not much moneyThere seems to be a common misconception that only those with high-paying jobs can get rich.  It may be true that a  high income can get you to where you want to be financially much quicker.  However, that’s only because when you make more money, you have more potential to save.  The thing to remember (as I have stated before) is that income does not equal wealth, and even those of us with the most meager of means can retire comfortably.

The Millionaire Next Door (an essential read for those interested in personal finance) blew the whole notion of the rich “living large” clear out of the water.  In their research, the authors found that most millionaires did not live in McMansions and drive fancy cars.  In fact, they found that most were hard to recognize, as they usually lived in modest homes, held average jobs, and drove their vehicles till they died.  On the other hand, those in the high-income brackets with corresponding lifestyles had far less accumulated wealth as a factor of their incomes.  As one profiled rancher from the book put it, these people are “all hat, no cattle.”

However, all this talk about the poor getting rich probably doesn’t mean much to you without real-life examples.  Thus, I introduce you to Mr. Earl Crawley. 

Mr. Crawley’s story

Earl Crawley is a perfect example of a person who “gets it.”  Working as a parking attendant, he was able to accumulate a significant amount of wealth over his working life.

Crawley’s rags-to-riches story first began when he was young.  As a child, he was given the financial lessons that most of us where never fortunate enough to have received:

My mother taught me how to budget, which made me appreciate how a little money can grow.

Over the course of his career as a parking attendant, Mr. Crawley utilized many of the strategies commonly used by the poor to get rich.  His multifaceted approach, allowed for him close the income gap with his “better off” peers.  So how did he do it?

  • He took advantage of what he was taught:  As I noted above, Crawley’s mother had the foresight to teach her son about money at an early age.  Quality financial education is often overlooked, but could possibly be the most important thing you teach your children.  Thus, teach them how to succeed financially now, and  they will thank you later. 
  • He lived frugally:  You can cut back on almost everyone without too much pain.  Crawley, himself, lists simple living as his main overall strategy:

 I did it with good old-fashioned nickels and dimes.

  • He generated multiple income streams and saved his earnings:  Crawley states that he maintained odd jobs from which he saved as much as he could.  I cannot recommend enough having a second income source dedicated to long-term savings.  In fact, 100% of the profits I generate from my various “side hustles” go straight to saving. 
  • He invested wisely:  Although he didn’t have much formal education, Crawley was smart enough to ask experts about financial advice.  He remarks that he was never afraid to ask questions to the brokers, financial advisers, or even customers he came into contact with everyday.  The information he gleaned allowed him to make informative stock picks which paid off well.

By following these steps Earl Crawley’s hard work paid off in the tune of a $500,000 portfolio.  That’s right, a parking attendant earning minimum wage increased his net worth to a half million dollars!

Like any financially savvy individual, however, he hasn’t stopped yet.  In fact, he has started his own investment club and continues to research stocks. 

Overall,  it appears the sky is the limit for this saver!  Hopefully, his story made you realize that you too can become wealthy, no matter which career path you have chosen.