Yahoo Finance I Grew Up Poor: Here Are 5 Steps I Took To Build My Wealth
Circumstances of birth don’t dictate where you end up in life, or how successful you become. Whether raised in an affluent household or your family is blue-collar, you can make your way in the world. You can even build a seven-figure net worth if that’s your wealth-building goal.
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It might be easier if you have more resources growing up, but that shouldn’t stop you from achieving financial success later on.
GOBankingRates spoke with Christopher Tatge, Founder and President of DC Materials, about his experience growing up in a blue-collar household.
Here’s what he said and the key steps he took to build wealth:
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A Story of Humble Beginnings
“I come from humble upbringings — My dad started as a tree trimmer working for $25 a day. My mom was a certified nursing assistant,” Tatge said. “For vacations, a day trip to the beach was a big deal. We did get to go to Disneyland once a year. I had no concept of going somewhere new overnight for a vacation. Vacation to me was visiting family in Wisconsin and staying at my grandma’s house…We ate a lot of macaroni and cheese and spam.”
While Tatge’s family might not have overly splurged on luxury, he never considered himself poor growing up.
“I wouldn’t say we were poor but definitely blue collar,” he said.
Blue-collar or not, Tatge is now a self-made millionaire.
Building Wealth Began With a Simple Realization
Tatge’s path to wealth started with him realizing he didn’t need to live the way everyone else seemed to live.
“My experience [as a] kid parlayed into the way I thought about myself as [a] young man,” he said. “I thought everyone was meant to wake up in the morning, go to work, trade time for money. Being able to see beyond that has made a big difference.”
Hard Work and Perseverance Have Paid Off
Becoming wealthy might seem like a mystery to some, but sometimes it’s as simple as working hard, being open-minded, and persevering until you get to where you want to be. This was the case for Tatge as well.
“I struggled with traditional academia in high school and when I graduated, I wasn’t sure what would come next, but I knew I was ready to work hard and grow,” he said. “I found work on a construction site as a day worker and fell in love with framing, woodwork and craftsmanship — this gave me a sense of purpose and pride.”
With that hard work and dedication, he began to work his way up in the industry.
“I was good at working with my hands, and had a passion for it,” he said. “That combined with a strong work ethic got me noticed. I quickly became a contractor and started leading my crew and began growing a construction framing company from the ground up.”
But he didn’t stop there.
“Some twenty years later, I am the founder and president of DC Materials, and I can proudly say I’ve built it into one of America’s fastest-growing private companies!” he said. “In the last three years, we grew over 1000% and it’s been the most rewarding life venture and a wild ride!”
Today, DC Materials brings in roughly $23 million in revenue — a far cry from Tatge’s humble upbringing.
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Networking and Continuous Learning Have Proven Vital
Of course, Tatge’s journey to wealth wasn’t only about realizing that not everyone has to trade time for money — that there are better, more effective ways to become wealthy. Working hard, persevering, and being adaptable were also only all part of the bigger picture.
One of the next major steps Tatge took to get to where he is today was twofold: networking and prioritizing learning and growing. Through these, he built his business into something truly remarkable.
“Once I had the contractor business and growing income flowing in my direction, I focused on surrounding myself with others who were much, much more successful than me. I wanted to learn as much as I could,” he said.
“And that’s when everything changed… I started attending conferences and networking with guys in construction who wore suits instead of tool belts. What were they doing? How were they doing it?” he continued. “I sought out mentors, joined organizations, built strong business relationships and asked far too many questions.”
Realizing He Could Do Even More — And Changing Gears
People don’t always realize what they’re capable of until inspiration strikes — or they learn from someone else what they could be doing to expand or excel. But while some people will keep grinding away at something, Tatge eventually realized he could do more.
In particular, he realized he could expand his business into something even bigger — and more profitable.
“After years of working on-site, hands-on, nitty gritty, sweating and pounding away with my crew, I realized I could make a whole lot more money by also becoming the materials and wood supplier,” he said. “It was an epic ah-ha moment!”
So, what did he do?
“I changed gears and started supplying the materials and labor job sites needed to get the job done,” he said. “I essentially became the middleman and it was life-changing, to say the least! Slowly but steadily, I learned industry secrets, put in the work (of course) and over the years I successfully built [DC Materials.”
Tatge’s Steps to Building Wealth: A Summary
In brief, these are the key things Tatge did to become a successful business owner and self-made millionaire:
Realize he didn’t need to constantly trade time for money.
Persevere and work hard.
Network with others who were more successful.
Continually learn and apply what he learned toward building a more successful company.
Being flexible and shifting gears in his business to generate even more wealth and revenues.
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This article originally appeared on GOBankingRates.com: I Grew Up Poor: Here Are 5 Steps I Took To Build My Wealth
