Secret Millionaires Club: Warren Buffett's 26 Secrets to Success in the Business of Life

SECRET #22

Save for the Future

SECRET #22 Save money for things you need instead of spending it all on things you want!

Want to know the secret of how your money can make money by itself?

Managers need to save money for advertisement, for supplies, or to buy equipment so their business can grow in the future. But if a business doesn't save money and spends all that it earns, it can eventually go out of business.

Saving money is also a very important habit for you to form as early as you can. As you earn money, you should get into the practice of putting some aside so you can buy the things you need in the future.

In other words, as Ben Franklin once said, “A penny saved is a penny earned!”

The Secret Millionaires Club kids learned this secret on a very exciting day: the day they opened a small savings account for their club.

Just as Radley, Starty, Lisa, Elena, and Jones electronically placed a dollar each into the club's new savings account they were visited by SOJ, a female inventor from 300 years in the future!

Radley, the club's computer nerd, wanted to hear about how her time machine was designed, but Soj had a much more pressing issue to discuss.

In her own time, Soj had gotten a bank loan so that she could build her time machine in the first place. But she was now in trouble because she had spent all the money instead of saving part of it or planning how to pay the loan ...