A Northern Illinois University professor has tips on how being frugal can help in business.
Professor Tim Michaelis admits he lives quite frugally, and traces his habits back to his grandparents. This was especially evident when his grandfather examined the family earnings.
“Working, he did the math and realized if he was just going to save 5-10% of his salary, he would not retire. Which was what they were telling people to do at the time. Just kind of through my childhood, I learned to be cautious and careful with resources," he said.