John Templeton's Five Steps for Financial Success

Editor's Note: The following is an excerpt available exclusively at TheStreet.com from a story originally published by InvestmentU.

I've been a long-time fan of billionaire mutual fund magnate John Templeton, a man I've met several times, including when I lived in the Bahamas in the 1980s.

In October, I saw Sir John (he was knighted by Queen Elizabeth in 1992) on video at the London Money Show. He is 93 years old, but looked very alert, and although he spends more time on his religious and charitable work, he remains an avid investor.

Here is Templeton's five-step formula for financial independence, based on almost a century of experience. ...