Fort Lauderdale native Jarvis Stokes is pocketing his 9 to 5 paycheck and growing his net worth. How? By investing. He's done everything from stocks to Bitcoin but has found the best value for his money in real estate. He was looking for a tangible asset he could see and touch. He started reading and educating himself on real estate.
Stokes saved for five years to purchase his first real estate property. He wanted a rental property. Through his job as a Detention Deputy for Broward County, Stokes saved $100,000. He got a real estate agent, took courses, and followed like-minded influencers on Instagram. He eventually came across the 9-5 millionaire – Jemal King (https://www.instagram.com/9to5millionaire/) on Instagram and found similarities with their stories. Stokes went to Chicago to take a course from King. He built his tribe who held him accountable for saving and was on his way to building wealth. He was able to find the property he wanted, bought it, found a renter, and the rest is history.
How did he stay motivated to save for five years?
Stokes kept his eye on the prize. He believes in saving to invest and putting his money to work. He started small and saved each week.
Build a Savings Tribe
Stokes got together with friends who are serious about saving and achieving their financial goals. They hold each other accountable and help each other stay on track.
Put things into perspective
Stokes could have done many things with his money, like purchasing his dream car, a Tesla. Instead, he said his investments could pay for the vehicle and refused to spend his savings. "You have to stay disciplined," Stokes said.
Learn from others
Stokes was inspired by Jemal King and Hood Estates on Instagram. These two men learned how to make money work for them. Stokes took what he learned from them and made it his own.
Build upon what you have
For Stokes, the goal was clear: continue to build on what you have. He bought an additional property, invested in cryptocurrency, maxed out his Roth IRA at work, and started a trucking company within one year.
FAANG – Facebook, Amazon, Apple, NetFlix, and Google
Stokes invested in the FAANG companies. He understood that these companies would continue to be around for generations to come, and their profits will continue to grow.
For Stokes, the other steps made sense. Get a knowledgeable investor real estate agent, educate yourself on real estate and take action. “Set a plan, set a goal, and don't waver from the goal. Put it on paper and follow,” said Stokes.
A great way to save is by participating in Tropical Financial Credit Union's 52 weeks of savings challenge. You can select a day that you will put money aside and stick to it. You can start with $1 and work your way up.
Ready to learn how you can start saving money now? Take our Get Beyond Money quiz today.