As many of you already know, I'm now 16 years old. My interests are mainly in the areas of business building and real estate. While there are many variables that could change the course of my future, this is how I can see it playing out right now:
1) Within the next year, mainly next summer, I will create an online business. This will be an online retail store for an existing pet distributor and retailer (B&M store).
2) The above business will be started with the assistance of my friend (who's father owns the supplier we will be using). Because we are both students, we won't need the profits from our business to cover the costs of living expenses so we will be able to roll most of our profits back into marketing while paying ourselves just a small portion for our time. My long term plan for this business as of now is to sell off my share of the business to my friend and/or the B&M retail business (as of now, we will be incorporating the business and dividing the shares of the business 3 ways - between my friend, the B&M retailer, and myself).
3) With the money earned from selling my stake in the business (I should only have to pay 15% tax on my profits from the sale) and the cashflow I've earned over the preceeding years, I will have a good portion of capital to saved up to roll into my next endeavor -- real estate investing. My plans now are to start off with a few smaller multis (likely quads). If I have the money and/or time during college, I would like to invest in a few while attending school. After that, I will gradually upgrade to larger properties, eventually landing in the large scale commercial sector. I will invest in apartment buildings (SteveO style :thankyousign
and commercial spaces like office buildings and retail locations.
4) At this point, I should be in the fastlane already. I'm hoping to have acquired a net worth in the multi-millions and be in position to retire by this point, but, of course, that is not enough! While I'll still be continuing my commercial REI, I would like to get my feet wet in the field of development. My ultimate goal is to be able to develop large communities that mix residential and commercial spaces to create mini-towns. Ideally, this would take place along the coast somewhere as a luxurious waterfront property.
5) While my money's at work for me, I'd like to be able to devote my time to things I love: baseball (whether it be playing and working my way up through an organization or coaching my kids in little league, I love baseball!), vacationing, spending time with family and friends, and helping others.
One of my goals is to be able to create a non-profit charity helping others achieve financial freedom. I love the idea someone (don't remember who) brought up about building houses, selling for a profit, and using the profits to give out small business loans to entrepreneurs in developing areas.
Time Table
Within the next year:
I reserve the right to add to this plan when I choose! 🙄
Fastlane -- here I come. :driving:
1) Within the next year, mainly next summer, I will create an online business. This will be an online retail store for an existing pet distributor and retailer (B&M store).
2) The above business will be started with the assistance of my friend (who's father owns the supplier we will be using). Because we are both students, we won't need the profits from our business to cover the costs of living expenses so we will be able to roll most of our profits back into marketing while paying ourselves just a small portion for our time. My long term plan for this business as of now is to sell off my share of the business to my friend and/or the B&M retail business (as of now, we will be incorporating the business and dividing the shares of the business 3 ways - between my friend, the B&M retailer, and myself).
3) With the money earned from selling my stake in the business (I should only have to pay 15% tax on my profits from the sale) and the cashflow I've earned over the preceeding years, I will have a good portion of capital to saved up to roll into my next endeavor -- real estate investing. My plans now are to start off with a few smaller multis (likely quads). If I have the money and/or time during college, I would like to invest in a few while attending school. After that, I will gradually upgrade to larger properties, eventually landing in the large scale commercial sector. I will invest in apartment buildings (SteveO style :thankyousign
and commercial spaces like office buildings and retail locations.4) At this point, I should be in the fastlane already. I'm hoping to have acquired a net worth in the multi-millions and be in position to retire by this point, but, of course, that is not enough!
While I'll still be continuing my commercial REI, I would like to get my feet wet in the field of development. My ultimate goal is to be able to develop large communities that mix residential and commercial spaces to create mini-towns. Ideally, this would take place along the coast somewhere as a luxurious waterfront property.5) While my money's at work for me, I'd like to be able to devote my time to things I love: baseball (whether it be playing and working my way up through an organization or coaching my kids in little league, I love baseball!), vacationing, spending time with family and friends, and helping others.
One of my goals is to be able to create a non-profit charity helping others achieve financial freedom. I love the idea someone (don't remember who) brought up about building houses, selling for a profit, and using the profits to give out small business loans to entrepreneurs in developing areas.
Time Table
Within the next year:
- Increase my knowledge of online businesses and the technological side of things.
- Increase my knowledge of business law and accounting.
- Continue to further my knowledge in the field of RE for the future.
- Improve my self-discipline and self-motivation as well as my focus in all areas of life -- sports, business, and school.
- By next summer, be prepared to start up my business with my friend.
- Focus on getting homework done, or at least started, by before 10PM.*
- Continue to further my knowledge of RE and keep my eyes open for local opportunities wherever I may be living.
- Continue to actively participate on these forums.
- Build, run, and sell my business with my friend.
- Get into a good college (as a backup) in case I decide to get a "job" one day. Continue playing baseball on a competitive level.
- Invest full-time in commercial RE.
- Keep my eyes open for new business opportunities. Even while I'm working with other businesses or investments, I will always be ready to start up another business should the opportunity arise. (Opportunity doesn't care if you're ready for it! :iagree
- Be able to focus on other aspects of life without having to worry about my financial situation.
- Begin developing RE.
- Focus on giving back to the community.
- Enjoy my life with family and friends.
I reserve the right to add to this plan when I choose! 🙄
Fastlane -- here I come. :driving:
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