'Money saved in 10 years produces financial freedom': interview with author David Parker

Daily / Interview - 29 August 2022 05:00

Income and Wealth is the David Parker's book

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In your book you expose how – even with a minimum wage – it is possible to put money aside. How is it possible?

By making it a must, even if it means living a spartan lifestyle, it’s possible for anyone to save 50 percent of their annual income and put that amount into revenue-producing assets, such as residential real estate. It helps if one’s spouse or even a roommate participates in this aggressive savings campaign, but even a person holding a minimum wage job can do this. I suggest doing this as soon as possible, as it’s often easier for young people, right after college graduation, to find the discipline to do this. It may be hard to resist spending money on all the tempting things that discretionary income can buy, but if you can maintain this saving-and-investing plan for ten years, the money generated by your investments will start producing one of life’s most desirable qualities – financial freedom!

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