Money spotlight :::: The riches of a 69 year old parking lot attendant
I came across this story on an older gentleman who, most when passing him by would assume there is nothing to him and that they can not learn a thing from him. With that frame of mind you may be missing out on a good amount of advice on how to maximize your earnings. Make your wallet fat and your bank account huge. This is not only a lesson on the age old saying, never judge a book by its cover, but also a lesson in actually taking the time out to read it.
I would like to talk more about this, but I think that it speaks for it self so here is what he had to say when he was asked about how he amasses his wealth off of a 20K a year salary as a parking lot attendant.
From MSN.com
How did you get started investing?
Soon after I
started working for Mercantile Bank in Baltimore 44 years ago, one of
the bankers took me aside and told me I didn't have enough education to
go very far at the bank. He suggested I invest in stocks.
Where did you get the money?
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 (IBM, news, msgs) stock back in 1981.
- Video: The ABCs of mutual funds
How did you learn how to invest?
I
really didn't know enough to be scared. In school I was considered a
slow learner -- dyslexic, it's called now. My true gift from God is my
ability to listen, and that's how I'm able to ask questions and use
tips from the brokers, financial planners and bank customers I see
every day.Do you have a formula for picking stocks?
When
I first started out, I had to be conservative and take my time because
I couldn't afford to lose money. Now I look for companies with
stability that pay dividends. I read the stock pages but don't claim to
know everything about them. I have a broker, but many times I'll go
where my spirit leads me.Any stocks you're excited about now?
I've been buying shares of ExxonMobil (XOM, news, msgs).
We've heard that you're helping others invest.
I
started an investment club at my church. And I've been coaching a
couple of young men, such as bar-and-grill cook Antawn Davenport and
Dana Mouse Smith, who toured with the late rapper Tupac Shakur. They
can help spread the message that people can do whatever they set their
minds to do.
This was published back in 2007. However I understand that the market it rough, and things may be tough in your wallet. However take into account this one principle that he left us with the little change adds up. So go out there and take that extra job one weekend a month, and use that money for something that can grow, not something that will shine.
Crawley was interviewed by David Benjamin for Kiplinger's Personal Finance Magazine.
0 comments:
Post a Comment