Most Personal Finance Gurus Recycle The Same Advice
If you’re looking for a true story about a self-made millionaire, look at Levi Strauss. He’s the guy who invented bluejeans.
You’ve heard the saying, “Don’t mine for gold when you can sell the shovels.” He practically invented the idea, except he sold tents and work pants — along with blankets and other goods. He ran his company out of San Francisco, the gold rush hub of America. (In some ways, it still is.)
Eventually he lucked into a partnership with a tailor named Davis Jacobs, who had an idea for making sturdier pants with metal rivets at the seams. Strauss secured a patent, and they made a fortune off mass-producing the world’s first jeans. It’s hard to say how much Levi Strauss was worth back then, but he was regarded as one of the wealthiest men in the city. Today, his heirs have a net worth around $5.5 billion.
Everyone’s trying to get rich off cryptocurrency and side hustles. The internet is drenched in stories about people retiring early. It’s no wonder. We’re working longer hours for less money than ever.
