I’m a First-Generation Millionaire: Here Are the 4 Smartest Financial Decisions I Made
Written by
Jake Safane
Edited by
Kristen Mae
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
Before becoming a multi-millionaire through a combination of business profits and investment returns, Brice Connors imagined a comfortable but modest financial life, continuing along a path similar to how he grew up.
Raised in rural North Carolina by a mother who was a teacher and a father who was a local sports broadcaster, Connors said he grew up somewhere between middle and upper-middle class. He went on to attend The University of North Carolina at Chapel Hill (UNC), hoping it would eventually lead to a job earning around $80,000 per year.
At UNC, however, surrounded by students from all walks of life, he quickly realized his family was closer to middle class nationally. He concluded that if he wanted to significantly move up the economic ladder, a salaried job probably would not get him there.
Decision 1: Embrace Entrepreneurship Early
Instead of following the salaried path he initially planned, Connors noticed a pattern among UNC students that caused him to change course.
“The kids whose families were living the kind of life I aspired to all seemed to have one thing in common: they owned businesses and other assets,” he said. “So when I discovered UNC’s Shuford Program in Entrepreneurship, I dove in headfirst.”
While still in school, he launched his marketing agency, BluePrint Business Communications, in 2017, bootstrapping it with $4,000 he saved from an internship. He has since grown the agency substantially, winning contracts with a local tourism board and airport, though it required long hours.
“From age 21 to 25, I was putting in 60 to 70 hours a week getting BluePrint off the ground,” Connors said. “Over time, we expanded our services and client base, growing revenue by an average of 20% year over year.”
Taking profits from the growing business enabled Connors to become a first-generation millionaire while still in his 20s — something that may not have been possible on a salaried path.
“UNC-Chapel Hill introduced me to entrepreneurship and the idea that there doesn’t have to be a ceiling on your income,” he said. “In a W-2 role, even if you’re clocking 50 to 60 hours a week, there’s rarely an immediate return on that time; but when you’re running a business or in a sales role, those extra hours can start paying off much faster.”
Decision 2: Invest Wisely Rather Than Just Save
While growing his agency enabled Connors to become a millionaire, his initial focus on just saving rather than investing slowed his progress.
“Like a lot of middle-class households, the financial advice I got was simple: save, save, save,” he said.
He started by paying himself a modest salary and putting profits into company reserves. Early on, he stashed over $200,000 per year in profits in a savings account that barely earned interest.
“At the end of each year, I’d take a draw, park it in savings, and max out my SEP-IRA. I repeated that cycle for several years and it added up,” he said. “Looking back, I wish I had been investing, investing, and investing some more. I could have hit my first million faster.”
Since then, Connors has earned his second million through consistent and disciplined investing, he said. He also tries to tune out news stories that prompt many people to make rash decisions.
“During Covid, a lot of people panic-sold their securities. We saw it happen again after ‘Liberation Day‘ this past April. People listened to the noise and pulled out. Instead of doing that, I doubled down,” he said.
Now, he’s aiming for a third million via alternative investments, like hard money lending. He also takes calculated risks with individual stocks aligned with his investment theories, though he still believes that dollar-cost averaging into a low-cost ETF tracking the S&P 500 is a smart move for most investors. “Do not invest in things you do not understand,” he said.
Decision 3: Maintain a Disciplined Budget
While Connors could have accelerated wealth by investing earlier, his focus on savings helped him avoid lifestyle creep.
Controlling expenses while growing earnings is key to building wealth, regardless of whether your profits are in savings or investments.
Rather than spending extravagantly as revenue grew, Connors maintained a disciplined budget, something he notes is common among successful businesses — and should be applied at home.
Along with careful budgeting, he was able to pay off student loans and buy real estate in his early 20s.
With real estate, “between appreciation and the ability to deduct interest, it was a game-changer,” he said. “So many young people today are living in premium downtown apartments well into their 30s,” he noted. That can add up to $300,000 to $600,000 over a decade in many cities.
Decision 4: Build a Strong Financial Foundation
Lastly, Connors credits his multi-millionaire status to building a strong financial foundation.
Part of that includes choosing the right life partner. “The person you build a life with will either make you or drain you. My wife has been instrumental in helping me build,” he explained.
He also values continued education.
“Read constantly,” he said. “A few of my favorites are ‘Secrets of the Millionaire Mind,’ ‘The Millionaire Next Door,’ ‘The Black Swan,’ and ‘Rich Dad’s Guide to Investing.'”
Lastly, as your wealth grows, relying on trusted experts is key.
“Invest in good attorneys, accountants, and insurance policies,” Connors added.
More From GoBankingRates
