Developing the Entrepreneurial Spirit in Children
I very much want my son to follow my footsteps into this business
. My son is currently twelve, but I already had countless discussions with him about the real estate business. Over the summer in between school, I was working on several flips, and I required him to work a minimum of four hours a week at my buildings. I paid him well for his time showing him what hard work paid. I had him painting doors and doing various projects. I've always believed that construction is an essential component to being a landlord. When you're coming up in the business, you need to learn how to fix things even if you intend to hire people to do it. The knowledge and skills have been priceless in my career, as I still to this day build a kitchen from time to time.When my son gets to the age where he's thinking about college, things should get pretty interesting. I have some outside-the-box ideas when it comes to education. I work too hard for my money and have too much respect for my nest egg to see it go to waste if my son is not focused on going to college. I'd hate to spend $50,000 a year so he could smoke pot and chase girls and get mediocre grades. I would demand that he does much better than that for a return on my investment of $50,000 year. If he has no desire to attend college, then I would offer him a plan I call entrepreneur 101.
Entrepreneur 101 assumes that college costs $50,000 year for four years giving you a $200,000 investment in your son's education. Why not use that money to buy a $1 million apartment building with say fifteen units in it. I could buy an apartment building and have my son work there. As he learns about construction, communication with tenants, sales as he rents apartments and all the other various things that you learn when you manage a piece of commercial real estate. If he does well there, I could offer him a piece of the building, and if he doesn't do well there, he could take the low road and my money didn't go to waste.
Developing the Entrepreneurial Spirit in Children
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