Never Pay Full Price by Tom Catalano
Lower Costs = Higher Profits
Try this option strategy the next time you trade a stock.
I learned it from my father…well, sort of. My father immigrated to the United States from Italy when he was 12 years old, approximately a year before the Great Depression began. When he landed in the US he didn’t speak any English, but he embraced the language of his adopted country and eventually learned it. He worked hard in school and was determined to make something of himself. But financial hardship forced him to leave school early to help support his family, as was the case with so many immigrants of that era. That experience taught him many valuable lessons about money and investing that my siblings and I picked up while growing up.
Lesson 1: Diversify your sources of income
When my father was in his early 20s, he met and married my mother. A couple of years later they had their first child, but shortly afterward, the US entered into World War II and my father was drafted into the US Army. Upon returning home from the war, he got a job as a mechanic and also opened a house-painting business on the side. Money was tight, but eventually a friend helped him get a job as a civil service worker fixing trucks for the sanitation department of New York City. It was a good-paying job with benefits, but my father decided to keep the painting business anyway, always striving to make a better life for his family.
Lesson 2: Own assets that generate income