There's financial security and then there's financial independence. The self-made know the difference.
It makes all the sense in the world to put money away for the future, but it's a myth that you can "save your way to wealth." That myth is still alive and well among the 400 middle-class respondents who took the Business Brilliant survey in 2009. The results from that survey, which focuses on the gap between wealth-creation practices of the self-made and those of the middle-class, led to my book, Business Brilliant.
The middle-class survey respondents continue to believe you can "cut back on little luxuries" to create wealth, even while middle-class incomes continue dropping. The Business Brilliant survey respondents see it differently and suggest that earning more, not saving more, leads to true wealth.
In this video, two accomplished women, Oprah's financial guru Suze Orman and economics professor, Linda Babcock (Carnegie Mellon University), help you understand the wisdom behind the Business Brilliant when it comes to saving and earning more. Check out the stories of these two accomplished women, drawn from Business Brilliant Principle #2: Save Less, Earn More. Because when it comes to financial security, the self-made aren't interested. They're too busy becoming financially independent.
This video was shot at Maison 140 in Beverly Hills.
Lewis Schiff is the executive director of the Inc. Business Owners Council. His new book, Business Brilliant: Surprising Lessons from the Greatest Self-Made Business Icons, was released in March, 2013. @lewisschiff