Literature - The Wealthy Barber Notes

Financial Literacy

Posted by Rico's Nerd Cluster on June 5, 2017

Roy’s Story

  1. “We all felt bad about Roy having to put off his dream of becoming a lawyer, but deep down we knew that he was doing the right thing. You got to be there when your family needs you, even if it means personal sacrifice.”
  • I can relate to this. Once you start a family, you want to make the conscious choice of where you and your family want to be. Many times, this is a big limiting factor of job opportunities.
  1. “Roy liked to work on his cars and cut hair. He finally combined the two by opening a hair cutting truck”
  • This is so great. I’m looking forward to having that as well! I’m a nerd in robotics, AI, and cultures and languages. I still need to think more about combining those.
  1. “If you want to learn something right, watch someone who has done it successfully. This holds true for sports, so maybe in everything else, too.”
  • Yep! China has been a great example. Don’t be ashamed of being a “copy cat” (within the legal bounds of course). Learn then improve.
  1. “The Old KISS principle = Keep It Simple, Sweetheart”

  2. “If you start anything young, time is your greatest ally”

  3. “Key to personal budgeting is to distinguish needs and wants. But life is about meeting our needs, and reasonably meeting our wants”

  • A need is “I need a car”, a want is “I want a nice car 2nd year into my business”
  • To reasonably meet our wants, we need to learn to pay ourselves. That is, know what we want, and set clear goals to make and save money for them