Member of the Month

KilaTsunami
October, 2024

Online

Welcome to the Newschoolers forums! You may read the forums as a guest, however you must be a registered member to post. Register to become a member today!

My plan to NOT go to college

profile picture
.thedude
Posts: 292 - Karma: 16

Instead of going to college, I’d like to move to eitherMiddle America or the Caribbean to run a business. I’ll use the money I wouldhave spent on college (I have a small bank account that was set up by mygrandmother when I was born that’s looking at about 60 to 70 grand) to purchasea business (I’d hope to find a bar or restaurant) but instead of justimmediately taking over, I’ll work out some deal where I go through a sort of apprenticeshipso that I can learn to run the business effectively. If they want to, I’ll keepthe original owner still somewhat involved in the business (ideally onlycreatively) so that they still feel a part of the business.

With this plan, I’ll be able to live in a part of the worldthat I like, have a business that will allow me to live moderately comfortably, and enable me to live a life that I’m happy with untilI die.

I’m aware that this plan is risky, and could easily backfireso I’m looking for some feedback and suggestions to make this plan more realistic.

Dec 8 2009 10:21PM
0 0
profile picture
Armanzoid
Posts: 2453 - Karma: 26
Way too much movie advice.
Dec 9 2009 1:49AM
0 0
profile picture
anxju
Posts: 9371 - Karma: 61
actually this is what you said

"ughhh no, your smoking fucking rocks if you think it takes 100gs to open a pizza shop unless your buying into a franchise..."
Dec 9 2009 1:53AM
0 0
profile picture
Armanzoid
Posts: 2453 - Karma: 26
Let me add one important thing about opening a restaurant.

The auction block is your friend. I know a ton of places who got all their gear from auctions, none of it was new, just old stuff the bank auctioned off from failing restaurants. Best way to go hands down, get sick equipment, for extremely cheap.
Dec 9 2009 1:55AM
0 0
profile picture
Nicholas.
Posts: 10905 - Karma: 60
good plan matt!
Dec 9 2009 2:34AM
0 0
profile picture
IHOP
Posts: 2155 - Karma: 19
Here are my thoughts on the little information that you have given us. And so you know where I am coming from, right now I'm doing a Masters in Accounting & Finance, so i know a little bit about doing business and what it takes.

First of all, how old are you? If you're under 25 I wouldn't even think about starting your own business. if you're young you probably just don't have enough business sense to run a business.

Also, this "apprenticeship" you mention, well that's called getting a job at a bar. That's how most people who want to get into a certain business get their "apprenticeship" they actually go work in the industry/business for a few years so they learn how different businesses do things and then later take everything that they learned and start their own business.

Also, from the tax perspective, if you're grandparents happened to put your college savings in a 529 plan then you will have to pay deffered taxes and a penilty for using that money on anything other than an in-state college. So if it was a 529 plan, you COULD loose as much as 45% of the account balance (maximum individual of 35% + 10% penelty fee). of course how much you pay in deffered taxes depends on your tax bracket and how much your basis was, so it could be much less too.

So yeah, I think its a pretty bad idea, atleast from the little information you've given us.


Dec 9 2009 2:40AM
0 0
profile picture
Mavrck
Posts: 2765 - Karma: 27
read the post kiddd...he said he was thinking about apprenticing and learning the business first...which would take care of learning the language, befriending the locals and he said bar as well, and everyone know people that drink together staytogether...sounds to me like he was just looking to set up a little grill food bar thing not some 12 star restaurant. I can see it being possible...If someones passionate about what there doing they'll find away.

Some guy from india came here with like 5 dollars in his pocket and started taxi'ing in NYC, worked real hard and bought some real estate did that some more and sold some of it, now he's a millionaire and owns some of the most expensive buildings in NYC. so yeah anythings possible kids
Dec 9 2009 3:02AM
0 0
profile picture
KrazyistKarl
Posts: 1725 - Karma: 599
any form of depression is not to be taken lightly. I personally have struggled with depression. I suggest you inform yourself as much as possible in the world of business. Even take business courses at least to have some working knowledge. 50-60k is A LOT of money, this on top of small business loans could = buying into a very successful franchise of some sort. There is to some extent a lot less risk involved with buying into a franchise. When you buy a franchise you are buying the right to operate that business system, someone worked very hard to create it and you will be told how to effectively run it. The main reason a business venture like that will fail is because of the owner trying to run it there own way, you simply can not do that, if you think you can run the franchise better, then why didn't you start your own?
Dec 9 2009 4:45AM
0 0
profile picture
ISkiSwitch
Posts: 3157 - Karma: 22
That's not enough to take over any business you'd want to invest in. Unless it's some beat ass shop in a poor neighborhood, you can't afford it with 60K. I'm suspecting you'd want to be around tourist territory if you're moving down there. You're probably going to need at least twice that amount.
Dec 9 2009 12:46PM
0 0
profile picture
Commonwealth
Posts: 3729 - Karma: 11
Just a quick question, have you ever worked in the restaurant business?
Dec 9 2009 12:51PM
0 0
profile picture
silex
Posts: 526 - Karma: 63
buisness degree?
Dec 9 2009 12:54PM
0 0
profile picture
KravtZ
Posts: 6637 - Karma: 2,629
go to culinary school with that money if you really want to own a resteraunt or work in one
Dec 9 2009 1:17PM
0 0
profile picture
theabortionator
Posts: 51652 - Karma: 162,279
There are a lot of people in college right now, that in my opinion, shouldn't really be there. Other than having the "i went to college" sticker to help get a job, they aren't getting as much out of it as they think.

In the past people that went to college were serious about it. They when to get the information and training to help them out towards there career path. There are plenty of people who have gone to school for the right reasons, and achieved their goals. Their are plenty of people who have gone to college and have nothing to show for it other than a degree. There are plenty of people who haven't gone to college and are extremely successful.

It's all up to you. The idea that you have to go to college to be successful is retarded. People that say "everyone has to go to college"

It isn't for everyone. You know your situation and your goals. You have to make the choice that you think best suits that and go with it, for better or worse.

Nobody can tell you if you should or shouldn't go.

Either way, best of luck too you.
Dec 9 2009 1:19PM
0 0
profile picture
elle*
Posts: 252 - Karma: 13
Good luck, that's bold.
Hope it works out for you!

You don't see someone straying from the norm very often..
Dec 9 2009 1:23PM
0 0
profile picture
Corben
Posts: 710 - Karma: 49
I thought about going skippin out on college after my sophomore year cuz i thought i learned enough to run a business. Then i realized that college is pretty fun.
Dec 9 2009 1:28PM
0 0
profile picture
theabortionator
Posts: 51652 - Karma: 162,279
For plan c, your calculations are off. Trying to smuggle some weight like that is def possible if donw right, and has a massive potential for making some legit cash.

But figuring 80 a g isn't going to happen. Even for fire shit. Your not going to move kilo's of yao in g's. He's not rick ross. You have to be getting ride of most of that in bulk.


Dec 9 2009 1:28PM
0 0
profile picture
deleted5
Posts: 14507 - Karma: 13,507
I'm tell you I work at 3 bar all of the guys said they wish they stayed in college
Dec 9 2009 2:14PM
0 0
profile picture
Alex_G
Posts: 11902 - Karma: 1,019
thats a sick idea; you learn way more about business by running one yourself rather than in school.

I started running my own business this year, here's some advice i can give you:
-ALWAYS know all your numbers off the top of your head (all costs, all profits, all taxes) then there will be no confusion of what you need to happen.
-write a legit business plan and try to hook some private investors (especially at first), might wanna also check out fundinguniverse.com if you need help with that.
-don't be that guy who loosely runs their business and lets a bunch of people get free stuff because thats how you lose money, especially at first. once you gain profit then you can start hooking people up.
-learn how to market your shit well, focus on convincing people to make a buy decision as well as having good product value.

If you have any questions you can hit me up with a PM
Dec 9 2009 2:18PM
0 0
profile picture
Lax_Bro40
Posts: 5166 - Karma: 18
ur business involves the sale of male buttholes in the castro district though... might be a tad different
Dec 9 2009 2:21PM
0 0
profile picture
theabortionator
Posts: 51652 - Karma: 162,279
Who's to say they would have been that successful even after college. I think people just need to be more creative.

the cost of school is a nice down payment on a house, or a seed for a business as the op was thinking. There are so many options out there. And schools, at least on the lower levels, tend to kill creativity. I don't see the need to force people to conform.

I have my own plans, and they don't include going to school or working for the man my whole life. Even if they don't work out, I'll be happier just trying honestly. And my goal isn't to be rich, I'm just trying to get by and live my life the way I want.
Dec 9 2009 2:24PM
0 0
profile picture
ski@jaypeak2
Posts: 2802 - Karma: 429
I skimmed over most of the responses because they border on the lines of retarded but i would say take some business classes at a community college and live at home to save some more cash.  You dont need to rush into starting a business.  Maybe work with someone to devise a business plan as well.  You should also probably take a few vacations to these places to figure out which one you like best and then read up on business law for that country.  Opening a pizza place in your home town is hard enough but to go international and try the same thing?  good luck.  The biggest thing is taking a few local courses and making a business plan. 

Businesses dont plan to fail, they fail to plan.
Dec 9 2009 2:31PM
0 0
profile picture
Alex_G
Posts: 11902 - Karma: 1,019
I run a concert promotion company called Stackt Entertainment, LLC. basically I set up, fund, and market/promote concerts.

alek you need to be more tolerant of my side project you douchefuck!
Dec 9 2009 2:36PM
0 0
profile picture
bdieter1d3
Posts: 279 - Karma: 15
Here is an idea. How about you use the money that your grandmother set away for what it was meant for. Go to school and get a degree in business. Learn about how to run a business successfully. lTake some finance and investment classes. That way when you graduate you have the knowledge and skill set to run a successful business wherever you would like. Just my two cents
Dec 9 2009 2:38PM
0 0
profile picture
Alex_G
Posts: 11902 - Karma: 1,019
you learn better on the job than through school. since he's doing this when he's young he has plenty of room for error which is good. I go to school learning the same shit that i already use in real life which makes school pretty much pointless. just don't be a dumbass and know your shit when it comes to running your business and you should be okay. Make sure you know exactly what you are getting into and exactly what needs to be done.
Dec 9 2009 3:04PM
0 0
profile picture
.thedude
Posts: 292 - Karma: 16
Just responding to a whole bunch of things.

Country, been to Belize. english speaking, money is worth half of ours ($1 us = $2 blz), i could choose any country, however, and figure out living there fine.

I'm not STARTING a business, i'm getting in on an already existing one.

i could stay home and get a business degree, my mom works at the local community college as a counselor and that'd be no problem for EXCEPT THAT: If i stay home and try to get a business degree, i might never leave. and i want to leave.
Dec 9 2009 7:54PM
0 0
profile picture
Nicholas.
Posts: 10905 - Karma: 60
this. kind of. for example my dad realized that with an associates degree (barely) he would make more money if he just was a bartender and worked his way up (also selling drugs........)

but he barely made it through two years of school, and he has been making over 100 k for over a decade now, and the only reason for that is because he is business savvy. no major degree or anything, he just knows how to deal with shit and use his head to make sound decisions for his company because he has accrued the knowledge he needs.
Dec 11 2009 4:24AM
0 0
profile picture
theabortionator
Posts: 51652 - Karma: 162,279
100k may not be much, but if your smart with ti that's a ton of money. Who needs $250-$500k?

I don't even want a job with that much money. Idk. It's not my style.Enough to get by and pursuing things that make me happy works for me.
Dec 11 2009 5:50PM
0 0
profile picture
antwone
Posts: 1352 - Karma: 157
wow youve got some awesome knowledge here bro
Dec 11 2009 5:56PM
0 0
profile picture
ski@jaypeak2
Posts: 2802 - Karma: 429
well hopefully if you have 3 kids you have a banging wife that brings home a paycheck.  Also just a question but what field do you plan on entering that you will make 80k staright out of college?
Dec 11 2009 6:10PM
0 0
profile picture
theabortionator
Posts: 51652 - Karma: 162,279
Lol, scraping buy. What a dick. Maybe some people aren't so completely immersed in culture that they feel they need to buy the newest shit all the time. When your buying your brand new cars, I'll be buying cars that are a couple years old, low mileage for a 3rd the price. Oh GOD! used car, oh my. And living horrible poor in a house that costs less than 500k, oh my!(which house prices are dropping anyway).




Dec 11 2009 6:11PM
0 0
profile picture
Nathn
Posts: 2408 - Karma: 63
Just go to college for business, learn more than you would with just apprenticing, get some loans and make a better business than you would in the first place and pay them back making more money than you would have and live in Central America while people make your money for you.
Dec 11 2009 6:15PM
0 0
profile picture
babujib
Posts: 5039 - Karma: 104
yeah man, not to shoot your dreams down but money saved specifically for college (say a college saving CD or whatever) can ONLY go towards college and nothing else. My cousin had the same idea, except he was gonna use the money to open a car detailing shop and the second he dropped out of college in like the first semester all the money saved up just sat there and wasn't able to be touched. It depends on what type of trust your grandparents set up though, because my grandfather set it up so that no other person could touch it. Basically, the money is just sitting there waiting for Pete to go to college, which he's not doing, so talk to your grandfather about it.
Dec 11 2009 6:19PM
0 0
profile picture
antwone
Posts: 1352 - Karma: 157
thats straight what i was thinking

nobodys dumb enough to think like that, so i thought he has like some genius plan or is just a fuckin baller?
Dec 11 2009 6:21PM
0 0
profile picture
The_Cube
Posts: 847 - Karma: 211
u should prob go to college for a little bro, or definetly culinary college
Dec 11 2009 6:27PM
0 0
profile picture
deleted5
Posts: 14507 - Karma: 13,507
at least go to a in state 2 year school for business it going to cost like 4g at the most
Dec 11 2009 6:30PM
0 0
profile picture
LAME.
Posts: 5795 - Karma: 2,449

THIS SOUNDS LIKE A MAD GOOD PLAN! i have money to "invest" into your dream, msg me if i can help out!

Dec 11 2009 7:11PM
0 0
profile picture
Schoening
Posts: 14332 - Karma: 1,268
Right now is a pretty good time to buy real estate...
Dec 11 2009 7:11PM
0 0
profile picture
GreenHorn
Posts: 4896 - Karma: 1,209
this exactly
Dec 11 2009 7:18PM
0 0
profile picture
blavallee4
Posts: 360 - Karma: 93
be a club med guy, u  are paid to party, hours are shit, room and food are free, u are someone to show guest around get em to party have fun in the club, paid
Dec 11 2009 7:23PM
0 0
profile picture
[~_~]
Posts: 20239 - Karma: 1,273
Whoa whoa what? Am I missing something, because 100k a year is a pretty damn comfortable income, unless you're a materialistic individual who NEEDS to have nice cars, big houses, etc.

My mom, who is a civil engineer for HDR, doesn't even make 100k and she lives pretty damn well off, much nicer than I will ever live in my lifetime...
Dec 12 2009 10:39PM
0 0
profile picture
ReetsAdeets
Posts: 1531 - Karma: 611
You cant ski in the Caribbean...
Dec 12 2009 10:39PM
0 0
profile picture
Squid.
Posts: 1904 - Karma: 23
My 2 cents:

80k a year is enough to support a family. That's around how much my family is living off of and I can still go to prep school. If I went to public school, we would be even more fine when it comes to money. You just have to realize that a $500k house isn't necessary at all, same with buying a brand new car.

My dad drives a 06 ford explorer and my mom drives an 06 subaru outback. both cars are paid off and are in great condition. same with our house. almost paid for, very nice, and comfortable fits my entire family and any guest who wish to visit.

When it comes to college, if you can't afford it, don't go there. simple. my school gives needs-based scholarships, as do some colleges. If you make under a certain amount of money, you almost go for free.

And to the people saying that 60-70k in a college account is a lot of money: it will pay for him to go to some schools for 2 years tops. Maybe if you live in cali and go to ucla you can afford 4 years, but otherwise college is fucking expensive.
Dec 12 2009 10:43PM
0 0
profile picture
skiminnesota
Posts: 9093 - Karma: 429
dont be an absolute tard with your money and you can live quite comfortably on >100k....

Dec 12 2009 11:11PM
0 0
profile picture
Z_rob
Posts: 3076 - Karma: 152
hahahahaha
Dec 14 2009 1:25PM
0 0
profile picture
PaleCelery
Posts: 7228 - Karma: 609
2 words:

Storage Facilities.

People put their shit in there and you pay you. You sit on your ass and get paid.
Dec 14 2009 1:53PM
0 0
profile picture
CJHski
Posts: 2384 - Karma: 126
Hey man, i did not even read your thread, but I think after a year or so out of school you might reconsider going to college.  That is how I feel right now.
Dec 14 2009 2:00PM
0 0
profile picture
jibmastaaa
Posts: 395 - Karma: 13
70 grand isnt that much, so dont fuck it up!
Dec 14 2009 2:15PM
0 0
profile picture
sack
Posts: 4881 - Karma: 147
^this.
and it's *central america* not middle america
Good luck convincing some caribbean restaurant owner to sell you, an 18 year old with no business or culinary knowledge, his business.
Dec 14 2009 2:17PM
0 0
profile picture
skiminnesota
Posts: 9093 - Karma: 429
if youre serious about this i would set on the money. invest the money for the time being (safe low/no risk investments)let it earn you some money.

then if you have your heart set on own / operating a restaurant go out and work in one, (or a couple) in the area you think you might want to live. do that for awhile and get a feel for what you are getting yourself into.

the restaurant business is not all sunshine and rainbows. my friends parents just shut their doors last year...
Dec 14 2009 2:22PM
0 0
profile picture
PaleCelery
Posts: 7228 - Karma: 609
yeah, its hard work and shitty hours. You have to be willing to work when everyone ISNT. Nights, weekends, holidays, etc.
Dec 14 2009 2:30PM
0 0
profile picture
da-bling
Posts: 1145 - Karma: 11
im in college, hate the class's... sounds like an awesome idea you have
Dec 14 2009 3:04PM
0 0
All times are Eastern (-5)