So I just hung up the phone with my nephew.
Or more like: I just switched off Facetime with Baby Boy.
Baby Boy is in college, in his second year of the University of Connecticut’s Business Program. He texted me this weekend, out of the blue, exclaiming that Robert Kiyosaki’s Rich Dad, Poor Dad was one of the best books he’s ever read.
I’m so proud. He’s already thinking long-term and thinking about financial independence and being serious with money, productivity, and life.
However, as the conversation went along, he suddenly says that he doesn’t think him getting the business degree he’s currently working on was worth it.
He goes on to explain that his friends who are the same age as him are already running their own businesses and making $40,000 in profits. They’re doing drop shipping and FBA (Fulfilled by Amazon) type of hustles.
He says he wants to do the same thing. Or if not, create his own business.
While I understand his desire to start a business and get started running, I wonder whether swapping or giving up the business program is a good idea. Unfortunately, nobody in our family has ever owned a business–we all went the traditional education and employment route.
I’m not sure what to say.
He sees his friends already running businesses and making a lot of money and he becomes impatient. He wants to do the same thing because he thinks it’s easy. He hasn’t seen the work that they’ve put into running the business. But at the same time, Baby Boy says his friends are also in college and had to stop because they had to focus on their studies.
I feel like he is rushing the process. Because he’s growing up in the instant, snap-your-fingers-and-it’s-there-type of world, he thinks that making a profit with your business is immediate. I’ve told him that it takes time, that he’s in school to learn how to go about achieving his dream. Since he’s only taking the intro classes so far, he says he already knows what they’re teaching him.
Maybe that’s it–he thinks he’s learned enough and doesn’t need more information. While I understand the passion and motivation to get started, I worry whether he can sustain it for the long-term. He needs to learn the patience and to endure the suck when the bad times come–because it’s not always going to be good. What will he do then?
I did tell him that he can always go back to school and get a degree at a later point in his life if he changes his mind about the business. His immediate answer was that he was going to be behind. We then talked about him maybe switching majors or taking more interesting classes that will keep him in school and not become bored.
Building a profitable and sustainable business takes time, and that’s something he needs to learn. Getting an education takes time. Saving and investing takes time.
There is a natural process for all this. You cannot rush it.
Which is weird because he says he knows what investing is like–that you need a set it and forget it mentality. Because he started working part-time he’s earning an income and actually started a retirement account. To become a millionaire and grow wealth, you need time.
I feel like he’s on the right path, at 19 he’s already starting to invest. It’s not much, but at least it will give him such a massive head start in life.
Now he just needs to stick to the plan and wait.
But I guess that is the hardest thing to do in this world for a teen-ager bursting with dreams.
Again, it’s all a learning process.
In any case, Baby Boy needs to be mentored along the right path. I’m happy to be here and help him along.