This work offers a summary of the book "AUTOMATIC WEALTH FOR GRADS... and Anyone Else Just Starting Out" by Michael Masterson.
After finishing university, most students dream of becoming financially independent by finding a good job. Masterson, a highly published author and well-seasoned business entrepreneur, has a substantially more ambitious vision of financial independence than more students even aspire to. He believes that people should earn ten times what they need to live on each year in order to live off interest generated by investments. After much experience in the matter, Masterson has proposed a fail-safe principle – you should commit to saving 15% of everything you earn and spread it across five important areas which will increase your wealth.
This succinct summary includes key quotes from Masterson’s book, including one where he defends his focus on 'becoming rich’. He says that it is not the be all and end all of life, but it certainly makes life more enjoyable and can be achieved more easily than you think once you set the wheels in motion. It is simply about learning how to save and invest the right proportion of your income to see long-term rewards! This is a really helpful and practical read for college students or recent graduates.