A Hanover, MA man has been all over the news today. Why you might ask? Well a $2 "Lucky for Life" lotto ticket paid off- big time. This 39-year-old is set to collect $1000 a day for the rest of his life. Yes, you read that correctly!
Now take a deep breath because yes, someday you will be able to pay off those pesky student loans- maybe not today, but if you plan accordingly you can be "rolling in the deep" so to speak.
Sadly, we can not all be as fortuitous as this young man, but we can begin to mimic habits of wealthy individuals and watch our nest egg grow. According to SavvySugar, living below your means is a good way to start, as per the example set by Mark Zuckerberg. This FB creator purchased a home costing him $7 million which is actually 0.04% of what he is worth. Granted the numbers are a bit skewed, but it is a good principal to go on. If you are a college student, when you graduate you should still plan to live like a college student, at least for a little while. This will give you the opportunity to build a significant amount of savings.
The purchase of a home is a long term commitment which relates to Warren Buffet as he is known for thinking in the long term when it comes to investing. Although retirement may be at the back of your mind clouded by immediate thoughts of midterms and papers, you should start preparing/saving now.
As for the late Steve Jobs, his rise to fame and fortune involved practice, practice and more practice. As the saying goes, "practice makes perfect", so to be good at something you must put the time and energy in.
To read more on the practices of billionaires such as Oprah, Ralph Lauren or Bill Gates check out the blog post, SavvySugar.
Here's to champagne wishes and caviar dreams,
Savvy Student
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