Advice...

[andypower]

I'm in my early twenties and have done two real estate transactions so far and started two businessess. All of which were 'learning experiences' otherwise known as failures or tempory defeats!

My ignorance and stupidity (and greed) meant that I have lost a lot of money most of which belonged to banks, have a bad craa report, have a criminal record (yes its related), and have been taken for a ride so to speak. ie emotionally bashed to the s%^t!!

Worst of it is the massive amount of time and emotional energy i've injected into it has resulted nothing but learning experiences. Which at this point makes me regret the opportunity cost - a social life in the last 5-6 years.

I'm not complaining or looking for sympathy but rather advice..

One of my ambitions is to be a successful bussiness/owner/property owner and I thought I'd ask some advice from some of the seasoned gurus out there.

I'm thinking of going back to sqaure one and starting an accountancy degree so I don't screw up again. (in the same way at least).

However, I don't want to get trapped into the employee rat race. But as a business owner it would be great to also be a cpa. thats the thinking. any other ideas?

Part of my downfall has been 'a lack of integrity' and also 'a know it all attitude' which is a dangerous thing. But I'm not beyond the pont of no return lol.

Has anyone else been in a similar place?

any suggestions/opinions good or bad would be great...

Cheers in advance

 

[asy]

Hi andypower...

Welcome to the forum,

It's always a good think to realise where you have made mistakes and try to correct them. Sometimes it takes time, and additional mistakes to turn the corner. We have all done it, and now are wiser for it (I hope)!.

One question for you. Also, something to think about...

You said you have a criminal record. I just wanted to comment that depending on what the record was for, you may be precluded from holding a trust account, and it may impact on your ability to register as an accountant (or solicitor, or real estate agent... there are a few professions that fall under this banner).

I would just hate you to do the years at uni, and not be able to use them. It would be worth looking into before you embark on this idea. If you are just doing it for your own info, then it won't matter, however.

Also, with respect to your CRAA, is there any way to ammend it, or do you have to ride it out?

asy

 

[Topnotch]

Hi Andy,

I guess that this is part of the learning curve of life.

At least you know the downside, now, the rest of the way is upwards & forwards. Hasten slowly, it's not going to happen overnight. Make a plan and start to work the plan. I'm sure that it will all work out in the end - you're young enough and have many productive years ahead

Good luck

 

[andypower]

Thanks for your reply and good point asy...


But I've already looked at it and the nature of my 'momentary lapse in sanity' won't affect the trust issue at all. But its a good point and it goes to show that want we do will follow us - or what goes around comes around etc...

As for the Craa, its not great but i'm not a bankrupt. Almost but not. Unfortunately I know ways around it (i'm sure most of you do) but using them is what got me into trouble the last time, so not in the equation this time around. (no 1 rule = integrity)
Having said that I can still borrow money, which is good.

And thanks for the words of encouragment Topnotch.

Do you guys think my time would be better spent getting back into bussiness and continue learning that way, or taking the time to learn the art of accounting which could set me up for the next 50 years properly.
I'm struggling to come to a descision on this one...

Thanks for your help guys.

 

[Kevmeister]

Remember: 50 years is a long time to do something you don't enjoy.

When I left high school after HSC I had extremely good grades - good enough to do medicine at University. And I had friends saying "Wow, imagine being a Doctor or a Surgeon and earning megabucks". Same sort of comments about being a Lawyer/Barrister etc.

Great, except the thought of being a doctor, and the thought of someone placing their life in your hands as a Surgeon was a little too overwhelming for me. The thought of being a Lawyer was equally unfavorable. My decision? Do what I love - so I got into computers. It's paid OK, but I rarely get up in the morning not wanting to go to work, and I enjoy what I do.

Sure, there's practical aspects to every decision also. For example, if you have a criminal record it's possibly pointless wanting to be a lawyer, but do what you love.

 

[JoannaK]

Hi Andy,

I'd like to add my 2 cents here.

The basic accounting principles are simple.....spend only the money you have and each month do your budget so you know where you are.

In my opinion, you'd be far better off working and earning a living, whether it be as your own boss or an employee, than going to Uni. You'll at least be earning an income that you can then direct toward your investments.

Instead of Uni, have you considered going to TAFE and doing a basic accounting course there? You will learn the fundamentals of accounting just as well there.

If I were you, I'd be working full time rather than studying full time.

You mention something interesting in your original post about greed. I don't know how others run their businesses, but for me it's simple. I keep myself in check and always count on the bad times, that way, I don't run ahead of myself (or become greedy as you have implied in your post).

Worst of it is the massive amount of time and emotional energy i've injected into it has resulted nothing but learning experiences

Let me assure you that this is far from the worst outcome. Learning experiences such as these are priceless on the proviso that you do actually draw lessons from your experiences. Be proud of these lessons as they will hold you in good stead in your future endeavours!

Have the best of both worlds...go and work and earn your income so at the same time you can invest your hard earned $ and build your investment portfolio, and study in the evening.

Good luck!

 

[Aceyducey]

Andy,

It's good to see that you've realised that doing things the right way is better for the long-term

I applaud your aim to gain more education, but why Accounting?

I don't know of any accountants who do their own books, and business owners who are accountants also employ accountants to do the numbers work.

Yes it is important in a business to remain on top of the numbers and have a true picture of where the business is at any time, but from running several companies I've found that it's more important to have good judgement and pick the right people than to be able to do it all yourself. Don't get me wrong, some financial knowledge is essential, but an Accounting degree may be overkill.

Good advisers is the key to success - you have to provide the plan and commitment.


Before you take on an Accounting degree (3 years commitment to crunching numbers), sit down and decide on your twenty year plan - where do you want to be, and how will you get there.

Think about your strengths and your weaknesses - you've obviously tried to take shortcuts, at times haven't used the best judgement, and you need to understand how to discipline yourself to prevent this happening again.

Then look at the different options for a path. You might find that another degree, TAFE course, or simply experience working with good people (and good mentors) might get you there more effectively.

One major thing you've got on your side is that you've been through virtually the worst that can happen and have survived it still able to look forward. Don't underestimate this - few people have these experiences and learn their own capabilities as young as you have.

I'm sure we'll see your name on the top of one of the buildings in the CBD one day.

Cheers,

Aceyducey

 

[andypower]

Thanks for your advice, asy,kev, Joanna, Acey, and Topnotch.

Much appreciated.

 

[XBenX]

andy - i could suggest GeoffW's thread on what I wish i could have told myself 10 years ago or something like that..

should give you some good tips of what other forum members wish they knew 10 years ago