Should I be worried financially?

23 replies
I am 23, and still live with my parents. I never achieved high school due to a shortage of credits.

So I tried to adapt to the situation. I found out that instead of working for someone else, I could start my own business and make some money.

I chose retail and earned my first dollar on ebay, and I found out ebay was a low cost and easy startup. While having my first job at Kroger, it took me a half a year to earn my first sale, and for year 2014 I sold $2,400 in sales, and only expect that number to increase.

My future goals include expanding my business to sell at flea markets, and selling on other markets as well.

I recently got registered with the IRS got my resale license and employer tax id, a DBA($50 expense) - and I want to get a business mailing address, business phone number, business email, and business checking account - in order to look professional and get approved by vendors. That's all going to cost money.

However, due to a lack of inventory dollars - I do not have much money for business.

I have around $570 cash on hand. I have around $7,000 in college savings, but I can't access that money without my dads permission. I also have $4,000 in retirement savings. My grandmother gifted this to me.

My dad is retired and gets $2,000 per month from his post office government job, and has over $200,000 in retirement savings. Our net assets are around $500,000 - with no debt. We own two homes - Florida and Michigan.

How well off am I, with my current situation? Will I be just another failure in life?
#financially #worried
  • I wouldn't say you will be a failure in life as your only a failure in life if you don't work hard to earn the money in business.

    On the business side I would recommend you don't get a business mailing address, phone number etc just yet you should only do these things when you earn enough money to easily afford these things from your business.

    If your starting a business in buying and selling products then you should create a business plan so you know what your objectives are, how much money you will need and what you hope to achieve in the future and whatever you do don't go into your families money and your college savings should stay where they are.

    If you need money to start off then you could go to the bank and present them with your business plan or find investors or you could use crowdfunding sites such as kickstarter to get the funds you need but in my opinion I think you should at this time use the money you can afford to lose to try to make some money from your business.(not your familys money and college fund).

    Try things such as affiliate marketing to earn money as amazon has an affiliate program you could use that to earn some money on the side and you could market your own or the affiliate products online using free methods such as video marketing, article marketing, forum marketing and social network marketing.

    Also one very good investment you should have is a website and for that you will need a domain name, web hosting and you should install wordpress and choose a theme around your products etc.

    But you are not a failure you may not be well off in your current situation but that doesn't mean you won't be in the future you just got to keep at it and never give up.
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  • Profile picture of the author Winlin
    I do not understand why you presume that your fathers assets are your assets? I'm guessing that he worked his entire life to make "his" modest retirement. You have no claim to it.

    -Get your GED.
    -Get a job and learn how to do something. Make yourself useful. and gain some real life work experiences.
    -Save your money. As long as your Mother and Father are kind enough to put a roof over your head take advantage of it... but not them!
    -Figure out what you need to start your own business. Start planning, and saving.
    -When believe you have what you need to get started, ask the question again.
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  • Profile picture of the author Zak L.
    Bro first of all NEVER ever ask someone else if you should be worried - it doesn't matter what anyone else thinks but you.

    And there's ABSOLUTELY no point in worrying, how is that going to help you in any way?

    In all honesty - you're doing fine - you've got a business mindset, you've got goals, you're hungry - you'll find a way to make it happen.

    Don't be passive with this. Be proactive.

    If you want something bad enough - you'll make it happen, I don't care what anyone says.

    You're doing fine bro - there are people that started off homeless who are now millionaires.

    Keep grinding man!
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    • Profile picture of the author danielpena
      I agree with ZAK L.! Others opinions don't matter! Whether you are a success or not is really between you and God.

      My name is "Daniel", which means God is my judge - that means that the only one I have to please is Him - doesn't matter what others think.

      If you're looking for advice, as a college Instructor I can tell you never stop learning. Doesn't matter if you go to school or not - in fact most learning is done outside of school and school can crush your creativity - but never stop learning - learn to build a web page or a programming language or even a new language or electronics or accounting or marketing or whatever. Just never stop learning - in time you'll be able to separate the wheat from the chaff and apply what you learn - and in the end you'll be the teacher!
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  • Profile picture of the author Tom Addams
    No one can say if you're going to be a failure; it has nothing to do with how much money you have now or expect to receive. I've seen fortunes built on a few bucks.

    GRM
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  • Profile picture of the author dee4d
    At least you are doing something, n u already in the right forum. After checking your needs, you will definitely need a website.
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  • Profile picture of the author Raydal
    Why should anyone be worried if they have free food and boarding?
    Well, maybe prisoners are an exception.

    You write well so you should at least get your GED and take it from
    there while your parents are still tolerating your company.

    -Ray Edwards
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  • Profile picture of the author AlexSchneider
    Invest a few bucks in the book "The Millionaire Fastlane" by MJ DeMarco. Maybe you can lend it at your local library.

    In addition to what the other warriors have said this gives you all insight that you need to find the flaw in your current business "model" (hint: scalability).

    Do not get too much overhyped on the millionaire thingy though - but the metrics how to judge if a business *could* make you millions are very worthwhile to study.
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  • Profile picture of the author Intrepreneur
    1. You have a loving family..
    2. Your dad has already invested in your future..
    3. When you're ready he will open the floodgates.
    4. Be ready.

    What I mean is that your dad is ahead of you and is probably doubting what you're up to in life. If he saw something solid he will start releasing money to help you.

    Maybe he wants to see you go into the corporate world because he doesn't understand entrepreneurship.

    The only way I see you doomed is if love is lost between the two of you, or if you play a huge gamble and lose out.

    Trust me, business is hard..

    It's like an illness to some to get started.

    But you're in a very good position to get started with business and my advice..

    Number 1 tip?

    Find a mentor who has made it and that way you shall climb easier.
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    Started in 2009 now working on the above project.

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  • Profile picture of the author agmccall
    Everything in your post is meaningless to your future. It is all up to you

    al
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    • Profile picture of the author Tom Addams
      Originally Posted by agmccall View Post

      Everything in your post is meaningless to your future. It is all up to you

      al
      This. Succinct and perfectly accurate.

      To be frank, if you're intelligent, if you're a hard-worker, if you're healthy, and if you have a little luck on your side, there really is no reason why you can't begin to build a stable income online.

      GRM
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    • Profile picture of the author tonyharte
      Originally Posted by agmccall View Post

      Everything in your post is meaningless to your future. It is all up to you

      al
      Perfectly stated.

      Sounds like you may be short on cash but do have time. You can be successful with either. DO A LOT of research on this site. There are plenty of ways to make money on a relatively low budget if you have time to spend leveraging free traffic. If your desire is to have a business with inventory, you will need to look for ways to earn income to invest and there are opportunities here if you take the time to do the research and apply what you learn!

      Best of Luck!
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  • Profile picture of the author sbucciarel
    Banned
    Originally Posted by bigfoot12 View Post

    I am 23, and still live with my parents. I never achieved high school due to a shortage of credits.

    ...

    My dad is retired and gets $2,000 per month from his post office government job, and has over $200,000 in retirement savings. Our net assets are around $500,000 - with no debt. We own two homes - Florida and Michigan.
    Who owns the homes and why would you consider your father's income part of your assets? I hope you do have a job. If not, you should get one until you have a working income online that is steady and reliable.

    I'd get my GED if I were you.
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  • Profile picture of the author Brent Stangel
    there really is no reason why you can't begin to build a stable income online.
    There are millions, most notably; lack of aptitude.
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    • Profile picture of the author Tom Addams
      Originally Posted by Brent Stangel View Post

      There are millions, most notably; lack of aptitude.
      I disagree somewhat, Brent.

      I listed the following traits required to build a stable online income:

      - To be Intelligent
      - To be Hard-Working
      - To be Healthy

      To that, I added luck.

      The reason I disagree "somewhat" is this:

      Internet marketing covers myriad areas: writing, design, ppc, seo, software creation, so on and so forth. There are - quite literally - hundreds of separate areas in which for us to work.

      So, yes, in principle, you are of course right!

      But I choose to clarify your point because, quite honestly, if you are intelligent, healthy, and willing to work hard, I'm sure you possess a relevant aptitude that can be applied somewhere.

      Don't you agree?

      GRM
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  • Profile picture of the author Lowe005
    Your story is really motivating you know. I don't think you would fail at all, if you keep your head up. And your wonderful story has just reminded me that one has to start from the scratch to make it in life, no matter your beginning.
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    • Profile picture of the author salegurus
      Should you be worried financially? Who knows...
      What i can say is that you have time on your side plus you seem to think your Dads money is also yours.
      I made many bad business decisions in life, luckily when i was younger and had the time and energy to pick myself up and start in a new direction. Once you have a family to support that becomes more difficult of course.

      What i did have as a backup was my education and that came in handy more than once. Seems things have changed these days as more and more people seem to think you can skate by without even a basic education.
      All i can say is good luck with that....


      Originally Posted by Lowe005 View Post

      Your story is really motivating you know. I don't think you would fail at all, if you keep your head up. And your wonderful story has just reminded me that one has to start from the scratch to make it in life, no matter your beginning.
      LOL, whats so motivating about his story?
      Did you even bother reading the OP?



      Originally Posted by Intrepreneur View Post

      1. You have a loving family..
      2. Your dad has already invested in your future..
      3. When you're ready he will open the floodgates.
      4. Be ready.

      What I mean is that your dad is ahead of you and is probably doubting what you're up to in life. If he saw something solid he will start releasing money to help you.

      Maybe he wants to see you go into the corporate world because he doesn't understand entrepreneurship.

      The only way I see you doomed is if love is lost between the two of you, or if you play a huge gamble and lose out.

      Trust me, business is hard..

      It's like an illness to some to get started.

      But you're in a very good position to get started with business and my advice..

      Number 1 tip?

      Find a mentor who has made it and that way you shall climb easier.
      So his Dad is just waiting for the right moment to hand over his nest egg and life savings to a Son who can't even be bothered to finish High School?


      Originally Posted by sbucciarel View Post

      Who owns the homes and why would you consider your father's income part of your assets? I hope you do have a job. If not, you should get one until you have a working income online that is steady and reliable.

      I'd get my GED if I were you.
      Agree 100%
      Also,why are you counting your Dads savings and assets as your own?



      Originally Posted by Zak L. View Post


      You're doing fine bro - there are people that started off homeless who are now millionaires.
      Yeah Bro, and maybe you could share that percentage of current cash millionaires with us Bro?
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  • Profile picture of the author Adrianhenry
    IMO failure is a mindset not controlled by any external phenomena. Some people have enough money, enough education and enough guidance and still fail while other have practically nothing and build empires. Some may call it luck but I think that is naive.

    Successful people have a successful mindset and are successful at everything they do. Now don't confuse this with being successful straight away or never failing because they are totally different. Successful people will always be successful eventually but they will fail ALOT along the way. But thats fine, they know thats part of the deal. Just keep going.

    So to answer your question. I don't know if you will be successful because the metrics you have given us to gauge are not the correct ones to make the assumption of success or failure. Just go out there and make mistakes, learn, grow and work hard and success will find you.
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  • Profile picture of the author NeedBucksNow
    Money comes and goes but you can never fail if you never give up
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  • Profile picture of the author Cali16
    Originally Posted by bigfoot12 View Post

    I am 23, and still live with my parents. I never achieved high school due to a shortage of credits.
    Well, you're probably not going to like my response. First, why the heck haven't you gotten your GED in the 5 years you've been out of high school?? That, to me, is a huge red flag in terms of your mindset and character (combined with using the term "our net assets" - more on that later).

    You would be extremely foolish to not get your GED. Have you even looked into it? Don't naively assume time is on your side - you don't know what the future holds.

    Originally Posted by bigfoot12 View Post

    However, due to a lack of inventory dollars - I do not have much money for business.
    Then you get a job and earn it. You said you had a job at Kroger. You live at home and, I'm guessing, have very few expenses, yet you've saved only $570 to put towards your business? I hope your dad is wise and doesn't let you touch those college savings until you've shown much more ambition.

    Originally Posted by bigfoot12 View Post

    Our net assets are around $500,000 - with no debt. We own two homes - Florida and Michigan.
    This is the part of your post that I find the most disturbing. Those are not your assets. Those are your parents' assets. The fact that you even use the word "our" speaks volumes. Are you just assuming that when your parents die (which, could be a long time depending on their health and age) you're going to suddenly have $500,000 in your pocket?

    You need to stop thinking of their assets as yours. That's part of growing up. There's nothing wrong with continuing to pursue your online business. But at age 23, you still haven't bothered to get your GED, still live at home (generous mom and dad!), and in 5 years haven't been able to save more than $570.

    So, yes, to answer your question - in my opinion, you need to be very concerned about your financial situation - because of your attitude and mindset. That's just my opinion, and you are certainly welcome to reject it. But you sound like a spoiled kid with little ambition who's been allowed to skate by far too long, living off mom and dad.

    Forget your parents' assets and start acting like an adult. You're 23, not 16. Get your GED. Get a full time job. Earn the money you need to put into your business (which you can still do on the side). If anyone hands you that money you will fail to learn valuable lessons that will give you a much greater chance of success down the road.
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    • Profile picture of the author sbucciarel
      Banned
      Originally Posted by Cali16 View Post

      Well, you're probably not going to like my response. First, why the heck haven't you gotten your GED in the 5 years you've been out of high school?? That, to me, is a huge red flag in terms of your mindset and character (combined with using the term "our net assets" - more on that later).

      You would be extremely foolish to not get your GED. Have you even looked into it? Don't naively assume time is on your side - you don't know what the future holds.

      Then you get a job and earn it. You said you had a job at Kroger. You live at home and, I'm guessing, have very few expenses, yet you've saved only $570 to put towards your business? I hope your dad is wise and doesn't let you touch those college savings until you've shown much more ambition.

      This is the part of your post that I find the most disturbing. Those are not your assets. Those are your parents' assets. The fact that you even use the word "our" speaks volumes. Are you just assuming that when your parents die (which, could be a long time depending on their health and age) you're going to suddenly have $500,000 in your pocket?

      You need to stop thinking of their assets as yours. That's part of growing up. There's nothing wrong with continuing to pursue your online business. But at age 23, you still haven't bothered to get your GED, still live at home (generous mom and dad!), and in 5 years haven't been able to save more than $570.

      So, yes, to answer your question - in my opinion, you need to be very concerned about your financial situation - because of your attitude and mindset. That's just my opinion, and you are certainly welcome to reject it. But you sound like a spoiled kid with little ambition who's been allowed to skate by far too long, living off mom and dad.

      Forget your parents' assets and start acting like an adult. You're 23, not 16. Get your GED. Get a full time job. Earn the money you need to put into your business (which you can still do on the side). If anyone hands you that money you will fail to learn valuable lessons that will give you a much greater chance of success down the road.
      Couldn't have said it better myself. I'd like to add that a sense of entitlement, which you seem to have (entitled to your parent's assets) and mindset does not guarantee success in spite of some of the new agey advice you've been given. Starting up an online business and making it successful is a lot of hard work whether you have a mindset that you will succeed or not. It also takes some smarts and a willingness to learn. I don't see anything in the OP that suggests that you have that. You don't seem to have any real drive or ambition. If you did, you would have gotten your GED and moved out of Mommy and Daddy's place some time ago. You probably would have even used that college savings for ... get this ... college. Whether you use that college education or not to find employment, a college education is invaluable.
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      • Profile picture of the author Kay King
        I never achieved high school due to a shortage of credits.
        So - you goofed off in high school, were short credits to graduate - so you walked away rather than finishing up the credits? You haven't bothered to get a GED or enroll in an alternative school to get your diploma? Not good.


        for year 2014 I sold $2,400 in sales
        $200 a month is a start - but only a start. Your goal should be to become self supporting

        I recently got registered with the IRS got my resale license and employer tax id, a DBA($50 expense) - and I want to get a business mailing address, business phone number, business email, and business checking account - in order to look professional and get approved by vendors. That's all going to cost money.
        You are getting carried away with the LOOK of being in business. You don't need a DBA or a business phone or special address. A checking account doesn't cost anything, an email account is free, the tax ID was free and a good idea.

        due to a lack of inventory dollars - I do not have much money for business.
        That's a similar excuse to "due to lack of credits"...earn the money you need. BUT spend the money on increasing your business rather than building your image.

        You are worth $570 - not much for a 23 yr old who doesn't have to support himself.
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