Can you imagine a person earning minimum wage today becoming financially independent within 10 years — without winning the lottery or getting a big inheritance? David Parker can.
What is the synopsis of the book?
In his book Income and Wealth, Parker provides a detailed analysis of how someone earning minimum wage can become financially independent in one decade, drawing upon the business and economic insights he formed during 40 years of studying economic history and principles, teaching in public schools, and being a professional musician and real estate developer.
His prescription for wealth creation is certainly effective. He urges young people, regardless of their earning power, to invest half their annual income. “Even those not especially creative or brilliant will generate significant income from their investments within 10 years” he says.
Minimum wages in the U.S. vary between $7.25 and $15/hr, but Parker believes financial success is possible in a decade because of his experience.“There’s no relationship between income and wealth. You can do what you want in life. You can be an artist; schoolteacher; you can open a restaurant … Do it because you want to” Parker said during an interview.
Parker is living proof of that. “I taught school my whole life. I played music my whole life. I’ve been writing and reading. One hour a day, I give some thought to money.” In his book, Income and Wealth: David Parker Essays — Volume One, he flips the script on everything you thought you knew about wealth creation. But this is not a “get-rich-quick” formula.
What is Parker’s past?
Income And Wealth provides a framework for reflecting on the role of government in our lives and the opportunities available to each of us. Parker presents a compelling case for the benefits of free market economics and shares insights that can be used as building blocks for a step-by-step plan for financial prosperity. David Parker began his career in education at age 24 and served in San Francisco’s elementary schools for 40 years as a music teacher.
While pursuing his career, Parker also became a successful real estate investor. It was success in business that focused his writing, teaching and career as a professional musician. He spent 20 years as a member of the Berkeley Symphony Orchestra and 15 years as leader of the Dave Parker Sextet, which headlined at San Francisco’s Fillmore Jazz Festival.
For more about David Parker, check out his essays, music, and interview with Money & You.
Income and Wealth
Publisher: Waterside Productions
Available from Amazon.com