What I would tell my 20 yr old self (If I could start over)
Matt Mast here, Founder & CEO of The Mast Organization (www.themastorganization.com) I am a 25 yr old business owner and entrepreneur who has founded 4 Businesses all related to real estate and finance. Having founded my first company at 18 I started quite young and have learned mostly through trial and error. Here is what I would tell my younger self if I could start over again.
1. Think BIGGER, want More!
Starting out I just wanted to be my own boss, make my own schedule and not have any employees or headaches. While these initially look like good goals they are far from what we are actually capable of. The greatest fulfillment in business comes from helping, influencing and changing other peoples lives for the better while simultaneously exceeding your own standard of living expectations. 100% of the time this can only be achieved by accomplishing bigger goals, targets and initiatives. For example, me flipping 1-2 houses a yr gave me more money than I'd ever seen in my life personally. But by building a much larger business and brand I can now build a home for my own employees at a much lower cost than they could buy one.
2. THINK before you swim
I bought my first piece of Real Estate at age 20 using none of my own money and with no credit, all I had was work ethic and desire so I dove in head first without any thought as to what the worst case scenario could be. Looking back I would not advise that for most people. My particular situation allowed me to do that but it did end up getting rough for a period of time. While I made 45k in six months on that deal, I ended up going broke waiting for it to sell and missed some once in a lifetime events because I had run out of money. So I would advise people to create some cushion. Atleast 6 months of living reserves. I would also tell people Not to quit their day job until their new endeaver is generating consistent cashflow and they have that 6 mo cushion built up. Trust me, it's not fun or inspiring to be looking at your last 2$ in the bank account. I did turn it around and within 24 months I was a self made millionaire.
3. Go for Wealthy, not for Rich
Making a great living is great, working hard and getting paid well for it is wonderful. But, you need to think about the fact that you will not want to, nor be able to do that your entire life. You need to figure out how to how to make money while you're not working. The best way to do that I have found is by having my money work for me. That is why I created Mast Capital which is a Real Estate Fund that allows others to invest into the same deals I am doing a earn passive income without lifting a finger. I never started thinking about building wealth until my 3rd year in business, (after awhile cashing big checks gets less exciting). What excites me now is knowing I can do a single Real Estate deal that pays me tens of thousands, or even hundreds of thousands of dollars a year without me needing to anything.
4. You got to be tough
NOBODY tells you how tough or rough it's going to be. The set backs, the losses, the frustration of trying to bend the world to your will. I don't think anyone actually can fully describe or prepare you for that because each experience is unique to the individual. Just know that it will be 100x harder than you thought or planned for. So you have to be mentally tough and resilient, only the strong survive. But, on the flip side, no one can accurately describe the success either. Higher, farther and much better than you ever imagined. Matt Mast is the owner of multiple businesses, Entrepreneur and Multi-millionaire and still just 25 yrs old. He can be found on most social media platforms @officialmattmast or online at HOME | TheMastOrganization