Question
9:29
okay right so we're getting started Jake's with us hi Jake how are you hi
9:35
Dave I'm doing great how about you better than I deserve what's up so I am
9:40
16 I'm going on 17 in about two weeks now and I live with my mother she she is
9:47
a very traditional mother as in the fact that she hasn't really adapted to the
9:54
how everything's going on the internet these days if you know I'm explaining um she's very oldfashioned and doesn't kind
10:01
of get a grasp on what's going on okay I'm having trouble hearing you you're not speaking directly into your phone
10:07
can you hear me better Dave yes sir thank you your mother is a traditional mother and what's your question so I I
10:14
make around 50 to 70 to 80k a month doing e-commerce wait a minute you're
10:19
making $50,000 a month at 16 years old yes yes
10:25
sir are you telling me the truth I do e-commerce so I run Drop Shipping
10:31
websites through Shopify um I do eBay or Amazon to eBay
10:37
Arbitrage um and just a bunch of like various side hustles and that usually go
10:42
through the internet and my question is she has no idea I'm doing this because
10:47
and I have all my all my profits stored in a PayPal account because she is um
10:53
joint on my bank account and I would love to tell her but like I said with
10:59
her being so traditional I I I already know that she will be very very skeptical of what I'm doing and she I
11:07
I'm fearing that she's gonna make me put an end to it just because she she's already told me because I've expressed
11:13
my passion of wanting to be an entrepreneur and she she's traditional in the way that how much is in your
11:19
PayPal account um I got a little bit over 300,000 so you've been doing this for
11:26
four or five months six months um no it's it's been about 8 months um the first few months were um slow um and
11:33
then it picked up it picked up rather fast where's your father um he he's uh divorced um he's in
11:42
a different state not in your life um I mean we talk but I wouldn't
11:48
say he's you know a father figure he's more kind of like are you in a good church a friend I guess are you in a
11:55
good church yes sir how do you feel about your your pastor um very very close have you
12:03
talked to him about this I have not no I I honestly I haven't told anybody I
12:08
haven't even told any of my friends well I wouldn't tell your friends that'd be very unwise that'd be very unwise okay
12:15
so um absolutely nobody knows how large is the church that you go
12:20
to um probably about 30 people okay very small okay yes yes sir all right um
12:29
um well here's kind of what's going on in my head um you if you have the
12:35
ability to make $50,000 a month you you know as soon as you're 18 years old you can go do whatever you want to do right
12:42
right and that's just about a year away yeah oh yeah okay so um uh if you
12:49
were my son and you were doing this um and you told me you don't want to go to
12:54
college and you want to move out and be an entrepreneur I would say have at it dude making $50,000 a month my God I'm
13:01
not saying I don't know if you can do that for the rest of your life uh you may have just caught a wave right here
13:07
and you know uh as as you know things on the internet change rapidly yes and um
13:13
you could uh uh I I don't know what all you're doing here I've never heard of
13:18
anybody doing the volume you're doing doing the things you described but um so so I I run I run three different
13:24
websites and they sell different merchandise I know what you're doing I just never heard pull this off at the
13:29
volume you're pulling it off so I'm I'm not questioning your integrity I'm I'm believing you but I'm just saying you're
13:36
you're doing something pretty unusual and so I don't know how sustainable it is long term and so I would tell you
13:42
number one I would pull out at 18 and go start and keep doing this and just build your own thing out and have a blast and
13:48
go make some money while you can I would not say you're going to do this 20 years cuz you're not it's not going to be it's
13:54
not going to exist in 20 years uh there's too much change on the way businesses is done on the internet it it
14:00
you know you might have a 2-year window you might have a 5-year window I don't know and so I would commit to myself if
14:06
I were you that when the thing does turn down I might want to seek out an education at that point to give me
14:13
knowledge to do other things and it'd be great to have some business Acumen from a business degree if you're sitting on a
14:21
couple million dollars you know so knowledge knowledge is valuable going to
14:26
college is valuable do you have to do to make a living well cud no dude I mean you're killing it you know so go pile up
14:34
as much money as you can so that that's part of our thing I'm really
14:40
uncomfortable participating in you deceiving your
14:47
mother and my fear is we have such a close relationship yeah and I just I
14:53
think deception is never a good Rule and um I don't I don't want to hide it from
14:58
her um I just I just can't no that's not true you you have hidden it from her so you wanted to
15:05
okay so you feel bad about it but you've got your your reasons for hiding it are
15:11
bigger than your reasons for disclosure right now and so what I'm thinking what I'm trying to get in my head is I would
15:18
love for you to search out someone that is trusted by you uh spiritually and
15:25
with business Acumen and that is trusted by her that could mediate this
15:31
discussion with the two of you okay could participate with you
15:36
sitting down and going okay Mom our friend George is here he
15:42
understands business and the internet and he understands spiritual things and values and he cares about both you and
15:48
me and I wanted I wanted him to be present because I want to tell you some things that have been going on I have
15:55
$400,000 $300,000 this is the stuff I've been doing on the internet I'm very good at
16:01
it um I'm a child prodigy you know you are and uh uh but I
16:08
I I think you just sitting down with your mom is not going to go well okay and so I'm trying to pull in
16:15
that right person that could kind of be a mentor to you and give you a little
16:20
buffer but it's got to be someone she trusts because if you bring in some character that she thinks is a character
16:26
she's going to think they influenced you mhm and so yeah I I'm not I I I want you
16:32
to develop some kind of a strategy or a plan like that that allows you to not
16:38
deceive your mom anymore okay in the ne it may take you a month I want to do yeah it may take you
16:44
a month to put it together and that's okay um and I'm okay with you leaving your money in your PayPal account and do
16:50
whatever you want to do that's all all fine there's no no danger with any of that and I'm okay with you continuing to
16:55
do all of this and I'm okay with you coming straight straight out of high school making 600 Grand a Year Dad Gum
17:01
life's rough you know um but again I don't think that's sustainable because
17:07
the current methodologies that you're using will not be there 5 years from today and an education will give you the
17:14
ability to do things that are sustainable and maybe step into the next thing with a little more zest I I also
17:21
don't want you to have uh this an unusual success at a young age and it's the only time you have success
17:29
because you don't do foundational things that lead you into success when you're 32 as well as 22 so wow pretty
17:36
incredible conversation thanks for calling in I don't think I've had that oneLive From Financial Peace Plaza
1. Summarize the caller’s situation, including a few brief facts:
2. What advice did Dave give the caller?
3. What is your opinion about the caller’s situation?
4. How can you implement this advice now and/or in the future?
okay right so we're getting started Jake's with us hi Jake how are you hi
9:35
Dave I'm doing great how about you better than I deserve what's up so I am
9:40
16 I'm going on 17 in about two weeks now and I live with my mother she she is
9:47
a very traditional mother as in the fact that she hasn't really adapted to the
9:54
how everything's going on the internet these days if you know I'm explaining um she's very oldfashioned and doesn't kind
10:01
of get a grasp on what's going on okay I'm having trouble hearing you you're not speaking directly into your phone
10:07
can you hear me better Dave yes sir thank you your mother is a traditional mother and what's your question so I I
10:14
make around 50 to 70 to 80k a month doing e-commerce wait a minute you're
10:19
making $50,000 a month at 16 years old yes yes
10:25
sir are you telling me the truth I do e-commerce so I run Drop Shipping
10:31
websites through Shopify um I do eBay or Amazon to eBay
10:37
Arbitrage um and just a bunch of like various side hustles and that usually go
10:42
through the internet and my question is she has no idea I'm doing this because
10:47
and I have all my all my profits stored in a PayPal account because she is um
10:53
joint on my bank account and I would love to tell her but like I said with
10:59
her being so traditional I I I already know that she will be very very skeptical of what I'm doing and she I
11:07
I'm fearing that she's gonna make me put an end to it just because she she's already told me because I've expressed
11:13
my passion of wanting to be an entrepreneur and she she's traditional in the way that how much is in your
11:19
PayPal account um I got a little bit over 300,000 so you've been doing this for
11:26
four or five months six months um no it's it's been about 8 months um the first few months were um slow um and
11:33
then it picked up it picked up rather fast where's your father um he he's uh divorced um he's in
11:42
a different state not in your life um I mean we talk but I wouldn't
11:48
say he's you know a father figure he's more kind of like are you in a good church a friend I guess are you in a
11:55
good church yes sir how do you feel about your your pastor um very very close have you
12:03
talked to him about this I have not no I I honestly I haven't told anybody I
12:08
haven't even told any of my friends well I wouldn't tell your friends that'd be very unwise that'd be very unwise okay
12:15
so um absolutely nobody knows how large is the church that you go
12:20
to um probably about 30 people okay very small okay yes yes sir all right um
12:29
um well here's kind of what's going on in my head um you if you have the
12:35
ability to make $50,000 a month you you know as soon as you're 18 years old you can go do whatever you want to do right
12:42
right and that's just about a year away yeah oh yeah okay so um uh if you
12:49
were my son and you were doing this um and you told me you don't want to go to
12:54
college and you want to move out and be an entrepreneur I would say have at it dude making $50,000 a month my God I'm
13:01
not saying I don't know if you can do that for the rest of your life uh you may have just caught a wave right here
13:07
and you know uh as as you know things on the internet change rapidly yes and um
13:13
you could uh uh I I don't know what all you're doing here I've never heard of
13:18
anybody doing the volume you're doing doing the things you described but um so so I I run I run three different
13:24
websites and they sell different merchandise I know what you're doing I just never heard pull this off at the
13:29
volume you're pulling it off so I'm I'm not questioning your integrity I'm I'm believing you but I'm just saying you're
13:36
you're doing something pretty unusual and so I don't know how sustainable it is long term and so I would tell you
13:42
number one I would pull out at 18 and go start and keep doing this and just build your own thing out and have a blast and
13:48
go make some money while you can I would not say you're going to do this 20 years cuz you're not it's not going to be it's
13:54
not going to exist in 20 years uh there's too much change on the way businesses is done on the internet it it
14:00
you know you might have a 2-year window you might have a 5-year window I don't know and so I would commit to myself if
14:06
I were you that when the thing does turn down I might want to seek out an education at that point to give me
14:13
knowledge to do other things and it'd be great to have some business Acumen from a business degree if you're sitting on a
14:21
couple million dollars you know so knowledge knowledge is valuable going to
14:26
college is valuable do you have to do to make a living well cud no dude I mean you're killing it you know so go pile up
14:34
as much money as you can so that that's part of our thing I'm really
14:40
uncomfortable participating in you deceiving your
14:47
mother and my fear is we have such a close relationship yeah and I just I
14:53
think deception is never a good Rule and um I don't I don't want to hide it from
14:58
her um I just I just can't no that's not true you you have hidden it from her so you wanted to
15:05
okay so you feel bad about it but you've got your your reasons for hiding it are
15:11
bigger than your reasons for disclosure right now and so what I'm thinking what I'm trying to get in my head is I would
15:18
love for you to search out someone that is trusted by you uh spiritually and
15:25
with business Acumen and that is trusted by her that could mediate this
15:31
discussion with the two of you okay could participate with you
15:36
sitting down and going okay Mom our friend George is here he
15:42
understands business and the internet and he understands spiritual things and values and he cares about both you and
15:48
me and I wanted I wanted him to be present because I want to tell you some things that have been going on I have
15:55
$400,000 $300,000 this is the stuff I've been doing on the internet I'm very good at
16:01
it um I'm a child prodigy you know you are and uh uh but I
16:08
I I think you just sitting down with your mom is not going to go well okay and so I'm trying to pull in
16:15
that right person that could kind of be a mentor to you and give you a little
16:20
buffer but it's got to be someone she trusts because if you bring in some character that she thinks is a character
16:26
she's going to think they influenced you mhm and so yeah I I'm not I I I want you
16:32
to develop some kind of a strategy or a plan like that that allows you to not
16:38
deceive your mom anymore okay in the ne it may take you a month I want to do yeah it may take you
16:44
a month to put it together and that's okay um and I'm okay with you leaving your money in your PayPal account and do
16:50
whatever you want to do that's all all fine there's no no danger with any of that and I'm okay with you continuing to
16:55
do all of this and I'm okay with you coming straight straight out of high school making 600 Grand a Year Dad Gum
17:01
life's rough you know um but again I don't think that's sustainable because
17:07
the current methodologies that you're using will not be there 5 years from today and an education will give you the
17:14
ability to do things that are sustainable and maybe step into the next thing with a little more zest I I also
17:21
don't want you to have uh this an unusual success at a young age and it's the only time you have success
17:29
because you don't do foundational things that lead you into success when you're 32 as well as 22 so wow pretty
17:36
incredible conversation thanks for calling in I don't think I've had that oneLive From Financial Peace Plaza
1. Summarize the caller’s situation, including a few brief facts:
2. What advice did Dave give the caller?
3. What is your opinion about the caller’s situation?
4. How can you implement this advice now and/or in the future?
Answers
Answered by
GPT-4o mini
1. **Summary of the Caller’s Situation:**
The caller is a 16-year-old e-commerce entrepreneur making between $50,000 to $80,000 a month through drop shipping, eBay to Amazon arbitrage, and other online ventures. He has accumulated over $300,000 in his PayPal account, but he keeps this a secret from his traditional mother, who is not familiar with modern internet business practices. He feels hesitant to disclose his earnings to her, fearing skepticism and potential restrictions on his entrepreneurship.
2. **Advice Given by Dave:**
- Dave encouraged the caller to eventually disclose his success to his mother but suggested he first consider involving a trusted adult or mentor who understands both business and spirituality to mediate the conversation.
- He emphasized the importance of being honest and not deceiving his mother, which could damage their relationship.
- Dave also advised recognizing that the e-commerce landscape changes quickly; while this opportunity is lucrative now, it may not be sustainable long-term. He suggested that the caller might want to seek education or knowledge for the future to ensure continued success in different areas.
3. **Opinion About the Caller’s Situation:**
The caller’s situation is impressive, reflecting resourcefulness and entrepreneurship at a young age. However, it raises ethical concerns about honesty in family relationships. Hiding significant financial success can lead to trust issues and misunderstandings. While the caller is correctly leveraging a lucrative opportunity, the transient nature of online business means he should prioritize building a foundation for sustainable success, possibly through education or mentorship.
4. **Implementing the Advice:**
- **Immediate Steps:** The caller should identify and approach a trusted adult, such as his pastor, to prepare for a conversation with his mother. This mentor can help facilitate a more productive and understanding discussion about his business activities.
- **Future Planning:** The caller should consider a strategic plan for eventual disclosure, focusing on building trust with his mother while emphasizing the positive aspects of his business. He should also explore furthering his education, whether formally or through self-learning, to ensure he has diverse skills to adapt to future business environments.
- **Continuous Learning:** He should stay informed about trends in e-commerce and be prepared to pivot his business model as necessary, while simultaneously planning for long-term career goals beyond just current earnings.
The caller is a 16-year-old e-commerce entrepreneur making between $50,000 to $80,000 a month through drop shipping, eBay to Amazon arbitrage, and other online ventures. He has accumulated over $300,000 in his PayPal account, but he keeps this a secret from his traditional mother, who is not familiar with modern internet business practices. He feels hesitant to disclose his earnings to her, fearing skepticism and potential restrictions on his entrepreneurship.
2. **Advice Given by Dave:**
- Dave encouraged the caller to eventually disclose his success to his mother but suggested he first consider involving a trusted adult or mentor who understands both business and spirituality to mediate the conversation.
- He emphasized the importance of being honest and not deceiving his mother, which could damage their relationship.
- Dave also advised recognizing that the e-commerce landscape changes quickly; while this opportunity is lucrative now, it may not be sustainable long-term. He suggested that the caller might want to seek education or knowledge for the future to ensure continued success in different areas.
3. **Opinion About the Caller’s Situation:**
The caller’s situation is impressive, reflecting resourcefulness and entrepreneurship at a young age. However, it raises ethical concerns about honesty in family relationships. Hiding significant financial success can lead to trust issues and misunderstandings. While the caller is correctly leveraging a lucrative opportunity, the transient nature of online business means he should prioritize building a foundation for sustainable success, possibly through education or mentorship.
4. **Implementing the Advice:**
- **Immediate Steps:** The caller should identify and approach a trusted adult, such as his pastor, to prepare for a conversation with his mother. This mentor can help facilitate a more productive and understanding discussion about his business activities.
- **Future Planning:** The caller should consider a strategic plan for eventual disclosure, focusing on building trust with his mother while emphasizing the positive aspects of his business. He should also explore furthering his education, whether formally or through self-learning, to ensure he has diverse skills to adapt to future business environments.
- **Continuous Learning:** He should stay informed about trends in e-commerce and be prepared to pivot his business model as necessary, while simultaneously planning for long-term career goals beyond just current earnings.