A caller this morning complained he didn’t “get” the point of our segment with Millionaire Mailman, Don P. Baker. Baker, a postal carrier for 24-years, has delivered the mail in one of Houston’s more affluent zip codes for the past 6-years. In the process of getting to know the patrons on his route, he befriended them, and they shared with him the ups and downs of their lives…and their secrets for financial success.
You might expect some super-secret formula for wealth building, or perhaps an inside track on a mega-merger to generate fabulous wealth passed along to Baker from the people on his postal route. You might think he picked their brains for schemes to beat everyone else to the finish line.
But think about it—why would anyone give away an advantage in timing to a potential competitor?
Sometimes people move in a different dimension from the expected norm. Normal in America is conspicuous consumption. Normal in America is two cars in the garage, and a stack of payment coupon books on the cars, and double mortgages on the house. Normal in America is living beyond our means, and a savings rate close to zero.
What Don Baker learned from his postal route customers was simple. So simple that the speed skaters looking for the fast lane to wealth zipped right past the point: Millionaires become rich by avoiding spending their money needlessly. They’re frugal. They may have a Benz or two, but they drive a Chevy to the grocery store. They’ll buy nice stuff, but they catch it on sale.
The secret of becoming a millionaire mailman is no different from becoming a millionaire truck driver, bank teller, or radio host—it’s all the same. Spend less than you earn, save as much as you can.
Good advice from millionaires or mail carriers.