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Kenneth A. Smaltz, Jr., 38, though $40,000 in debt in the early 1990's, refused to declare bankruptcy. When we talked with Smaltz, a college drop-out, he had totally paid off his debt and was receiving new offers of credit - for good reason. He had built his net worth to slightly over $1 million and had bought a partnership in a Hauppage, New York rare coin dealership. The deal was believed to make him the first African American to have an ownership stake in a rare coin dealership.
Seeking to please his parents, Smaltz attended various colleges off and on for about a year. He began by attending New York University, but quickly dropped out. "I could still hear the constant complaining of my parents about having to go back to school." |
Through a friend who graduated from Harvard and landed a good job, Smaltz was put in touch with a recruiter. Smaltz met with the recruiter who found a job open in the shipping department of MTB Banking Corp., a company which sold coins. Smaltz did not want to work in shipping but the recruiter convinced him that he was extremely limited without a college education. Smaltz often chatted with MTB Banking's vice president, Louis Vigdor. "He had been a hands-on vice president. He always came down to shipping." said Smaltz. Vigdor would help with packages and confided to Smaltz that he had started his career in the shipping department. Vigdor stressed that there definitely were opportunities for him at the company if he worked really hard. After spending two years in the shipping department, Smaltz finally got his wish.
In his sales job, Smaltz started realizing his dream. He worked at MTB Banking from 1984-1991, and made as much as $82,000 annually. During that period, Smaltz settled into a one-bedroom, two-bathroom apartment in the Clinton Hill section of Brooklyn. Smaltz started living the Wall Street life. "I bought the suits and ties and paid cash for a two year old BMW. My entire persona was that of a Wall Street Broker." he said. However, his dream come true was short lived.
When the economic recession hit in 1990, he learned some hard lessons. MTB Banking started having trouble and he was laid off. "All my credit cards were at the top-MasterCard, Visa, and American Express." he said. Although he had been making good money, Smaltz never saved. Smaltz definitely was at a low point in his life. His mother passed away and he was forced to move back in with his father.
Smaltz accepted a job in Minnesota. In Minnesota things started getting better. His salary which started at $70,000 annually grew to about $82,000. in 1995 he called the IRS to whom he owed $15,000 and arranged to pay them.
By 1999, Smaltz had paid off all his debts and started saving. As soon as Smaltz took a job at New World Rarities in 1997, the picture brightened substantially. Business soared.
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Purchase a copy of "More
Rags To Riches...
Stories of How Ordinary People Achieved Extraordinary Wealth!" by Gail
Liberman and Alan Lavine (Dearborn Trade Publishing)e feauturing Kenneth Smaltz.
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