I just read an incredible article in Kiplinger’s personal finance magazine that really drives home what we try to teach you, our students, you can become financially independent regardless of your circumstances.
The story was about a remarkable man named Earl Crawley who is 69 years old and has never earned more than $20,000 a year as a parking-lot attendant. What makes Earl so unique is that his net-worth is quickly closing in on one million dollars. Earl built wealth by avoiding debt and investing in publicly held businesses. In his own words, “
I did it with good old-fashioned nickels and dimes. My mother taught me how to budget, which made me appreciate how a little money can grow. I saved what I could from odd jobs, such as lawn cutting and window washing, that I did in addition to my day job. I used that money to buy one share of IBM stock back in 1981.
In school I was considered a slow learner — dyslexic, it’s called now.â€? Earl worked at a bank and would speak to financial professionals each day to learn a little bit here and there.
Earl chose to invest in companies that pay rsing dividends and earnings, a strategy that has served him well.
Earl’s story is an uncommon one. There are some distinct points which need to be emphasized. Each of which have allowed Earl to achieve financial independence:
1.) Avoid and get out of debt as soon as possible
2.) Learn to budget (live below your means)
3.) Learn to invest
4.) Enjoy the wealth building process
Does all this sound familiar? I thought so.
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