Hi, my name is Malcolm and I am 17 years old. I live in Guelph Ontario, with my mom and dad and sister.
Since I was about 10 or so, my grandmother has been talking to me about business. She has given me man books, some have given me things to think about, while others I outright dissagreed with. When I turned 15, she gave me a book called Rich Dad, Poor Dad and sent me off to play Cashflow at the local Williams Coffee Pub. While many people feel this book is bad because it doesn't send you anywhere, I felt it hanged my entire view on money. I no longer see myself relying on a paying job and living off my RRSP after I retire at 55-60. Now I want to make my money work for me, I want to own businesses and real estate.
When I turned 16, I decided to start looking for some sort of business opportunity. After a little while, I noticed that the local laundry mat had closed. Since I knew the university students were needing a place to wash cloths in the south end, I decided I wanted to reopen it. I made a few phone calls and got a hold of the manager of the plaza I wanted to go into. However, I hit a brick wall. He said that the owner, for reasons unknown, did not want another laundry mat in his plaza. Plan A looked like it had failed. The lesson learned? Not everything is as easy as it is expected to be.
Then I decided to start a second business. While in the car on the way to Buffalo, I was told about an event that had been run with great success in several cities accross America and Europe. It was called Street Wars: a three week long, water gun assassination tournament. Players are assigned another player who then must hunt down and assassinate with a water gun, all the while being hunted themselves. I planned to charge $30 per player, figuring this was reasonable since Toronto was running at $45 per player. I thought that if I got 100 people, then that, after my advertising costs and website fees, would rack up a cool $2930 or so.
So, I contacted a good friend who agreed to make the website, and I designed the adverts and concept for the website. I printed over 200 adverts which were pinned up in store windows all over town. Then I handed out 160 black and white copies in the university, hoping to drum up more attention. The start date was scheduled for Oct.1, while the application deadline was Sept 26.
Eventually Sept 26 rolled around and there was a grand total of 0 people signed up. Distressed and feeling defeated, I collected all my fliers and canned that idea. If you want to check out the website, it's still there at: http://www.uwguelph.com
However, all the while, I've been learning a stock investing method under a company called Investools. (publicly traded, ticker: SWIM) It is quite difficult to learn, but I'm really getting the hang of things now. The software was expensive to buy, but so far in paper trading, I am up about 55.23% on my investment! Pretty decent if you ask me.
So we'll see how that works out, and I'm not ever going to give up.
Have you paid off your debt? Managed to save for your dream home? Had an awesome investment pan out? Share your personal finance success stories here.
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