I'm over 1/3rd the way to A Milli(million dollars)... new to forum... not new to the process

[theferrariboy]

Hello fastlaners,

I emailed MJ my story and he was gracious enough to email me back. I will tell you the same thing I emailed him.

Ive known I wanted to own my own business since I was 9. Back in 2006 when I was 16 I came across a gentleman that changed my life. He was dining at a restaurant on Southbeach Miami with his Ferrari Enzo (My dream car) parked in front of it and he was by himself. I was dining at a restaurant just up the block from it (Ironically Denis Rodman was dining at the same place but I didn't care). Long story short I got a picture with this guy and since then I wanted to have his life. I hope I can track him down someday and thank him for the motivation. He was well-tanned, bald, mid-40s. When I asked to get a picture with him, he claimed he was just a normal guy but I begged to differ.

Fast forward to day, I'm 24 and through various business ventures (facebook marketing, celebrity information site, selling t-shirts online, door to door selling), real estate investments, Roth IRA, and 401k stuff, my net worth sits over $350k but I fear I have done it mostly slowlane way. I've had a job since I was 15 and put everything in my roth IRA which is over 65k now, invested money in commercial real estate, saved and have been tight with money. Went to college and majored in Entrepreneurship.

Right now I have a few different ventures I am working on. Just purchased an ecommerce company, my celebrity info site, a mobile app, and other things. I am working towards passive income and am looking to absorb all the information I can from people who have done what I want to do.

I've been fortunate enough to have guidance in my investments from my father (a successful entrepreneur) so I'm sure that has helped immensely. He gave me incentives to save but no substantial outright gifts.

I look forward to conversing with you all, sharing ideas and inspiration, as well as helping others. I wont give out advice for what I want to accomplish but what I have accomplished. If you are essentially at Zero or less than 100k and looking for what it takes to obtain a six-figure net worth, I am here to help.

Thanks,

theferrariboy

P.S. I have had that nickname "theferrariboy" a long time and when I hit a million net worth I will buy my first ferrari (most likely a 360 Spider with F1 paddles, red with tan interior, convertible for around 75k)

 

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[Jamesdoesmith]

Welcome to the rest of your life. Everyone I have ever ran into on here all share their stories of failures and triumphs. All different. But all alike in Mindset.

 

[JahvonCreamCone]

Hey man, nice to hear about your achievements so far. What was your process for starting up your T-Shirt company?

 

[Oven]

Went to college and majored in Entrepreneurship.

Kind of a small detail in your post but I would be very interested in hearing more about this. Going to college is a bit of a hot topic on here, some say you should do it, others say you shouldn't. Just to give you a bit of backstory, I finished highschool in July. I got accepted into some decent universities but decided to "take a year off" instead, the truth is I don't know if I'm taking a year off or never going to university yet.

I'm not going to ask you to make that decision for me but I would love to hear more about your experiences getting your degree (Never talked to someone who majored in Entrepreneurship yet). Do you think that it's a degree worth getting? Did you learn a lot? Was it worth the investment (time and money wise)? Would someone who has started a few sites/businesses and been to his fair share of entrepreneur meetups/events learn much from it? My parent's don't have money saved up for me to go to university so if I do go, I'll have to take a loan and if I don't have a successful business by the time I'm done I'm going to have to get a "real" job to pay off the debt and that scares me (Just like you my goal has always been to be an entrepreneur).

 

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[theferrariboy]

Hey man, nice to hear about your achievements so far. What was your process for starting up your T-Shirt company?

The t-shirt company had little success but learned a lot from it. I sold out of my first batch of tshirts in 48 hours. I sold all on ebay and sold products I wasn't legally authorized to sell. Trademark infringement. I was 17 at the time and learned my lesson which was, ask for forgiveness, not permission! ;-)

 

[theferrariboy]

Kind of a small detail in your post but I would be very interested in hearing more about this. Going to college is a bit of a hot topic on here, some say you should do it, others say you shouldn't. Just to give you a bit of backstory, I finished highschool in July. I got accepted into some decent universities but decided to "take a year off" instead, the truth is I don't know if I'm taking a year off or never going to university yet.

I'm not going to ask you to make that decision for me but I would love to hear more about your experiences getting your degree (Never talked to someone who majored in Entrepreneurship yet). Do you think that it's a degree worth getting? Did you learn a lot? Was it worth the investment (time and money wise)? Would someone who has started a few sites/businesses and been to his fair share of entrepreneur meetups/events learn much from it? My parent's don't have money saved up for me to go to university so if I do go, I'll have to take a loan and if I don't have a successful business by the time I'm done I'm going to have to get a "real" job to pay off the debt and that scares me (Just like you my goal has always been to be an entrepreneur).

Hey Oven,

There are definite pros and cons. The college experience is great and you meet a lot of people and develop a lot of connections. I went to a private university and met a lot of great people.

What I will say about an Entrepreneurship degree is that it can't teach you motivation, drive, perseverance, or to have a good attitude. What this degree will give you is the tools to manage your enterprise making fewer mistakes.

I would venture to say that you arent able to sit still too long and feel like if your not doing something at any given time, you feel like youre not going anywhere. What I did learn from this major was accounting, finance, and structure.

I am an idea guy and a quick starter. I get things going instantly. Accounting is very important because when you dont know your own books it is easy for someone to steal money from you. Finance is very important because on paper you could look like you're doing well but really you're broke. For instance counting accounts receivable as assets is correct it has no bearing on cash, so you could look like you have 10k plus this month, but in reality, you're broke and dont have cash. (rudimentary example but rings true). Structure is important because while you have an idea for how everything should go, as you gain employees, they can't operate on your mind all the time, so putting systems and processes in place to assist in decision making will help keep your time well leveraged. Otherwise you have people asking you every little question and you turn into a babysitter rather than CEO.

Hope this helps,

FerrariBoy

 

[Jamesdoesmith]

I like that about college. I am one of the biggest critics cause I simply know too many people with no plan, no degree, and all the booze they can drink. All on a big loan. But you make a good point that if you cant do the math, don't belly ache when you get screwed over. I feel as though people should be a little more "picky" when it comes to college. And I saw some really really smart kids jump in the slaughter line simply cause "its what was expected" "it's what my parents wanted." Still. good point. I have done some digging and found some business math classes and an actual Real Estate Investment 101 Class. My take on college? DIG...don't take the college (essentially a business) and let em pick for you! get in the driver seat!

 

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[Shdreams]

Welcome to the forum Ferrari Boy. I'm still fairly new here myself. But I like your story.
I Was lucky enough to meet a guy that had a hand in one tiny piece of the original web cam.Or at least that's what my father told me. I think he may have been some porn mogul or something. Anyway He was Dirty Rich! And so smart. My father took me to his house in a small town near where I live. I never even knew this place existed. The 18 bdrm house with an indoor pool in the middle of the house! 6 car garage with a viper, Very old Porsche, 67 corvette, 3 snowmobiles, a suburban and a tractor.... Why he had a tractor... I have no clue I didn't ask.
Meeting this guy changed my intentions in my financial life forever! My father built this guy endless stuff for his home. before he moved back to cali.
Finding MJ's book and Forum produced the same exact reaction to my mindset as touching a mint 67 vette for the first time.

Welcome aboard!

 

[Tyler K]

Welcome to the forums, glad to see another entrepreneur has joined.

 

[MJ DeMarco]

Welcome aboard, 24 y/o and $350K net worth is incredibly impressive and while you say it was mostly done "the Slowlane" way, I will disagree. There had to be some "fastlane" in there because that amount of cash doesn't accumulate by saving nickels and dimes, it's got to come in bigger chunks. Congrats to you. Hope to hear more about your ventures.

 

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[evlttwin]

Welcome to the jungle, we got fun and games.......and good entrepreneurial advice.

 

[theferrariboy]

Welcome aboard, 24 y/o and $350K net worth is incredibly impressive and while you say it was mostly done "the Slowlane" way, I will disagree. There had to be some "fastlane" in there because that amount of cash doesn't accumulate by saving nickels and dimes, it's got to come in bigger chunks. Congrats to you. Hope to hear more about your ventures.

Thanks for the warm welcome MJ. I'm sure you're right! There have been a few "chunk" type events where I was informed that something grew in value significantly like one of my real estate investments seemingly overnight and then a couple of times when we sold out and had a big growth in value.

 

[Unknown]

$350k at 24 is very impressive. You have freedom that most 24 year olds haven't even thought of yet. Good luck on your journey.

 

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[theferrariboy]

$350k at 24 is very impressive. You have freedom that most 24 year olds haven't even thought of yet. Good luck on your journey.

Thanks! The reactions from people on this forum have helped me realize how much it actually is. I really didnt think it was that impressive until people started messaging me for advice and such.

 

[jon.a]

Thanks! The reactions from people on this forum have helped me realize how much it actually is. I really didnt think it was that impressive until people started messaging me for advice and such.

Keep your wallet in your pocket. Be careful.

 

[theferrariboy]

Keep your wallet in your pocket. Be careful.

Will do! That's why I have decided to remain anonymous!

 

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[GuestUser140]

and when I hit a million net worth I will buy my first ferrari (most likely a 360 Spider with F1 paddles, red with tan interior, convertible for around 75k)

Talk about detail...

Something about your specificity here tells me it won't be long before you've got the keys (and the car).

 

[theferrariboy]

Talk about detail...

Something about your specificity here tells me it won't be long before you've got the keys (and the car).

Thanks Michael, Some would argue "worry about what you will buy when you have the money" but there is nothing wrong with having very specific goals and milestones as long as your time isn't consumed by eyegasming on ebay!

 

[Harry321]

Was there every a turning point where you said:"This is it" and your wealth/success increased dramatically, or have the various different ventures all contributed significantly, with experience over the years improving how effective they are?

 

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[theferrariboy]

Talk about detail...

Something about your specificity here tells me it won't be long before you've got the keys (and the car).

I remembered you said this and came back to reply and say, I got my ferrari.... just like I pictured it and described it in the post

 

[TonyStark]

I remembered you said this and came back to reply and say, I got my ferrari.... just like I pictured it and described it in the post

Holy shi*, congrats. I thought this was a new post but it's almost 2 years old.

 

[CrazyChris]

C'mon mate, lets see pics!

 

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[TKDTyler]

If it makes you feel any more fastlane, I am 24 with -100k net worth.

The things I would do to be in your position. Don't take it for granted

Debt is a bitch

 

[MJ DeMarco]

I remembered you said this and came back to reply and say, I got my ferrari.... just like I pictured it and described it in the post

Pics with a Fastlane Forum placard or it didn't happen!!!

 

[theferrariboy]

Pics with a Fastlane Forum placard or it didn't happen!!!

I will get right on that! I have plenty of pics and stuff I can prove it at the Summit in less than a month!

The update at this point I am 25, almost 26 and have a net worth of 550k+ and am just kind of living life at this point. Traveling, driving my dream car, reading, dating a lot, and so on. I know 550k is nothing to retire on but I figure my 20s is the time to enjoy life.

 

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[RHL]

ask for forgiveness, not permission! ;-)

If you have no assets and net worth, ask forgiveness.

If you do, ask permission.

You'll save a lot of money that way.

 

[GuestUser140]

I remembered you said this and came back to reply and say, I got my ferrari.... just like I pictured it and described it in the post

Very pleased to see this popping up on my phone here!

How did it feel when that mental image became a tangible realization? Strange? Had to pinch yourself in the arm? Or pretty normal because you've imagined it so often?

I will get right on that! I have plenty of pics and stuff I can prove it at the Summit in less than a month!

The update at this point I am 25, almost 26 and have a net worth of 550k+ and am just kind of living life at this point. Traveling, driving my dream car, reading, dating a lot, and so on. I know 550k is nothing to retire on but I figure my 20s is the time to enjoy life.

So you did about 200k this past year? That's beautiful.

Digging the way you spend your time too. Do you have a place to live (rent/purchase) or do you travel all the time?

I'm basically where you were last year (age/$) and what you are doing now looks like a great prospect.

Do you have multiple things going on? Any new plans going forward? Do you feel the need to work long hours to get where you want to go?


All the best,

Michael

 

[theferrariboy]

Very pleased to see this popping up on my phone here!

How did it feel when that mental image became a tangible realization? Strange? Had to pinch yourself in the arm? Or pretty normal because you've imagined it so often?



So you did about 200k this past year? That's beautiful.

Digging the way you spend your time too. Do you have a place to live (rent/purchase) or do you travel all the time?

I'm basically where you were last year (age/$) and what you are doing now looks like a great prospect.

Do you have multiple things going on? Any new plans going forward? Do you feel the need to work long hours to get where you want to go?


All the best,

Michael

It was pretty insane. I video documented the whole thing and am putting together a documentary for myself for the whole process of purchasing my first Ferrari. It was definitely a pinch me experience. I did a little 3 hour road trip in it when I first bought it which was so much fun. People taking pictures, asking what I do for a living, and stuff like that.

I love pulling up to a populated place where the let me park it up front in front of all the restaurants and people see me get out and look in disgust and in awe at the same time.

But my absolute favorite moments are when I see little kids getting their pictures by it. Whenever I see this I always offer to let them sit in the car and get their picture in it. This goes back to when I was 16 seeing a guy with my dream car and him being so nice to me. I never forgot that and he inspired me so hopefully I can be that inspiration for the kids that get their pics in the car. Their parents are always so gracious and actually had one say "see son, the people who own these cars are actually nice people"... Glad to break the stereotype.

I own a 3 bedroom condo in NC and have 2 roommates who rent the other 2 rooms generating me an extra 900$ per month I wouldn't otherwise have which more than covers my expenses. For the place, I undercharge them because they are friends of mine and I completely trust them and like helping out my friends. I don't have a mortgage on the place, paid cash entirely so I net after all expenses, even my share of the utilities, around 500$ a month. I'm only "home" about 4 days a month. The rest of my time I spend in Florida, Michigan, Tennessee, Georgia, Arizona, or wherever I want.

200k+ net worth increase requires you make a lot more than that . I live the life I want to live for around $2000 per month or less.

-theferrariboy

 

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[RHL]

200k+ net worth increase requires you make a lot more than that . I live the life I want to live for around $2000 per month or less.

When you have no car payments, mortgage, student loans, or rent, $2,000-5000 delivers an, un, considerable quality of life.

 

[CJWalne28]

Kind of a small detail in your post but I would be very interested in hearing more about this. Going to college is a bit of a hot topic on here, some say you should do it, others say you shouldn't. Just to give you a bit of backstory, I finished highschool in July. I got accepted into some decent universities but decided to "take a year off" instead, the truth is I don't know if I'm taking a year off or never going to university yet.

I'm not going to ask you to make that decision for me but I would love to hear more about your experiences getting your degree (Never talked to someone who majored in Entrepreneurship yet). Do you think that it's a degree worth getting? Did you learn a lot? Was it worth the investment (time and money wise)? Would someone who has started a few sites/businesses and been to his fair share of entrepreneur meetups/events learn much from it? My parent's don't have money saved up for me to go to university so if I do go, I'll have to take a loan and if I don't have a successful business by the time I'm done I'm going to have to get a "real" job to pay off the debt and that scares me (Just like you my goal has always been to be an entrepreneur).

I graduated from high school last year and for a long time was stuck between majoring in engineering entrepreneurship both things i was highly interested in. I emailed a person local to me who i looked up to highly and had his bachelors in Entrepreneurship and was very succesful and asked his opinion on it and what he said to me I found very helpful. He said to me that a business degree is not as valuable as a good business sense. So I ended up majoring in engineering and learning as much about entrepreneurship on my own time.