I’m an Investing Expert: Here’s How Much I Made at My First Job
If you look at financial and investing experts, you might assume they’ve always lived luxuriously and can’t relate to some of the problems you’re facing. The reality, though, is that many money experts who help others have gone through some of the same struggles as you, and you might have more in common than you think.
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By learning from their challenges and experience — and not solely focusing on advice like the latest stock tip — you can better position yourself to grow wealth, even if you’re not earning much money right now.
Take Justin Stivers, a financial advisor and founding attorney at Stivers Law in the Miami area, for example. To some extent, Stivers has had some advantages in life that helped him learn how to make his money work for him.
“I was fortunate to have a father who worked in the financial services industry. I was able to learn about investing just by being around him,” he said.
But long before Stivers started his own firm helping high-net-worth individuals and families with services like estate planning, he grew up learning the value of hard work and living on a low income. Here, Stivers tells us about his first job and the experiences he had along the way to his current career.
First Job Themes: High Hustle and Low Pay
Nearly 25 years ago, as a teenager, Stivers started his first job cleaning boats at a marina, followed by being a busboy at Outback Steakhouse, along with odd jobs like mowing lawns. Doing this work typically meant making less than $10/hour, he said.
While that might be enough spending money for a teenager, Stivers got an even clearer taste of living on a low income after college.
“I worked for the United States Peace Corps and spent nearly three years in Honduras. I think my salary was less than $12,000 a year. I was living in a remote village, so there really was no need to spend much, but even so, it was very tough to live on about $1,000 per month,” he said.
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Earning relatively little working for the Peace Corps, Stivers learned some important life and financial lessons.
“My situation was unique in that I lived in an extremely impoverished community in Honduras. This was the poorest of the poor. They didn’t have running water and only had electricity part of the time,” said Stivers. “This shaped my outlook on life in two major ways.”
Life Lessons
The first lesson Stivers learned is that, even if it sounds like a cliche, you don’t need money to be happy.
“The people I met there and lived with for nearly two years were some of the friendliest, kindest and happiest people I have ever met. They lived very simply, by most standards, and enjoyed life,” he explained.
However, Stivers also saw how a lack of money can make some aspects of life harder.
“It does not mean you cannot be happy, but your options are very limited. Not only did I not have the things I wanted just to make life a bit more comfortable, but I felt limited on how I could help others. I felt that I needed and wanted to earn money so that I could help others,” he said.
At around the age of 25, Stivers started to get serious about investing and building a financial foundation, and that continues to pay off today.
“I think as a business owner, you never know what will happen, so being very disciplined about saving and investing has given me the confidence to take risks. It also provides peace of mind that my firm will be okay if something bad were to happen. I know that’s what keeps a lot of people up at night,” he said.
To get to this more comfortable place, Stivers first had to learn to live on less — not only during his Peace Corps days, but also in his life back in the States. It’s an ongoing challenge that he still tries to put into practice today.
“Everyone wants to keep up with the Joneses, and that makes it really hard to get ahead. Live well below your means for as long as you can,” he recommended.
By doing so, you can start to build real wealth. Even if you’re earning a low wage, living below your means and learning to put money into savings and investments can set you up for the future.
“You have to think long-term. You’re likely not going to be able to put $500 a month away when you’re younger, but saving something, along with compound interest, will make a big difference. The sooner you start, the better,” said Stivers.
“Your income will hopefully go up as you age, and if you can keep those expenses low, and not just spend more because you make more, then you’re going to reap some major benefits and you’ll see your investments grow exponentially,” he added.
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This article originally appeared on GOBankingRates.com: I’m an Investing Expert: Here’s How Much I Made at My First Job
