Column Chronicles
Ask Penny Pincher
Frank Cotolo
July 21, 2022
No one knows how to save money like Penny Pincher. People everywhere ask her for help and she answers them:
Q: What is passive income? - Hailey
P: It's money invested to earn you money while you do other things to make money. Like if you give me, Penny Pincher, a couple thousand dollars, I will invest it in my company and you might earn dividends. The dividends, if you earn any, are considered passive income.
Q: What is a good way to cut expenses? - Riley
A: Cancel your car insurance. The chances of you needing it are remote if you do the math. I know it's illegal in most states but if you take the risk you will save hundreds a month. Then you can invest the hundreds in another business, like mine.
Q: I want to buy gold but someone said buying silver is better. What do you think? - Gracie
A: I'm sticking with bronze, myself. I have some extra in the garage if you would like to buy some and hold on to it. The price might rise and you can sell it for a profit.
Q: Food is becoming more expensive every day and I have a family of six to feed. How can I economize on my food budget? - Sally
A: Think about how much food you could buy if there were six incomes, one per family member? No problem with the grub budget with that kind of money coming in.
Q: I save change. Is that a good way to save money?
A: Yes, but don't keep it in one place. Collect it in odd places so no one will steal it. Put it in vases or Tupperwares or drawers or coffee tins or deflated basketballs or old socks and keep it in those places for a long time.
Frank Cotolo can be found hosting the talk and interview programme Cotolo Chronicles. You can send him an e-mail at this address:
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