has not yet narrated why he committed the heinous crime, DSP Salifu said the police had gleaned that the suspect’s father, some 30 years ago, had some litigation over a piece of land with the first deceased.

The litigation, the district police commander indicated, lingered on for a long time and even went to the court where Kwaku Agyapong was allegedly ordered by the court to pay a compensation package to the suspect’s father and also vacate the land.

DSP Salifu narrated that though the suspect’s father passed away six years ago, the suspect continued with the litigation and demanded that the first deceased obey the alleged order of the court.

Against the backdrop of his continuous refusal to respect the orders of the court, the suspect, the district police boss said, then decided to take the law into his own hands and went straight to the cottage of Kwaku Agyapong and beheaded him.

Whilst committing the crime, DSP Salifu said the suspect realised that the second deceased had caught him in the act and therefore decided to kill him as well.

He disclosed that the suspect, after murdering the first deceased, entered his room and took away his gun for reasons best known to him.

Mr. Salifu stated that the gun the suspect took away and the cutlass he allegedly used in committing the murder were retrieved from his hideout.

He indicated that post-mortem examination was currently underway.

Commending the residents of the area for the useful information that led to the arrest of the suspect, the district police commander said the suspect would be arraigned by tomorrow.

From Morgan Owusu, Kumasi

Woyome Scandal More Names Drop

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Dr Kwabena Duffuor and Henry Martey Newman

The MINISTER for Finance and Economic Planning, Dr. Kwabena Duffuor and senior castle officials have been fingered in the Woyome scandal in which Alfred Agbesi Woyome, a self-styled financier of the ruling National Democratic Congress (NDC), ‘fraudulently’ received a colossal amount of GH¢58million as judgment debt.

President Atta Mills’s chief of staff, Henry Martey Newman and the Finance Minister are said to have played various roles in the disbursement of the cash to the NDC financier.

According to documents available to DAILY GUIDE, two top officials are linked to the payments to Mr Woyome.

Pressure is mounting on the chief of staff to break his silence on the matter since a letter authorizing the payment to Mr. Woyome had been copied to him for the attention of President Mills and the presidency.

Former Attorney-General and Minister of Justice, Betty Mould-Iddrisu, DAILY GUIDE learnt, had denied authorizing the entire GH¢58million payment to Woyome.

DAILY GUIDE further learnt that the embattled former Attorney General who recently resigned her position as the Minister for Education due to the Woyome scandal, indicated she only authorized the payment of the first tranche of GH¢17million as ordered by a High Court, virtually pointing accusing fingers at Dr. Duffuor.

According to information gathered, Mrs. Mould-Iddrisu said she did not know how the additional payments were made to Woyome since at the time of the payments, she had left the Attorney General’s Department for the Education Ministry and the rest of the payments were made to him in 2011.

Mr. Woyome had confessed that indeed he received only GH¢17million in 2010 and that over GH¢34million was paid to him by the Finance Ministry in 2011.

He told the Africawatch magazine in its January 2012 issue that the Ministry of Finance came to an agreement with his legal team and the final payment was made.

Alfred Woyome

When Mr. Woyome was asked what exactly that figure was, he answered, “that figure is GH¢51,283,480.59, which is the principal in the first place; that was it.

“On October 5, 2010, GH¢17,094,493.50 was paid to me. This was in fulfillment of the court order. Then in 2011, there was this pre-trial issue, where they withdrew the case for settlement so they could pay the principal to avoid accrual of interest, which could have also been another financial loss. So the Finance Ministry came to an agreement with my legal team to truncate the rest, and the first tranche was paid in Febeuary 11, 2011, which was GH¢10 million, and then the next was paid on April 20, 2011 which was also GH¢10 million, and then one after that, was paid on October 4, 2011, which was GH¢14,188,987.06, all totaling GH¢51,283,480.59”.

It would be recalled that the Auditor-General’s report on the public accounts of Ghana (Consolidated Fund) for the year ended December 31, 2010, indicated that over GH¢58 million had been paid from the public purse to Mr. Woyome, a bankroller of the ruling NDC.

However, in a desperate attempt to extricate Dr. Duffuor from probably the biggest financial scandal in Ghana’s political history, as well as avoid a possible dismissal, various newspapers which former Attorney General and Minister for Justice Martin Amidu described as ‘criminal rented NDC press’, in a syndicated manner, yesterday published a letter in which the Finance Minister, Dr Duffuor purportedly queried the judgment debt payment to Mr. Woyome.

The papers published a letter written by Dr. Duffuor dated April 12, 2010, querying Betty Mould-Iddrisu’s authorization for the payment of the money.

In the letter to Betty, titled ‘Settlement Of Claims Involving The Rehabilitation Of The Ohene Djan, Baba Yara And El Wak Sports Stadia,’ Dr. Duffuor said, “I refer to your letter dated 31st March, 2010 on the above mentioned subject matter authorizing the ministry to make payment of the two percent (2%) of amount claimed (€1,106,470,587.00).

“Attached to your letter is a claim by Austro-Invest Management dated 16th February, 2010. This Agreement states that Austro-Invest is prepared to accept 1% of the total value of the project as compensation.

“The Agreement further requests that this amount should be divided between Austro-Invest and Mr. Alfred Woyome.

“In addition to this document, we have also a copy of a petition by Mr. Woyome. This Petition makes a claim of 2% of the total value of the project. 1% for Austro-Invest and 1% for Mr. Woyome.

“Our Accounts office has raised a query on the supporting documentation of the claim. For audit purposes, they require clarity and evidence on whether the claim is being made by the consortium that won the bid to conduct the financial engineering led by Mr. Woyome jointly or separately.

“Kindly advise on the implication of the Agreement and also provide us with any further documentation that substantiates Mr. Woyome’s claim.”

This letter was written in April, five months before the court gave the directive for the payment, indicating that Dr Duffuor cannot run away from the scandal.

Following public outcry on the matter, Mr. Amidu, the man who succeeded Betty as the Attorney-General and Minister for Justice, filed an amended suit in the High Court, arguing that the payment was fraudulent because Mr. Woyome misrepresented himself.

He asked Woyome to refund the money paid him to the state.

By Awudu Mahama

Omawumi Re-Brands. Becomes Pastor

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If what we are getting from the grapevines are anything to go by, then, Nigerian singer and ‘Idols West Africa’ runner up, Megbele Omawumi, who is popularly known as Omawumi, may have decided to become a pastor in the household of God.

The mother of one, who is well known for her skimpy and sexy dress style, which sometimes exposes her upper body parts, especially her twin tower, may have decided to change those her dress style and go the way of dressing like some conservative female pastors.

The law graduate from Ambrose Alli University, Ekpoma in Edo State came into limelight after her Idols’ days with her hit single, In The Music’. She has since then taken her stand in the A-list category in the game.

Is this a case of  “If anyone be in Christ, he is a new creature: old things are passed away; behold, all things are become new? 2Corinthians 5:7”

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Woyome Case Probe: NPP Remains Adamant

In defence to the unwillingness of former Ministers to appear before the Economic and Organised Crime Office (EOCO) for questing in relation to the probe into the Woyome debt, the National Chairman of the New Patriotic Party (NPP), Jake Obestebie Lamptey, said the party finds the investigation by the EOCO as rather unlawful and as such its members will not be part if the process.
He said by the constitution, the nature of the discovery of the payment to Alfred Woyome – which was through a report by the Auditor General’s Department to parliament – meant that it is only Parliament that could investigate the matter in a multi-party and transparent fashion.
“The constitution of this country is very plain on it. When a matter is presented to Parliament in the Auditor General’s report, it is only parliament that can investigate that matter. So once it was there the first thing that we did when we saw it was that, this thing must be investigated and it must be investigated in broad day light by a nonpartisan body …and the great thing about it being a parliamentary enquiry is that we now have a situation where the public accounts committee’s sittings are telecast to the whole nation and broadcast live. So everything that goes on there can be seen by the whole country.”
Mr Jake Obestebie Lamptey was speaking on a variety of issues this morning, in a radio interview in Accra.
He said the decision by President Mills to use the EOCO was wrong. The government’s position that the EOCO is to find out who caused the judgement debt and that there is no interest in the recipient of the of the debt(s) in other to avoid embarrassing them, is in a way an attempt to point accusing fingers at the NPP, Mr Obestebie Lamptey lamented.
“…and also immediately you put it into EOCO, you have no control over EOCO, they can turn round and after a year tell you that the matter is still under investigation, then the matter remains hidden. The media has moved on to something else, nobody is interested in it. It’s gone away like so many other things. So we said no …the constitution said we must make ourselves available for a parliamentary inquiry; we will do that, he added.”
“We don’t think it is legal for the EOCO to investigate this matter coming out of the parliament of Ghana. The constitution said that it is parliament that must investigate it, so let’s go to parliament and let parliament do their investigation.”
He said the NPP in principle welcomes an investigation into the matter because a serious crime has been committed and it is important to expose the doers of the crime completely in the open, not a smock scene investigation like that of the EOCO.
“We do not believe we are wrong because how an individual who had no contract, who did no work, could be paid all this money by the Ghana government,” he stressed.

11 Ghanaian Men Abroad You Should Be Proud Of.

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11 Ghanaian Men Abroad You Should Be Proud Of.

Taking cognisance of the fact that a little appraisal will do no harm, Yours truly, MAWULI POMARY comes to you once again with facts about some Successful Men in the Diaspora who are of Ghanaian descent you should know about.

Mario-Balotelli
 Mario Balotelli

Mario Barwuah Balotelli is the son of Thomas and Rose Barwuah from Ghana. The 21-year old striker moved to play for Manchester City in England after playing at Inter Milan. Though Ghanaian, he plays for the Italian national team and has represented them at Junior Levels. Football lovers know him for his temperament and his ‘why always me’ engagement at the old Trafford last year.

ozwald boateng

Ozwald Boateng

Ozwald is a British-born fashion designer of Ghanaian descent. Inspired by his father’s immaculate suits, he built his own fashion line and is now one of the best designers in the world. He is really making GH proud.

Boris Kudjoe

Boris is an Austrian-born German Actor and Fashion Designer whose full name is Boris Frederic Cecil Tay-Natey Ofuatey-Kudjoe.He is best known for his role in popular TV series ‘Soul Food’.He was named  one of the ’50 most beautiful people in the world’ by POPULAR MAGAZINE in 2002.He is the son of Eric Kudjoe (Ghanaian Physician) and Ursula Kudjoe (Mrs) (a german psychologist)

danny-welbeck

Danny Welbeck

Daniel Nii T.M Welbeck is his name and a Striker/Winger in no less a team than Manchester United. He used to be Asamoah Gyan’s team mate at Sunderland. He plays for the English National Team and has also represented the Junior teams at competitions.

kofi kingston

Kofi Kingston

Kofi Najaye Sarkodie-Mensah is an American professional wrestler.He is known in World Wrestling Entertainment as Kofi Kingston and has won so many championships.He has defeated the likes of Randy Orton,Chris Jericho,Kane,Big Show and many more.He is the first Ghanaian to achieve such feat.

sway da'safo

Sway

His real name is Derek Andrew Safo and he is signed on Akon’s Konvict Music Label.He has a Muslim Dad and a Christian Mum.He is cousins with Former Arsenal and Back Stars Midfielder, Quincy Owusu Abeyie.He owns Dcypha records.He has worked with top hip hop artistes around the world and also has some of his songs as theme songs for various video games.

freddy adu

Freddy Adu

He is an American footballer of Ghanaian descent who goes by the name Fredua Koranteng. At 14, he signed contract with D.C United making him the youngest athlete to sign a professional contract in the United States.He also became the youngest player to appear in a major league soccer game.The young man who grew up in Tema is also the youngest player to score in MLS history.

Kwame-Nkrumah-Acheampong-THE-SNOW-LEOPARD

Kwame Nkrumah-Acheampong

He is called ‘the snow leopard’ and he happens to be the first and only Ghanaian to take part in the Winter Olympics. Skiing is his profession, one kind of sports that is not common in our part of the world. Maybe for our lack of snow.Kwame is an expert in his field of endeavour.

ave kludze

Ave K.P. Kludze

He is a Rocket Scientist and a U.S Civil Servant.Born in Hohoe and a product of Adisadel College,Ave Kludze if not the first African, Is the first Ghanaian ever to command and Control a Spacecraft in Orbit.He created a system during his pursuance of a Master’s Degree which when placed under the human skull,skin,bone or teeth could be used in locationg missing people,cars and hardened criminals.A real Scientific genius and a Ghanaian for that matter.He is one of NASA’s prized workers.

sonnie baduSonnie Badu

Sonnie Badu is a multiple award winning Gospel Singer ,Songwriter, Philantropist, Author and Producer. His exploits makes him arguably the most successful gospel export from Africa in recent times. From a humble beginning in Accra, Sonnie has risen to become one of the most sought after Gospel artistes in the world with his soul winning songs. The good news is ,he is of Ghanaian descent

Komla-Dumor-bbc-world-news-anchor Komla Dumor

This man loves his job.He actually dropped out of Medical school to practice Journalism and it has paid of.He is the news anchor on BBC World News.One of the few black men to reach that stage.From the Studios of JOY Fm comes a man who anchored the much talked about ‘Royal wedding’ on BBC.

These 11 Men are definitely making it big time in their various professions.GH is proud of you all!!!

BY: MAWULI POMARY

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17,18 Year Old Break Into CNN Newsroom To Check Facebook Pages

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Aldayne Fearon and Francis MutemwaTheir parents probably didn’t “like” this situation.Francis Mutemwa, 17, and Aldayne Fearon, 18, were arrested and charged with misdemeanor criminal trespass after allegedly breaking into CNN’s Atlanta newsroom to check their Facebook pages, reports the Atlanta Journal Constitution.

After driving to the Omni Hotel in Mutemwa’s mother’s red Mercedes, the teens scaled the wall and gained access to CNN’s fifth floor newsroom, where they were discovered at approximately 3:30 a.m. Friday morning. Atlanta police spokeswoman Kim Jones said that officers from the Zone 5 precinct — which is also located in the CNN Center — were contacted by CNN security:

They reported that there was ‘someone in their secure area newsroom.’

Jones, who said that the teens initially refused to give their names, but later identified themselves, confirmed that Mutemwa and Fearon were, indeed, engaged on the popular social media site:

“[They were] working on two computers which were not password protected. At the time of their arrest, they were checking their Facebook pages on those computers.

Turner Broadcasting System Inc. released a general statement Friday afternoon to the AJC in response to the unusual incident:

A security incident occurred at CNN Center on Friday morning and was resolved,” the statement read. “It is being handled by the Atlanta Police Department.

The teens were held on $500 and Mutemwa’s mother’s car was towed away at the scene. What were they thinking? Leave your thoughts below

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US Navy Seals Who Killed Bin Laden Rescued Hostages From Somalia

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US NAVY SEALS OSAMAU.S. Military officials says on Wednesday January 25th,2012 , the Navy SEAL team flew into Mogadishuduring the night via a helicopter and rescued an American and a Danish hostage while killing 9 pirates. A U.S. official says the SEAL team that rescued the two hostages was the same unit that killed Osama bin Laden.

U.S. President Barack Obama referred to the mission during his State of the Union address before congress on Tuesday night. As he entered the House chamber in the U.S. Capitol, he pointed at Defense Secretary Leon Panetta in the crowd and said, “Good job tonight.”

They mean business if you ask me!

 

 

U.S. military forces flew into Somalia in a nighttime helicopter raid Wednesday, freed an American and a Danish hostage, and killed nine pirates in a mission President Barack Obama appeared to reference before his State of the Union speech, officials and a pirate source said.

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Don’t Let Facebook/Social Networks Ruin Your Relationship. Read This Guide

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Being in a committed relationship isn’t that much different than being part of a social network: You have to agree to terms and conditions, you have to “like” stuff you otherwise wouldn’t and, sometimes, you and your partner may have to deal with people from your pasts trying to poke you. While the following do’s and don’ts may not prevent your high school sweetheart from creepily wall-posting you, they may help you better handle such correspondence, as well as other awkward social networking situations, with grace.

DO: Be a friend, not just a lover

This one’s easy: Make sure you add your spouse as a friend. This doesn’t mean you have to say goodnight to each other via wall posts (more on this later). Just let the world know that you think highly enough of this person you’ve chosen to spend the rest of your life with to allow him or her access to your info page. Of course, not every couple will feel the need to communicate with each other on Facebook. “There are two kinds of couples,” says Ben Agger, professor of sociology and humanities at University of Texas at Arlington. “Couples who wear his-and-hers bathrobes might be very couple-y on Facebook. Then there are more independent couples who would never friend each other, preferring to keep their relationship private.”

DON’T: Share a Facebook page—it’s just weird

Sure, there are people who share Facebook pages. But there are also people who share toothbrushes. Being of one flesh doesn’t mean you have to be of one profile. Online dating and “netiquette” expertJulie Spira, author of The Perils of Cyber-Dating, encourages couples to keep their own Facebook profiles. “We’re individuals, we’re also couples, but each person has a unique history, especially when you look at Facebook’s recent changes with the timeline,” she says. “So merging Facebook accounts, I don’t think it’s a good idea.” Exceptions to this might be if your relationship is part of your business, or if a couple shares a page because neither one really cares that much about being on Facebook. But outside these sorts of situations, sharing a Facebook page is as awkward as when a guy tags along on girls’ night out.

DO: Remember that public displays of affection are even more annoying online

It’s wonderful that you and your partner love each other, but be considerate of others when expressing it via Facebook. Chances are that a good chunk of your uncoupled friends, while not completely bitter, don’t really want to hear you profess your undying love for your spouse just because he made you macaroni and cheese for dinner. If your boyfriend is getting back from Afghanistan, then sure, that’s post-worthy. But be mindful that most Facebook posts of admiration will only cause an avalanche of eye-rolling among your friends. And what’s more, these public displays of affection may actually be a sign of strain in the relationship. “This oversharing—making the private public—is not to be taken at face value,” says Agger. “When I read such things, I immediately worry that there is trouble in paradise.”

DON’T: Poke anyone, for any reason, ever

Poking someone on Facebook is the online equivalent of strolling up to a stranger at a bar and asking, “Hey, what’s your sign?” It might be the only feature on Facebook created specifically for flirting, so it’s definitely off limits to anyone in a committed relationship. Jason and Kelli Krafksy, relationship experts who run Techlationships.com, further clarify that “poking is nothing more than a way to digitally flirt like a third grader … bug the heck out of someone until they despise you … and hide from you.”

DO: Make sure your relationship status reads, “In a relationship”

This one may seem like a no-brainer, but people who are new to Facebook might not realize that there even is a relationship status setting. Well, there is, and if you’re married but fail to signify as such, then every person who brushed against you in the hallways of high school and college will immediately evaluate you as a potential hook-up. And don’t think that using your child as a profile picture will deter Facebook trawlers. Quite often, just the opposite happens. “I think it is fair to say that men may read divorced women with kids as sexually needy,” says Agger. Of course, that isn’t necessarily true—but the advances will come nonetheless.

DON’T: Wear a bikini in your profile picture—no matter how jealous you want to make your old high school nemesis

It’s awesome that, even after giving birth to three kids, you’re in better shape now than you were in high school. That said, you don’t need to inform everyone of this accomplishment. Instead, try to exercise a little modesty when selecting a profile picture. “You shouldn’t be posting provocative photos on Facebook,” says Spira. “You’re advertising that you just might be available for flirting—or more—outside of your relationship.” And you don’t have to put up a picture of your toddler covered in his own spit-up to detract unwanted advances; just don’t use any photo that might provoke an old flame to inappropriately exercise the “like” button. The only exception is if you were recently a contestant onThe Biggest Loser, or have made some other major physical transformation for which you are really proud. But still, even if you want to show a little skin, make sure there is zero “come hither” to your profile picture.

DO: Tell your partner if you’re friends with the person who took your virginity

Many of us are friends with exes. There’s nothing wrong with that. We’re all adults, and it’s a lot of fun to touch base with people from our past and show them how much better-looking our kids are than theirs. However, it’s always a good idea to let your spouse know that among your Facebook friends are people who have seen a lot more than your face. And it may be a good idea for you to know that being friends with old flames can be akin to playing with fire. “When you connect with someone with whom you’ve had emotional or physical contact in your past, there’s a flood of chemicals,” says Jason Krafsky. “The brain recalls the first kiss, or the intimacy, and unfortunately, it does not always remember how annoying that person used to be.”

DON’T: Overreact or read too much into someone simply being friendly

Even though we should have zero tolerance for propositioners, we shouldn’t be so on guard that we interpret an ex asking, “Watcha been doing?” as an offer of something more. If somebody writes to you on Facebook through direct message, with the chat feature or even on your wall, they may just be casually connecting with you, says Spira. “Don’t read too much into it; it’s still just a two-dimensional message.” So, if someone is asking when you might be coming back to town, don’t immediately assume they want to lure you into starting a second family. They might just want you to join Farmville.

[Via GloMSN]

 

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6 Simple Steps To Being A Millionaire

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Let’s face it; we all don’t make millions of dollars a year, and the odds are that most of us won’t receive a large windfall inheritance either. However, that doesn’t mean that we can’t build sizeable wealth – it’ll just take some time. If you’re young, time is on your side and retiring a millionaire is achievable. Read on for some tips on how to increase your savings and work toward this goal.

Stop Senseless Spending
Unfortunately, people have a habit of spending their hard-earned cash on goods and services that they don’t need. Even relatively small expenses, such as indulging in a gourmet coffee from a premium coffee shop every morning, can really add up – and decrease the amount of money you can save. Larger expenses on luxury items also prevent many people from putting money into savings each month. (For related reading, see Squeeze A Greenback Out Of Your Latte.)

That said, it’s important to realize that it’s usually not just one item or one habit that must be cut out in order to accumulate sizable wealth (although it may be). Usually, in order to become wealthy one must adopt a disciplined lifestyle and budget. This means that people who are looking to build their nest eggs need to make sacrifices somewhere – this may mean eating out less frequently, using public transportation to get to work and/or cutting back on extra, unnecessary expenses. (To learn more, read The Disposable Society: An Expensive Place To Live.)

This doesn’t mean that you shouldn’t go out and have fun, but you should try to do things in moderation – and set a budget if you hope to save money. Fortunately, particularly if you start saving young, saving up a sizeable nest egg only requires a few minor (and relatively painless) adjustments to your spending habits. (For more insight, read Under 30 And Financially Secure In 10 Steps.)

Fund Retirement Plans ASAP
When individuals earn money, their first responsibility is to pay current expenses such as the rent or mortgage expenses, food and other necessities. Once these expenses have been covered, the next step should be to fund a retirement plan or some other tax-advantaged vehicle.

Unfortunately, retirement planning is an afterthought for many young people. Here’s why it shouldn’t be: funding a 401(k) and/or a IRA early on in life means you can contribute less money overall and actually end up with significantly more in the end than someone who put in much more money but started later. (To see how this works, check out Why is retirement easier to afford if you start early?)

How much difference will funding a vehicle such as a Roth IRA early on in life make?

If you’re 23 years old and deposit $3,000 per year (that’s only $250 each month!) in a Roth IRA earning and 8% average annual return, you will have saved $985,749 by the time you are 65 years old due to the power of compounding. If you make a few extra contributions, it’s clear that a $1 million goal is well within reach. Also keep in mind that this is mostly interest – your $3,000 contributions only add up to $126,000.

Now, suppose that you wait an additional 10 years to start contributing. You have a better job and you know you’ve lost some time, so you contribute $5,000 per year. You get the same 8% return and you aim to retire at 65. When you reach age 65, you will have saved $724,753. That’s still a sizeable fund, but you had to contribute $160,000 just to get there – and it’s no where near the $985,749 you could’ve had for paying much less.

Improve Tax Awareness
Sometimes, individuals think that doing their own taxes will save them money. In some cases, they might be right. However, in other cases it may actually end up costing them money because they fail to take advantage of the many deductions available to them.

Try to become more educated as far as what types of items are deductible. You should also understand when it makes sense to move away from the standard deduction and start itemizing your return. (To learn everything you need to know about filing your tax return, check out our Income Tax Guide.)

However, if you’re not willing or able to become very well educated filing your own income tax, it may actually pay to hire some help, particularly if you are self employed, own a business or have other circumstances that complicate your tax return. (For more on this, see Crunch Numbers To Find The Ideal Accountant.)

Own Your Home
At some point in our lives, many of us rent a home or an apartment because we cannot afford to purchase a home, or because we aren’t sure where we want to live for the longer term. And that’s fine. However, renting is often not a good long-term investment because buying a home is a good way to build equity.

Unless you intend to move in a short period of time, it generally makes sense to consider putting a down payment on a home. (At least you would likely build up some equity over time and the foundation for a nest egg.) (For more insight on weighing this decision, read To Rent Or Buy? The Financial Issues.)

Avoid Luxury Wheels
There’s nothing wrong with purchasing a luxury vehicle. However, individuals who spend an inordinate amount of their incomes on a vehicle are doing themselves a disservice – especially since this asset depreciates in value so rapidly.

How rapidly does a car depreciate?

Obviously, this depends on the make, model, year and demand for the vehicle, but a general rule is that a new car loses 15-20% of its value per year. So, a two-year old car will be worth 80-85% of its purchase price; a three-year old car will be worth 80-85% of its two-year-old value.

In short, especially when you are young, consider buying something practical and dependable that has low monthly payments – or that you can pay for in cash. In the long run, this will mean you’ll have more money to put toward your savings – an asset that will appreciate, rather than depreciate like your car.

Don’t Sell Yourself Short
Some individuals are extremely loyal to their employers and will stay with them for years without seeing their incomes take a jump. This can be a mistake, as increasing your income is an excellent way to boost your rate of saving.

Always keep your eye out for other opportunities and try not to sell yourself short. Work hard and find an employer who will compensate you for your work ethic, skills and experience.

Bottom Line
You don’t have to win the lottery to see seven figures in your bank account. For most people, the only way to achieve this is to save it. You don’t have to live like a pauper to build an adequate nest egg and retire comfortably. If you start early, spend wisely and save diligently, your million-dollar dreams are well within reach.

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