Wednesday | May 23, 2012
College Student Believes in Investing Early
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By
Stephen Furr, Jr.
2 June 2006
Whoever penned the phrase, “Pay yourself first,” was a genius. Believe me, it will pay off in the long run. It’s a well -known fact that financial stress can be a serious threat to your health.
On top of peer pressure, homework, jobs, and other activities, money management problems can lead to pure agony (migraine headaches in my case). Be smart, savvy and skilled with your finances and sooner or later you’ll have the world at your feet.
I used to get bored during lunch my senior year of high school, so I’d take trips to the school library. While browsing through the magazine stacks, I came across my first issue of Forbes magazine. My “main man” (the little voice inside my head) said, “You dumb fool! We don’t read Forbes…get that March 2001 issue of Hot Rod!”
I told my main man to shut up and began to finger through this lustrous piece of literature. I saw an entire stratosphere of living that engulfed me in a matter of minutes. I saw men and women from all nations of the world seeming to enjoy life!
I saw yachts, fast cars, and read countless stories of triumph through trials to reach a hallowed stage few people on this earth can ever imagine. I read about people who rose from poverty to become multimillionaires. It was inspiring…I was on cloud nine when out of nowhere I heard the dumb bell ring.
I’ve never been the same since that fateful day. After I left the library I began to read every investment book I could get my hands on. My family thought I’d gone mad. I had doubts too, but the most harassment came from my main man himself. He said, “This fool works at Kentucky Fried Chicken and wakes up one day and thinks he’s Bill Gates. Thinking he got money to ‘invest’ with. He can barely afford gas money!”
I knew what I felt was real. The summer time rolled around and I still hadn’t made any attempt to contact someone about my investment ideas. I’m usually not one to procrastinate but…
My opportunity to exercise my newfound knowledge came at a time that was unexpected. One day I pulled up to my favorite Chinese take-out place and saw something I’d never seen before in my neighborhood. It was a small but clean storefront operation next to the laundromat. A sign on the building read, “Edward Jones, Andre D. Walker-Representative.” The little voice in my head said, “Go right on in there, mister investor.” I promptly told him to shut up, went inside the restaurant, and then home.
I was at a crossroads in my life that was vast, wide, and complex in its’ essence. Finally, I mustered enough courage to go talk to Mr. Walker. As I approached the door, the little voice inside said, “I can’t believe this clown is going through with this!”
I grasped the door handle and walked into the office with my chest out and my chin high. Somehow, a phrase that went something like, “Hi. My name is Stephen Furr and I’d like to talk to Mr. Walker about opening and IRA account for myself” came out of my mouth.
To this very day I can see the woman’s face and it was one of a saint. She didn’t give me a nasty, sinister look or even one of confusion. I say that because such a response might have turned me off to my idea completely. She said, “Go on back, the broker is in his office.”
I opened the door to the office and behind a simple desk sat a form of visible inspiration to me. I saw a young black man in his mid-twenties sitting at his computer with a hands-free phone set on. I was in awe and I know it showed all over my face.
We began to chat and discovered we attended the same high school. Also, we both shared a love for track and field. We got down to business and he told me that I would be charged a $30 commission fee annually and that he’d help me out any way that he could. Along with some reading material to take home, Andre told me that I could begin by investing as little as $50 monthly.
It sounded easy enough for me, so I took home the papers, thought some more, and came back a couple of weeks later to make the deal final. I was so sure this final time I called one of my sisters on the phone and made her beneficiary of my account. Andre shook my hand and said, “What you’re doing is the right thing Stephen. You’re going to be a millionaire someday.”
Looking at the year in retrospect, I made a major step towards living the lifestyle that I’ve always wanted by making one move at a time. Now the entire transaction is automated and I don’t have to worry about it. Sure, I wasn’t raised in utter poverty-my father is self-employed, we live in a pretty nice neighborhood, but I feel it’s my responsibility to give twice as much as I was given.
I have to admit that I do get kind of down from time to time. I can’t but Air Jordans every time a new pair comes out. I don’t shop like some of my friends do. But you know what? How many of them have an “investment representative?” In about 50 years, we’ll see who’s getting the last laugh.
© 2008, Young Money Media, LLC. All rights reserved.
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