Comments on: An Entrepreneur’s Tale

By: Lazy Man

Lazy Man — Tue, 24 Apr 2007 03:09:34 +0000

Eric, stick around and read, I do most of the things that you mention. However, I do not stick to a written budget. Instead, I ask myself before every purchase if I really need it. Most of the time it turns out that I don’t need it and don’t buy it. You’d be surprised how much this works with almost no work of budgeting.

It also helps to make a game of seeing how much you can save and how much you can grow your net worth each month.

By: Jeremy

Jeremy — Tue, 24 Apr 2007 02:45:40 +0000

I would continue with real estate (and you can’t be lazy when it comes to finding a good deal) as well as continuing your pursuit in business. I must say that books like the Millionaire Real-Estate Investor (http://www.millionairesystems.com/) and Tax Loopholes of the Rich (http://www.taxloopholes.com/index.php?s=stldetail&id=22) have really made me think hard about alot of things. I always find that the key component to getting what you want is drive. Just keep striving and you will get there. Good luck!

By: eric

eric — Tue, 24 Apr 2007 02:35:37 +0000

hey lazyman—I agree that your own business is the way to go, but it does take a number of key ingredients—passion, perspiration and a little luck. Past that, I suspect you make relatively good cash in your job?—remember that the average US household income is just over $40k.

Do you live on a written budget? spend every dollar on paper BEFORE the budget month? I know it sounds nuts, but I guarantee you find some $$ you would otherwise waste if you do that.

Past that, if you’re debt free and doing the written budget you can make your goal just by investing in good, long-track-record mutual funds—I don’t know how old you are but if you have 20-30 years left of work-life, you can hit your number just by freeing up your income to invest—shoot for 15-20% of your take home and find a local broker who will teach you, not just sell you, investments.

I would still swing for the fences, but the greatest hitters in my book hit for average—-protect your income and invest it, but if you see a fat fastball, swing!

By: Adventures In Money Making

Adventures In Money Making — Fri, 20 Apr 2007 00:07:01 +0000

Hey Lazyman

i know this guy who breeds horses. something about some tax loophole that makes this attractive. probably the same thing that drives people to breeds lamas. (I think i had a post on that).

nd.

By: zaphod2016

zaphod2016 — Wed, 18 Apr 2007 08:28:58 +0000

Lazy Man:

You are correct that an amatuer can collect $250-$500 per purebred pup. Just make sure you have them spayed and neutered. Oh- and make sure to keep their anti-virus software up to date.

By: Lazy Man

Lazy Man — Wed, 18 Apr 2007 01:37:53 +0000

RateLadder, I don’t know if this person breed’s dogs to be competive show dogs or just for normal house pets. I think there’s a lucrative market there for the average person not looking for “top dollar.” I want to say she is able to sell each puppy for $250 or $500 a piece.

Zaphod2016, you have a good point, but the dogs that are typically destroyed are not purebreds. The “unwanted” dogs are unwanted for a reason. It may be a poor analogy as it takes all the humanity out of it, but people destroy computers every year, so should we stop making new ones?

Joe, I haven’t seriously run the projections in a year or two. The reason is that in the places where I’ve lived, it’s been the exact opposite of Houston’s market. Boston and Silicon Valley are almost impossible to cash flow with. In some places in MA, even 20% down doesn’t get you to a cash flow situation. Now even if 20% down does get you to a cash flow positive scenario, could you have done better by putting that 20% in a mutual fund. There are plenty of dividend paying funds that could generate cashflow. I think my $5000 in Prosper is generating around $50 a month in cash flow. I say “think” because it can be a little difficult to measure.

By: Joe

Joe — Tue, 17 Apr 2007 20:06:04 +0000

Lazy,

On the rental idea, have you run the projections with 20% down? I’m in the houston area and every time I get onto the local MLS and start crunching mortgage vs. rent cashflow, I find that 20% down almost always results in positive cash flow in a rental situation, it’s just a question of how much. Of course there are other variables not the least of which is vacancy rates (which will be high in a vacation home setting) and any necessary reconditioning (which could also be a factor in a vacation type beach house or mountain cabin).

By: zaphod2016

zaphod2016 — Tue, 17 Apr 2007 19:56:02 +0000

With so many unwanted dogs being destroyed every year, are you sure we need more? There are plenty of ways to make money, and most of them are far easier than caring for a litter a pups.

By: dong

dong — Tue, 17 Apr 2007 16:26:09 +0000

I think the key to succesfully launching a succesful business is being both passionate about it and being good at it. I think alot of people don’t objectively evaluate their own talent. Also sometimes, you don’t need to come up with your own idea, lots of people sware by franchises….

By: kev

kev — Tue, 17 Apr 2007 16:15:31 +0000

Breeding dogs can be a great income supplement, but it can be quite a bit of work depending on how big you want to get into it. Your having a friend who already does it should provide you an excellent blueprint to follow if you decide to get into it, though.

Good luck.

By: RateLadder.com

RateLadder.com — Tue, 17 Apr 2007 14:17:41 +0000

The problem with breeding, is that if you want top dollar you have to have champion lines. These don’t come cheap or without effort. Every seen best in show. Try cracking into that world.