Financial Advisor Reveals Entrepreneur's $150,000 Mistake

[@Mindyourbusiness82]

This was a really great video. I liked the way you walked through some really great tips for people looking to be entrepreneurs. I typically don't like ragging on social media because I think it has done some good for a number of people who wouldn't have otherwise had opportunities. But, I do think social media has made entrepreneurship look easy. With so many people and "influencers" telling everyone "Do XY&X and set up an LLC today!!!" the real cost and stress of entrepreneurship gets overlooked.

[@YourRichAuntie]

There is also a huge success bias on social media - only the successful get attention and can tell their stories. Most businesses fail - and it’s always wise to investigate the success numbers of a business before investing. Restaurants- even when buying an established restaurant have one of the lowest success rates and it really takes a lot of skill and hard work to make it. I think that restaurants and clubs are “sexy” businesses and the less attractive businesses like laundry mats or trash removal get overlooked - although they have a higher success rate than restaurants

[@gbb82]

Oh no, feel bad for this young man, sounds like he did not do enough research into this business. If he had taken the 150,000 and let Your Rich Auntie invested it….. What would you say is the true definition of a millionaire? Net worth including home totaling a million dollars, or investments and cash excluding a home?

[@YourRichAuntie]

There are many definitions and all correct in their own way. One million in investable assets is typically the way we look at it as advisors.