Wealthy Barber
Money is easy to make as long as you have a job, however what do you do when you have the money is another question. This is a question I have asked myself ever since I got my first part time job. Many people don't realize that your money can make you more money, through proper investment. Through this strategy you can not only live comfortably now, but you can live a wealthy retirement and enjoy your later years. One of tips which caught my eye the most was the chapter, entitled, "Ten Percent Solution". This chapter seemed to make sense to me as I am on a limited budget with a minimum wage job. I am one of the fortunate students how somehow can balance school with a part time job. I do this because it allows me some freedoms while at school, such as eating well, socializing and trips to visit friends. I also seem to have a bit of money left over which I leave sitting in my low interest bank account. It is this money I am hoping to save for when I am done school and to begin my OSAP payments. Until reading the book, "The Wealthy Barber", I never really had an idea of what to do with my money. Since I am also one of those students who is lucky enough to have a loan through OSAP, I figured I'd better start savi
Ten percent of most students part time job pay check is only about $30 - $40 a month or $360 or more a year. The are throwing all their eggs into one basket as stated in "The Wealthy Barber". My father is considering this as well since at present time it seems as though the demand for housing is a lot higher than the supply. Most of the time when they invest the are investing when the prime growth period is gone. If a good interest rate of about 15% is found through a mutual fund and this is saved for 40 years or so, there is a really good chance that we will be millionaires when we take it out after 40 years. This book has really inspired me to do the research and start doing this. At my age real estate doesn't sound like a good choice, but it shouldn't be ruled out. You must understand it as there are many mutual funds out there and you can't just randomly pick one. They stick it out when the company starts to fall and hope that it will rise again. However, if you think about it maybe it's not such a bad idea. I am currently saving money in a GIC account at a bank which has a mediocre interest rate of approximately 4%. I have already starting using it's advice and am planning on using it in the future. If you haven't done the research then you really don't know what your getting into and could end up losing money. I am extremely happy to see that we had to read this book. The advice in " The Wealthy Barber" about choosing a mutual fund was a bit blurry.
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