From Will Lipovsky, Owner and Founder of FirstQuarterFinance.com
I had a net worth just north of $100,000 when I graduated college at age 21. I NEVER wanted money so I could become some rich guy who buys Ferraris on a whim. I wanted to be my own boss, my own person – that was my motivation to get to financial independence ASAP. Growing up, my future freedom pretty easily trumped any Saturday morning cartoon commercial begging me to buy the newest plastic toy.
Early Years
I grew up smack dab in the middle of the United States. Our farm was 35 miles from dead center to be exact. Early on, I found it strange how in America people pretend to enjoy freedom. Living in debt, as most do, is not freedom. The good news is, I realized early on that freedom can easily be bought. Did you ever stop to think that you can literally buy your freedom from anyone? Amazing, isn’t it?! No one can control the financially independent.
I realized financial independence was my path when I was not even 10 years old. My dad would surprise me with a new chore to do on the farm. Each time he approached me, I immediately felt a brief, but very real, pang of anger. Had I thought of doing the task on my own, I would have happily shovelled horse poop out of the barn. Are you this weird?
Growing up, I got a lot of flak for wanting to buy my freedom. Adults thought I worked too much (unless they needed my help, that is), kids nagged me to spend my money in silly ways. My siblings in particular called me cheap for not spending my paychecks in thoughtless ways. I imagine all us hearty financial independence seekers received some kind of punishment in the early years.
My First Stock at Age 10
I was happy to beat Warren Buffett who bought his first stock at age 11. He’s since lamented it was too late.
This is definitely another story for another day but I lost most of my money during those first years investing. I didn’t understand the tragedy of 9/11 very well but being in 6th grade, I could clearly see $2,000 drop to $1,000. To add insult to injury, following 9/11, dishonest investors rocked my little world pretty hard. My cute little portfolio was trashed again when the Securities and Exchange Commission found out certain investors were essentially robbing me with insider trading deals.
But I was never deeply disturbed by my losses. To this day, I throw the majority of my income into equities. Being an investor takes a certain level of bravery.
Finding a Mentor
I found a mentor early. At age 14, I found a cool guy who was doing all sorts of interesting stuff. He was Ex-Air Force and chose early retirement to start 3 businesses. That’s how I met him. He was starting businesses, so at age 14, I created an sparse but well thought out resume and gave my future mentor a call. You don’t get what you don’t ask for.
He was frugal and showed me life what my future self could be like. I bet he’s spent more of his life as a millionaire than not. This guy was winning at life. He was someone I wanted to be around. Whether or not it was his intent, he clearly showed me how to be successful. Heck, he just began his own brewing company this year.
Going to Bed before My Head Hit the Pillow
Yeah, I worked a LOT as a kid. There were times I worked 5 jobs in one day. See, the trick to working illegally long hours as a child is to switch employers multiple times a day. Haha, I’m kidding. Kind of.
My three job requirements: It had to be fun (so I could socialize – therefore work weekends as well), high paying, and the job had to fit nicely on my resume. What more can a person ask for when stacking up cash?!
From Candy Bars to Caviar
I knew I had to make money ASAP because I was no dummy. Compound interest is very real. When we were little, my parents would give each of us kids (I have twin siblings) $1 at a sporting event. That would buy us a drink and candy bar back in the ’90’s. 99% of the time that cash went right into my tiny pocket. With compound interest, I could eat candy while I was a child or eat caviar as an adult – for the same amount of money! Delayed gratification: it’s what separates financial independence achievers and wannabes.Compound interest is something to be respected. Oh, and no I don’t want to eat a bunch of caviar as an adult. I’ve never had it but I’m not sure I could swallow the cost.
Today
I’m 24-years-old. I blog to help others amass serious wealth at a young age. What I’ve realized is that all of life’s monetary milestones can be started (and often finished) in the first quarter of life. I’m not financially independence quite yet but I will easily reach that goal. I am I suppose financially independent at the moment but I want to travel quite a bit so I don’t don’t reallllyy consider myself free just yet.
Thanks for reading my story. If you’re young, I hope you gleaned some tips. If you’re older, maybe your children or younger friends could read this and realize their potential.
It’s never too early to Reach Financial Independence.
-Will
Will Lipovsky is a personal finance freelance writer and internet marketer. His most embarrassing moment has been saying to a Microsoft executive, “I’ll just Google it.” You can get in touch with Will at FirstQuarterFinance.com.
You are such an inspiration, Will! What a great story.
Ha, thanks Melanie.
Wow, that’s quite the story. I started investing at 24 and I thought that was good 😉
Well it’s not bad!
Very interesting story! Save more kid while you’re still young!
Save while you’re young by choice rather than when you’re old by necessity. I hate being forced to do anything.
Wow, that’s a rather interesting childhood and drive. I am impressed. Don’t forget, it’s all about balance and enjoying life; I hope that you have enough time now to pursue projects that you love and that pay well.
Nice work – spread the message with other youngsters!
Thanks, Anne. Don’t worry, I still enjoyed childhood! I always chose work I had fun doing.
Nice job Will! That is an awesome story and I am sure you are inspiring other young people to figure it out and work toward FI!
That’s the goal! 😀
That’s awesome! I don’t want to discredit all of your hard work, but as a parent, I’m trying to figure out what exactly your parents did to make you turn out this way 🙂 Nice work!
Hey, Gretchen!
Yes, yes, yes, you’re completely in the right for wondering what my parents did! After all, wealth building is a learned skill.
I could write an entire series of posts on how the world around me shaped how I manage money. I would say my immediate and extended family are all pretty frugal (minus my cousin with the Ferrari). I was never pressured to buy flashy stuff. And I was taught the value of hard work. So when you’re encouraged not spend but work hard, wealth building is the only sensible outcome.
But, strangely enough, my brother and sister aren’t… particularly good at managing money. We’re all about the same age. So while my parents deserve a lot of credit, it was a combination effort between me and them. Maybe my siblings didn’t do their part.
Good thoughts! You should totally write about this sometime 🙂 But seriously, isn’t it crazy how parents can do everything right and their kid still won’t “turn out”….I suppose it’s all relative, though
I hung around less spendy people than they did. That helped shape me I’m sure.
I read this in “The Millionaire Next Door” and I believe it. It’s not what you tell your kids, it’s what you show your kids. Telling them to save if you don’t is worthless advice. I know an overweight girl who tries to dish out weight-loss advice. Does. Not. Work.
So anyways, since you’re already blogging and doing all the money-smart things, I’m sure your kids will pick up on it – even without you trying.
That’s a great article Will, very inspiring. You shouldn’t try caviar it’s not that fantastic 😉
Expensive and not that great… I’ll steer clear, then.
Huge congrats to you and your hard work Will! You are the type of kid (and I use that term very loosely, I realize you’re 24) that I want my daughter to be. Huge inspiration dude.
Haha, Catherine – thanks.
My dad will always tell me about some “kid” he knows. Then I come to find out that kid is probably 40.
How old is your daughter? Probably too young to read your blog. But since you’re rocking your finances, chances are she will as well. Leading by example…
I don’t think it matters if you are young or old or 32, it has some great messages about delayed gratification, working hard, and the importance of investing early. All great messages thanks for sharing.
Thanks, Steven. It’s true. Although the blog was created for those in the first quarter of life, I’m quickly learning the takeaways are the exact same no matter what point you are in life.
Great story – thanks for sharing!
Thank Pauline for giving me the opportunity!
Very inspiring story. I am starting to teach financial independence with my children. Even at their young age, they understand how to save and set goals. They actually enjoy seeing their money grow.
That’s awesome! That setting goals part is important. I didn’t do much of that until this year, honestly! I would have been even farther ahead if I did! Eeeek!
Nice! I graduated college with 97%, but managed to survive the ups and downs.
Good luck with the quest for financial independence! It is amazing to be able to live off 100% of your investments. It’s worth the sacrifice!
Sam
I am impressed. This guy is an inspiration. I wish I had started investing at a very young age like him.
Amazing journey! I wish I started that early! I missed it by nine years. Alot of billionaires started building businesses around ten years old by the way!
WOW! Inspiring story buy a stock at 10! Wish I would go back in the past and ask 10 year old me what I was do at that age. Amazing story am really glad you shared it like I always say it never too early to start teaching kids about money. I Wish you all the best in your future endeavors and I hope you get financial independence soon also check out my site it can help http://happylater.com/financial-independence-frugality/