At the age of 50, the average American has a net worth of $132,384. At the age of 50, the average American engineer has a net worth of $973,028. Aside from the partial explanatory difference that can be attributed to engineer’s earnings a higher salary than the typical American, the large reason why engineers do so well is because they take life cycle costs into consideration before making every decision and are darn efficient when it comes to deploying capital.
I had an acquaintance of mine reach out to me for consulting advice on the two-store bakery and cafe chain that he founded and hoped to expand into a million-dollar business. I will share with you the process by which I helped him achieve his goal.
First, we had the clearly articulated goal–make a business worth $1 million. In recent years, round numbers have become unfashionable because of their arbitrariness. … Read the rest of this article!