Sir John Templeton, the American philanthropist, is a legend in the investment world. He became a British citizen for a while and was Knighted in 1992, he is now in his early 90s. As a pioneer of new investment techniques in the 1950s, he achieved financial independence long ago.
He is a die-hard optimist who now spends most of his time on his religious and charitable work.
So with almost a century of experience what can Sir John teach us?
Here is his five-step formula for financial independence.
1. Take calculated risks. Templeton started off by taking significant risks in his business and investments. In 1939, he borrowed $10,000 to invest in 100 stocks listed on the NYSE selling for under a buck. A high percentage of these companies were close to bankruptcy, but Templeton reasoned that they would recover during a wartime economy. In four years, he sold all the stocks, paid off the debt, and pocketed $40,000 in profit. He was on his way to success.
2. Save, don't spend. Templeton started out poor, but through the principles of thrift and hard work, he was able to get ahead. He has always saved 50% of his income and avoided debt - he even bought his first home with cash. He carried this approach into later life. Even his Rolls Royce was second hand!
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Jonny Jay is the author of The Information Bazaar - articles designed to help your personal development, success and well-being.
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