How I Bought My Own House Debt Free at age 25

Brown is only 26, but she already owns a house and has socked away a nice amount of money for retirement in both a 401(k) and Individual Retirement Account (IRA). Oh, and she has a renter who pays $900 a month, enough to cover her entire mortgage.

As her friends and family like to say, she's "got it figured out."

Brown doesn't work on Wall Street or Silicon Valley. She's an accountant in Cleveland, Ohio, who bought her home at age 25 when she earned about $50,000 a year.

'I didn't want to live paycheck to paycheck'

Friends tried to convince her to live closer to "the action" in downtown Cleveland. But she did her research and realized that between the high rent and paying for parking, it wasn't worth it. So she instead chose to buy a "fixer upper" home for $107,000 in a suburb. A tenant was already living in part of the duplex home. Brown was happy to extend the lease and have her stay.

Only about 20% of Americans own their home by age 25, according to the Census.

She credits her financial savvy to three things: Parents who stressed frugality, reading the book "Rich Dad Poor Dad" and going to college during the Great Recession.

"Living through 2008 and seeing people lose their jobs taught me you have to prepare for anything," Brown told CNNMoney. "I wanted a game plan, not living paycheck to paycheck."

Brown's advice: Save, save, save

Her money plan is simple: work hard, save a lot, and buy property you can afford.

It's hardly a novel idea. Way back in 1758, American founding father Benjamin Franklin wrote an essay called "The Way to Wealth." His conclusion: "If you would be wealthy, think of saving as well as getting."

She has budgets for everything and works hard not to go over. Much like eating healthy, Brown views money as a choice you make every day. She drives an older car, a 2009 Ford Escape SUV with "a big old dent." Friends joke that she doesn't come out for drinks after she's spent her fun budget.

And student loans? Brown has those too. She borrowed about $35,000 to attend Baldwin Wallace University in Ohio. She worked jobs in college, managing to pay down about $6,000 of her loans while still in school. Since graduating in 2012, she's continued to pay more than the amount due every month. Her balance now is just $10,000.

Open an IRA at a young age

But Brown says her biggest "a-ha" money moment came from starting an IRA. When she was in high school, she worked at an ice cream shop called Dairy Dock in Vermilion, Ohio. At age 18, she had about $100 saved from her pay.

Her father suggested putting it in a saving account or certificate of deposit ("CD"), but the interest was so low -- nearly 0% -- that the bank recommended Brown open an IRA and consider investing the money in a stock market fund.

"I thought it was the craziest thing I had ever heard," Brown admits about starting a retirement account at age 18. "But those little amounts have grown immensely."

Sacrifices today can pay off big time

In 2008, as Wall Street was in meltdown mode, Brown started university and majored in finance and accounting. Her professors stressed saving and investing early, so she kept putting money into her IRA from her summer jobs and internships. After graduating college in 2012, she landed a full-time job as an accountant and began to put $250 a month away in her IRA religiously.

At her current job, she also opened a 401(k) retirement plan and contributes 6% of her salary, which her company matches.

Brown's smarts and financial maturity even impresses the pros. When Yvette Butler, president of Capital One Investing, hears of Brown, her reaction is: "She's my idol ... I wish more of us started saving for retirement at 18."

Here Is President Donald Trump's Net Worth as He Turns 71

On June 14, President Donald Trump will celebrate his 71st birthday, his first as commander in chief. The oldest person to be sworn into presidency — 70 years, 220 days on January 20, 2017 — Trump beat out a number of contenders to become the Republican nominee for the 2016 presidential election. He defeated Democratic nominee Hillary Clinton in the primary election. 

A businessman and former reality television star, Trump’s path to wealth was much different than that of your typical politician.

Click ahead for a better understanding as to how Trump built his fortune and see the total net worth of Donald Trump as of today.

IRS Issues Warnings For New Twist To Old Phone Scams

In the scam, callers posing as IRS representatives advise potential victims that two certified letters were sent to the taxpayer in the mail but were returned as undeliverable. The callers then threaten to arrest the potential victim if a payment is not immediately made through a prepaid debit card. The scammer also tells the victim that the purchase of the card is linked to the Electronic Federal Tax Payment System (EFTPS) system: it is not. 

To ensure that the potential victim doesn’t back out, the caller warns the taxpayer not to contact their tax preparer, an attorney or their local IRS office until after the tax payment is made. This should be a red flag. You should always have the opportunity to contact your tax professional before resolving a tax dispute. Additionally, if you’re not sure that you owe taxes, you always have the opportunity to hang up and call the IRS directly (1.800.829.1040) for more information. Don’t be pressured into making a spur of the moment payment. 

The scammers are hoping that you’ll recognize the EFTPS: it’s a real government system used for paying your federal taxes electronically. Paying taxes through EFTPS is free through the U.S. Department of Treasury and does not require the purchase of a prepaid debit card, so don’t be fooled. Also, the EFTPS is an automated system, which means that you won’t receive a phone call from the IRS. It’s one of a number of ways that you can pay what you owe (you can find out more about how to pay your taxes here).

If all of this sounds familiar, it is. Scammers have been targeting taxpayers by phone for years. In the most popular version of the scam, IRS impersonators call and demand payments on iTunes and other gift cards.

IRS Commissioner John Koskinen said about the latest scam, “This is a new twist to an old scam. Just because tax season is over, scams and schemes do not take the summer off. People should stay vigilant against IRS impersonation scams. People should remember that the first contact they receive from IRS will not be through a random, threatening phone call.”

Other IRS and tax-related scams involve the nonexistent “Federal Student Tax” and scams targeting tax professionals.

As a reminder, the IRS will never:

- Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.- Call to demand immediate payment over the phone, nor will the agency call about taxes owed without first having mailed you a bill (this is true even with the use of private debt collectors).

- Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.

- Require you to use a specific payment method for your taxes, such as a prepaid debit card, gift card or wire transfer.

- Ask for credit or debit card numbers over the phone.

Don’t engage or respond with scammers. Here’s what to do if you receive a suspicious phone call or message:

- If you receive a call from someone claiming to be from the IRS, and you do not owe tax, or if you are immediately aware that it’s a scam, don’t engage with the scammer and do not give out any information. Just hang up.

- If you receive a telephone message from someone claiming to be from the IRS, and you do not owe tax, or if you are immediately aware that it’s a scam, don’t call them back.

- If you receive a phone call from someone claiming to be with the IRS, and you owe tax or think you may owe tax, do not give out any information. Call the IRS back at 1.800.829.1040 to find out more information.

- You can also contact TIGTA to report scam calls by calling 1.800.366.4484 or by using the “IRS Impersonation Scam Reporting” form on their website. You may also want to report the scam to the Federal Trade Commission by using the “FTC Complaint Assistant” to report persons pretending to be from the government; please add “IRS Telephone Scam” in the notes.

Don’t fall for the tricks. Keep your personal information safe by remaining alert. For tips on protecting yourself from identity theft related tax fraud, click here.

The 7 Industries That Will Be Swimming On More Money In Few Years To Come

Everyone’s looking toward the future, eagerly anticipating what promises to be a long line of innovations due to rapidly evolving technology. Consumers know these inventions will change the way they work and play. Not only will they make some aspects of life easier, they could quite possibly empower people to do more with less money.

This means that, on a wider scale, many fields will see serious growth. And with growth comes opportunity.

Here are seven industries that are most likely boom in the next 10 years thanks to advancements in technology.

1. The Internet of Things
The Internet of Things (IoT) has forced manufacturers to rethink the way their products function. This will continue over the next several years, as everything from refrigerators to toasters become more sophisticated. Even children’s toys will eventually utilize IoT technology to entertain, educate and even keep kids safe. For example, tablets made for toddlers may let you monitor your child from the other side of the house through the device’s camera while they’re learning to spell.






2. 3-D Printing
As etailers compete to get products into the hands of consumers quickly, a new type of technology stands to change everything.

Once 3-D printers go mainstream, consumers will be able to select and manufacture the items they want, reducing the need to ship the item to them. This also brings custom design into play, allowing consumers to personalize an item like clothing or jewelry, then print it out immediately.

3. Finding Trust in the Sharing Economy
In the past few years, consumers have embraced services such as Airbnb and Uber, creating opportunities for themselves and the many workers who provide these services. Consumers will continue to seek services this way, but it will also be important for businesses to build trust by adding protections for both their customers and contractors.

Once those are strongly in place, these services can continue to grow. The sharing economy will continue to spread into other markets or industries, such as services in which people may be able to offer or trade skills with each other.

4. Wearables in Health Care
Technology will take health care in exciting new directions over the next decade, thanks in large part to devices such as health trackers. Instead of merely counting steps and monitoring heart rate, sensors will be able to track glucose levels and detect signs of cancer, while also allowing elderly patients to stay safely at home.
This in many cases will allow medical professionals to focus less on diagnosis and more on finding the best courses of treatment.

5. Virtual Reality
Today’s consumers may think of virtual reality (VR) in the gaming and recreation context. However, there are real-world applications for the technology, especially in training. The technology is already being used to train medical professionals, giving them hands-on experience in a medical school setting. Once a professional is fully trained, VR can help them experiment with new surgeries or get a better look at certain tissues to create improved treatment.

Beyond the medical field, all kinds of ideas are emerging about how we may use VR in the coming years. Whether we’re doing our day-today office work using virtual reality glasses that let us interact with a virtual office, or even relive actual physical experiences we’ve had in everyday life, the future is exciting and definitely a new frontier.

6. Connected Schooling
The Internet has opened up a wide range of opportunities for education systems worldwide.

In the coming years, classrooms will use technology like videoconferencing to access resources outside of their physical location. Students also will have access to more personalized learning, thanks to apps and connected classrooms.

For example, already there are companies producing apps that integrate teacher lectures onto tablets, allowing students to watch brief videos or take short quizzes during the day’s lesson.

7. Digitized Hospitality
Travel is already becoming easier for consumers, with many hotel chains automating check-in. Apps will increasingly become tightly woven into the hotel experience, with consumers using their smartphones to check in, access their rooms, and request services.

Customer relationship management (CRM) software and marketing automation will increasingly help hotels send you personalized messages. The underlying theme for the future here is that the hospitality industry is working to make its relationships with customers more smooth, informed and beneficial to both sides.

For every industry, user experience will be a top priority as companies strive to win long-term customers. Through the use of technology, businesses can create experiences that flow seamlessly, making the lives of consumers and business owners far easier. The end result is that to remain competitive, businesses will need to invest in order to take advantage of new technologies and come up with innovative ways to deliver products and services to their customers.

This Is How Rich You Would've Been Had You Invested In Apple Instead of Having a Child

In the off chance you want to know how rich you'd be if you'd invested in Apple instead of raising a child, you can.

WhatIfIBoughtAppleInstead is a website that invites parents to enter their child's birth month, their family income, and whether they paid for their child's college education. The site then calculates how much money they would have made if they had invested all that cash in Apple instead.












"Have you ever wondered how different your financial situation would have been if you'd invested in Apple stock instead of having a child?" the site asks. "Well even if you haven't, now you can find out."

Apple's shares have soared in recent years, due in no small part to the success of the iPod, followed by the iPhone. Apple is now one of the biggest companies in the world in terms of market capitalization, and is currently valued at nearly $600 billion—a far cry from when it was just a startup in a garage.

The calculation by WhatIfIBoughtAppleInstead involves several assumptions. For one, it estimates the monthly cost of raising a child from data obtained from the U.S. Department of Labor. It also estimates the cost of raising a child to 18 based on income level, and adjusts Apple's share price based on stock splits and dividends.

The value of the investment is based on Apple's latest closing price.

There's one major limitation: Apple didn't go public until Dec. 1980, and the calculator, reported on Tuesday by Apple-tracking site 9to5Mac, only extends as far back as 1981. So, if your child was born before 1980, it would be impossible to determine how rich you'd be.

There's also no way to calculate an investment return on any shares sold before the latest trading day.

But if anything is for certain, it's that investing in Apple over the long haul would've been provided huge returns. Sure, Apple had some difficult years in the 1990s, and many people got out of the stock at that point. Also, over the past few years, its share price has fluctuated within a narrow band. But any early investment would've paid off in a big way.

For instance, if parents with nearly $111,000 in gross family income who paid an average of $50,000 annually for four years of private college for a child born in January 1981 had invested in Apple stock, they would now own more than $48 million in Apple shares. That figure drops to $34.3 million for middle-income families that earn between $64,000 and $110,000 in total income.

The Reasons Why Spending Money Buying Stuff Does Not Make You Happy As Spending on Experiences

Because they’re now the largest age demographic, I spend a lot of time researching and discussing millennials. What I’ve found most interesting about this demographic is how they prefer to spend their money on experiences over stuff.

Millennials "aren't spending our money on cars, TVs and watches," Taylor Smith, CEO and co-founder of Blueboard, told CNBC. "We're renting scooters and touring Vietnam, rocking out at music festivals, or hiking Machu Picchu."

This statement was backed-up by a study conducted by the Harris Group that found out that 72 percent of millennials prefer to spend more money on experiences than on material things.

The thing is, this isn’t exactly limited to millennials.

Researchers have been studying how people could allocate their money to make themselves happier. The assumption had been that spending money on material possessions would increase happiness because possessions last longer than an experience. A 20-year study by Dr. Thomas Gilovich, a psychology professor at Cornell University, found the opposite is true.

Dr. Gilovich is just one of several researchers who believe in the the Easterlin Paradox. This phenomenon simply states that after our basic needs have been met, money will only increase happiness to a certain point for the following reasons:

1. Happiness over material items quickly fades.

“One of the enemies of happiness is adaptation,” says Dr. Gilovich. “We buy things to make us happy, and we succeed. But only for a while. New things are exciting to us at first, but then we adapt to them.”

Psychologists call this "hedonic adaptation." In other words, the excitement of that new car, iPhone or furniture set will quickly fade into the background as they become a part of our daily lives. Experiences, like traveling, attending an art exhibit or trying a new restaurant become a part of our identity, which brings us greater satisfaction.

“Our experiences are a bigger part of ourselves than our material goods,” says Gilovich. “You can really like your material stuff. You can even think that part of your identity is connected to those things, but nonetheless they remain separate from you. In contrast, your experiences really are part of you. We are the sum total of our experiences.”

2. Experiences define your purpose and passions.

Your daily activities should be guided and influenced by your purpose and your passions, not material possessions.

Think of it this way. Let’s say that your favorite musician of all-time is Bruce Springsteen. Even though you have all of his albums, and some other items like shirts or posters, do all of those possessions top seeing The Boss in concert? Probably not. In fact, if someone offered you a front-row ticket in exchange for all of your Bruce memorabilia, you would probably take them up on that offer in a heartbeat.

3. Possessions don’t contribute to social relationships.

“We consume experiences directly with other people,” says Gilovich. “And after they’re gone, they’re part of the stories that we tell to one another.”

Do you bond more with other people when discussing material possessions or experiences? Think of Bruce again. When you run into a fellow fan, you have a certain bond and connection. You can talk about his music, the concerts you’ve attended and how much his music has positively impacted your life. That seems like a more in-depth and interesting conversation that discussing your cars, gadgets, wardrobe or even your Boss souveniers, right?

Social relationship expert John Hall, author of  the book Top of Mind, recently told me "Relationships are like ketchup -- only you can figure out if you need to have it on your burger or not." We can all relate to wanting or not wanting this.

4. Moments are more memorable.

While experiences are designed to be fleeting, they provide high level of arousal and memorability thanks to anticipation. Again, let’s revisit The Boss.

You hear he’s coming to town, so you mark your calendar not only for the date of the show, but also when tickets go on sale. You’re anticipating purchasing tickets and then attending a show after you’ve secured your tickets. Going to this show is an entire experience, not just a singular moment.

5. Experiences introduce you to a whole new world.

Unlike stuff, experiences introduce you to new perspectives, life lessons and the importance of gratitude. Take traveling, for example. If you live in New York City and travel to West Virginia, you may realize the pros and cons of living in the Big Apple. Even though there’s culture, public transportation and plenty to do, that weekend trip south made you appreciate nature, the quiet and the beauty of clear, starry nights.

You may realize and come to understand cultural differences. Even if you don’t agree with these points-of-view, at least you’ve walked away learning how to be more thoughtful, compassionate, humble, or grateful.

6. Stuffocation.

Do you have a garage full of stuff? That build-up of junk that you’ll never use can actually do harm to your mental health. This is because when our homes are filled with junk and clutter it increases our levels of stress.

7. It’s no fun keeping up with Joneses.

“The tendency of keeping up with the Joneses tends to be more pronounced for material goods than for experiential purchases,” says Gilovich. This is because, according to research from Ryan Howell and Graham Hill, it’s easier to feature-compare material goods than experiences.

“It certainly bothers us if we’re on a vacation and see people staying in a better hotel or flying first class. But it doesn’t produce as much envy as when we’re outgunned on material goods.”

In other words, spending money on experiences can decrease this envious behavior, which means that we’ll be healthier and happier in the end.

What makes you more happy? Money or experiences?

How To Make Things Happen Under A Tight Budget

Depending which source you consult, between 50 percent and 90 percent of all startups eventually fail. The numbers are daunting, to be sure. But it's more important to understand the "why" than it is to dwell on the "how many." 

According to research from CBInsights, access to funds is the second-most-common reason startups fail. The problem becomes especially pronounced when entrepreneurs are putting their own dollars on the line because investors aren't exactly lining up to give them money. This is the bootstrapped startup's dilemma.

If this sounds like your business model, don't fear: All hope is not lost. Here are four ways you can make things happen for you and your company on a tight budget.

1. Get started.

Getting up and running is the most critical phase of a bootstrapped startup. It’s easy to be tempted by wanting to make a big splash as you launch your company. Ask yourself how much of a difference that a flashy intro really will make for your business in the long run.

When you’re just getting started, it's essential to keep costs as low as possible.

• Don’t outsource things you can do (or easily learn to do) on your own. For example, a selection of free and paid software can help meet your design needs. You probably don’t need to hire someone to create content just yet. Identify time-consuming tasks that won't affect other key areas of your startup and examine which you can do by yourself at least during this lean period. 
• Reduce all personal expenses. Big salaries? Not now -- the goal is to get to that later. You literally can't afford to live the same lifestyle as founders of multimillion-dollar startups who are flush with others' funding. You don’t need luxurious cars and fancy parties right now. Reduce all personal expenses so you can direct 100 percent of your resources toward growing your startup.

• Focus on revenue-generating activities. No matter how brilliant your startup or how grand your long-term strategy, you're poised to fail if you can’t sustain your business with cash in the early stage. The most important thing you can do now is generate revenue and profit to put back into your company. If you're hoping to attract backing from investors down the road, you'll find it much easier to secure the deal if you're able to show your business is a profitable one.  

2. Court the press.

New players -- particularly underdogs -- typically struggle to garner media attention. It's unlikely you have the budget to hire a public-relations specialist. And you might not even have the cash to outsource your PR needs to an agency. Here's the really frustrating part: You know that without any attention for your stellar product or service, the early going will be slow. 

• Focus on podcasts. Look for top and relevant podcasts in your industry as well as podcasts in related or crossover industries. Contact these hosts and offer yourself as an interview source for upcoming podcast features. Each interview will produce a mention and at least one link to your startup's web page.
• Find out who's doing founder interviews. Sites such as IdeaMensch specialize in founder interviews, and they don’t discriminate based on a startup's size. Reach out to these sites and publications. Not only will you get some extra attention, but you could get noticed by the mainstream press or investors. You never know -- something big might come out of it.

• Become a contributor. While you work to get feature treatment from top-of-market publications, very little stops you from being a contributing expert to these same information sources. Most major publications happily will accept contributed content if your perspective adds value to the field. It's typical for each post or article to run with a small photo and brief bio that links to your startup's home page. Contributing regularly and over time increases your odds of being noticed by a journalist on the site itself or from a competing news source. Guest posts, videos and other content serve double duty as your "clips file" -- social proof you can offer to boost your credibility as you seek press for your company. Blogs in countless niches provide numerous entry points. 

• Target new journalists. New startup founders often make the major mistake of targeting big-shot journalists and well-established influencers. These folks get a lot of pitches -- way more than they can handle. By contrast, new journalists keep looking for stories and exciting startups they can feature, and they'll often go out of their way to dig up the story waiting to be told.
• Write or curate your own blog. Research reveals that businesses with blogs get more links, leads and traffic. If you can't get press from external sources, be your own press. Blog. Many of today's top startups have built their followings this way and now get millions of blog views every year. That makes it easy to amplify their messaging. Coverage from any other group is just icing on the cake.  

3. Scale slowly.

Of all the factors that contribute to startup failure, research shows premature scaling is the most likely culprit. When you’re running your startup on a budget, you're under pressure and conditioned to make things happen very fast. That stress increases if you’re seeking funding, as you rush to be seen as more impressive and thus more worthy of interest from larger investors.

Don’t make this mistake.

Slow and steady wins the raise, as they say. Carefully analyze every decision you make when it comes to growing your startup. Yes, it will take longer -- but you’ll still have your startup.

4. Bring on a a co-founder.

Two heads (and two bank accounts) are better than one. Bringing on a co-founder is one of the most effective yet still-underestimated ways to bootstrap your startup. 

New companies with two co-founders are more likely to succeed. They raise 30 percent more money than startups with a single founder, and they experience three times the user growth.

A co-founder who shares your dream and is willing to put in the effort can be your company's greatest asset. During Buffer's early stages, Joel Gascoigne was the founder and idea man. He was mainly behind the scenes, excelling at execution. Then he brought aboard marketing genius Leo Widrich. The site reached its first 100,000 users a short time later. Today, Buffer counts millions of users and generates eight figures in annual revenue.

Bill Gates Just Revealed The Kind Of Jobs He Would Have Drop Out Of College For in Today's World

Bill Gates is often called Harvard's most famous dropout. He notably ditched the top university in 1975 to found Microsoft, and became the world's richest man.

Looking back, Gates has said he was lucky that computers were a hobby and an obsession of his at a time when they were just starting to change the world.





But speaking on Friday at another Ivy League university, Columbia University, along with fellow billionaire and famous investor Warren Buffett, Gates said that if he were to drop out of college today there's a limited chance he would end up in the computer industry, and likely not in developing operating software for companies. Roughly 1,000 people, mostly students, gathered on the campus to hear the two billionaires speak.

To be clear, Gates, who's now 61, wasn't at Columbia to advocate that students drop out of school. Gates believes in investing in education, and he said that is the No. 1 priority of his foundation in the United States. Nonetheless, responding to a question from a student, he named three areas that he said he found very promising, and where he might pursue a career if he were starting out today. Here they are:

Artificial Intelligence
If he were to go into computer sciences today, Gates said, the area that he thought had the most potential was artificial intelligence. Gates brought up a recent victory by Google DeepMind over the top player in the world at Go, a game some predicted a computer could never master. He called it a remarkable achievement that signaled there is more to come in advancement in artificial intelligence. And he said the research being done in the field now is "profound" and on the verge of making new breakthroughs. "The ability for artificial agents to read and understand material is going to be phenomenal," says Gates. "Anything connected with that would be an exciting lifetime career."

Energy Sector

Google buys renewable energy from 20 wind and solar projects around the world. Tim Boyles Photography 2015

Gates said there is a huge and growing demand for energy that's "reliable, cheap, and clean." And Gates said there is no system yet today that can provide enough energy that meets those criteria. That's why he sees energy as an area of opportunity for innovative minds, he told the audience of mostly university students. "The innovations [in energy] will be profound," said Gates. "And there are many paths to get to where we need to go"

Buffett, oddly, didn't chime in, but he would probably agree. His conglomerate Berkshire Hathaway owns a number of the nation's largest utilities and has pledged to spend $30 billion developing alternative energy. Berkshire owns a number of wind farms, and will soon become the largest producer of wind energy in America.

Biotech
Daniela Chavarriaga holds her daughter, Emma Chavarriaga, as pediatrician Jose Rosa-Olivares administers a measles vaccination during a visit to the Miami Children's Hospital in 2014. Joe Raedle Getty Images

Gates said he thinks it is a thrilling time in biology and that developments in the biosciences are "moving faster than ever." He said he thought there was potential, and a need for smart innovation, in the fights against obesity, cancer, and depression. Among the most promising advances that Gates mentioned was DNA vaccines. On Donald Trump, Gates said that he was optimistic that the U.S.'s policy and spending on vaccines wouldn't change under the new president, despite some comments Trump has made raising concerns about scientifically unproven links between vaccines and autism. "I don't think Trump will change the U.S. policy stance on vaccines," Gates said. "There may be a commission but the evidence [for the use of vaccines] is unequivocal."

Brad Pitt and Angelina Jolie Are Jointly Selling Olive Oil Together Now

Angelina Jolie and Brad Pitt are embarking on a new joint business venture. The actors are now selling their own extra-virgin olive oil, called Miraval Olive Oil.

The gourmet, extra-virgin olive oil is produced on 26 acres of land at Château Miraval, the couple's $60 million, 1,100-acre French villa, which they still own together, in partnership with Famille Perrin, a.k.a. the Perrin family. People reports that the olive oil has been available in France for several weeks on the Perrin family's website in three-pack units for $30 per bottle and in two small Perrin family-run boutiques in Aix-en-Provence and Chateauneuf du Pape. A spokesman for the oil said that the first release of the product only included 10,000 bottles, exclusively available in Europe, though shipments will reportedly make their way to the U.S. in just a few short weeks.

Famille Perrin's website describes Miraval Olive Oil, translated from French, as "sweet oil with notes of almond, hazelnut, and artichoke barigoule. The palate is peppery and presents aromas of freshly cut grass. The finish is ... suave, spicy, and the bitterness at the end of the palate gives it a very beautiful balance." The oil, which is high-quality and cold-pressed, is packaged in a black bottle crafted from dyed-black sandstone, which helps protect the oil from damaging UV rays.

This is not Jolie and Pitt's first time using their expansive French château for business: In 2013, they started bottling and selling a rosé, simply called Miraval, with winegrower Marc Perrin of Famille Perrin.

Marc Perrin told the Agence France Press that the two are making the olive oil in the midst of their divorce to show their commitment to their estate and as an investment for their children.

Perrin said, "We have long-term projects and have just released the latest vintage of rosé with our names: ‘Bottled by Pitt, Jolie, and Perrin’ on it."