I became a millionaire in my 30s after starting a towing business. My rich friend has helped me learn how to manage my money strategically.

Table of Contents

• Early Walker founded W&W Towing.
• He transformed it into a very profitable business that was purchased earlier this year.
• A friend has been teaching him about managing his finances and avoiding flashy spending habits.

This as-told-to essay is based on a conversation with Early Walker Senior Vice President of Government Affairs at Vehicle Management Solutions Please provide the text you'd like me to paraphrase.

I've been working since I was old enough to swing a hammer. My dad always said, "If you don't work for it, you don't get it." was an electricia I grew up with a minister and a preacher, and I worked afternoons with them since grade school. When I was 9 years old, I started my own business, mowing lawns and shoveling snow near my family's home on the West Side of Chicago.

Despite that, I I never thought I'd want to work for myself. As an adult, I took on jobs in sales and later in government, but nothing seemed to pan out. My family had instilled in me the importance of being self-employed, and once I saw it, I couldn't unsee it. I didn't like the idea of having a limited income in a traditional job or someone else benefiting financially from my work.

I discovered that there are significant financial opportunities in government contracts.

Even though I had a regular job, I was also involved in starting my own business ventures. About 10 years ago, when I was around 30 years old, I was a co-owner of a car dealership I got fed up with paying others to tow our vehicles, so I bought a low-cost $8,000 tow truck from the early 1980s, which lacked air conditioning and heating, but before long, other people were contacting me to perform tows.

I've been feeling burnt out and needed a change in my career. I needed to come up with a reason for people to hire me and my old truck, so I started advertising a $40 local tow service that undercut everyone else, and it was still profitable. As a result, my schedule became booked.

I understood that the real profit was in municipal towing contracts. There weren't many African Americans currently holding those contracts, so I saw a potential opportunity. I began attending meetings with mayors, particularly those who were African American, to learn what I would need to secure those lucrative contracts.

It turned out I needed a much newer truck, more towing vehicles, and a significant lot to store the vehicles. I was determined to make it work, so I took out a 20-year lease on a large lot and officially started W&W Towing.

Within three years, my company was generating $1 million in annual revenue.

Launching and scaling the business It was tough because my credit was in a bad shape. Going back to high school, my strict dad wouldn't let me get a cell phone. So, I'd signed up for a cell phone contract that I couldn't afford, and I never paid the bill.

That really hurt my credit and it wasn't until years later that it was affecting my ability to get approved for vehicle and business loans. As I built the business I was also rebuilding my credit I had never been taught the value of credit, but I learned it the hard way.

The hard work paid off. Within three years of launching W&W Towing, the business was earning over $1 million annually. This year, the company was acquired Which meant a significant amount of money for me. I don't like to discuss my exact net worth, but if I didn't want to work again, I wouldn't have to financially struggle. I've been a millionaire for a couple of years now.

My friend is willing to teach me.

As I've accumulated wealth, I've come to understand that money is a tool. You have to make it work for you. I wasn't taught that lesson, but it's something I want to pass on to my five children, who are aged 2 to 16.

You need to learn how to utilize money like any other tool. Initially, I didn't grasp the significance of having an accountant, a business bank account, and insurance. It wasn't until later that I discovered high yield savings accounts and investments.

I have a close friend who is a multi-millionaire. He teaches me things I don't even know to ask about. One time, I saw him watching me pay for gas with my debit card, which led to a whole lesson about credit card points.

I've discovered that when you can afford to spend money, you come out ahead. When I want to splurge on something, I try to find a valuable investment that can cover that expense. For example, investing in real estate gave me a new source of income that paid for my recent trip to Kenya for my 40th birthday.

One of my favorite things is giving back. Having financial resources allows me to help the same Chicago neighborhood that gave me a chance to succeed.

I've learned that money isn't everything, so I live modestly.

I think it's simple to make money, but hard to keep it. Many people want to keep up with the neighbors, and I get the urge to do the same. I'm trying to sell my house right now, and my first thought was to upgrade to a bigger one. But then I realized that I could use the profits, along with some savings, to buy a more modest house with cash. Living without a mortgage is a much better option for me, and it will help improve my finances in the long run.

My wealthy friend always says "money isn't flashy." People who have the most don't show off their wealth by wearing expensive clothes or driving luxury cars. Instead, they let their investments and financial success speak for themselves.

on Microsoft Start.