By Andrew Scot Bolsinger
Kermit Payne has all the markings of success including wealth, business ownership and stature, and he’s encouraging others to look for opportunities to build lasting wealth for themselves.
Payne, 62, is the founder of 1Joshua Group in Atlanta, a strategic communications, marketing and association management company. He said personal saving is a vital first step to wealth, but it is only a first step.
“In terms of wealth building, we have to teach people the difference between saving and building wealth because you will never save and become wealthy,” he said. “That is one of the components of being financially illiterate; to think you can save into wealth is not how wealth is accumulated. You have to do something that’s active. That involves taking risks in the stock market and retirement plans and real estate. That doesn’t mean people should not save, but they should be working with a planner or adviser to help them build wealth through investing.”
Payne said the skills need to be learned and professional can help as they will teach and build the habit of wealth building, according to an extensive, five-part story by The Root.
“Once you get into the wealth-building cycle, it’s much easier,” he said. “It’s just like saving. Once you start, it becomes part of your pattern.”
According to Payne, his first business hit about a half million in revenue the first year, back in 2003. The company enjoyed steady growth of about 28 percent to 2007 before The Great Recession.
Only in 2010 did the seven-employee company begin to see profits rise again. By December 2013 the company was turning a nearly 20 percent profit, with revenues approaching $2.4 million.
Payne said hard work and perseverance helped him weather the hard times. He worked for several decades as an executive in the public and private corporate sector, with his last position being chief executive of a nonprofit, all of which helped him learn the skills necessary to launch his own business and see it through a tough financial time.
“It certainly comes from being prudent and spending what’s necessary and saving where we could save,” he said of his business’ ability to weather the recession. “One of the things we’re most proud of is that we’ve never advertised. All of our business has been from referrals. We’ve maintained a referral-only business for 11 years.”
Andrew Scot Bolsinger won more than two dozen press awards during his journalism career. He is a freelance writer, author and operates www.criminalu.co, which is focused on prison reform. He can reached at Andrew.Bolsinger@gmail.com Follow @CriminalUniv on Twitter.