Think You Can't Overcome Your Financial Circumstances? This Guy Did -- And He Was Worse Off than Almost Anyone

I love inspirational stories about money. Like the guy who erased 15 years of debt in 14 months or the guy who saves $16,000 a year, about one-third of what he earns or the guy who was never a big earner but still amassed $3 million in net worth. These are great illustrations of what can happen if individuals are determined and disciplined.

Here's another story to add to the list. This gentleman was homeless, and is now a millionaire. His story is so inspiring that there's a book about it and it's being made into a movie. He went from being a homeless man (with an infant son!) to a millionaire. Here are the highlights of his story:

A medical supplies salesman barely making enough money to support his girlfriend and baby, Gardner had one of those Hollywood moments in a San Francisco parking lot in 1981 when he spotted a man looking for a place to park his red Ferrari.

"I said to him, 'You can have my (parking) place but I've got to ask you two questions. What do you do and how do you do it?'" recalled Gardner.

The man was a stockbroker. Gardner didn't know a single stockbroker or even what one did. But the man said he made $80,000 a month — $50,000 more than Gardner made a year.

Gardner found a brokerage firm willing to hire him and quit his job.

Eventually, his career blossomed, and in 1987 he opened his own firm in Chicago.

Today, signs of his success are everywhere, starting with an office that includes a gleaming desk made of a DC-10 tail wing, African art work, boxing gloves and photographs autographed by Muhammad Ali. Sharing space with pictures of his adult son and daughter are photographs of Gardner with Nelson Mandela, and a vase full of dirt that Gardner brought from Mandela's yard after visiting the former South Africa president.

Gardner, who never went to college, has contributed tens of thousands of dollars to education, writing checks for as much as $25,000 to teachers, janitors, bus drivers and others who work at schools.

I can't help but be marveled by this man's determination, hard work, and discipline. Good for him! He serves as a great role model for those of us who aspire to good net worth's and in stark contrast to those who, no matter how much they spend, keep going further into debt.

Comments

[Matt]

That is an incredibly inspiring story. I've appreciated the advice on this site, while I am not in as desperate a situation as Mr. Gardner, I do have a considerable amount of student loan debt that is preventing me from saving for my future. I've certainly learned how to control my spending, but debt can definitely be frustrating. Yes, there is value in education and it is an excellent investment, but in my opinion, the costs are still much too high.

[Stock Mama]

I think the fellow in this story learned two important things: 1) choose your career wisely and 2) get very good at it. There are thousands of career choices. Our choices may be driven by desire for weath, for personal fulfillment, or any one of a number of reasons. Sounds like this fellow chose a career simply because he knew he could make a lot of money at it. Some might criticize him for that, but he might as easily criticize someone who chose a career with low pay, then complained about their income. Regardless of what career one choses, becoming very good at it is one way to increase one's income, by increasing the chance of getting a raise, getting noticed by higher-ups, and generally increasing opportunities.

[Todd]

The way to win is simple: Get someone to pay you for being who you are. Executing that is not as simple. If you identify a profession that has potential to be lucrative and truly enjoy it, then it more than likely will be lucrative eventually as you will be enjoying it and putting all of you into it.