How To Start Your Next Business

A business is either a source of stress and danger or one of potential joy. If we were all to take a few quick steps, we could turn the path of struggle toward our personal freedom and prosperity.

If I had been able to avoid all the challenges that I had to face, I suspect I would never have had the chance to start my business. I learned a few things from this book, and what really stuck with me was just how big of an influence my mother was in my life when I was young.

Here are some interesting tidbits from Mandy:

I was one of those kids who had a lot of money, but didn’t have a father around to make me more aware of the world around me. My mother taught me that if you work hard and put together a business strategy, you can be successful too. I was in school for four years in a two-man class, living in a one-bedroom apartment. I went to a great school, but I was in a class of my own. I also had two brothers at home.  I didn’t have an early start to my life. Most kids start school when it’s a little older, but my brother’s first start started when he was about eight years old. So I didn’t get a real good sense of what it really meant to make my first dollar until college. I had a lot of expenses, but I had no idea what they were. I was in an internship program, and that’s when I found the first-year expenses from my college expenses, which I’d never seen before. I didn’t think anything of it at the time. The student loan payments started to add up, and I had no idea just how much money I was going to need. I remember waking up one day and thinking, “I’m not going to be able to live on college loans for the rest of my life!” I ended up getting five years of college. I had no idea how much that added up to… it’s about 1- and 2-times some average American’s income, the average income for someone who graduates from college with debt. As it turns out, I’m not alone. Most Americans go into massive debt when they go to college. It’s really not that big a jump from the standard American’s income to debt for a four-year degree. The average debt is more than $25,000. 

This is the one problem with the book that keeps me coming back to it. I’ve spent a lot of time thinking about how to survive in today’s globalized world. But most of you have no idea just how financially difficult life in today’s world really is. And the same way my sister and I are just going to have to work through the next few years together, my son and his daughter are going to need to work through the next few years together as well. We’re going to need to be very careful about how we fund our children’s educations.  It’s up to us.

But there is hope. We are the consumers. There’s a better way for us to think about money. We can make changes to our personal financial lives, and we can do it together. I think it would be so great if more people looked back on their young adult years and thought about it like Mandy did.

If you have time for five minutes, do the following: Take some time to read about money and life. Make a plan for your finances in the next year. Make sure that you’re not living on debt because you’re going through college, and that they are the ones that are paying the tuition fee for you.