Most people believe you need to make a lot of money to become rich. Fortunately, this is not true and a story from The Roadside Scholar: Amazing Money Lessons from Behind the Fence makes the point really well.
It is the story about a man who became fabulously wealthy despite never having made a big salary. He was a UPS employee who did not earn more than $14,000 a year, but set aside 20% of every paycheck and holiday bonus to buy UPS stock. The value of his investment grew to more than $70 million by the time he was 90 years old.
This story communicates the essence of wealth creation better than any amount of data or discussion of compound interest: If you invest your extra money in ownership assets and let time work for you, then you will accumulate wealth. It makes the concept of investing realistic for all, not just the rich.
The take away is, "If this guy can do it, then so can I." I love it because it motivates people to act in their self-interest.
Roadside Scholar Tip: If a normal guy who makes his living driving one of those brown UPS trucks can get rich, then you can too.
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