8 year old worth $900,000 net from his businesses

59 replies
And do you think I can borrow $10 from my kid? No!

Here's the link. Metro - Trump in the making?

The article compares him to Trump, but I think this is way beyond Trump, more in Warren Buffett's league. He got going really early also.

His dream right now is a chuckle. He wants to buy 2 NHL teams so he can play there. Not going the traditional Canadian kid route and playing a lot of hockey, working out, training camps, etc. He's just going to buy his way in.

I saw one comment about this article that said "He got other people to do the work." The commenter didn't seem to understand that was the point of the businesses.
#$900 #businesses #net #worth #year
  • Profile picture of the author WebFlip
    Not only that, what about the 9 year old kids who are coding FB apps, jailbreaking iPhones or in any other way "nerding out" to millions... I Love It.

    Safe Travels,
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  • Profile picture of the author Ashley Wright
    Haha what is the world coming too!!
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  • Profile picture of the author JasonP
    Good for this kid. But he'll regret it when he's older. Never spent time actually being a kid. Michael Jackson....
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    • Profile picture of the author ewenmack
      Originally Posted by JasonP View Post

      Good for this kid. But he'll regret it when he's older. Never spent time actually being a kid. Michael Jackson....
      Dunno about that.

      He's loving it,without his fathers pressure isn't he?

      Ewen
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  • Profile picture of the author Taylor French
    I wish I'd started younger. I started in my teens, but I wish I'd started this early!

    My childhood was full of boredom and overprotection. At least I'd have had something to do.
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    • Profile picture of the author Andy Money
      Did anyone see the comment on the blog about how it's his dad's business but he's using his son so he can do it tax free? I always wonder about stuff like this. Sure, it's cool if an 8 year old is REALLY doing this, but there are sooo many cases of these types of things and it's always a father/step-father who was really behind 90% of it... either way, doesn't matter, kid has loot I guess
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      • Profile picture of the author prashie91
        it's probably some jealous fella who is unhappy that he's having to slog his ass off while somebody a fraction of his age has practically made a million bucks!


        Originally Posted by Andrew Maule View Post

        Did anyone see the comment on the blog about how it's his dad's business but he's using his son so he can do it tax free? I always wonder about stuff like this. Sure, it's cool if an 8 year old is REALLY doing this, but there are sooo many cases of these types of things and it's always a father/step-father who was really behind 90% of it... either way, doesn't matter, kid has loot I guess
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      • Profile picture of the author Don Schenk
        Originally Posted by healymedia View Post

        Can an 8 year old legally own real estate?
        I just asked my favorite attorney (she's my better half) this question, and she said, "Yes, but he can't sell it without some kind of guardianship."

        Don't know about Canada though.

        :-Don
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      • Profile picture of the author mr2monster
        Originally Posted by healymedia View Post

        Can an 8 year old legally own real estate?
        Not sure on that, but he may be able to own an S-corp or LLC that can own real estate...

        it's more likely that he would need consent of his parents though. They'd have to ride along as co-signers maybe?
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      • Profile picture of the author Dan C. Rinnert
        Originally Posted by Andrew Maule View Post

        Did anyone see the comment on the blog about how it's his dad's business but he's using his son so he can do it tax free? I always wonder about stuff like this. Sure, it's cool if an 8 year old is REALLY doing this, but there are sooo many cases of these types of things and it's always a father/step-father who was really behind 90% of it... either way, doesn't matter, kid has loot I guess
        It's difficult to tell. When I was a kid, I did a couple product demos for my parents. They didn't force me into it; it was just fun.

        I started my first business in the 6th grade, I think. (Wrote my first book much earlier than that.) Had I had the Internet back then, and not limited to 20 or so kids in my class, I bet I might have done quite well.

        Possibly had the chance once to get on local TV, but I chickened out so I'll never know if I could have been on or not!
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        • Profile picture of the author Andy Money
          Originally Posted by Dan C. Rinnert View Post

          It's difficult to tell. When I was a kid, I did a couple product demos for my parents. They didn't force me into it; it was just fun.

          I started my first business in the 6th grade, I think. (Wrote my first book much earlier than that.) Had I had the Internet back then, and not limited to 20 or so kids in my class, I bet I might have done quite well.

          Possibly had the chance once to get on local TV, but I chickened out so I'll never know if I could have been on or not!
          Agreed, I was 9 when I built my first website and had banner ads and was generating revenue (not a lot though)--that being said, I wasn't buying real estate and hockey rinks, I can't even imagine doing that on my own
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          • Profile picture of the author Dan C. Rinnert
            Originally Posted by Andrew Maule View Post

            Agreed, I was 9 when I built my first website and had banner ads and was generating revenue (not a lot though)--that being said, I wasn't buying real estate and hockey rinks, I can't even imagine doing that on my own
            In the sixth grade, I guess I would have been 11-12. Didn't even have a computer then. Had one for the seventh grade, but still no Internet. But, even in the sixth grade, I had plans for making $1,000,000 dollars. I just couldn't get there from a class of 20. I don't know if I would have thought of buying real estate. I did have plans for making my house twice as big, so I think that must count for something.
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  • Profile picture of the author JeffersonB
    Ah well.. he has the choice.

    Michael Jackson didnt.
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  • Profile picture of the author Popstar
    Maybe it's just me, but I think it's pretty sad to exploit a kid like that. His parents should let him enjoy his childhood. He'll have enough time to obsess about money when he's older.
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    • Profile picture of the author mikeyman120
      That kids making me seem like one heck of a procrastinator. I need $899,000 to catch up to him.

      Mike
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    • Profile picture of the author Black Hat Cat
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      Originally Posted by Popstar View Post

      Maybe it's just me, but I think it's pretty sad to exploit a kid like that. His parents should let him enjoy his childhood. He'll have enough time to obsess about money when he's older.
      How do you know he isn't enjoying his childhood?
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      • Profile picture of the author Mike Murphy
        Interesting. I'm holding a live event in Sarnia Ontario on December 11th and the guest speaker is this boys Mom Savannah Ross.

        I've become good friends with her, and while I haven't met Ryan or the rest of the family, I will saw this....don't be too quick to judge!

        I approached them with a healthy amount of skepticism and I'm pleasantly surprised every time we talk.

        If you're in the Ontario area, contact me for details. The event is free so you can come see what you think in person and draw your own conclusions.
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        • Profile picture of the author hugofortin
          Originally Posted by Mike Murphy View Post

          Interesting. I'm holding a live event in Sarnia Ontario on December 11th and the guest speaker is this boys Mom Savannah Ross.

          I've become good friends with her, and while I haven't met Ryan or the rest of the family, I will saw this....don't be too quick to judge!

          I approached them with a healthy amount of skepticism and I'm pleasantly surprised every time we talk.

          If you're in the Ontario area, contact me for details. The event is free so you can come see what you think in person and draw your own conclusions.
          Hi,

          That's a incredible story! There people like are so out of ordinary.

          Mike, Thanks for posting this! It's look like interesting. I'm in Ontario in Ottawa. Who else will talk to this event? If I can I think that I will go.

          Hugo
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          • Profile picture of the author Mike Murphy
            Hey Hugo,

            It will just be Savannah Ross (aka Rich Mom) speaking at this event. The first one is on December 11th and is a free one from 7-9pm and then we're going to have an all day long paid event January 23rd from 9am to 5pm.

            We've asked Ryan if he wants to speak at all and he says he's too shy so he's going to pass. He'd rather play hockey anyway :-)

            Ottawa is a far drive for 2 hours, but you're more than welcome.

            The tickets for the second event are $49 for general admission or $79 for VIP. Probably too cheap, but it's the first event of it's kind in my city so I want to get lots of people there.

            You can get your ticket for free by bringing others. PM me for details if you like. We'll meet up before or after the event and turn it into a Warrior meetup.

            Mike
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        • Profile picture of the author VeitSchenk
          I just don't know -- I've got 4 kids and I let them play as much as I can -- have a look around and see what kids can and can't do compared to say 20 years ago.

          Do you still see them roaming around a forest without any adults near by for hours on end? Do you still see them building tree-huts 'out in the wild'? Do they have any idea how to catch a squirrel (replace by whatever used to run round your neighbourhood when you were a kid).

          most can't. Most aren't even allowed to walk to their friends anymore, and need to be taken by car. And then we complain that they have warped views of the world.

          I'm all for teaching them sound business fundamentals from an early age (my view is that our education system is far too "fact" and not enough "doing" oriented), but certainly make sure they develop the right parts (mind, body, soul) at the right time. And being a business-boy at 8 isn't doing the right thing at the right time.

          ach well

          Veit
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  • Profile picture of the author Fraggler
    It is a big jump going from mowing lawns to buying property lol. That is a lot of grass and a lot of eggs!
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  • Profile picture of the author Bhaskar Jain
    Great! It's so good to see kid(s) doing such things. Way to go!
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  • Profile picture of the author Profit-smart
    Damn.

    And I thought I played the "To young" angle well.
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  • Profile picture of the author Si_P
    As they say, 'start them young' !!
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  • Profile picture of the author GeorgR.
    I don't buy it, looks like a PR stunt to me, just look how they dressed him up. No real kid would enjoy running around like that.
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    • Profile picture of the author Dan C. Rinnert
      Originally Posted by GeorgR. View Post

      I don't buy it, looks like a PR stunt to me, just look how they dressed him up. No real kid would enjoy running around like that.
      You never know. When I was in grade school, we had uniforms. We occasionally had casual Fridays, but that just felt weird. For a long time, it felt more comfortable to be dressed up than not. I don't think I even started wearing jeans regularly until high school.
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      • Profile picture of the author Daniel Brock
        It does seem a little strange to me, but it totally could be true.

        With the internet these days, kids know all sorts of stuff they shouldn't know.

        I could see how it is possible though. I mean if he has been selling stuff for the past 5 years or so, I could see it being possible. Profit is profit no matter how old you are...
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  • Profile picture of the author butters
    work from 8-18 and enjoy the rest of your life hassle free, sounds cool good on the kid.
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  • Profile picture of the author Akky
    I am just 15, I don't find time to do IM or business. Moreover, education is much more important for me. It's the main thing and without that people won't consider us or our opinions. And the main reason I am making money is to buy some gadgets, next week, i am getting the new iMac!! Okay enough of those..

    I don't think his father is standing behind this and like Johnathan said - just for publicity or maybe a Guinness record? Still, how can he manage business+school. Also, it is totally scripted, lol it sounds a like a self intro when you first go to a school..LOL, but that kid is cute ..

    G'day,
    Akky
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  • Profile picture of the author sosojo40
    He has the concept right!
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  • Profile picture of the author Talinn
    Don't get it, so he was making $5 per hour, then suddenly jumped to a million dollar?
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  • Profile picture of the author JasonHicks
    Banned
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    • Profile picture of the author Mike Shain
      Man I don't know who to slap here...

      Slap the mom and dad
      Slap the rich kid
      Slap myself

      My pimp had in strong so putting the smack down on the parents would probably work unless little man has bodyguards...

      Oh well I am off to find something for my pimp hand to smack...

      Seriously that was one creepy story. Next thing you know he will be on MTV's Cribs.
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  • Profile picture of the author Silas Hart
    I used to make $200 a week in Candy and nic-nacs in Middle School until the school found out and took everything I owned and sold it themselves. Fitch Middle School FTL. During High School, I ran my own Candy Gram Service around this time, doing the High School, local businesses, Hospital, and the entire base of Camp Lejeune, NC - I made about $20k in a season. I didn't have a car either.

    As for this kid, I seriously doubt it. I'm positive it's a stunt. To go from Lawn Mowing (which I did do since I was 12, and probably made a couple hundred a week) to Real Estate is a pretty large jump. You probably could theoritically, not realistically.

    If a kid who sat at home whose parents paid for everything took every single penny he made and saved it for a small "lucky buy" foreclosed property and flipped it for huge profit, and then did the same for 5 more foreclosed properties, then sure... but it's theory.

    Just like "Rich Dad, Poor Dad," the things you learn from it are wise theoretically, but were fictional as it was theory.
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  • Profile picture of the author Coach Ramy
    WOW....I wish I had started that early!
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  • Profile picture of the author Lloyd Buchinski
    To me it seemed quite obvious that this was genuine and real, and I really appreciated it. I took the article to work today, (day job) where I deal with a lot of people, left it handy and pointed it out to probably about 40 people.

    One of the handymen asked another who was reading it "what kind of businesses did he get into?" The other said "lawn mowing and pressure washing." The first one said "These days everyone wants to be a computer expert. If you get into something like that, you have a lot less competition."

    That seemed like such an intelligent comment, thought I'd pass it along too. Strikes me as something to think about. I didn't see any indication that the kid used the internet to do it and of course since he bought 4000 books he doesn't seem to be spending all his time on line.

    Compare that to what most 8 year olds would buy with that kind of money and it comes off pretty well.
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  • Profile picture of the author Harvey Affcash
    He was running a business with chickens when he was 3?
    Doe anyone see what is wrong with this part of the story?
    Show me a three year old that can collect the eggs, and then has the ability to take in money, provide people with change, and keep a tally of funds.

    Even still, the power washing thing is not totally out of the realm of imagination, but how does that equate to the level of funding required for his next business venture in real estate?
    At $100 profit a pop, he'd have to have had 1,500 clients (before taking out expenses such as taxes, new equipment, the advertising to actually get that many clients, etc.).
    A $200 power wash sounds like a house cleaning, not a car washing, and that's an all day job. If he's only got the one unit it'd take nearly 5 years to raise the capital for that first real-estate purchase.
    Even if he were reinvesting and getting more units to get more people to run more jobs, that requires a sophisticated level of coordination that an 8 year old is unlikely to be able to control, especially outside of business hours, especially without a mobile phone.
    Never mind the employees most likely natural skepticism to being employed by an 8 year old.

    Likewise, what kind of 8 year old kid makes the decision to invest in real estate?
    Who here was thinking of buying a building at that age? A building with nothing in it other than an office or retail space. Not a castle, or a fire-station, or a giant LEGO tower, but just boring old real estate.
    And six buildings for $900,000? That's $150k per building on average. That's a pretty crap building. In fact, it sounds like a corner store at best, unless the real estate market in Canada tanked worse than I heard. Now, the rent on those can actually be pretty good. Better than a single $900,000 building if it's under occupied... but again, how many 8 year olds are thinking of volume over margin economies of scale?

    It's a nice story, and it's nice for the kid to have all that money in his name... but all those little details simply do not add up to this story ringing true.
    There are semi-trailer sized holes here.
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  • Profile picture of the author Mike Murphy
    Just a heads up...I'll be doing a live teleseminar (free) with this boys mom this Thursday and I invite all Warriors to come nad have a listen. I've added Savannahs ebook for free to all who register.

    I also have a interview recorded with Ryan Ross if anyone is interested.

    Cracks me up...the kid has spunk that's for sure!
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    • Profile picture of the author KatyaSenina
      haha at 8 I was playing with Barbie dolls... Business? I didn't even knew what business meant.
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    • Profile picture of the author Lloyd Buchinski
      Originally Posted by Mike Murphy View Post

      I also have a interview recorded with Ryan Ross if anyone is interested.
      I'm interested. How do I get to it?

      Might learn something!

      Edit: Followed your sig links in case they led to it and the first one is broken.
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  • Profile picture of the author Daniel Brock
    Originally Posted by Mr. Goof Off View Post

    The seed was obviously planted for this child or he is some kind of child prodigy. I am always skeptical about these kinds of stories. It is hard for adults to run a business let alone a kid. I understand the kid wanting to be a business man, but, he is taking this real serious at 8 years old dont ya think?
    It just goes to show that there is a lot of money to be made outside of the internet, and doing things which have been done for hundreds of years!

    Props to the kid!
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  • Profile picture of the author GMD
    Banned
    This is a great story, but there's nothing new about buying something for a $1 and selling it for two.

    The fact that he was a kid made people want to buy his eggs. The fact that he was able to convince people to pay him $20 / hour to mow their lawn was because a cute kid asked them. :rolleyes:

    The kid's ideas are in no way new or innovative -- what is unusual is that this kid was able to 1) take advantage of his youth by marketing it well (monetize the "cute factor") and 2) had the desire & skill at such a young age to want to make some money. It's in the kid's genes, that much is clear. The other thing that is innovative is how he got away with not paying any taxes on his profits.

    I think his father obviously has a lot to do with the real estate aspect of it all. The fact is, there is no way on God's green Earth that this kid made any kind of serious cash that would allow him to purchase real estate.

    Even if the kid bankrolled 10 or 20k between selling eggs and then frying up the chickens that layed them, the kid does not have a credit report, can't qualify for financing, can't sign contracts, understand tax law or possibly understand the complex realities of the modern real estate market.

    The Wizard of Oz here is is dad -- But this is a "feel good" story, so let's just all say "Awwwww..." and not ask any questions.

    P.S. I'm gonna buy 60 chickens too and let them lay some eggs for me. Then I am going to go around town trying to sell a dozen for $3 and I can guarantee you nobody will buy one egg because of my ugly face...

    But that's just the mean side of me writing...I wish him well and know his parents are proud. I am sure we will be hearing more from this kid in the future!
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  • Profile picture of the author TelegramSam
    Maybe he was a Rockerfeller or Carnegie in a past life and didn't want to wait until he was 18 to get going again.
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  • Profile picture of the author gregbanks
    I'm jealous if it's true.

    But I seriously doubt it. Sounds like his parents had a BIG part to play in it. Note at the end of the post they posted that "they" have set up meetings with NHL people?

    Personally, although it sounds good, I think there's a lot more going on in the background. It's my opinion that it's either going to be his dad or his mum pulling strings in the background.

    I've got a nice set of businesses but 6 buildings? You'd need some serious capital to do that. Do you think he could have done that from the likes of selling chicken eggs?

    I think it's a font in all honesty.
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    • Profile picture of the author Aries26
      This is a great information. Amazing!
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  • Profile picture of the author 808glass
    Sounds like some serious link bait... even MetroNews bit... gotta be a faux
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  • Profile picture of the author Nicketas
    Children have always been able to have this kind of potential.

    I would say human beings are meant to be able to do these kinds of "miraculous" things BY DEFAULT.

    The reason we don't see more of it is because parents stuff them in mind-numbing boxes when their young, then transfer them into another box (cubible/Job) when they are older.

    This is what happens when you GET OUT OF THE WAY and let a mind run free.

    We've barely scratched 1% of human potential.

    Enjoy it!
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  • Profile picture of the author Nicketas
    Also,
    Notice how **SIMPLE** this story is. All he did was SELL STUFF. And then hire people and take a cut. With no up front capital.

    Then re-invest.

    Don't overcomplicate things, guys. Just sell stuff.
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  • Profile picture of the author juansaldivar
    If it's true, hats off to that kid, I wish I started in that age.
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  • Profile picture of the author Emmanuel ED
    Seriously, If He were 14 or above it would seem a bit realistic but at 8?
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    • Profile picture of the author Daniel Brock
      Well in theory he was doing nothing complicated.

      Buy for $1, sell for $2.

      Buy for $1, sell for $2, hire employee to duplicate.

      He must have had to sell a sh*t ton of eggs and lawn cuttings to make that figure though.
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  • Profile picture of the author TiffanyB
    Having kids myself and several neices and nephews I have never seen a 3 year old that could run their own business. It says at 3 he was running the egg business but I want to know how he did that and kept the numbers and books. I don't know a lot of 3 years old that can keep and balance books for a business. Heck, the 3 year olds I know can't even do simple math like adding or subtracting. They are just learning to count to 50!

    I don't know anyone who would work for a kid 8 and under. How does he advertise his services and how did he find employees? Even if he is making a $100 profit on pressure washing he has to have an awful large customer base to be worth that type of money. Plus having to pay for things like advertising, supplies, and so forth.

    I just think there are way too many questions here especially about his net worth and buying real estate. I say it is a PR stunt by his parents and something fishy is going on.
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  • Profile picture of the author John Romaine
    When I was eight I was just happy making it to the toilet on time.
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  • Profile picture of the author xlfutur1
    There are alot of kids that might be smart enough to do all of this stuff themselves, but this one is a serious stretch. Canada is cold and snowy for 5-6 months per year, so his lawn mowing and powerwashing business would have to bring in unbelievable profits to be able to purchase 6 properties in such a short time. At $100 bucks profit per job, that's ALOT of powerwashing gigs.

    It is great that the parents are teaching him the benefits of being an entreprenuer though at such a young age. But to say he is doing everything himself is pretty silly.

    Looks like he is learning Wordpress when he is not out shopping for properties. http://www.ryanross.ca/
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  • Profile picture of the author juzanobo
    A richie rich in the real world
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  • Profile picture of the author GoGetta
    I love stories like this!

    Proves you can do anything with determination and taking action.

    GoGetta
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  • Profile picture of the author TLCarroll
    My mother is 90 yrs old and grew up in NY in The Great Depression. It was quite typical for very young children to contribute to the family budget AND make thier own spending money doing things we might consider to be beyond a child of that age today. Parents were busy struggling to make a basic living.

    Starting at 5, Mom and her younger brother, 4, sold matches, put out the lights for religious Jews on the Sabbath, sold ice, sold coal, sold newspaper to light the furnace, shined shoes, washed windows, picked up and delivered things like laundry and groceries, bought mishappen baked goods for a nickel a bag and sold them by the piece for a penny each in the neighborhood.

    Mom tells stories of taking the subway down to pick up ice and coal. Children weren't the over-protected, over-pampered, over-scheduled, whiny, rude, perfect little doll-like high maintenance Stepford idiots parents are prone to raise now.

    Kids actually had a place and responsibility in society back then. There was an expectation and they rose to the occassion.

    Just an observation.
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  • Profile picture of the author LetsGoViral
    It could be similar to Mozart. From what I know his father wrote the symphonies and made it look like the son did it. Mozart was talented, yes. But not that talented. I could be wrong though. I only heard this from "some people say" kind of perspective.
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    Time of thinking is over.
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  • Profile picture of the author theemperor
    I think this proves what I have been thinking all this time - business is simple ... our egos make it complicated - now I am off to see how I can simplify things, or to sell a few eggs.
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