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Old 03-24-2010, 07:10 PM   #21
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Originally Posted by WhoDaresWins View Post
So, in answer to the question about starting his own business, if he wanted to do it, he wouldn't care what I thought or even consult me on the matter. Of this, I am certain.
Join the club! Fortunately my sons have more sense than I do anyway.


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Old 03-24-2010, 07:29 PM   #22
Give me a museum and I'll fill it. (Picasso)
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I always wanted my children to do whatever they wanted except when my daughter wanted to be a stand up comic and was not funny or when she decided to be a nurse because they make decent money only problem she faints at the sight of blood .

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Old 05-06-2010, 11:59 AM   #23
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Since my daughter is now considering a career (or at least a university degree) I have tried to help her see the big picture. It's not like it was when I was a kid and a degree assured you of a good life long job. Now I feel its perhaps a hindrance. I know a classical education is good, but I now feel like an ad-hoc eduction is where the rubber hits the road. So what do I mean? I became somewhat successful by starting a couple of businesses while working a technical job (telecommunications). I researched everything via the internet, much of it through blogs and forums and opened my latest business in something I knew little about. That is really where my $ came from or making the most money for time expended.

The second part has to do with being happy and having more control over your life. That's the tricky part.

Finally some observation over the three choices;

1-Doctor. I know many, some unhappy, not my kind of work.
2-Own business. Absolutely, for the biggest bang for your buck. However, one must choose a business that they are compatible with.
3-Accountant. My wife is (or was) and accountant. She never liked it, but I believe she missed the point that an account sees the nuts and bolts of a business. Too me that can be very interesting. Bookkeeping sucks

Not Listed but discussed...Lawyer. I remember working a few days for a University on their graduation. When all the lawyers got their degrees, the Registrar walk behind me and whispered "See all these grads...none will have jobs" Perhaps a little much, but point well taken. Then I watched my wife's good friend become a lawyer...needless to say, things didn't turn out like he had envisioned.

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Sure.. if they can deal with the sacrifices
Old 05-06-2010, 12:22 PM   #24
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Sure.. if they can deal with the sacrifices

My small business (+/- 2M sales/yr) is what is going to allow me to retire (knock on wood) at age 39.

Would I want my (imaginary) child to start a small business ? Maybe but probably not. I have been (like many here) enthralled by FI and early retirement for a long time (15 yrs). Unless they had a similar passion and an interest (bordering on mania) with money, they shouldn't do it.

The hours have been long. Vacations for the last 9 years almost non existent (unless short and tied to a Crackberry). My personality has changed (I'm in a cutthroat business and you bring it home with you) and I know for a fact that the stress and hours have aged me and taken a toll on my health.

If they could, like me, start a business and work it for 10 years and get out... maybe. If they value their personal lives, leisure pursuits and a balanced lifestyle more than the concept of independence and not answering to anyone, no.

Sure it is the Western (not just American) dream but it comes at a price. Like someone else said, that is the part that gets glossed over on the frothy business shows and in the airhead business mags.
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Old 05-06-2010, 01:10 PM   #25
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This is where I believe you must have a business that is compatible with you (and your family). I think that's the 1st step in starting a business. There are some businesses that can be less stressful. I have worked full time and owned my own this business for 5 years (bricks and mortar, open 24/7). It has been very stressful at times, especially ate the start, but much better now. I have a family who are very active and I never miss any of my kids events, we go on vacation at least once a year and I am in home for dinner nightly. So it is possible.

On the other hand, my neighbors who are doctors, lawyers and engineers are always home late. Actually it seems that the ones who own their own biz have the most time.


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