Chicago-based millennial Alex Sanchez made over $ 230,000 last year. Most of his income came from his day job: he works about 60 hours a week as an overhead lineman for an electric utility company. Between his base salary of $ 120,000, his annual bonus of $ 10,000 and his overtime, he earns more than $ 200,000.
The 25-year-old is also making extra money from the lawn care and snow removal business he started, as well as the five rental properties he owns and leases.
Sanchez, who aspires to be a millionaire at age 30, says two personal finance books have helped him get to where he is today. Growing up in what he describes as a lower middle class household, he didn’t know much about money until he was 20. It was then that he started reading personal finance books and watching videos on YouTube.
Everyone can benefit from their two favorite silver pounds, says Sanchez, who recently gifted them to his five tenants. He was planning to distribute the copies earlier this year but hasn’t dealt with it so far – the pandemic has motivated him, he told CNBC Make It: âNow my eyes are opening a little more and I say to myself, I need to take them out. “
Here are the two personal finance books that inspired Sanchez:
“Rich daddy Poor daddy” by Robert Kiyosaki
The author of this personal finance classic, Robert Kiyosaki, grew up with two father figures: “poor daddy”, his real dad who died with bills to pay, and “rich daddy”, who started with little before. become a rich man. Both fathers were successful in their careers and earned substantial income, but one always struggled financially.
Through these stories he explains how to build wealth even with a small salary. Kiyosaki challenges the popular belief that your home is an asset, details the differences between how the rich and average people choose to be paid, and highlights the critical difference between an asset and a liability.
Find “rich daddy poor daddy” here.
“The Total Money Makeover” by Dave Ramsey
This New York Times bestseller has helped many Americans take control of their finances.
The author, Personal Finance Coach Dave Ramsey, helps you build a plan to get out of debt, whether it’s credit card debt, student debt, or a car loan. Before tackling the debt, however, he wants you to prioritize building an emergency fund, which will prevent a broken down car, medical emergency, or other unforeseen expense from plunging you even further. deeply.
The book also reviews money myths that could derail your finances and strategies for securing a comfortable amount of retirement savings.
Find “The Total Money Makeover” here.
Learn more about how Millennial owners are coping during the coronavirus pandemic: