Here’some facts that very few people discuss with budding entrepreneurs.
No college usually means you work with your hands.
I started out as a carpenter in construction. Everything I’m about to tell you is from first hand experience. Learning how to make money in construction has without doubt helped to make me a successful real estate investor. I know how it’s built, how long it takes to build, and how much it should cost to build. Having said that, a banker could learn the same thing, while making a lot more money, and never getting his hands dirty. There’s nothing wrong with getting dirty, I still do it, but as I get older it becomes less enjoyable.
That leads me to my next subject. The REAL costs of working for your self. Let’s start off with health care insurance. Your 16 now, healthy as you will ever be. That will not be the case forever. Monthly health insurance costs for a family run about $2000/month. That includes doctors visits, drug co-pays, everything. Now add in your mortgage payment, car loan, utlilities, insurance for you business, ect. This is the stuff that makes being your own boss a 1 out of 10 success story. Most new businesses fail.
About 10 years ago I received a projected cost analysis from Blue Cross. They showed how much they predicted my health insurance would increase over the next 20 years. By the time I’m 50 I would have been paying about $3000/month for coverage, at the exact time I would need it most.
Here’s my point. I would NEVER talk anyone out of working for themselves, it’s great. But…there’s the easy way to set yourself up and the hard way. Go to college and get an education in something you can use. I’ll tell you what I’d do if had another chance. I major in Civil Engineering, perfect for a budding real estate baron. Think about it. You want to get into developing entire sub-divisions? YOU can do your own engineering work. Take it from me, what ever you spend getting that degree you’ll have back the first time you lay out one of these babies. Commercial rentals, no problem, nothing like knowing your way around drainage culverts and city zoning requirements. Find a nice parcel of land but no engineering has been done? Not a problem for you!! And finally the best part of all. You can hang a shingle out in front of your first commercial property and SELL people your time! Or work for a engineering firm, have them pay for your benefits while you build a real estate fortune.
There’s a million ways to do this. What you need to determine is which method gives you the highest probability for success. In my opinion rolling the dice on an all or nothing, make or break, no college try is really a waste of your time. I know a guy who bird dogged houses WHILE going to college. Talk about getting the most bang for your buck! This kid went on to get a Civil Engineering degree and 10 years later, through some good moves, he’s a millionaire. He owns about 8 commercial buildings, did all the Engineering himself, purchased some of the land super cheap BECAUSE it had no engineering done on it and the rest is history.
Good luck