Live frugally
Especially when we are young and not earning a lot. Our body should be able to take the brunt, he says. Wait till we are rich to buy tonic to pamper our bodies. Very practical advice.
Networking
Even when a person is earning a meagre $2000 monthly, he should set aside 20% for buying people lunch. This goes to show how much emphasis he places on networking. His guideline is:
Always remember to buy lunch for people who are more knowledgeable than you, richer than you or people who have helped you in your career.Totally agree with this one. Awesome things have happened to me through people I know. Saved me effort from reinventing the wheel. However, I think we should make friends genuinely and not with a motive.
Learning
This one is a given. Setting aside 15% monthly for books and courses. Interestingly, he advises us to share the knowledge that we have learnt to earn credibility - to make our mark in something and to be known for something. Another part of learning is to set aside 10% monthly for travelling to expand horizon and gain new experiences. Definitely not what a typical person will think of when trying to make ends meet.
Invest
Setting aside 25% monthly to invest. I thought is to put in some stocks or funds but he suggests to start a small business - go to wholesalers and look for products to sell. Today's times, this is made so much easier with the Internet. One really doesn't have any excuse.
