Revisiting The Financial Clone

Six months ago, I envisioned the idea of a financial clone. It’s goal was to match my current disposable income to continue saving and  establishing wealth. The rules and expectations were laid out quite plainly in the original post. And the premise to go about cloning finances seemed sound in today’s economy. So how did I fare in six months time? Read on to find out. |

I chose to revisit the financial clone idea given a new year is upon us and many Americans are seeking similar financial solutions. (Plus, I promised I would in the original post.) How you contribute to your clone will increase its effectiveness. The contributions given to my clone were as follows: Increase in amount given to savings each pay period, and the purchase of Palm stock. These were the only two moves I could easily make without compromising my pre-determined budget. Your budget may allow more flexibility

The increased contributions to the savings account worked very well! If it were not for a few cash demanding incidents, the savings mounted would be impressively large. I do recommend increasing your savings contributions for a successful clone.

The purchase of Palm stock was very successful as well. This was a small scale endeavor that introduced me to the stock market. As a further safe guard, I invested with a friend who had similar financial goals. It was a very interesting experiment. Having money invested with a company demands that you become savvy and aware of its products, news, and board members. I found myself watching the stock price and reading any piece of news related to the stock. In the end, I came away with a 65% return on the investment!

I will continue to participate in financial cloning. I believe it is a great way to be honest with your personal financial goals. In today’s economic climate, honesty can go a long way.