First /biz post.
26 years old
$4k/ month net income from a couple of businesses, 95% passive.
$1,200/ month expenses. Drive shit car, wear cheap clothes, don't drink, live with roommate, etc.
Single but steady gf so not wasting $ chasing bitches.
Total net worth 800k. between business, real estate, brokerage account. Mostly from savings and capital gains selling previous business, but 200k is real estate from inheritance.
What do I do now? No degree but I'm willing to get one. I would love to do something from home that has minimal overhead but good potential upside. I tried trading, no thanks.
ecommerce? consulting? programming?
>>1342965
Bump for interest
>>1342965
Are you an American or what?
if you've got a total net worth of 800k at 26 years old you're more successful than most of the people on here. keep saving to invest, live sensibly ect.
in terms of getting a degree it depends where you live. if you've already got a business(multiple) it would make sense that whatever you learn should go to enhancing your business income. rather than taking on a career.
what sort of businesses do you own?
>>1342965
you a trust fund kid?
>>1343396
> keep saving to invest, live sensibly ect.
Literally don't do this.
>Are you an American or what?
yes
>in terms of getting a degree it depends where >you live. if you've already got a >business(multiple) it would make sense that >whatever you learn should go to enhancing >your business income. rather than taking on a >career.
>what sort of businesses do you own?
I won't say exactly what, but they are conventional business(not a tech start up or anything cool) that are in same industry. I couldn't replicate or expand without a ton of effort and cash, I'd rather do something with low overhead.
>you a trust fund kid?
no
>>1342965
Do tell your story m8, would love to be as successful as you in 6 years
>Do tell your story m8, would love to be as successful as you in 6 years
50% hard work, creativity, due diligence, minimalist lifestyle, and at times sacrifice.
50% Luck, as in right place at the right time.
Oh boy the bi-annual moderately advanced question.
How much time do you have left in the day?
If you literally did nothing for your business, you flew to an island paradise with the same expenses, but they have no phones or internet. How long would this situation last?
The point is the surface mathematics say you're retired. as you make over double your expenses.
However bad markets happen. Bad things happen. Things might simply change.
You've got your hands on financial freedom. However, your position is not secure stabilized or mature. When, not if, the world shakes your shit up will your situation change substantially?
The next steps are to build redundancy into the system.
If just two of your businesses fail back to the labor house with you.
90% of businesses fail within the first 5 years
90% of the survivors will fail within the next 5
you're struggling against a 99% failure rate over the decade.
Your struggle right now is to secure your position and simultaneously reduce your time burden.
>>1344331
You need to add non-correlated risk to your portfolio, ideally with synergistic effects to the current portfolio a la Warren Buffet.
Right now with your cashflow and assets, it makes sense to buy more businesses.
You also might look into seasonal and short term
Get a business Broker.
>>1344331
The Small business Association offers loans for "EXISTING" businesses at 10% down.
Startups get worse rates.
No need for a degree unless it saves you time down the road. but it couldn't hurt to take night classes gradually.
The next level, Once you have a mature portfolio of assets, mostly businesses, that will likely survive 90-95% of market conditions. In unrelated fields.
You'll be able to get moving to a higher class of business, and will have access to much higher speculation plays. Oil, Mining, Land Development, land speculation, government subsidized assets, Medical, Research, Angel and startup investment if that's your cup of tea.
buy a nice car you really want, trust me
Idk how you went so long w/o buying yourself some cool shit
There are different types of CEO's for different periods in the business. You should learn where you add the most value.
Some folks are good at the startup game. Some are great at value added plays (fix + flip), Some are growth, some are market capture, some are raiders, some are trainers, some are mergers.
Its important to try a few different strategies to figure out what sort of plays you can perform effectively and add to your playbook.
The different strategies have different requirements and skillsets.
It sounds like you have some experience selling businesses in your niche.
If you have the knack for it, you might be into buying businesses and also might want to simultaneously develop a business brokerage in your niche. That way you get a huge flow of businesses coming to market through you and you can cherry pick.
This I think will give you a ton of experience and exposure that will translate later.
The next stop on your path is becoming a qualified investor. 250k/year cashflow or $1M in cash. to get access to prospectus only investments.
This is a much less regulated field, and you'll need the experience to be able to sort the shilled from the skilled.
Also on a personal level you're gonna want to talk to an asset protection attorney and set up something like a domestic asset protection trust. There's a lot of protection you can do before marriage you can't do after.
I know 4 multimillionaires who are trapped working with no leverage against their very fat wives, b/c they'll get divorced and lose half of their lifes work.
>>1344545
Beautiful advice, got anything for an aspiring entrepreneur, I have some savings about 50k and a small business, 1k monthly, planning on expanding next year.
>>1342965
Bump for real nigga thread.
Establish foreign trust so nobody can touch your money including you.
Usually at this point, it's just a score since upkeep is so low. So the only purpose left is to increase your score.
You can try replaying the games with handicap. Like trying to get another girlfriend while removing some of your allure.Even better, having 3 girlfriends who buys you stuff.
In any case, make sure you have contigency plans for when the next recession comes. I've had instances where all 3 businesses fail at the same time and I have to use up all my contingency plans to survive.
>>1344938
plenty
http://dropcanvas.com/zpf5p
https://thepiratebay.org/search/ramit/0/99/0
>Right now with your cashflow and assets, it makes sense to buy more businesses.
>You also might look into seasonal and short term
>Get a business Broker.
Thanks, this is what my gut has been telling me. But too be honest, I've been struggling with the idea because conventional wisdom says I'll be stretched too thin.
>There are different types of CEO's for different periods in the business. You should learn where you add the most value.
>Some folks are good at the startup game. Some are great at value added plays (fix + flip), Some are growth, some are market capture, some are raiders, some >are trainers, some are mergers.
>Its important to try a few different strategies to figure out what sort of plays you can perform effectively and add to your playbook.
>The different strategies have different requirements and skillsets.
I think this is brilliant. Are there any books or other resources you could recommend?
>It sounds like you have some experience selling businesses in your niche.
>If you have the knack for it, you might be into buying businesses and also might want to simultaneously develop a business brokerage in your niche. That way >you get a huge flow of businesses coming to market through you and you can cherry pick.
>This I think will give you a ton of experience and exposure that will translate later.
Again, any books on the subject? Everything I've found on business valuation that looks credible doesn't look like it applies to small business. (e.g. Security Analysis -Ben Graham)
>The next stop on your path is becoming a qualified investor. 250k/year cashflow or $1M in cash. to get access to prospectus only investments.
>This is a much less regulated field, and you'll need the experience to be able to sort the shilled from the skilled.
Can't wait! I would consider liquidating in a few years just to meet this criteria if I wasn't such a pussy lol.
>Also on a personal level you're gonna want to talk to an asset protection attorney and set up something like a domestic asset protection trust. There's a lot of >protection you can do before marriage you can't do after.
>I know 4 multimillionaires who are trapped working with no leverage against their very fat wives, b/c they'll get divorced and lose half of their lifes work. ea
Working on this now.
>Establish foreign trust so nobody can touch your money including you.
>Usually at this point, it's just a score since upkeep is so low. So the only purpose left is to increase your score.
>You can try replaying the games with handicap. Like trying to get another girlfriend while removing some of your allure.Even better, having 3 >girlfriends who buys you stuff.
>In any case, make sure you have contigency plans for when the next recession comes. I've had instances where all 3 businesses fail at the same >time and I have to use up all my contingency plans to survive.
Actually, not that far off from my original plan
