From his savings he was able to start a trucking business during the oil boom of the late 1970’s – early 1980’s. By the mid-eighties he was able to sell most of the business before the local oil business died down and found himself a millionaire a few times over. From there he went on to become a powerhouse in Texas politics, an oil/gas investor, and a cattle rancher.

I’ve often asked his advice and it’s been pretty simple. He often said that the reason he worked so hard wasn’t for him; it was so his family never had to want for anything. But the best piece of advice?

“It’s not hard to make money. The real challenge is keeping money.”

Earn more? I have no marketable skills and I’ve been out of work for a year. Even the day labor people have no work for me – I sit around their offices with a bunch of other guys waiting for nonexistent work.

Take classes? I have no money and cannot get financial aid.

Start a business? I’d love to start a B2B service business and can’t even come up with a few hundred dollars to get started.

A final excuse that people use to keep themselves from taking action is the excuse that they don’t earn enough to make ends meet. They’ve cut away everything and it still seems impossible. A low income is certainly a big obstacle to overcome – and the solution to it is obvious. Earn more. Look for a higher-paying job. Start a side business. Do something to earn more income.

Many people will then claim that they don’t have the skills or knowledge to do that. Well, if that’s the case, what’s keeping you from building those skills? Take some evening classes. Teach yourself as much as you can. Be an attentive and serious student. You can learn the skills you need to succeed at a higher level.
WTF? @ 9:13 am November 8th, 2008 (comment #23)

Earn more? I have no marketable skills and I’ve been out of work for a year. Even the day labor people have no work for me – I sit around their offices with a bunch of other guys waiting for nonexistent work.

Take classes? I have no money and cannot get financial aid.

Start a business? I’d love to start a B2B service business and can’t even come up with a few hundred dollars to get started.

A final excuse that people use to keep themselves from taking action is the excuse that they don’t earn enough to make ends meet. They’ve cut away everything and it still seems impossible. A low income is certainly a big obstacle to overcome – and the solution to it is obvious. Earn more. Look for a higher-paying job. Start a side business. Do something to earn more income.

Many people will then claim that they don’t have the skills or knowledge to do that. Well, if that’s the case, what’s keeping you from building those skills? Take some evening classes. Teach yourself as much as you can. Be an attentive and serious student. You can learn the skills you need to succeed at a higher level.

The excuse “God will protect me” did ring a bell for me… I know this person that does not save because his father told him that “Look at the birds which fly in the air, they do not store up in barns, but your Heavenly Father feeds them, are not you of much greater value than they?”

What should I tell this person to encourage him to save? That we human are not like “birds”?

Thanks.

Carl wakes up on his 50′th birthday, and realizes he is not getting any younger and wants to start living his life. In a rapid succession of events, he divorces his wife (who takes the house & the car), and spends the weekend in Vegas to celebrate his new found freedom, where he drops $20K on gambling and showgirls, and upon his return empties out the rest of his 401(k) to put a down payment on a convertible sports car, which he hopes will help him realize the youth which he spent toiling away in the office.

Alexandra fell in love with Europe during the backpacking trips which she scrimped and saved for during her 20’s. After she completes her MBA she permanently relocates to France, just as the local economy really starts to zoom. At 35, she meets her soul mate, a renowned chef from Sweden, and they get married and together start a restaurant. By 50, they have expanded to twelve locations, and have largely delegated the day to day to work to a management team. They work only a few hours per week, and spend the summers traveling around the continent, and the winters doing volunteer work in South America.

Frugal Bachelor: knows too many real-life Carl’s, and not enough Alexandra’s

Talk about a slap in the face. This is a wake up call a lot of people need to hear. Being the logical guy I am I really liked the “invest while young” point. It is so true. I am 28 and just now starting to save. I know Im starting before a lot of people, but I do wish I started younger. Thanks for the great article. Ill be linking to it.

Cheers,
Jeremy

You can’t use your past to justify your future. Plenty of people make themselves a success after being born in abject poverty, and plenty of people born wealthy become poor through bad decisions of their own.

Bottom line is that you make your own success — if you are driven to succeed you will make it.

Trent, if you haven’t read Hill’s “Think and Grow Rich”, I think you would truly enjoy it. For me it was the most influential book I ever stumbled upon.