This is a blog swap post from Kevin at DebtEye.org. Check out my post Financial Freedom Brings Options over at his site today! Entrepreneur Fridays will return next week.
My Financial Motivator: The Challenge
I guess it’s safe to say I was always an entrepreneur at heart. At the age of 8, I went around my neighborhood selling my unused toys. At the age of 13, I offered to wash cars. At the age of 20, I started my own pressure washing company during the summer after my first year in college.
I had quite a bit saved up by my 2nd year in college. I believe it was somewhere around $5k. I wanted to be smart with my money instead of spending it on booze and partying so I decided to invest in the stock market. I was an amateur investor and it wasn’t long until I saw the balance dwindling down to zero. It was tough to swallow what happened. All my hard work went down the drain. I was thinking for weeks on how to make up for this loss.
I remember getting an email about becoming an affiliate/marketer for one of the biggest online poker sites (when it was still legal). I did some research and I decided to give it a shot. I went around campus posting fliers everywhere you could imagine, and I eventually became to be known as the “poker guy.” As a college student, this was more lucrative than any of my businesses combined. I was making on average about $4,000/month for the next 8 months.
I don’t have a tear jerking “rags to riches” story. What motivates me to be financially responsible are the challenges and rewards that come with it. I never imagined myself working a 9 to 5 job every day. I want to be able to look back in the past and tell myself that I accomplished what 90% of people couldn’t. Although the challenge can be fulfilling, perhaps the main reason I want to become financially responsible is the security and freedom to do whatever you want (within your means). There’s so much to do and see outside the box we live in. I’ve had the privilege to visit various countries around the world, and it’s amazing to experience the different cultures that they have to offer.
Although I still have some time before I settle down, get married, and eventually have kids, it’s important to me to be able to provide for my family in the future. This means that I have to have enough money set aside for my their education. I remember reading somewhere that it costs about $500,000 to raise 1 child until they are 18 years old. Yikes!
Then of course there’s my loving parents who gave me everything I could ask for. Food, shelter, clothing, and a higher education. I’ll never forget the sacrifices they made to shape who I am today.
Photo Credits: http://startupgyaan.com/inspiration/2010/05/the-height-of-your-accomplishments-will-equal-the-depth-of-your-convictions-william-scholavino/
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Kevin @ Thousandaire.com says:
April 8, 2011 at 11:47 am (UTC -4 )
Great story about making money in college. Makes me wonder if there is a legal business that I could market at local colleges and make tons of money…
Jacob @ My Personal Finance Journey says:
April 8, 2011 at 2:29 pm (UTC -4 )
You sound a lot like myself in college! I started investing in about my 2nd year, and lost quite a bit of money (maybe not 5k, but a lot) investing in individual stocks and penny stocks.
What types of investments did you lose money on? I’m excited to follow your blogging progress and work with you in Yakezie going forward.
Dave @ Money In The 20s says:
April 9, 2011 at 8:54 am (UTC -4 )
Sounds like you made the best of a bad situation. Even though you lost that money in the market, you were able to find a way to make a lot of money while in college!
Kevin Yu says:
April 11, 2011 at 11:17 am (UTC -4 )
Definitely try to look at the brighter side of things
free online photo editors says:
June 5, 2011 at 9:04 pm (UTC -4 )
Very helpful post man, thanks for the info.
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