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My Roadmap to the Fastlane [through REI and business building]

Yankees338

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Jul 24, 2007
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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:
  • 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.*
Within the next 5 years:
  • 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.
Within the next 10 years:
  • 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.
Within the next 15 years:
  • Begin developing RE.
  • Focus on giving back to the community.
  • Enjoy my life with family and friends.
I thank anybody who took the time to read this. Please feel free to post any comments or questions you may have.

I reserve the right to add to this plan when I choose! :rolleyes:

Fastlane -- here I come. :driving:
 

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Last edited:

yveskleinsky

Bronze Contributor
Speedway Pass
Jul 26, 2007
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Re: My Roadmap to the Fastlane [through REI and business building

Go for it kiddo! You have the most clarity of any 16 year-old (any most adults) I've ever met. I can't wait to hear about your journey as you progress! ...I think you will find that your 15 year plan can (and probably will) come to fruition in a lot less time.

Carpe Diem! :smxG:
 
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Yankees338

Yankees338

Bronze Contributor
Jul 24, 2007
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Re: My Roadmap to the Fastlane [through REI and business building

Go for it kiddo! You have the most clarity of any 16 year-old (any most adults) I've ever met. I can't wait to hear about your journey as you progress! ...I think you will find that your 15 year plan can (and probably will) come to fruition in a lot less time.

Carpe Diem! :smxG:
Thanks. Seeing how motivated you are definitely helps motivate me. Your activity here in posting all of your potential ideas, while maybe not the most efficient, has really gotten me excited about being able to shape my own future.
 

Peter2

Fastane Legend. RIP.
Aug 2, 2007
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Palm Beach, FL
Re: My Roadmap to the Fastlane [through REI and business building

Nice plan. I would like to know the reason you are going to wait almost a year before starting your online business. Why can't you start it TODAY?
 
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Yankees338

Yankees338

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Jul 24, 2007
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Re: My Roadmap to the Fastlane [through REI and business building

Nice plan. I would like to know the reason you are going to wait almost a year before starting your online business. Why can't you start it TODAY?
Thanks. My friend's dad owns the warehouse where our products will ship from and he doesn't want some "stranger", or employee of ours, running through his warehouse b/c he doesn't want the extra responsibility. He's stated he doesn't really want any part in this in terms of extra responsibilities. The reason we were gonna wait is because we wanted to be the ones processing orders when we get started and then once things are up and running smoothly, we would slowly ease an employee into the business.

But believe me -- I'd love to start it NOW.
 

Peter2

Fastane Legend. RIP.
Aug 2, 2007
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Palm Beach, FL
Re: My Roadmap to the Fastlane [through REI and business building

Why can't you and your friend process orders now? It's not like you are going to start from scratch and suddenly have thousands of orders every day. You could easily fulfill the orders after school.
 

FT1

New Contributor
Aug 15, 2007
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Re: My Roadmap to the Fastlane [through REI and business building

Yankee338,

Rep++ for putting together your plan. 21 years ago, when I was your age, I was nowhere near this line of thinking.

But, I agree with Peter2. You should get the ball moving immediately. The futher you put this off, the less likely you are to actually launch the biz. Based on what you've shared, you have everything in place to get started.
 

S928

Contributor
Aug 7, 2007
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Re: My Roadmap to the Fastlane [through REI and business building

Wow, Yankee is about to take off! Are you sure you're 16? I think you fat-fingered your age. Okay, I'm being silly.

Seriously, your plan is extremely impressive for your age. Most 16 year olds don't have an idea of what a plan looks like and here you are providing the details for your future. Way to go! Keep us posted.

Thanks for the motivation. Rep +
 
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Yankees338

Yankees338

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Jul 24, 2007
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Re: My Roadmap to the Fastlane [through REI and business building

Why can't you and your friend process orders now? It's not like you are going to start from scratch and suddenly have thousands of orders every day. You could easily fulfill the orders after school.
I live in Northern NJ. The warehouse is in Queens, NY. Neither myself nor my friend have our licenses yet, so it would be unrealistic to think we could commute into the city every day. However, once we get our licenses in March, it would become possible. But at that time, I'll have baseball every day after school which is why I think next summer is the most realistic timetable.
 
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Yankees338

Yankees338

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Jul 24, 2007
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Re: My Roadmap to the Fastlane [through REI and business building

And thanks for all of the positive feedback.
 
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Yankees338

Yankees338

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Jul 24, 2007
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Re: My Roadmap to the Fastlane [through REI and business building

Okay. I was about to start a thread venting about how little I've really accomplished because I still haven't really taken action, but I decided that I'd be better off checking up on my plan.

Honestly, I'm pretty pissed off that I still haven't taken action. I feel like I'm getting close, but that isn't enough. I need to TAKE ACTION and start something, so hopefully revisiting my goals will help.

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.
Let's see...

1) I've definitely increased my knowledge. By how much? It's hard to measure. Guess that's where I should've been more specific.

2) I've done so to a minor extent, mainly just by reading 95% (literally) of the posts on this site. This isn't my favorite area, but the more I learn about it, the less bored by it I'm becoming.

3) I've definitely increased my RE knowledge further. However, I've mainly just been doing so through the posts on this forum. In the future, I would prefer to read more books and gather more specifics. I have a few books laying around that are just screaming at me to get read.

4) Improved? Yes, probably moreso in school than anywhere else. I'd have to say, though, that part of my recent "success" in school has come from underutilizing my apparent potential. I'm taking all standard classes, except for Economics (AP), and I'm getting by with just about all As with very minimal work. Is this improvement? I guess it's hard to measure. Again, specifics are important.

As far as sports go, I'm a bit disappointed that I haven't been working out as much as I should. I don't sleep much at night, so I'm usually tired during the day, and I usually don't feel like working out after school as a result.

I'm pretty satisfied with where I'm at business-wise. I'd love to be further along, but in accordance with my plan, I can't really complain. I think I should be accelerating the pace in this area a bit.

5) Well, this is basically out of the picture. I still believe in the idea, but I don't think my friend's dad really wants us to go through with this. I'm still contemplating trying to persuade him into allowing this venture to take place, but I think I'll probably pursue other avenues instead.


Honestly, I owe so much to this forum. It's simply amazing. I've learned so much here, and I know that I will continue to. Keep up the quality posting. :)
 

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Redshft

Contributor
Nov 5, 2007
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Re: My Roadmap to the Fastlane [through REI and business building

As far as sports go, I'm a bit disappointed that I haven't been working out as much as I should. I don't sleep much at night, so I'm usually tired during the day, and I usually don't feel like working out after school as a result.
Personally I find this to be a problem. Working out/Excercise is a HUGE factor in motivation and happiness. Aside from the fact that excercise stimulates the production of "happy hormones" endorphins, seeing results is a great motivator and will inspire you to challenge yourself in other fields. A good workout will usually bring the rest of the day to be more productive and inspiring and provide you with a great sense of self-gratification.


5) Well, this is basically out of the picture. I still believe in the idea, but I don't think my friend's dad really wants us to go through with this. I'm still contemplating trying to persuade him into allowing this venture to take place, but I think I'll probably pursue other avenues instead.
One thing I have always been taught is money hides behind rejections. Don't accept his father's first rejection. Sell him on the deal, make him realize a win/win situation is available. Focus.

Also, not to say it won't be sucessfull, but dont speculate on your e-biz doing well to yield investments for RE. Have a 'plan B'.

Good luck! And I know you've been told this before, but as long as you maintain your present character and build your knowledge...you will be sucessfull! I wish I had you mindset when I was your age.
 
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Yankees338

Yankees338

Bronze Contributor
Jul 24, 2007
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Re: My Roadmap to the Fastlane [through REI and business building

Personally I find this to be a problem. Working out/Excercise is a HUGE factor in motivation and happiness. Aside from the fact that excercise stimulates the production of "happy hormones" endorphins, seeing results is a great motivator and will inspire you to challenge yourself in other fields. A good workout will usually bring the rest of the day to be more productive and inspiring and provide you with a great sense of self-gratification.




One thing I have always been taught is money hides behind rejections. Don't accept his father's first rejection. Sell him on the deal, make him realize a win/win situation is available. Focus.

Also, not to say it won't be sucessfull, but dont speculate on your e-biz doing well to yield investments for RE. Have a 'plan B'.

Good luck! And I know you've been told this before, but as long as you maintain your present character and build your knowledge...you will be sucessfull! I wish I had you mindset when I was your age.
Thanks a lot for the input. I really appreciate the criticism, especially when it's constructive! :)

Regarding your first comment:

I think this all gets back to focus and discipline. When I'm up late, it's usually because I have homework to do. Even right now, there's still work I need to do. Homework really isn't high on my list of priorities, for better or for worse, but maybe I need to just suck it up and get out of the way. If I do it earlier, I'll have more time to do things I enjoy, and I'll feel less stressed about having something on my mind to take care of. I have my next goal! Very nice!

As far as the next comment goes, I agree with you. The problem is, part of me wants to just move on, while other parts are telling me to go for. I like the idea a lot, and I'd love to work with my friend, but it definitely carries some concerns as well. On the negative side, I don't really want to feel like I'm pressuring them. This is my best friend, and we're also very close family friends (we're going to Mexico together next week!!! :smx6:), so I don't want to make anybody feel uncomfortable. I also don't know how great of an idea it'd be to work with a friend. I'd be putting myself in a pretty stick situation, I guess. I do like the idea of trying to SELL a deal, though.

As far as having a "Plan B", I guess that would be either the JOB route or smaller-scale, full-time RE investing right off the bat.

Again, thanks a lot for the input! Rep+++ for that...definitely some things to consider.
 

GoldenEggs

Contributor
Sep 4, 2007
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Silicon Valley, CA
Re: My Roadmap to the Fastlane [through REI and business building

Thanks. My friend's dad owns the warehouse where our products will ship from and he doesn't want some "stranger", or employee of ours, running through his warehouse b/c he doesn't want the extra responsibility. He's stated he doesn't really want any part in this in terms of extra responsibilities. The reason we were gonna wait is because we wanted to be the ones processing orders when we get started and then once things are up and running smoothly, we would slowly ease an employee into the business.

But believe me -- I'd love to start it NOW.
Yankee,

I'm a bit late in reading your plan but very impressed! Not knowing anything about your friend's dad who owns the warehouse.... could he use a stock assistant or an extra one, if he already has one? You could split the extra employee's time. I'm thinking that since he would need to pull the products and prepare it for shipping, he could concentrate on your business in the early afternoon and work on your friend's dad's business the rest of the time.

If you are still doing the petfood, could you find smaller speciality suppliers who would be willing to drop ship for you? Instead of selling Purina and Advantage flea stuff, what if you sold organic, homemade pet food? My nephew has a friend who uses leftover cooked chicken meat from chicken bones and makes it into dog food that he sells at a crazy price but people buy it! And it's not bad people food in a pinch.

If you could find suppliers to drop ship for you, you and your friend could still continue with the business.
 
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Yankees338

Yankees338

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Jul 24, 2007
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Re: My Roadmap to the Fastlane [through REI and business building

Once again, my plan has evolved! It's almost 2AM here, but I've accomplished a lot tonight. Today was officially the last day of my high school baseball season, so now that is off my schedule until next year. I decided that now is the time to get my summer business rolling, so -- after about a half hour of arguing with my parents -- I got my parents to allow me to take the day off from school tomorrow to focus on getting my summer project under way.

What is that project? Well, it's a website that will provide information about a certain industry (one that I feel is growing at this point), and it will sell related products. My plan is to eventually become a one-stop-shop (thanks for helping me clarify that exactly, Wheels) for all of the products in this field. Now, it seems like when shopping for things in this field, people tend to think, "where do I go?" Well, my goal is to be the "go-to guy" for people interested, and the information on my site will help (a) help with SEO, (b) create interest in the industry, and (c) provide some credibility for the site. I believe that there will be other benefits of this as well.

Tonight, I got my checklist done of about 8 tasks that I'm aiming to get done tomorrow. Tomorrow will be a real test for me -- can I set out and focus enough to accomplish my goals given that I have clearly defined set of tasks that I need to get done? We shall see!

If anyone's interested in hearing more about my idea, I'll gladly discuss via PM. Just shoot me one, and I'll get back to you. :thankyousign:
 
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Yankees338

Yankees338

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Jul 24, 2007
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Re: My Roadmap to the Fastlane [through REI and business building

How has this venture been treating you Ryan?
Well, I have a few suppliers lined up. The profit margins aren't all that great, but I'm going to go through with it nonetheless. The experience alone will be worth it.

I've been stuck on acquiring a business license/getting a merchant account for weeks now, but I'm finally going to go through with it today.

Thanks for asking, michael!
 

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