At 16-years-old, Quincy Beard was $25,000 in debt and receivingphone calls from bill collectors. At 23, he is a financial moneymanager and founder of Beard Capital Management, dealing with over$100,000 in assets and driving a BMW.
The freshman finance major says he realized he could not livehis life in debt and depend on a weekly paycheck, so he began toeducate himself.
"I began to read everything I could about finances," he said. "Ipaid that debt off completely and am helping others do thesame."
Most middle and lower class people invest their money in thewrong insurance plans, the wrong stocks and the wrong retirementplans, leading to excessive debt, Beard said.
"People keep making mistakes out of miseducation," he said. "Andthe wealthy get richer off those mistakes."
Beard said most of the money invested by people goes to thepockets of the already wealthy who have been properly educated infinances.
"You have to have a certain amount of money for companies likeMerryl Lynch to even talk to you," he said. "That's why the richget richer. They've been taught exactly how."
The only solution for the lower and middle classes to overcomethe cycle is to educate themselves, Beard said. Independent readingis the best way for students to learn about the system.
"I'm going to school for finance, and they don't even teach thestuff I know in the classroom," he said. "It's like the informationis just for the rich."
Beard gives seminars and deals with clients personally to advisethem on the best ways to profit. He will be giving a seminar Oct.15 in Richardson Towers for interested students.
"I've shown students how to take their student loan and doubleit," he said. "I've done it with my own loans. All you need isabout $500."
Beard attributes his success to self-motivation and wise use ofhis time.
"I don't watch TV or listen to the radio," he said. "I believemy time is too valuable to waste so I read."
Education and financial expertise is how most wealthy peopleremain wealthy, Beard said. Their actions are an example forhim.
"Before you become a millionaire, you have to think like one,"he said.
Success is not easy, but it's not difficult either, Beard added.Planning is the most important aspect of wealth.
"People don't plan to fail," he said. "They fail to plan."
