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Fox business charles payne1/3/2024 Payne was on his way, but this wasn't quite what he thought it would be. My first full month back in the business, I had the most new accounts in the office." "So I threw away the script and just talked to these people. "There was one guy I prospected in my first or second week, who said, "OK, you can read well, but what do you want?'" Payne remembers. However, there was one particular call that changed Payne's perspective on selling. Your leads typically came from old phone books that other brokers have cold-called hundreds of times over, so you face constant rejection. Honestly, if it wasn't for my daughter, I probably would have given up."īut this was just beginning, because being a broker means selling every day. By the time I got my first check, my daughter had been wearing the same pair of pampers for over 24 hours and we had one can of food in the house. But the thing is, being a broker is 100% commission, so it was really scary. He continues, "I was working in the research department, which wasn't a lot of money, so when the opportunity to become a broker opened up, I took that. I was the lowest man on the totem pole, but I was there." It was $13,000 per year, which at the time was all the money in the world to me. That was where he said it all started to change: "I got the call for a job at EF Hutton, and that was one of the top 10 moments in my life. "It was like I had come full circle to where I had started, so I immediately started working two different jobs while continuing to go to college. "When I got out of the Air Force, it was me and my wife and daughter living in a one-bedroom apartment," he recalls. Upon graduation, he had a wife and kid and $1,000 to his name. While enlisted, Payne enrolled in college and completed his degree. He bought his first investment, a mutual fund, at 17, signed up for the Air Force that year as well, and then shortly after his 18th birthday went to boot camp. It took me a long time to learn what was going on."īy the time he was 14, Payne told his mother he was going to work on Wall Street. If people could go back and look at what the old Wall Street Journal used to be - it was just a bunch of tables and lines and no explanations. I think we all think of Wall Street when we think of money, so I started reading The Wall Street Journal." That's when I thought of the stock market. I felt a responsibility to bring in the money we needed as a family. We were so poor that I started really thinking about money - and I had never thought about that a single day in my life until then. "I started cleaning windshields at stoplights and eventually got a job at a bodega, which was great. "I did any kind of hustle I could," Payne says. But he wasn't willing to wallow in self-pity, so as the oldest child, he stepped up and began working to help support his family. He recalls stepping over addicts on the sidewalks on his way to and from school. Payne says that poverty and violence were the parts that really stuck with him. Related: Don't Let Emotion Undermine Your Investment Decisions Up until this point, I thought every place came with a fresh coat of paint, heat, hot water and the things that most of us just take for granted." Payne admits he was naive, and when his family got their first apartment after the move, they went through their first winter without heat or hot water: "I never thought about where heat or hot water even came from. And the other part of that was the financial challenges." "I immediately saw the harshness and the poverty and the frustration. "Growing up on military bases, particularly in the '60s and '70s, shielded you from everything that was going on in the world," Payne says.
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