Chapter 1
Personal Assets
Essential Idea: Tap Your Own Personal Assets to Get the Money You Need
When my colleague Jim wanted to start his own business, it seemed out of reach. His credit was not the best. He did not have wealthy parents and so the friends and family plan seemed like a long shot. And he had little in actual savings, so even that was not a viable option.
But Jim got creative and found a way to launch his dream. Today he is four years self-employed, happy, and making a good living. How did he do it?
- Although he did not have any savings, he did have some stocks that he had held on to through the years. Though he liked owning them, he liked the idea of owning his own business more. He sold his shares.
- Even though he did not have wealthy parents, he did have a grandfather who was likely going to give him a small inheritance one day. Jim approached Gramps, explained the situation, showed him a simple business plan, and found that Gramps was happy to give Jim the money while he (Gramps) was still alive.
- And even though Jim had no savings, he did have a strong work ethic. Jim got a second job for six months, saved the money, and then used it to start the business.
Jim did it all without going into debt and without having to barter away part of his business. He did it by using his own resources. If Jim did it, so can you.
