Stick with the Winners and You Will Get Rich!
Posted by M.S. on June 8, 2009
There was a great personal finance article in today’s Wall Street Journal called “When I was Your Age“.
The article features prominent people recalling the best—and worst— financial advice they received as new college graduates.
I believe you can learn almost everything you want to know from people that have already done it successfully!
Included in the survey were David Bach, author of the best-selling FinishRich books, Paula Deen, restaurant owner, author and Food Network host, and Robert Kiyosaki, businessman and author of the best-selling “Rich Dad, Poor Dad” books.
David Bach told how he had learned the value of hard work and purchasing a home while in his 20’s. I agree wholeheartedly with what he said regarding how hard work and saving in your 20s and 30s can determine your future! Amen to that!
Ask all the broke 50 and 60 year old people if they regret not saving and investing when they were young, now that they are running out of time to build their wealth!
Paula Deen learned the value of heeding the advice to do what you love–which was cooking! Look at what a fabulous success she has made of that!
Mary L. Schapiro, chairman of the U.S. Securities and Exchange Commission, said her parents warned her about getting into debt. She listened to them on that point, but regrets not getting into the habit of saving right away. Her advice to grads is to fully understand the implications of debt and what it will take to repay the loan.
Probably my favorite is from Carrie Schwab-Pomerantz, president of the Charles Schwab Foundation. She said the best advice she heard was to live frugally and save for a rainy day. She suggests living off 90% of your income and save the other 10%. I would aim for saving more than that!
Look at how compounding interest on your saved money grows over time so you get wealthy.
You will be SO glad you saved, when you are fishing, while your friends are still working!
