Save 50% of Your Salary

Michael Mihalik advises you to save 50% of your salary in his book, Debt is Slavery: and 9 Other Things I Wish My Dad Had Taught Me About Money.

Have you ever asked yourself how people who immigrate to the United States can come here, get a low-paying job, and open their own business five years later? How can they do that, making around minimum wage, when you can’t, making more than minimum wage? They save. They save 50 percent or more of their salary. They don’t go into debt, they work hard and make other sacrifices.

I’m pretty sure I could save 50% of my salary if I just doubled my income! 🙂

HT: Get Rich Slowly

2 Comments

  1. brad wright says:

    I agree… advice like this makes a lot of sense until I try to put it into practice. Does anyone actually do it?

    On the other hand, lots of people live happily on half of what I make, so it’s unclear why I can’t even lop off 5%.

    Sigh…

  2. Barrie says:

    I moved to the South Florida area in 1957. I lived in Miami and witnessed the very first Cuban migration in the late 50’s and early 60’s. These folks came to this country with the clothes on their backs and that was about it. They worked hard, many times working for wages much under the minimum wage and it was about 5 years and they did start to build their own businesses. Today, they are a mighty business force in South Florida. Its amazing what one can accomplish when they put their minds to it.

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