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INTRO 17 y/o with a $110 to become an entrepreneur. My reason for being here/story/goal. Advice welcome.

Discussion in 'Forum Introductions (Who are you!?)' started by GuestUser6117, Sep 2, 2018.

  1. GuestUser6117
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    Hey Guys.
    I'm a 17 y/o (soon to be 18) kid from India. Failed my high school and not planning to go back anytime soon so I have a lot of time on my hands.
    Read the Fastlane a couple months ago and it really resonated with me. Also, I belong from a middle class family, definitely not rich, so you know the environment and the mindset I am coming from.
    I have no experience in anything whatsoever but I am super focused (sold my phone and Playstation because they are distracting focused) and absolutely positive that the entrepreneurial road is the one I want to take. The only way I can earn some money (after 18 because of country laws) using my current knowledge is by trading stocks which I learned how to do a while ago.
    Been a typical "mental masturbator" for a pretty long time so I want to take action rn, only I am not sure what to do and where to get started.
    I am lucky in a way as I have no debt, I am starting out pretty young, I have no parental pressure and I have a lot of free time. So I obviously wanna take full advantage of the opportunity I have and not regret it afterwards that I let it slide.
    My main reason for joining this forum, just like everyone else, is to learn from like-minded people who are ahead of the game.
    My goal for now is just to get started doing stuff, open up a business and all. Money is not the priority at the moment but gaining some decent "real life" business experience is. As for the long-term financial goal, it is simply to retire by mid-late 20s with a couple million in the bank and then live off the interest. I am aware it's not easy but I think it feasible and not too outlandish.
    Any advice for me is appreciated, thanks for taking the time :)
    ( @MJ DeMarco )
     
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  2. GoGetter24
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    GoGetter24 Gold Contributor Speedway Pass

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    1. Identify an up-trending market requiring skills close to your aptitudes
    2. Study and hone that skills like crazy. Hunt for successful mentors in that space. Do what they tell you.
    3. Find people who need that skill for their business. Work for them (probably starting as employee, but increasingly as contractor).
    4. Keep doing this until your rates are high due to demand.
    5. Increase your consumption less than half as much as your production -- i.e. save and invest your surplus like crazy.

    But the marketable skill is the key part at your age. Read biographies about people like Divyank Turakhia to get inspiration.

    A boon for you.
     
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  3. Satvik Gupta
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    Satvik Gupta Contributor Read Millionaire Fastlane Speedway Pass

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    "The only way I can earn some money (after 18 because of country laws) using my current knowledge is by trading stocks which I learned how to do a while ago."

    Wait, what? I'm 17, from India too. But, I never faced that problem.

    Also, I would not suggest you trade stocks. MJ talks about how trading stocks is a good way to STAY rich, not GET rich in his book.

    For making money, I would really encourage you to learn one skill and then freelance. Is this Fastlane? No. But will you go from $0 to something? Hell yeah.
     
  4. GuestUser6117
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    Do you have any suggestions as for which specific market I should look for? I am flexible on my options and willing to learn anything at the moment, knowing the pay off will be good.
    Yes that definitely is but I have time on my side, so I can leverage it rn for experience.
     
  5. GuestUser6117
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    I am only talking about trading stocks here, not opening a business(I haven't looked into that). If I want to trade them(through Zerodha or some other platform), then I could use my name and bank account but it would have to be on behalf of my parents because of me being a minor. But I can't do cause they won't allow me to use their credentials because of some tax reasons I don't fully understand -.-
    I am not procrastinating lol, its a genuine reason and I am trying to find my way around it.
    If I am not mistaken, he talked about investing which obviously is a great way to preserve wealth. But trading can be a good option if I want an income. Won't divorce time from money just yet, but as you said, it will at least take me from $0 to something. Also, I already know how to do it, but for freelancing, I will have to learn something completely new to me.
     
  6. GoGetter24
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    What subjects in high school are you failing, and what are you doing good at?
     
  7. Satvik Gupta
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    I would say look at:
    1. Web Design
    2. Digital Marketing
    3. Graphic Design

    Personally, I do the first and second one.

    But, for you, as you can guess, it really depends on what you are interested in.
     
    Last edited: Sep 3, 2018
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  8. Satvik Gupta
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    Satvik Gupta Contributor Read Millionaire Fastlane Speedway Pass

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    For your tax problem:
    Make money first and then deal with it.

    For investing:
    I don't know anything about stocks so I can't comment on it.
     
  9. GuestUser6117
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    Failed at Accounts and Economics, not that I'm not interested, I just didn't bother studying because weed *.* (didn't do it since tho) As for the other subjects, I studied a day before the exam. Still have no idea how I passed. So I don't any particular area of interest.
     
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    It's probably a dumb question but I see so many people doing web design, marketing etc. and I once saw around 90,000 ratings on a single Udemy course on Web Designing, probably the highest there. How do you even compete with all the others, get people to give you jobs and and still manage to stay profitable. It's a very low barrier of entry, everyone's doin it.
    How high is the demand for these skills?
     
  11. Satvik Gupta
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    Satvik Gupta Contributor Read Millionaire Fastlane Speedway Pass

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    There are approximately 30 million businesses in the USA alone.

    Do you think ALL of them already have websites?

    Pro Tip: Follow @Fox.
     
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  12. GoGetter24
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    Have you ever worked hard at anything in your life?
     
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  13. The Abundant Man
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    The Abundant Man Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    upload_2018-9-3_19-41-7.jpeg

    [​IMG]
     
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  14. GuestUser6117
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    Except when I totally have to, I haven't to be honest. F*ck.
     
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    Thats why I came here, to change.
     
  16. GoGetter24
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    Based on precedent, it's more likely you came here looking for easy, magic solutions, because typing text into a forum and reading takes no effort.

    Advice would be: to deliberately do something that's hard work, without concern for the payoff, to start hardening yourself to hard work. E.g. marathon, getting an A on an exam, climbing a small mountain, entering a competition.

    If you can't do that you've got no chance. Laziness is a disease cured only by real, uncomfortable action.
     
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  17. ChrisV
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    ChrisV Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    You can make money in stocks if you really really really know what you’re doing and can force when something is going to be huge. But then again by the time a company goes public it’s already done most of it’s growth. So it depends.
     
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  18. GuestUser6117
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    ON IT.
     
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