I Grew Up Poor and Retired Rich: Here’s My Best Advice for Gen Z
Written by
Laura Beck
Edited by
Molly Sullivan
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
Generation Z is going to have a trying time entering a difficult workforce. They’re dealing with student debt, economic uncertainty and a job market that can feel unpredictable at best. That said, there is hope. Enter John D., a man who grew up poor in the 1960s — he calls his single mom “the original coupon queen!” — but who built an empire and retired rich. It is possible!
Here’s how one man grew up poor and retired rich — and his best advice for Gen Z.
The Journey Begins
John, a 65-year-old retired entrepreneur, grew up in a low-income family in the Midwest.
“My mom never worked fewer than two low-paying jobs at a time,” he shared, “but, and I know this is a bit of a cliché, she instilled in us the fact that we could be anybody, do anything.”
John and his siblings took that lesson to heart — all of them becoming the first members of their family to ever go to college.
Building a Career
After graduating, John landed a job at a small marketing firm.
“I was the first person in my family to have a ‘real’ job,” he said. “I didn’t know what I was doing, but I knew I wanted to do it well. I just started busting my behind.”
His hard work paid off, and he found a few mentors who helped him climb the ladder at his company. Within seven years, he had become a vice president.
Taking a Risk
When he was 30, John took the leap and founded his own marketing agency.
“It was a risk, for sure, but I believed in myself and my vision,” he explained. “Plus, I took the most talented people with me! They knew I wasn’t a jerk and they’d reap the rewards of a successful company — teamwork makes the dream work, as they say.”
Over the next three decades, he grew his company into a multimillion-dollar business, with clients across the globe.
Cashing In
As John entered his 60s, he received an offer to sell his firm for a large amount of money.
“It was a tough decision, but I knew it was the right move,” he said. “I wanted to spend time with my grandkids — I have two! — and I also wanted to travel.”
Plus, John had invested his profits in the stock market, so he had a nice nest egg saved up for retirement. Win-win!
Advice for Gen Z
1. Never stop learning: “Again, another cliché, but the world is constantly changing, and you need to be able to change with it. Keep the skills you have sharp, and acquire new ones. Stay curious.”
2. Build a strong network: “It’s all about the people! Surround yourself with people who actually like and who inspire you. It’ll make all the difference.”
3. Pursue your passions: “I always loved new stuff — the latest products and gadgets are something I’ve always been obsessed with. So marketing made sense for me. Follow what you love!”
4. Start saving and investing early: “Sorry to sound like your Dad, but: The earlier you start saving and investing, the more time your money has to grow. Getting my investments going in my 20s was the smartest thing I ever did.”
5. Be adaptable: “Your career path might not be a straight line — and that’s fine! Be open to new opportunities… sometimes the greatest ideas come from the oddest places. Be open to it.”
More From GOBankingRates
