Save $10,000, the David Koch way
Dr Mumbo always eats lunch at his desk, so you can imagine his joy when he discovered this was the path to wealth. In today’s edition of The Daily Telegraph, Libby & David Koch told readers they could save 50 dollary-doos a week by simply thinking ahead and bringing their own tasty treats to work.
“That’s $2,600 a year,” Dr Mumbo hears the mathematically-inclined among you thinking.
Not so, according to the formidable pair at MoneyHQ.
“It’s hard to buy a sandwich and a drink for less than $10,” the article says. (‘Incorrect’, thinks Dr Mumbo as he takes his egg sandwich through the Woolworths checkout – but he reads on anway. Surely there will be some economic wisdom in here.)
“Plan ahead when you do the weekly grocery shop and take a packed lunch to work. Save $50 a week, $200 a month, $10,000 a year.”
Dr Mumbo is no economist, but no matter how many times he did the calculation, he could not make $50 x 52 (weeks), or $200 x 12 (months) equal $10,000. Perhaps that’s why Kochie, and not Dr Mumbo, fronts Australia’s favourite breakfast show.
Still, thinks Dr Mumbo, $2,600 isn’t bad. It’ll get Dr Mumbo at least two houses in Sydney, according to Domain, with money left over for egg sandwiches.
Imagine how much he could do with $10,000…..
He still didn’t advise ‘brining’ their own lunch. Now that’s gross
User ID not verified.
And presumably the $2400/$2600/$10000 saving only applies if the ingredients for your homemade lunches are at zero cost, therefore the calculation should also take into account a risk-adjusted annual aggregate of likely court fines for shoplifting.
User ID not verified.
@William – its zero incremental cost as you make lunch from whatever you had already bought for your house/dinner. No shoplifting required.
But the article is right, its only about $2500 a year, not $10,000.
Though if you invested that money in Amazon, Google and Facebook I am pretty sure it will be more than $2500 by the end of the year
User ID not verified.
Maybe he eats four lunches every day.
User ID not verified.
How come The Courier-Mail got it correct, then?
User ID not verified.
@Not Kochie: Great, in that case I think I can save a few bucks on lightbulbs too – only ever using the spare ones under the sink and not wasting money buying new ones.
User ID not verified.
Hi Ffx,
You are correct. That is even more gross than Dr Mumbo’s egg sandwiches. Fortunately I had already seen and amended Dr Mumbo’s error, but thank you for flagging. Unfortunately, this typo does not save anyone any money or accidentally promise them $10,000. Better luck next time.
Thanks,
Vivienne – Mumbrella
That’s the problem with almost all of these ‘save money’ lists. They ignore the costs of the suggested behaviour.
Take some of those other suggestions:
– Buy secondhand: Yes, it can be cheaper, but you can also end up getting stuck with what’s available. Good luck in buying clothes on Gumtree, turning up to someone’s house and then asking to try them all on first.
– Volume might mean savings on a per unit basis, but it costs more overall. To get value out of volume, you have to use all you purchase. It might be great to get 10kg of apples at wholesale price, but not if you are only going to use 1kg of them and then throw the rest out.
And then you have to actually save the money into an actual account somewhere for it to really count.
User ID not verified.
All these money saving tips are always garbage. Want a coffee? Friggen have one.
Focus on the big ticket items (better loan rates, insurance rates) and maximise your income. Kochie gets rich off telling people how to get rich.
User ID not verified.
10 – But what about networking and that ? You wouldn’t have any friends.
11- But you have to fuff around finding stuff. Ok for uni students but if you’re paying yourself $25 an hour (if you have the time) you’re not saving that much.
12 – Again time is an issue here.
User ID not verified.