Are you wondering how to become a millionaire on a low income? Here’s a success story that might give you some inspiration. Earl Crawley, known affectionately as “Mr. Earl” makes $12 per hour as a parking lot attendant, yet he managed to build a portfolio worth over $500,000! In this article, I’ll lay out an overview of Earl’s life, investing approach, and financial strategies. The key, he says, is to “watch those nickels and dimes” and to “let the money work for you!”
Mr. Earl’s Early Years
Earl was born into a modest family and like many successful people, he started working early. Therefore, Earl started working a produce stand at the age of 13 and contributed most of his income to the family in order to make ends meet. Leaving him with only a few cents out of every dollar, Earl learned how to make the most of this spare change.
Work was easy, but school was a bit more difficult. A self-described slow learner, Earl struggled with dyslexia throughout his school years. As a result, Earl knew that college was not in the cards for him. However, he knew that his financial success would come from saving and budgeting effectively. HIs mother had taught him the value of saving every penny and living on a strict budget.
Starting His Family
Earl met his future wife Beverly at a church function for singles. He had been making ends meet with odd jobs, cutting lawns and cleaning schoolrooms, but with a new wife and with the first of three children on the way, Earl began the hunt for a full time dependable job. His mother was doing work for a Mercantile Bank employee and heard about a position at the bank.
At the time, it was called a “porta-job” but now it would be considered a custodian position. It paid about $70 per week, which was barely enough to pay bills and feed his young, growing family.
“It was a struggle at times, we both shared the responsibilities,” says Beverly Crawley, who worked mostly clerical jobs. “Earl worked hard; he kept taking odd jobs, odd hours, seven days a week. Sometimes we didn’t see him much. But we made it.”
Mr. Earl’s Strategy
One day, a well-meaning bank employee took Earl aside and encouraged him to invest. However, he had been at the bank a few years when the employee told him bluntly that he didn’t have the education to advance at the bank, so he better save himself a bit of money. This was the start of his journey to become a millionaire on a low income.
“I really didn’t know enough to be scared.” says Mr. Earl “In school I was considered a slow learner — dyslexic, it’s called now. My true gift from God is my ability to listen, and that’s how I’m able to ask questions and use tips from the brokers, financial planners and bank customers I see every day.”
He started by investing the extra money he gained from doing odd jobs, like cutting grass and cleaning windows. Earl would chat with the bank associates and business executives he met in the parking lot, asking them questions and getting hot tips. He learned about CDs, IRAs, and mutual funds.
Mr. Earl’s Portfolio – He has become a millionaire on a low income
Earl began his portfolio with small amounts of reliable stocks. He bought his first share of IBM in 1981. Earl knew he couldn’t afford to lose money, so he played safe. Firstly, he bought small shares of local companies such as Martin-Marietta, BGE, and of course, Mercantile Bank. Secondly, He then branched out to blue chip stocks of Coca-Cola, AT&T; and Colgate-Palmolive. Currently, Earl prefers to stick with stocks that pay quality dividends and then reinvest the dividends. He’s conservative and he takes his time. “Patience.” he says. “That’s the key to good investing,” Earl says.
Earl Today – Example of how to become a millionaire on a low income
“Earl’s still thrifty” says his wife. “He measures his money, and he measures his time.” Tanya, Tommy, and Timmy, his three adult children, know not to ask for money, though they do receive stock certificates at Christmas and on birthdays. His greatest indulgence has been the extravagant vacations he’s taken with his wife in recent years. They’ve been to Italy, the Caribbean, and Canada. They recently celebrated their wedding anniversary at Disney World in Florida.
If you’re wondering how to become a millionaire on a low income, Mr. Earl is a great example. He’s proof that by careful discipline, budgeting, and hard work, it’s possible to build a successful portfolio.
If you want to read more – Here are some other articles on how to become a millionaire on a low income:
How to start a new financial chapter
Not so secret habits of millionaires
SOURCES:
Thank you Christianna. Can’t wait for tomorrow’s video version of the story. 😉
Two characteristics Mr Earl has in this story: *Patience* (he grew his portfolio over the course of many years) and *Persistence* (he worked hard, and took what jobs were available).