Fatten Up Your Wallet
Here is something you may or may not know: you can become a millionaire while working for someone else! After reading biographies of wealthy personalities, we learned most of them have this in common.
Chris Hogan, the author of Everyday Millionaires, also noticed it. His study revealed that less than 16% of wealthy individuals received an inheritance. Thus, many millionaires are first-generation rich.
In the Richest Man in Babylon by George Clason, one hundred people get asked to state their profession. Each form of employment offers them a way to make money, but each worker must save a part of this income to gain wealth.
Modern-day finance advice often says that everyone should have two streams of income. George's suggestion is a bit controversial - as he recommends that you begin using your first income source to build wealth. Then, you can consider going in search of another.
His principle is if you earn ten eggs, only spend nine eggs. This practice ensures you have a lean purse after you have taken care of your expenses.
Let us say you did this every payday. You would keep yourself out of debt and grow your savings. The author mentions the bare amount of one egg. But you can decide to save more. The idea, though, is to keep back some of your income.
We are enjoying this book thus far. Stay tuned for other parts of this book we will cover. Have you read Richest Man in Babylon yet?
This article is part of our Business Coaching blog series. At Dataczar we talk to a lot of small businesses. We’ve found a few books that we keep recommending time and again. To better help our customers, we’ve added a Reading List for Small Businesses to our website. We encourage every small business owner to read and keep these timeless business books on their office shelf.