Becoming a Millionaire While Working 2
In my last post Ken started his first business while maintaining his regular job as a corrections officer and was very successful with both. Everything was great until he was offered a promotion that he really wanted but it would require relocation. If he took the promotion and relocated he did not feel he could run the roofing company from another city, and he would have to sell it. Ken took the promotion and sold his roofing company for $300,000. He knew he would be looking for another business to start after he got settled into the new city and his new position.
Second Business and Really Becoming a Millionaire
Even before he was settled into southern Illinois, Ken was thinking about his next business. He had no desire for a roofing business again. It just took too much time and kept him away from his family. Ken wanted something that would give him more time to spend with his wife and children. He settled on buying a piece of land in an area that seemed to be getting some growth. It was still a little remote, more of a vacation area for outdoor activity. He bought 80 acres of land just north of the Shawnee National Forest and Kinkaid Lake. He bought the land in 2009 with his proceeds from the sale of his roofing business and began to develop out his plan for a resort, The Lost Trail Cabins. He took out a $100,000 loan to develop the site, as of now 5 years later; he has three newly built, fully furnished cabins that he rents out plus other amenities on his resort property. His loan is almost paid off, he is netting over $6,000 a month and it is increasing. If he sold it all today he could get over $1,000,000.
Additional Development to Multimillionaire
He plans to further develop the site with more cabins and a premium full time RV park. He wants his resort to be thought of as one of the best destinations to go for a vacation for outdoor activities. Ken is also looking into a possible microbrewery on the site and other possible ways to expand his project. Without too much work, he feels it will all be worth well over $2,000,000-$3,000,000 in just a few years. However, with a little luck and a little more patience, it could be worth much more than his projections.
Ken has been promoted a few more times, he is now a shift supervisor (major) and answers only to the warden. He is 42 now, a self-made millionaire, and eight years from retirement. He still loves his job, and may or may not retire in eight years, but has set himself and his family up very well whatever decision he makes. He has made himself a millionaire through business ownership and still was able to keep his career.
What are your plans?
At least for Ken and others like him, the excuse that I do not have the time to start a business was never considered. He did it anyway. Also the excuse that I do not have a good idea and all the negative comments from everyone else did not slow him down. I love Ken’s story and have a tremendous amount of respect for him. But it should show you, excuses are just excuses. I encourage everyone to get busy, start thinking like a business owner, your million is out there; you just have to work for it. Research and find a tried-and-true business idea, get the free advice and training available, and know when you are ready and prepared. The money is there for your taking to get you started if you need it.
PS: Ken bought his fishing boat as soon as he had enough money during the first year of his roofing company. He was very proud and with a chuckle told me it was an 18 foot Lund Deep-V. So he got his boat.
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